Search Results (61)

Small and Medium Enterprises (SMEs) are vital to economic growth, innovation, and job creation across Sub-Saharan Africa (SSA). Women entrepreneurs are key contributors to this sector, yet they face persistent barriers to accessing finance, which constrain their business growth and broader economic participation. This study investigates the role of financial institutions in closing the financing gap for women-owned SMEs and assesses the effectiveness of various financing mechanisms, including traditional banking, micro-finance, fintech innovations, and government-backed credit schemes. Adopting a quantitative approach, this study utilises structured surveys with women SME owners across multiple SSA countries. Supplementary secondary data from sources such as the World Bank and national financial statistics provide additional context. Econometric modelling and Structural Equation Modelling (SEM) are employed to identify key factors influencing loan accessibility, such as collateral requirements, interest rates, financial literacy, and the regulatory environment. Findings reveal that high collateral demands and interest rates remain major obstacles, particularly for smaller or informal women-led enterprises. Financial literacy emerges as a critical enabler of access to credit. While fintech solutions and digital lending platforms show promise in improving access, issues around infrastructure, regulation, and trust persist. Government-backed schemes also contribute positively but are hindered by implementation inefficiencies. This study offers practical recommendations, including the need for harmonised regional credit reporting systems, gender-responsive policy frameworks, and targeted financial education. Strengthening digital infrastructure and regulatory support across SSA is essential to build inclusive, sustainable financial ecosystems that empower women entrepreneurs and drive regional development. Full article

This paper presents an innovative exam-creation and grading system powered by advanced natural language processing and local large language models. The system automatically generates clear, grammatically accurate questions from both short passages and longer documents across different languages, supports multiple formats and difficulty levels, and ensures semantic diversity while minimizing redundancy, thus maximizing the percentage of the material that is covered in the generated exam paper. For grading, it employs a semantic-similarity model to evaluate essays and open-ended responses, awards partial credit, and mitigates bias from phrasing or syntax via named entity recognition. A major advantage of the proposed approach is its ability to run entirely on standard personal computers, without specialized artificial intelligence hardware, promoting privacy and exam security while maintaining low operational and maintenance costs. Moreover, its modular architecture allows the seamless swapping of models with minimal intervention, ensuring adaptability and the easy integration of future improvements. A requirements–compliance evaluation, combined with established performance metrics, was used to review and compare two popular multilingual LLMs and monolingual alternatives, demonstrating the system’s effectiveness and flexibility. The experimental results show that the system achieves a grading accuracy within a 17% normalized error margin compared to that of human experts, with generated questions reaching up to 89.5% semantic similarity to source content. The full exam generation and grading pipeline runs efficiently on consumer-grade hardware, with average inference times under 30 s. Full article

This study examines the long-term financial sustainability of commercial banks, emphasizing the crucial role of credit risk management. Given that the core function of credit creation inherently exposes banks to credit risk, this analysis evaluates how five key bank-specific risk variables, namely expected credit losses (ECL_BS), impairment gains or losses (ECL_IS), non-performing loans (NPLs), common equity tier 1 capital (CET1), and leverage (LEV) affect long-term financial sustainability. Applying a panel error correction model on data from listed South African banks spanning 2006 to 2023, the study reveals a stable long-term relationship, with approximately 74% of short-term deviations corrected over time, indicating convergence towards equilibrium. By taking into account the significance of major exogeneous shocks such as the 2009–2010 global financial crisis and the COVID-19 pandemic, as well as regulatory framework changes, the results reveal persistent relationships between credit risk factors and banks’ long-term financial sustainability in both short and long horizons. Notably, expected credit losses, and impairment gains and losses exert significant negative influence on long-term financial sustainability, while higher CET1 and NPLs exhibit positive effects. The study findings are framed within four complementary theoretical perspectives—the resource-based view, institutional theory, industrial organisation, and the dynamic capabilities framework—highlighting the multidimensional drivers of financial resilience. Thus, the study’s originality lies in its integrated approach to assessing credit risk, offering a holistic model for evaluating its influence on long-term financial sustainability. This integrated framework provides valuable, actionable insights for financial regulators, bank executives, policymakers, and banking practitioners committed to strengthening credit risk frameworks and aligning banking sector stability with broader sustainable development goals. Full article

This paper explores striking philosophical parallels between Karl Christian Friedrich Krause’s 19th-century articulation of panentheism and the much earlier non-dual Śaiva philosophy of the Pratyabhijñā school in Kashmir. While Krause is widely credited with coining the term panentheism, models of divine immanence and transcendence akin to panentheism are already present in the Pratyabhijñā tradition. Through comparative analysis, the study identifies key convergences between these two systems in their metaphysics of ultimate reality, their accounts of liberation through knowledge, the role of the teacher in the liberative process, their views on the purpose of creation and their respective treatments of evil. The paper concludes by examining significant points of divergence, shedding light on the distinctive trajectories and theological commitments of each tradition. Full article

Globally, financial inclusion is regarded as being crucial for balancing an economy’s financial system. However, despite the significance of financial inclusion, it still needs to be clarified to identify what factors are responsible for the diverse trend of financial inclusion in the forty-five Sub-Saharan Africa (SSA) countries from 1999 to 2024. The main rationale of the study empirically investigated these determinants of financial inclusion in forty-five Sub-Saharan Africa (SSA) countries from 1999 to 2024, which covers three distinct periods: which is the pre-COVID, 2020–2022 is the COVID period, and the post-COVID period from 2023 onward, but examined as a whole from 1999 to 2024 for easy policy formulation for SSA countries. The study was anchored on two main research objectives: firstly, to examine the factors influencing financial inclusion in Sub-Saharan Africa (SSA) in these three distinct periods, and lastly, to present the policy implications of the result of these factors in enhancing financial inclusion in the post-COVID era in SSA. The study used the Panel Least Squares (PLS) technique in the data analysis. The result revealed that economic growth (GRO), Islamic banking (ISMAIC), money supply (MSS), internet users (USERS), and credit availability (CREDIT) positively and significantly enhance financial inclusion with coefficients of 0.001298, 4.926809, 1.08 × 10⁻⁶, 0.459388, and 0.657431, respectively, with significant p-values of 0.0008, 0.0023, 0.0000, 0.0000, and 0.000, respectively. On the flip side, internet servers (SERVER) have a negative coefficient value of 4.63 × 10⁻⁶ with a p-value of 0.000. Though inflation (INFL) and interest rate (INT.) have negative coefficient values of −0.02853 and −0.08317, they have insignificant p-value impacts of 0.2841 and 0.2501, respectively. The result indicates that many of the variables have a significant impact on financial inclusion. This is shown from the probabilities of the t statistics of each of the independent variables in the estimated model, which are significant at the 5% level. The policy implications of these results include the following: firstly, SSA governments should promote economic growth through investment in productive sectors, infrastructure development, and job creation programs to indirectly improve financial inclusion. Secondly, SSA countries’ policymakers should maintain price stability through sound monetary and fiscal policies to ensure inflation does not hinder access to financial services. Thirdly, SSA countries’ governments and central banks should promote lower interest rates and enhance credit accessibility, especially for marginalized groups, through subsidized loans and targeted credit schemes. Fourthly, policymakers should support the expansion of Islamic finance by improving regulatory frameworks and increasing awareness about Sharia-compliant financial products. Full article

The construction industry’s small and medium-sized enterprises (SMEs) face significant financial difficulties, exacerbated by disruptions such as COVID-19. Traditional supply chain finance models, relying on core enterprise credit, fail to address the dynamic nature of this sector. This study proposes a novel approach to value co-creation among stakeholders (core enterprises, suppliers, and financial institutions) through an evolutionary game theory framework. A stochastic model was developed to examine the strategic decisions of these parties, considering risk, penalty, and incentive coefficients. The results reveal that higher incentives encourage faster participation, while financial institutions are less sensitive to risk and penalty changes. This study provides new insights into promoting cooperative behavior and enhancing the sustainability of small and medium-sized enterprises (SMEs) in the construction industry through platform-based models. Full article

The study of carbon stocks in organic compounds within terrestrial ecosystems allows us to create a pool of potential carbon farming projects. At present, it is essential to assess the economic viability of natural-based solutions in order to develop strategies to encourage small and medium enterprises (SME) and governments to address climate change through specific measures. This article is devoted to the study of the economic efficiency of afforestation projects. The purpose of this study is to evaluate the economic efficiency of the project and, based on NPV sensitivity analysis, to identify the factors affecting economic efficiency. This will make it possible to formulate directions for stimulating the development of afforestation projects using tools to improve their economic efficiency. Based on data on the number of carbon credits issued, their price, and the costs and other revenue associated with the implementation of the afforestation project, a sensitivity analysis of economic efficiency was conducted, highlighting the most significant factors. Given that different tree species are characterized by variable seedling values, planting costs, and sequestration potentials, an afforestation project with the most carbon efficient tree species was selected as a pilot project. Black alder exhibits the most optimal proportion between the volume of carbon units released and the cost of planting trees. A sensitivity analysis of the project’s net present value was conducted in order to ascertain the factors that have the most significant impact on the project’s economic efficiency. These include the discount rate based on the cost of capital and the cost of tree planting. As a result, this article makes recommendations for improving the economic efficiency of afforestation projects for SME. The government’s role in enhancing the economic efficiency of such initiatives entails reducing the cost of capital through a reduction in the key rate or the provision of subsidies for the interest rate on bank credits. An alternative approach involves the granting of subsidies for the cost of tree planting, since the effects can be seen as a series of public goods, such as the creation of recreational areas and increased biodiversity of the ecosystem. Full article

China’s engagement with global governance has evolved significantly since 1949, transitioning from outright rejection during its revolutionary isolation (1949–1971) to strategic engagement with key institutions such as the United Nations, IMF, and WTO (1971–2000), and more recently to the creation of parallel institutions like the AIIB and Belt and Road Initiative (2000–present). This paper traces these historical phases to analyze how China has navigated and reshaped global norms, balancing its integration into existing frameworks with efforts to build alternative governance structures. While Hegemonic Stability Theory and Power Transition Theory offer insights into China’s evolving strategy, neither fully encapsulates its pragmatic, adaptive approach. China’s domestic regulatory innovations, such as the Social Credit System and its promotion of cyber sovereignty, increasingly influence its global governance initiatives, reflecting a deliberate effort to export its governance models. Rather than fully integrating into or replacing the U.S.-led liberal order, China employs a dual-track strategy: engaging with global institutions where advantageous while promoting state-centric alternatives to liberal norms. This study argues that China’s historical trajectory underscores its pivotal role in shaping a multipolar world order, where competing governance frameworks coexist and challenge the dominance of Western-led institutions. Full article

Entrepreneurship is crucial in promoting innovation, job creation, and poverty alleviation, particularly in developing economies. This study adopts a mixed-methods approach, using quantitative and qualitative analysis to examine macroeconomic factors’ impact on entrepreneurial activity. The quantitative analysis utilises fully modified least squares and dynamic ordinary least squares to estimate long-run relationships, while the qualitative component applies thematic analysis to assess the role of school-based gardening initiatives in promoting students’ economic participation. Our findings indicate that government expenditure on education significantly enhances entrepreneurship, whereas access to credit remains ineffective, suggesting persistent barriers in financial intermediation. Labour force participation shows a positive relationship with entrepreneurship, supporting the idea that a more engaged labour force promotes business creation. The findings also show a negative impact of regulatory quality on entrepreneurship, stressing the need for regulatory reforms to reduce entry barriers. While technology adoption has a delayed effect, long-term investments in digital infrastructure are recommended. At the micro-level, school-based entrepreneurship programs, such as vegetable gardening, cultivate entrepreneurial skills, though sustainability depends on consistent support and resources. Based on these findings, this study suggests the need to enhance education, improve access to finance, and streamline regulatory frameworks to promote entrepreneurship. Full article

This study explores the economic benefits and challenges associated with biodegradable waste composting, highlighting its role in promoting sustainability through a circular economy framework. We reviewed the relevant literature and found 160 articles for this study, including the keywords “Biodegradable waste”, “Compost production”, and “Economic Potential”. Considering quality studies, we employed the PRISMA technique to conduct a comprehensive data synthesis and evaluate 89 articles for the final review. Our findings highlight that composting offers significant advantages, including waste reduction, cost savings in waste management, carbon credit, a source of nitrogen, job creation, and reduced reliance on synthetic fertilizers. Further, it supports environmental sustainability by improving soil health, mitigating greenhouse gas emissions, and reducing landfill use. However, challenges such as high upfront costs, quality control, and market competition with chemical fertilizers remain barriers to widespread adoption. The study extends the literature by emphasizing that the integration of composting into a circular economy can foster innovation, enhance local economies, and contribute to climate change mitigation. Furthermore, it offers a promising pathway for advancing sustainability. Future research should focus on improving composting technologies, optimizing their applications, and developing stronger policy frameworks to ensure the successful implementation of biodegradable waste composting practices. Full article

Historically, innovation has been a milestone in achieving sustainable agriculture for small-scale producers. For several centuries, innovation has improved agricultural activity. However, there is still the challenge of introducing technologies pertinent to the knowledge and practices of small producers to achieve sustainability. Therefore, the present study explores the traditional knowledge embedded in the activities of Planting–Harvest and First Disposal circuit (PHFDc) of beans (Phaseolus vulgaris L.) for its innovation involving the social, economic, and environmental context. Applying the methodology of roadmapping technology to 73 small-scale producers in Guanajuato, Mexico, combining the SDGs catalogue, in addition to statistical analysis, the results show access to government financial support; improving sales price, production, area, and profitability; having accessible tools; creating their inputs; in addition to having more excellent knowledge for plant care and advice as strategies to develop within economic sustainability. In this sense, based on the assertion that social and productive conditions are directly related to innovation, the proposal for reorientation is towards the creation of word credit, improving bean varieties, sustainable practices, mechanical seeders, bean corridors, and the connection with associations and institutes as the most pertinent ones that are developing in similar contexts. This research can be significant for small producers and the general population regarding food security, zero hunger, and the fight against climate change, as well as for researchers and politicians who support continuing new studies. Full article

As environmental pollution intensifies, China has begun to implement green credit policies to reduce credit allocation to highly polluting enterprises. This research examines the influence of green credit on the cash flow of heavily polluting enterprises, based on the implementation of the “Green Credit Guidelines”. The policy creates a quasi-natural experimental setting by giving businesses access to an exogenous occurrence. Consequently, this paper uses data from 494 A-share listed companies in China over a fifteen-year period from 2007 to 2021 and employs a Difference-in-Differences (DID) model to assess the net effect of the policy, positing that green credit scheme will prevent highly polluting businesses from making money. The empirical findings show that the green credit policy significantly reduces the cash flow of businesses that emit a lot of pollutants, especially when it comes to operational cash flow. Heterogeneity analysis reveals that the cash flow of high-emission regions and non-state-owned heavily polluting enterprises is affected even more significantly. Previous research has often overlooked cash flow as a metric; however, cash flow is a critical indicator of an enterprise’s operational status. From this angle, this study adds to our knowledge of how green credit schemes affect highly polluting businesses. Additionally, it contributes to the ongoing discussion regarding the relationship between financial constraints and cash flow. China’s government ought to keep encouraging the creation of green credit regulations, enhance supervision of state-owned heavily polluting enterprises, and pay attention to low-emission regions by establishing dynamic regulatory indicators to promote ecological civilization construction and the transformation and upgrading of lagging industries. Full article

The theoretical literature on credit reallocation has yielded conflicting predictions on both the extent and the efficiency of reallocations during economic downturns. We borrowed the methodology of measuring job reallocation to measure credit reallocation and examine which predictions are consistent with the data. We reported the following findings: (1) the extent of credit reallocation is smaller in recessions than in expansions, which is attributable to the decreasing extent of credit creation; (2) this tendency was more pronounced during the Lost Decade of the 1990s; (3) credit reallocation generally is efficiency-enhancing, but at a lower rate in recessions and turns to efficiency-reducing during the Lost Decade, possibly due to financial assistance by banks to large but low-quality firms (e.g., through zombie lending). These findings indicate that the inefficient credit reallocation during the Lost Decade was characterized by efficiency-reducing reallocation to large firms. Full article

The continued rise in SMEs’ corruption-related activities results in uncertainty around their ability to sustainably contribute to economic growth, leaving SMEs financially fragile and exposed to problems associated with trade credit management resulting in business exits. Given that little research has been conducted on how corruption affects smaller businesses while corruption’s impact on SMEs’ trade credit management effectiveness remains largely unexamined, the study aims to determine the impact of corruption on SMEs’ trade credit management effectiveness. By addressing this unanswered research gap, SMEs could be better equipped to understand how corruption affects their trade credit management in support of their overall finances. The study employed a quantitative research design with purposive sampling using a survey by administrating 10450 online questionnaires tested by a sample of 450 SMEs across South Africa. The result aligns with expectations around corruption being detrimental to SMEs’ trade credit management effectiveness while also indicating, unexpectedly, SMEs’ willingness to partake in corruption, given that SMEs benefit from increased effectiveness in managing trade credit. The study adds to the existing literature on corruption and SMEs’ trade credit management while also providing anti-corruption recommendations to SMEs that are dependent on trade credit. In so doing, SMEs could be better equipped to understand how corruption affects their trade credit management to support their overall finances contributing to improved SME creation rates and fostering entrepreneurship as a pivotal mechanism for improving South Africa’s sustainable development goals. Full article

This paper examines the impact of per capita income, gross domestic product (GDP) growth, foreign direct investment (FDI), sectoral composition, and domestic credit on employment patterns in the Gulf Cooperation Council (GCC) countries from 2013 to 2023, based on “Okun’s law”. The dynamic data panel was analyzed using the generalized method of moments (GMM) and the ordinary least square (OLS) method. The research findings reveal that the agricultural sector’s contributions have significantly influenced the employment patterns in GCC countries, emphasizing the traditional role of agriculture in creating job opportunities. However, the contribution of the services and industrial sectors has no significant impact on employment patterns. Domestic credit and FDI inflows have significantly influenced employment patterns in GCC countries, underscoring their vital role in sustaining long-term economic stability. Per capita income and GDP growth did not significantly impact the employment pattern in the GCC countries during the study period. This research provides valuable insights to policymakers, highlighting the need to focus on the services and industrial sectors to promote their contribution to employment in GCC countries. The research findings also augment the literature by identifying the key economic indicators contributing to GCC countries’ employment creation. Full article