This study examines whether the external financing anomaly exists in an emerging-market setting. Using data on Korean listed firms from 1994 to 2023, we find that firms with higher net external financing subsequently earn significantly lower stock re...
This study examines board formalisation as a credibility signal for external financing among private small and medium-sized enterprises (SMEs) in the Kingdom of Saudi Arabia. Signalling theory suggests that the external-financing relevance of governa...
Existing research suggests that information asymmetry remains a core barrier to entrepreneurial firms’ external financing. Drawing on signaling theory and a signal cost perspective, this study examines how two key entrepreneurial signals—...
22 September 2022
Green technological innovation is an important force for high-quality economic development and high-level ecological environment protection. Environmental regulation and market financing are important factors affecting enterprise green technological...
During enterprise foundation and development, internal finance and debt finance are of vital importance to start-up entrepreneurs. Therefore, the purpose of this study is mainly to focus on how start-ups can make the optimal evaluation among differen...
Drawing on institutional theory and agency theory, this study examines whether venture capital (VC) and private equity (PE) ownership acts as a complement to, or substitute for, investor protection in shaping equity financing, debt financing, and lev...
The goal of the paper is to examine the relation between finance and sustainability, with a special emphasis on the impact of negative externalities. Sustainable development as a concept aims to mitigate negative externalities. Conventional finance o...
Using the data of Chinese listed companies from 2011 to 2021 and the Digital Inclusive Finance Index from Peking University, this study investigates the impact of digital finance on the quality of corporate environmental information disclosure from b...
The attainment of adequate finance remains a substantial hindrance for small- and medium-sized enterprises (SMEs) across many countries. This study aim to investigate the association between SMEs’ external finance utilization and perceived risk...
Determinants and levels of working capital financing (WCF) in the manufacturing sector have been empirically proven to impact firm profitability across emerging as well as developed nations. With time, firms adjust toward financing their working capi...
Social impact investing and social entrepreneurship have great potential for solving global problems. However, practitioners and researchers know little about the entrepreneurial process and the investors’ criteria. Therefore, we identify the d...
The COVID-19 pandemic has precipitated large declines in childhood vaccination coverage and, consequently, substantial increases in the number of zero-dose children. To effectively respond to these declines, it is necessary to direct resources for re...
China has placed significant importance on the development of a circular economy and achievement of sustainable prosperity. It employs multiple fiscal and tax policies to facilitate clean production and improve resource efficiency by fostering corpor...
Upstream small- and medium-sized enterprises (SMEs) in emerging economies often face severe credit constraints. These constraints hinder green transformation by limiting green R&D investment and production capacity. To address this, we develop a...
Abnormal innovation disclosure may reflect both genuine signaling and opportunistic impression management, yet its capital-market consequences remain debated. Drawing on innovation-related textual data of Chinese A-share-listed firms from 2014 to 202...
This paper adopts the two-way fixed effect model to analyze the listed enterprises on the New Third Board (NEEQ) from 2014 to 2021. In the process of analysis, to ensure the rationality of the regression results, the missing core data and related dat...
In the supply chain financing (SCF) system composed of a capital-constrained retailer, a supplier and a commercial bank, we design two different limited financing modes (internal financing and external financing) based on the retailer’s collate...
The aim of this study was to identify and assess the factors influencing the increase in the financial energy of a farm through the use of external capital, taking into account the farmer’s and farm characteristics. For its implementation, a logistic...
This paper investigates the impact of green credit policy (GCP) on the green technological innovation capacity of heavily polluting enterprises (HPEs) from the perspectives of external financing and internal concerns. Using data from companies in Chi...
30 July 2020
This study scrutinizes the influence of external obligation on the cost of living in Nigeria. In recent times, Nigeria has been tagged as the headquarters of world poverty due to the unaffordable cost of living that has resulted in all manner of crim...
As an essential means of reducing environmental stress, corporate innovation faces financial pressure and financial risk; so, whether corporate innovation contributes to environmental performance is related to the firm’s external capital enviro...
The advent of the VUCA era and the development of digital finance (DF) present opportunities and challenges for manufacturing companies to seek sustainable innovation by increasing their organizational resilience (OR) to withstand crises. The product...
A robust body of research suggests that entrepreneurial activities benefit from financial development and external financing access. However, there is a gap in understanding how and the extent to which the accessibility to financial services is assoc...
We investigated the excessive external financing problem in Chinese industrial firms by examining the potential threshold effect of the leverage ratio on the total factor productivity of firms. We hypothesized the existence of a turning point in leve...
This study applies Stackelberg game theory to analyze and compare optimal operational strategies in four supply chain finance scenarios: traditional trade financing (TI), trade financing through the blockchain platform (BI), traditional external fina...
Based on a sample of Chinese A-share listed companies covering the period 2013–2023, this study investigates the effect of commercial banks’ digital transformation on corporate ESG performance. The empirical results indicate that the high...
Egypt has experienced a sharp rise in external debt over the past decade, increasing from USD 55.8 billion in 2015 to over USD 165.3 billion by 2023. Despite maintaining a debt-to-GDP ratio within internationally accepted thresholds (approximately 45...
Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The da...
The external financing of fiscal deficit is key to bridging public revenue shortfalls within developing economies. However, the public expenditure responses to the incoming foreign financial assistances, as documented in the existing literature, depi...
Foreign direct investment (FDI) is essential for enhancing economic resilience and promoting sustainable development. However, inefficiencies in financial connectivity and capital allocation have hindered the facilitation of FDI. Bank linkages betwee...
This paper provides a theoretical framework for studying the impact of self-interested managers on the level of corporate investment. I extend the standard neoclassical model of firm value maximization to incorporate the effect of misaligned managers...
Rural revitalization is an important strategy to promote sustainable development of rural areas in China. Rural revitalization listed companies play an important role in implementing the rural revitalization strategy and developing the agricultural i...
The issue of capital structure in an enterprise is often described in the literature on the subject; however, theories are classified into various approaches, and their characteristics are often limited to selected theories. This work is an attempt a...
Business diagnosis is the procedure by which an external evaluator reviews the functional areas of a firm, assigns each one a score on a common scale and derives from those scores an order of priorities for intervention. In programs for micro, small...
Digital financial inclusion (DFI) has become a central topic in financial inclusion research because digital payments, mobile money, internet banking, and platform-based finance can reduce access barriers and expand formal financial participation. Pr...
This study investigates the possibilities for recently listed Romanian Information and Communications Technology (ICT) firms to select optimal sets of financial strategies under adverse macroeconomic conditions, with high and persistent inflation, hi...
The trend of alternative farmers adopting conventional farming methods, known as conventionalization, has become increasingly prevalent. External investment can be a catalyst for the conventionalization of alternative agriculture. The study seeks to...
Existing studies of financing efficiency concentrate on capital structure and a single external environment or internal management characteristic. Few of the studies include the internal and external financing environments at the same time for hydrog...
16 March 2020
Diverse types of healthcare systems in countries offer opportunities to explore the heterogeneous sources of health financing. This paper widely explores the effect of the business cycle on subsidized, voluntary and out-of-pocket health spending in 3...
Public debt plays a major role in financing projects that support economic growth and sustainable development. As governments may choose between domestic and external borrowing, a comprehensive assessment of their effects would support this choice. O...
To promote the sustainable development of agriculture and reduce resource waste, this paper investigates sustainable financing strategies for a green fresh agri-food supply chain. We employ a purely theoretical Stackelberg game model and numerical si...
This study employs a dataset comprising Chinese A-share listed companies from 2012 to 2021, with the objective of empirically examining the relationship between corporate ESG ratings, external media sentiment, and corporate innovation performance. Th...
Small- and medium-sized enterprises (SMEs) frequently face challenges in obtaining financial assistance from traditional banks. Platform Supply Chain Finance (PSCF) has emerged as a promising solution for financing issues among SMEs, with an added fo...
Against the backdrop of China’s vigorous pursuit of its “carbon peaking and carbon neutrality” goals, transition finance has emerged as a critical instrument to tackle the financing constraints faced by high-carbon industries. Howev...
Small and Medium Enterprises in South Africa contribute critically to the economy, yet they face many challenges, such as lack of access to external finance. Thus, applying the stakeholder theory, this study tested the relationship between environmen...
Small and medium-sized enterprises play a crucial role in sustaining economic development in both developed economies and developing economies, however, many of them suffer from chronic and structural difficulties in accessing external financing. In...
Fostering the coupled and coordinated progress of agricultural pollution control and carbon emission reduction (AGR) is integral to agricultural modernization and high-quality agricultural development. As China’s green finance policies have bee...
Green innovation is essential for the sustainable transformation of enterprises. This study investigates how equity and debt financing dependence influence green innovation using panel data from manufacturing firms listed in Shanghai and Shenzhen bet...
This study examines how green finance influences high-quality economic development, with a particular focus on its spatial spillover mechanisms. Specifically, we investigate the competing roles of technology spillover and the pollution haven effect....
In this study, we examine the association between interim financing and firm performance in an emerging economy. Prior research shows that firms utilize trade credit to boost their operating performance or market valuation. However, recent research o...
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