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In the servicization business model, a service-oriented manufacturer sells the service derived from its products. Because of the special compensation method, a service-oriented manufacturer is more likely to be underfunded. A Stackelberg game is formulated to investigate the interaction among a bank, a manufacturer, and an operator, in which two financing strategies are considered: bank financing and guaranteed (internal) financing. The difference between these two strategies is who bears the bankruptcy risk of the manufacturer. With bank financing, the bank bears the risk and determines the interest rate, while under guaranteed financing, the operator sets a guaranteed financing interest rate. We find that under bank financing, the low operating efficiency of the manufacturer increases the bank's share of the supply chain benefits. In particular, the service-oriented manufacturer can rarely be financed if the bankruptcy risk is high. However, under guaranteed financing, the operator may, interestingly, even subsidise a manufacturer with high operating efficiency. In this situation, a high bankruptcy risk could incentivize the manufacturer to improve its operating efficiency for the sake of the subsidy. Practically, guaranteed financing could coordinate the supply chain through interest rate adjustments or subsidies when facing different risk levels, which could improve both firms' benefits. [ABSTRACT FROM AUTHOR]

Copyright of Zywnosc is the property of Polish Society of Food Technologists - Scientific Publishing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Donghua University (Natural Science Edition) is the property of Journal of Donghua University (Natural Science) Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this research is financing options for high-tech enterprises in China during their early-stage. This study develops a three-phase model to analyze the financing choices of Chinese high-tech firms between banking and venture capital while considering information asymmetry. The findings reveal that opaque information disclosure favors venture capital financing, while transparent disclosure leads to bank loans for equally qualified high-tech enterprises. Data analysis further confirms that both bank loans and venture capital are viable options for early-stage Chinese high-tech enterprises. These findings offer valuable guidance for high-tech firms and investors navigating China's financial landscape. Moreover, policy management departments can leverage these insights to make informed decisions and facilitate the financing of high-tech enterprises. JEL Classification : C70, C23, D22, G24. Plain language summary: The purpose of this research is financing options for high-tech enterprises in China during their early-stage. This study develops a three-phase model to analyze the financing choices of Chinese high-tech firms between banking and venture capital while considering information asymmetry. The findings reveal that opaque information disclosure favors venture capital financing, while transparent disclosure leads to bank loans for equally qualified high-tech enterprises. Data analysis further confirms that both bank loans and venture capital are viable options for early-stage Chinese high-tech enterprises. These findings offer valuable guidance for high-tech firms and investors navigating China's financial landscape. Moreover, policy management departments can leverage these insights to make informed decisions and facilitate the financing of high-tech enterprises. However, there are two limitations. First is the selection of model research objects. The research has chosen bank loans and venture capital as research objects, excluding bonds because of the Chinese government's very high requirements for bond financing for entrepreneurs. The bond financing strategic choices of the entrepreneurs will be studied in the future with the Chinese government lowering the financing requirements. The second is specific enterprise numbers for obtaining successful financing in venture capital and at what stage of enterprise development, which is for future study. [ABSTRACT FROM AUTHOR]

This study focuses on the Capital Gain of residential housing and its feasibility through bank financing in Hermosillo, Sonora. The purpose is to analyze the evolution of capital gain in the residential market and assess its possibility of acquisition through bank financing in the region. The main methodology includes a historical analysis of housing prices and a comprehensive evaluation of the current financing conditions provided by local banks. Key findings highlight a sustained increase in the capital gain of residential properties in Hermosillo. Economic and developmental factors have contributed to this constant growth. Furthermore, it has been proven that bank financing is a viable alternative for those interested in acquiring homes in this area. The capital gain in Hermosillo presents a promising outlook for both investors and buyers alike. The upward trend in housing prices, supported by favorable conditions in the local economy and urban development, highlights the potential for investment in the region. The availability of bank financing further facilitates access to the acquisition of residential properties, making it appealing for those seeking to invest in real estate in Hermosillo. In conclusion, this study underscores the viability of acquiring residential properties through bank financing and emphasizes the importance of considering capital gain as a valuable indicator in real estate decision-making in Hermosillo, Sonora. [ABSTRACT FROM AUTHOR]

Housing industry is one of the major threats to global environment and resource depletion. Particularly in China, it is regarded as a major challenge due to massive population growth. The most common barriers involve; economic barriers and environmental barriers. Therefore, to promote sustainable housing development, the management of these barriers is most crucial. This study is an attempt to overcome these barriers with the help of financial institutions in the context of China. The sample of the study are construction sector employees which are selected through simple random sampling method. Partial Least Square (PLS) is employed as statistical tool to analyze the primary data. Results revealed the positive role of financial institutions to overcome the challenges related to the economic barriers and environmental barriers. Financing from banks for the sustainable housing schemes can reduce the economic barriers and help to fulfil the sustainable housing criteria. Similarly, the environment requirements can also be achieved through environmental policy developed by the banks in China. This study recommended the Chinese government to promote sustainable hosing development through the promotion of bank financing and implementation of banks environmental policies. [ABSTRACT FROM AUTHOR]

In this study, hypotheses were tested regarding the impact of bank size, ownership structure, branch location, and distress condition on access to financing for small and medium‐sized enterprises (SMEs). The empirical analysis was conducted using data obtained from scheduled banks of Bangladesh (banks listed under the Bangladesh Bank Order, 1972) and SMEs operating in Bangladesh. The results suggest that SMEs in Bangladesh have greater access to financing when their application for financing is made to a small bank, a domestic private bank, or a rural branch. Bank distress appears to have a negative impact on the provision of financing to SMEs. SME access to financing is also lower if the application is made to a state‐owned bank or a foreign bank. [ABSTRACT FROM AUTHOR]

In order to address the financial constraints of enterprises to promote green R&D and industrial green transformation, this study investigated a competitive supply chain consisting of a retailers, a general manufacturer, and a capital-constrained green manufacturer under risk aversion and capital shortage. It established models with and without capital constraints, retailer financing, and bank financing for the green manufacturer and retailer under risk aversion, and explored how the green competitive supply chain could obtain optimal financing strategies. The research findings are as follows: (1) When the financing interest rates are equal, the green manufacturer should prefer the retailer financing model, and regardless of the financing method, the increase in interest rates is extremely detrimental to retailers. (2) The increase in the degree of risk aversion of the green manufacturer is not conducive to the long-term development of competitors and itself, but is beneficial to the retailer, but it will cause further instability in the market. However, the increase in the degree of risk aversion of the retailer is only detrimental to itself and beneficial to the supply chain partners. [ABSTRACT FROM AUTHOR]

The paper aims to provide a theoretical basis for the application of revenue-sharing contract under bounded rationality and capital constraints. We consider an uncooperative ordering model in a supplier-Stackelberg game and coordination strategy with revenue-sharing contract for a loss-averse and capital-constrained retailer. We drive the existence and uniqueness conditions of the optimal solutions under bank financing and revenue-sharing contract. We also develop a series of propositions and corollaries to determine the optimal solutions and offer some managerial insights. The key contribution of the paper is to deepen and expand the revenue-sharing contract under the risk-neutral assumption, and to provide a theoretical basis for the application of revenue-sharing contract under bounded rationality and capital constraints. We find that the revenue-sharing ratio of loss-averse and capital-constrained retailer is larger than that of neutral retailer and the expected utility of loss-averse and capital-constrained retailer is larger than that of neutral retailer under coordination strategy with revenue-sharing contract. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

After the global crisis, European governments have stressed the importance of financing new ventures. Nevertheless, the existing literature provides little information on the extent to which financial development drives new businesses. Using panel data on 22 European economies between 2009 and 2017, this study fills this gap by providing evidence of a U-shaped relationship between financial deepening and nascent entrepreneurship. This implies that without a high level of financial deepening, the banking sector only favors established businesses at the expense of nascent entrepreneurship. The study also shows that banking intermediation and venture capital do not really encourage new businesses at the macro level, whereas financial stability does. [ABSTRACT FROM AUTHOR]

Several empirical studies indicate that the lack of financing is one of the main barriers that affects the economic growth of small and medium enterprises (SMEs). The main objective of this investigation was to determine to what extent the economic sector, the enterprise size, the characteristics inherent to the enterprise, the legal status, the variables linked to the performance of the enterprise, and the attributes of the owner influence the access to the bank financing of SMEs in Mexico. Using a discrete-response probit regression model, the impact of enterprise characteristics on the probability of obtaining a bank loan was determined. The data collected are from the Enterprise Surveys of Mexico, carried out by the World Bank. The sample of 1480 enterprises is representative by enterprise size, by economic sector, and by region. The research has a quantitative approach with a correlational scope, and a nonexperimental and transectional design. One of the main results highlights that the determinants with the greatest influence on access to bank financing are: the age, the small size, foreign participation, and the manufacturing sector. These results are consistent with other empirical studies, as well as with the pecking-order theory and the financial life-cycle theory. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) must improve their performance to remain competitive in an unstable market, especially during the digital era and the COVID-19 pandemic crisis. This study investigates the influence of bank financing and government support on SME performance, with entrepreneur competence as a mediator. Data were collected from a sample of SMEs through questionnaires distributed to 115 owners and interviews with SME stakeholders. The data were analyzed using factor analysis and principal component analysis, followed by structural equation modeling (SEM) and the Partial Least Square (PLS) program. The results show that bank financing and government support do not directly affect SME performance, but entrepreneur competence mediates the relationship. [ABSTRACT FROM AUTHOR]

Research on the theme of firms in general and small and medium-sized firms specifically are of great interest. Because of the place and crucial role it plays in the socio-economic development of states around the world. By highlighting our research work on the Moroccan reality, it clearly appears that despite the initiatives and efforts deployed to promote and encourage the access of this category of firms to traditional commercial bank financing, on the other hand, there is a set of obstacles and financing difficulties that it faces and thus stand as a barrier to its effective and continuous involvement in the economic development. Based on this observation, our research objective is to examine crowdfunding and present solutions to effectively respond to the problem of financing small and medium-sized businesses in the Moroccan context. Therefore, our research question can be posed as follows: To what extent can participatory financing be the ideal solution to address the problem of financing SMEs in Morocco? To answer this question, we will adopt a methodology which is based on an analytical study of the financing of medium and small businesses in Morocco between the periods 2002 and 2022. The analyzed results show that Moroccan participatory banks have an important and effective role as a positive contributor to addressing the problem of financing SMEs. [ABSTRACT FROM AUTHOR]

In this paper, bank financing (BF) and trade credit financing (TCF) are viable. We investigate the financing choice problem for an emission-dependent manufacturer with capital constraints. Each supply chain member pursues its profit maximization. In the literature on the financing supply chain, enterprises and consumers become increasingly aware of environmental protection. A growing number of manufacturers produce low-carbon products, such as environmentally friendly bags, through a green supply chain system. We use the Stackelberg game to study the equilibrium financing choice and optimal decisions. We also perform numerical analysis to verify the impact of certain parameters on financing decisions. The results show no direct relationship between the degree of carbon reduction and the total amount of carbon emissions as defined by the government. In addition, when the trade credit interest rate is higher than the bank interest rate, the manufacturer chooses bank financing. When the credit interest rate is lower than a certain threshold, the retailer provides trade credit financing. Our study also provides useful insights for managers to understand and make financing decisions in a low-carbon supply chain with a capital-constrained manufacturer. [ABSTRACT FROM AUTHOR]

Copyright of Revue du Financier is the property of Societe Cybel and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates the value of advance payment financing to carbon emission reduction and production in a supply chain. We discuss two models, namely, (1) a supply chain model with a manufacturer that is not capital-constrained, under the conditions of being with and without advance payment financing, and (2) a supply chain model with a capital-constrained manufacturer, under the conditions of using bank financing and mixed financing. We characterize and compare the optimal solutions in the two supply chain models and then extend the models with cap-and-trade regulation and general stochastic demand. We find that in the supply chain model without a capital-constrained manufacturer, advance payment financing with a low-price discount can increase the supply chain partners' profits. However, in the supply chain model with a capital-constrained manufacturer, when the manufacturer's production cost is high, mixed financing with a low-price discount can improve both partners' profits. Furthermore, in the model with a capital-constrained manufacturer, when the manufacturer's carbon emission reduction efficiency is high, the use of mixed financing can encourage the manufacturer to increase carbon emission reductions. The results help the manufacturer and the retailer to decide whether to join in advance payment financing. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Academic Finance is the property of Academic Finance Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Management international / International Management / Gestiòn Internacional is the property of Management International and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research delves into the multifaceted challenges facing Sudan's agricultural sector, employing a dual approach of analytical data examination and an extensive literature survey. The study spans a three-decade period, from 1990 to 2020, to comprehensively assess the dynamics shaping the sector. Analytical data exploration revealed challenges in government and bank financing, including suboptimal allocation, limited financial commitment, and a disparity in focus. The literature survey further substantiated these challenges, emphasizing issues such as financial scarcity, weak infrastructure, and policy ineffectuality. To elucidate the long-term dynamics, the study employed the Autoregressive Distributed Lag (ARDL) model, establishing a robust connection between government development expenditure, bank financing, and agricultural output. Results highlighted the significant positive impact of both government spending and bank financing on agricultural output over an extended period, emphasizing their pivotal roles in sustaining sectoral development. The short-term analysis uncovered a self-correction mechanism within the economy, indicating its resilience to immediate disruptions. This insight underscores the necessity of implementing enduring policies that consider the time frame required for their full effects to materialize. Policy implications stress the importance of aligning government expenditures with the sector's long-term requirements and enhancing the accessibility of bank financing to drive short-term agricultural expansion. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Financial, Accounting & Managerial Studies is the property of Journal of Financial, Accounting & Managerial Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates the effect of the quality of environmental information disclosure of firms on their bank financing and further examines the moderating effect of formal and informal institutions on this effect using China as a laboratory. We find that the quality of environmental information disclosure is positively (negatively) related to the scale (cost) of bank financing. Furthermore, the formal institution (proxied by the official issuance of the Green Credit Guidelines) strengthens the above relationship. Moreover, the informal institution (proxied by bank connection) weakens the association between the quality of environmental information disclosure and bank financing. Our results are valid after addressing the potential endogeneity between environmental information disclosure and bank financing and remain unchanged in various robustness tests. Our findings affirm the decision usefulness of corporate environmental information disclosure that can be used by companies as an effective strategy for obtaining bank financing and the ethical integrity of borrowers to banks as an important group of capital market participants. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In bank/trade credit financing, bank/supplier plays monitoring role and pays the fixed and variable monitoring costs. This study investigates the impact of monitoring cost on bank financing and trade credit financing in a push supply chain with a dominant supplier selling to a capital‐constrained retailer who can borrow competitively priced bank loans or trade credit. With a modified selling to the newsvendor Stackelberg game, we obtain the chain's equilibrium financing strategies. We find that bank financing is adopted only when the inefficient supplier sells to the very poor retailer. When the retailer is not very rich, the efficient supplier offers trade credit financing with trade credit rate equal to a risk‐free rate, even in the presence of supplier's monitoring cost, otherwise, the retailer uses either bank financing or self‐financing, depending on the retailer's initial capital and the bank's and the supplier's monitoring cost. There exists a chain efficiency loss region (supplier's monitoring distortion) that the poor retailer uses bank financing at the supplier's benefit, while the overall output can be improved through trade credit financing. The presence of the bank's monitoring cost might benefit the chain. When the factoring market is intensely competitive, we find that factoring can improve the channel efficiency and the supplier's profit. Through this study, we theoretically extend the delegated monitoring theory that the third‐party intermediated financing helps improve the channel performance. [ABSTRACT FROM AUTHOR]

The article aims to determine the prospects for improving the service quality management of bank financing based on corporate social responsibility (CSR) in the digital economy in the interests of sustainable development. The results of economic and mathematical modeling of the impact of the service quality management bank financing based on corporate social responsibility in the digital economy on sustainable development results, using the method of regression analysis, showed that standard corporate social responsibility in the digital economy does not have a positive effect on sustainable development. The novelty of the article lies in the development of a digital approach to the service quality managing of bank financing based on corporate social responsibility for sustainable development. All three areas of the service quality management of bank financing in a new approach - the manifestation of CSR, FinTech development and SDG support - are systemically interconnected and support each other. This ensures a constant improvement in the service quality of bank financing. Improving the security of banking (it is recommended to increase it by 97.28%) and development of Internet banking (it is recommended to increase it by 96.81%) are proposed as measures for the practical implementation of the new approach. Due to the practical implementation of the proposed author's recommendations, the level of sustainable development will become the maximum (reach 1st place), that is, increase by 96.64%. The results obtained underline the prospects of implementing new measures of the service quality management of bank financing based on corporate social responsibility in the digital economy. [ABSTRACT FROM AUTHOR]

In sub-Saharan Africa, economic expansion and its environmental implications have become major problems. The banking system has been described as a mechanism for decoupling economic expansion from environmental implications. However, the function of bank financing in the growth-environmental consequences in SSA remains undeveloped. This study investigated the role of bank financing in economic growth and environmental outcomes in SSA over the period 1990–2018. We implemented the novel panel quantile regression and panel vector autoregressive models in a generalized method of moments' framework to investigate the influence of bank financing on economic growth and carbon emissions, and the moderating effect of bank financing in growth-environmental consequences among the four regional economies in SSA. The empirical results revealed that bank financing (1) increases economic growth and carbon emissions across quantiles; (2) positively influences economic growth and carbon emissions of East and Central African regions but negatively influences economic growth and carbon emissions of the West African region; (3) mitigates growth-emissions outcomes of low-emission countries but worsens growth-emissions outcomes of median and high emission countries; and (4) worsens growth-emissions outcomes of East and Central African regions but mitigates growth-emissions outcomes of Southern and West African sub-regions. The variance decomposition and impulse response results discovered that the role of bank financing in growth-environmental challenges varies in terms of magnitude and elasticities across the sub-regions over the sampled period. The study also revealed mixed findings regarding the existence of the EKC hypothesis for the sub-regional economies in SSA. [ABSTRACT FROM AUTHOR]

We examine the valuation impact of bank-financed mergers and acquisitions (M&As) and the loan contracts used to finance M&A transactions, focusing on the difference between bank-dependent acquirers and other acquirers. We find that bank-financed deals have higher acquirer's cumulative abnormal returns relative to other cash M&A deals, but this certification effect exists only for bank-dependent acquirers. Despite bank-dependent acquirers being more susceptible to hold-up, banks do not impose higher loan pricing or more stringent nonprice terms on them. After completion of the acquisition, bank-dependent acquirers retain the M&A financing banks for a much larger share of their borrowing needs, suggesting the importance of repeat business for lack of hold-up. Our findings highlight the positive aspects of bank dependence and the importance of implicit contracting for the lack of hold-up in lending markets. This paper was accepted by David Simchi-Levi, finance. [ABSTRACT FROM AUTHOR]

Copyright of Agronomía & Ambiente is the property of Universidad de Buenos Aires. Facultad de Agronomia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper focuses on the impact of financial fragmentation on small and medium enterprises' (SMEs) access to finance. We combine country-level data on financial fragmentation and the ECB's SAFE (Survey on the Access to Finance of Enterprises) data for 12 European Union (EU) countries over 2009–2016. Our findings indicate that an increase in financial fragmentation not only raises the probability of all firms to be rationed but also to be charged higher loan rates; in addition, it increases the likelihood of borrower discouragement and it impairs firms' perceptions of the future availability of bank funds. Less creditworthy firms are even more likely to become credit rationed, suggesting a flight to quality effect in lending. However, our study also documents a potential adverse effect of increasing bank market power resulting from greater integration. This suggests that financial integration could impair firms' financing, if not accompanied by policy initiatives aimed at maintaining an optimal level of competition in the banking sector. [ABSTRACT FROM AUTHOR]

We empirically examine the effect of severe litigation, bank connection and their interaction on firms' access to bank financing based on China's background. We find that (i) firms with a recent history of severe litigation experience a decrease in bank financing regardless of whether they are defendants or plaintiffs; (ii) firms with bank connections obtain more bank financing; and (iii) bank connection can mitigate the detrimental impact of severe litigation on bank financing. Our findings suggest that banks recognise the high costs and risks of severe litigation to firms, thus imposing more financing constraints on firms with severe litigation. Meanwhile, bank connection can help firms recover from the detrimental impact of severe litigation, corroborating the argument that informal mechanisms, such as those based on social relations, promote financial transactions and thus the growth of firms in China. [ABSTRACT FROM AUTHOR]

Countries around the world are working hard to fight against the economic crisis caused by the coronavirus pandemic, with a special emphasis on small- and medium-sized enterprises (SMEs) due to their vulnerability and importance in the business ecosystem. This paper analyzes the Spanish guarantee model and the measures taken by regional governments in conjunction with the main mutual guarantee societies (MGSs) to mitigate the economic problems associated with the COVID-19 pandemic. We show that public administrations may use guarantee schemes as instruments to improve SME access to financing while limiting the burden on the public budget. [ABSTRACT FROM AUTHOR]

We consider an agricultural supply chain consisting of a capital‐constrained smallholder farmer and an intermediary platform. The smallholder farmer sells agricultural products through the intermediary platform but lacks financial resources for planting. In addition to traditional bank financing (provided by a bank), the creditworthy intermediary platform can provide loans directly to the farmer (known as direct financing) or serve as a guarantor if the farmer's creditworthiness is insufficient to access bank loans (known as guarantor financing). We show that under guarantor and direct financing, the smallholder farmer's production level can be even higher than that in a centralized system. The farmer prefers direct financing when the production cost is low but the unit commission fee is sufficiently high. Otherwise, he prefers guarantor financing. The intermediary platform will encourage the farmer to resort to bank financing when the farmer's production cost is sufficiently high and the commission fee is low. Otherwise, it will provide direct financing. Guarantor financing makes the platform weakly worse off than direct financing and will be adopted only when the platform is also capital‐constrained. The involvement of the intermediary platform significantly improves the welfare of the farmer and the total profit of the supply chain. Moreover, the increased concern for social responsibility of the intermediary platform can lead to a win‐win‐win outcome for the farmer, the platform, and the whole supply chain. [ABSTRACT FROM AUTHOR]

This article critically examines some of the financing sources available to small and medium‐sized enterprises (SMEs) and factors that influence investor's decisions. Based on a qualitative approach, this study draws on evidence from Nigerian digital firms, public, and private financers to explore suitable entrepreneurial financing model for SMEs. Thus, it extends the understanding of combinations of entrepreneurial finance and funding in the African context. The study offers fresh and rare illustrative insights on how public–private entrepreneurial finance partnership will provide affordable and adequate access to entrepreneurial finance. It further highlights the impact and relevance of different entrepreneurial financiers on SMEs development and growth. It recommends a collaborative partnership initiative that involves public and private financial consultants and business incubators working together to ensure that SMEs have access to appropriate finance for growth, development, and business sustainability. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Computer Engineering & Applications is the property of Beijing Journal of Computer Engineering & Applications Journal Co Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study analyses the main constraints faced by small and medium-sized enterprises (SMEs) located in the Cabinda Province, northern Angola, with a specific focus on bank financing. The study takes a qualitative approach, performing semi-structured interviews with 15 SME owners/managers. The results show that in spite of the close relationships with the bank manager and/or the bank's credit manager, whenever SMEs seek bank financing, there are important drivers like the high-interest rates on bank loans, the need to offer high guarantees and bribery when bankers require some form of income. The net profits obtained in previous years do not have a significant impact on obtaining bank support, and banks often consider other factors in their decision-making. [ABSTRACT FROM AUTHOR]

This study investigates the efficacy of zero‐interest early payment financing (alternatively referred to as early payment) and positive‐interest in‐house factoring financing in a pull supply chain with a capital‐constrained manufacturer selling a product through a capital‐abundant retailer. Early payment is the prepayment of a wholesale cost to the manufacturer, whereas in‐house factoring is a loan service provided to the manufacturer by a branch financing firm of the same retailer. We find that the retailer prefers early payment financing to bank financing when the manufacturer's production cost is low. If the retailer instead offers positive‐interest in‐house factoring financing to the manufacturer, then the financing equilibrium domain enlarges as compared to bank financing. Interestingly, early payment financing can outplay positive‐interest in‐house factoring financing if the production cost is considerably low; otherwise, vice versa. When the production cost is big enough, the retailer will not provide either early payment or in‐house factoring. Furthermore, our main qualitative result sustains with an identical wholesale price across all three financing schemes and the financing equilibrium domain of early payment shrinks as demand variability grows. [ABSTRACT FROM AUTHOR]

This study investigates manufacturer guarantor financing (MG) and third‐party logistics (3PL) guarantor financing (LG) in a four‐party supply chain game that features a manufacturer, a 3PL, a capital‐constrained retailer, and a bank. The manufacturer or 3PL can act as the guarantor for the retailer who borrows bank credit. Two different leadership structures are investigated, namely, Nash game and manufacturer leadership Stackelberg game, where the manufacturer and 3PL decide simultaneously and sequentially, respectively. The supply chain under both leadership structures prefers guarantor financing to traditional bank financing when the supply chain is sufficiently cost‐efficient. In the Nash game, however, firms encounter a free‐rider dilemma when choosing between MG and LG, wherein both potential guarantors prefer the other to be the guarantor. This free‐rider dilemma can be resolved in the Stackelberg game. We also observe the follower–guarantor advantage in the Stackelberg game, wherein all firms favor the follower to provide guarantor financing. Our analysis shows that the supply chain under guarantor financing with a longer decision hierarchy (i.e., the Stackelberg game) can be conditionally more effective than that with a shorter one (i.e., the Nash game). By further analyzing different cost structures, pricing mechanism, and retailer's initial capital, we find that most of our qualitative results remain accurate under more sophisticated conditions. These findings enhance our understanding of the value of guarantor financing in a capital‐constrained supply chain and the impact of leadership structure on financing decisions. [ABSTRACT FROM AUTHOR]

Copyright of Multi-Knowledge Electronic Comprehensive Journal For Education & Science Publications (MECSJ) is the property of Multi-Knowledge Electronic Comprehensive Journal For Education & Science Publications (MECSJ) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Problem definition: Many small businesses (suppliers) use web platforms (retailers) to sell their products on a consignment basis. Suppliers are often financially constrained, which affects their profits. Academic/practical relevance: We derive the equilibrium terms of the loan that a retailer will offer to a supplier in a consignment selling environment and their implications for supply chain efficiency. Our model is inspired by the lending program initiated by a major web platform owner. Methodology: We formulate and solve a Stackelberg game. The retailer sets loan terms that may include a debt seniority requirement. The supplier may either accept the retailer's offer or borrow only from the bank or rely solely on its own capital. A competitively priced bank loan is the supplier's default option. Results: There exist parameter values for which the on-equilibrium loan terms include retailer debt seniority as well as parameter values that do not. In the latter case, the supplier makes the bank the senior lender. The retailer's debt seniority choice depends on the supplier's working capital. When the retailer chooses to be the senior lender, its loan terms may induce the supplier to produce more than the first-best quantity. Managerial implications: Direct financing under equilibrium loan terms weakly improves the expected profits of both the retailer and the supplier. However, it may induce the supplier to produce less than or equal to or greater than the first-best production quantity. Loan limits serve to reduce overproduction. [ABSTRACT FROM AUTHOR]

This study aims to identify trends of the causal relationship between bank financing and economic growth in Morocco between 1980 and 2018, for this purpose, we used Toda and Yamamoto (1995) Approach to test causality in the long run, Which is based on estimating Augmented Vector auto-regression model. The study concluded that there is a Unidirectional causal relationship going from bank financing towards economic growth, In addition to another relationship going from the lending interest rate to economic growth in the long-run, and the study also concluded that there is a Unidirectional causal relationship going from bank financing towards the lending interest rate and broad money in the long-run. [ABSTRACT FROM AUTHOR]

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This paper compares how Czech and Slovak microentrepreneurs perceive the volume and ease of access to finance that they face. Having an adequate number of sources of finance and easier access to them can help improve both enterprise and country performance. Chi-square and Z score tests for population proportions were used to test hypotheses. 740 microenterprises from Czech Republic and 287 microenterprises from Slovakia were included for the analyses that were performed by this study. The results show that Czech microentrepreneurs feel they have more sources of finance and have easier access to them than their Slovak counterparts. These differences may in part be linked to other factors such as the experience and age of microentrepreneurs and micro-firms, amount of business loans and microfinancing organizations, credit interest rates and credit rejection rates, the relative degree of economic freedom, the volume of government guarantees, relative GDP levels, the quality of business environment and ease of doing business. Additionally, The Moran's I spatial autocorrelation index was performed to evaluate influence of location on the perception of Czech and Slovak microenterprises that were located in different regions of both countries. The paper also discusses the results' policy implications for governments and financial institutions. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to draw the state of the art on the trade credit, one of the most alternative form of firm financing, especially for small- and medium-sized enterprises (SMEs).Design/methodology/approach The present study first reviews the theoretical papers focusing on the raison d’être of trade credit financing. Then the study identifies the empirical research studies in SMEs’ context and summarizes them on the basis of the following drivers: the country and the period analysed, the methodology used, the main findings and the presence of a shock in time span.Findings Findings reveal a discrepancy of results, especially in testing Meltzer’s hypothesis of substitution effects among trade and bank credit. The heterogeneity of results should be driven by lending infrastructure of the country analysed and the presence or not of a shock in time span considered. Financial constraints can reconcile the discrepancy of results. Then, most of the studies analysed are based on the assumption that trade credit is more expensive than bank credit.Originality/value This paper provides valuable conclusion on past and present studies on trade credit. First is providing a rule of the thumb in the reading of empirical evidences. Also researchers and academicians should deal with consideration regarding the cost of trade credit that still appears as a black box. This is an important issue in corporate finance, as it influences the financial decision of firms and it will be useful for conducting a deeper comparison on the alternative cost of firm financing. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises are facing many types of business risks, almost unknown or unimportant for the large companies, where the funding risk plays an essential role due to the importance of the need of the external financial sources for their growth. This paper investigates the impact of a size of the company and an age of the owner on the perception of the funding risk in the segment of small and medium-sized enterprises in Slovakia in response to the restraints in their access to credit finance. The results of the research specify the importance of these factors in determining the scope of the funding risk exposure on Slovak SMEs. The paper is based on the data from the scientific research carried out in 2016 in Slovakia among 438 companies. The data were analyzed by Pearson's chi-square statistics, which allowed to confirm the existence of the statistically significant dependencies between the chosen factors and the perception of the funding risk. The presented statistical evidence confirms that the size of the company and the age of the owner are significant in relation to the funding risk of a company from the segment of SMEs. Smaller companies do perceive the funding risk more intensively than larger ones. The statistically significant impact of the selected factors on the frequency of bank loans rejection was confirmed only in case of the age of the owner, but not in case of the size of the company, when the entrepreneurs of the age between 36 and 45 declared the highest rejection rate of the loan applications. A surprising finding is that younger entrepreneurs are significantly more self-confident in case of the potentially negative influence of the funding risk on their companies than their older colleagues. The results of the research also confirm the existence of the statistically significant dependence between the selected factors and the reasons for the rejection of bank loans applications. We can declare that a credit rejection is most common in case of younger business owners but is not typical for the smaller companies. In the group of entrepreneurs aged between 36 and 45 years the most frequent reason was related to the negative values of the financial indicators, and in case of the oldest entrepreneurs the most often reasons of the rejection of the loan application were the lack of collateral, poor business plan and negative values of the financial indicators. [ABSTRACT FROM AUTHOR]

Banks' approaches in SMEs financing, being aware of loan conditions and transparency of credit terms are significant facts to improve ability of SMEs to manage their financial and credit risks and to reduce obstacles in their bank credit access. In this context, the research not only aims to compare different sectors in country level but also purposes to make comparison between countries that SMEs' operate in same sector, regarding their perceptions of these facts. 972 Slovakian and Czech SMEs are analysed by Chi-square and Z score statistics to find the differences between selected groups and individual responses. The results of the research confirm that more trade firms positively perceive the selected facts than service firms in Slovakia, however, aspects of Czech service and trade firms do not differ. Moreover, Slovakian trade firms are more agree that they have knowledge about loan conditions than Czech trade firms do. On the other hand, more Slovakian firms negatively perceive banks' approach to them than Czech SMEs. Regarding to entrepreneurs' knowledge about lending terms, no significant differences exists between the Czech and Slovakian service firms. Furthermore, loan conditions are not transparent for more Slovakian service firms than Czech service firms. [ABSTRACT FROM AUTHOR]

Can distance-related information asymmetries in credit markets be overcome with contract design and credit scoring models? To answer this question, we explore differences in foreign and domestic banks' credit contract terms and pricing models. Using a sample of firms that borrow from both domestic and foreign banks in the same month, we show that foreign banks are more likely to demand collateral and grant shorter maturity loans than domestic banks. Foreign banks also base their pricing on internal credit ratings and collateral pledges, while domestic banks price according to the length, depth, and breadth of their relationship with a firm. These findings confirm that foreign banks can overcome informational disadvantages using contract design and credit scoring models. However, we also show that there are limitations, with foreign banks facing higher default rates and lower returns on lending if not using collateral and short maturity as disciplining tools. This paper was accepted by Amit Seru, finance. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to examine the impact of bank financing and internal financing sources on women’s motivation for e-entrepreneurship.Design/methodology/approach Female owners of e-businesses in India were surveyed regarding their perceptions of bank financing, internal financing sources and their motivations for e-entrepreneurship.Findings The findings of this study show that bank financing and internal financing sources positively impact women’s motivation for e-entrepreneurship in India. The results show that family status, education, easy access to new business information and location positively impact women’s motivation for e-entrepreneurship in India. The findings also show that bank financing has a higher impact on women’s motivation for e-entrepreneurship compared with internal financing sources.Research limitations/implications This is a co-relational study that investigated the relationship between bank financing and women’s motivation for e-entrepreneurship and the relationship between internal financing sources and women’s motivation for e-entrepreneurship. There is not necessarily a causal relationship between the two. The findings of this study may only be generalized to individuals similar to those that were included in this research.Originality/value This study contributes to the literature on the impact of bank financing and internal financing sources on women’s motivation for e-entrepreneurship. The findings may be useful for investment advisors, the Indian Government and entrepreneurship consultants. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to study the impact of bank financing on innovative development of Russian circumpolar area and identifying the barriers to its development.Design/methodology/approach Using the abstract-logical method and a set of methods of economic, statistical and econometric analysis (panel data analysis) the authors examine the role of financial intermediaries in innovative development of Russia and Russian arctic regions.Findings The key financial intermediaries in the Russian economy have historically been the banks, which are, at the same time, as it follows from the analysis above, inertly participating in the innovative development financing in the Russian circumpolar regions. Assessment of the potential intensification of the role of banks in the innovative ecosystems has shown that, despite the development of institutional conditions of banks’ resource base compounding and the development of funding, high risks of innovation, multiplying in a volatile external environment, prevent the inflow of bank capital into the innovation sector.Research limitations/implications Main limitation is the inability of panel data to capture long-term impacts of bank financing on innovative development of Russian circumpolar area.Practical implications The results suggest that the intensification of the banks’ participation in financing innovation and overcoming the existing challenges will enable to stimulate the process of innovation development of the circumpolar zone in Russia.Originality/value There is no study evaluating the impact of bank financing on innovative development of Russian arctic regions. [ABSTRACT FROM AUTHOR]