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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]

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 purpose of the article is to present the results of the first assessment of the senior non-preferred (SNP) bond market’s development in Poland. SNP bonds were introduced to facilitate meeting the banks’ MREL, which aims to build banks’ loss absorption and recapitalization capacity. At the same time, they are the next source of bank funding. The development of the SNP bond market has been initiated relatively recently with the full establishment of resolution systems and the introduction of the MREL requirement for banks. Although the first non-binding decisions to impose the MREL requirement were issued in 2016, the concept of SNP was formally introduced in 2017. In 2019, an amendment to the rules for determining the MREL requirement was adopted, which was implemented into the Polish legal framework in 2021, and in 2022, an amendment to the regulations on bonds was introduced, enabling the issuance of SNP bonds counted to MREL. Since then (2022), there has been a full legal framework for setting and maintaining the MREL requirement, and therefore full conditions for the development of this market in Poland. Therefore, it is justified to say that this market is relatively young. Moreover, it is under-investigated by scientists. This justifies the assessment of the potential scale of this market, its ability to achieve the goal for which it was created, as well as the premises and barriers to its development. Methodology. The research methods were quantitative analysis (calculation of the potential shortage of the MREL requirement and needs in the field of securities issuance based on reporting data) and qualitative analysis (in terms of assessing the challenges). Results of the research. The main determinant of its potential is the amount of MREL shortfall, which depends on the financial situation of banks and partly on the strategy of resolution authorities (responsible for setting the level of this requirement). The main challenges for the Polish SNP bond market are related to the prospects for further development of the banking sector and its environment (business and strategic). Nevertheless, it seems that the potential of the SNP bond market in Poland is underrated. The article contributes to general knowledge about bank funding sources.

The importance of the role played by SMEs in the global economy and their contribution to job creation, added value, innovation and growth is widely acknowledged, therefore it is extremely necessary to support their development. In order to be competitive, SMEs also rely on external financing, not only through financial institutions but also through direct participation in the capital market. Managers place great emphasis on financing their businesses, and most of the European companies relying primarily on bank loans as their most important source of founding, unlike in the United States of America, where the activity of stock exchanges is much more developed. This paper aims to study a shared analysis of the advantages and disadvantages of SMEs in Romania regarding financing through financial institutions vs direct participation in the capital market.

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.)

It is well known fact that the availability of credit is one of the most important factors of economic development. Particularly this factor is very problematic for Kyrgyz businesses as well as for businesses in some other EAEU countries. In this regard, the phenomenon of the Japanese main banks deserve specific attention as these banks historically played (and still playing) an important role in stimulating Japanese businesses making them highly competitive worldwide.

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]

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]

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]

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]

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]

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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.

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.)

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This paper studies the formation, interest-driven rationality and potential risks of the capital pool model in China's banking financial management business, as well as the correlation, coincidence and complexity of fund pool prohibition and the rigid payment strategy. Focusing on “The New Regulations on Asset Management” issued by the Chinese government in April 2018, this paper discusses the regulatory effects and existing problems of fund pool prohibition and rigid payment regulations. From the perspective of theoretical and empirical analysis, this paper studies the impact of the relationship between financial product yield and regulatory interest rate relationship on shadow banking. The paper also studies the capital pool model that is closely related to the shadow banking, rigid payment and unstandardized debts, so as to puts forward relevant policy suggestions on improving the external regulation and optimizing the internal control mechanism of shadow banking. This paper puts forward that pursuit of financial security value should not be independent from the development of the overall interests of asset management market. The reasonable and healthy development of the asset management industry should be guided by the principle of controlling the risks at an appropriate level. The regulations in relation to capital pool and rigid payment needs more flexibility and elasticity to help reduce or eliminate the negative impact on the efficiency of resource allocation in the asset management industry. Shadow banking plays an important role in the financing of small and medium-sized enterprises, which is the result of mutual competition and game between different banks in terms of yield rate. Moderate shadow banking scale plays a positive role in the macro economy. This argument has theoretical value and practical significance to ensure that the regulatory system is resilient to the financial system in the most effective way possible.

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]

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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.)

The COVID-19 pandemic has increased bank financing challenges for small business enterprises (SBEs) in Canada. This study examines the impact of SBE owners' social capital (S_CAPITAL) on information asymmetry (IA) and bank financing (B_FIN). A survey research design was utilized to collect data from Canadian SBE owners. Research participants were asked about their perceptions regarding the impact of S_CAPITAL (measured as connections/relationships between SBE owners and loan managers) on IA and B_FIN. This study used the ordinary least square (OLS), logistic regression (Logit), and a two-stage least square (2SLS) regression model to conduct data analysis. Empirical findings show that S_CAPITAL decreases IA between loan managers and SBE owners and increases B_FIN for SBEs in Canada. Empirical results show that S_CAPITAL increases the chances of a decrease in IA between SBE owners and loan managers by 19.40% and increases the chances of B_FIN by 97.98% for SBEs in Canada. Besides, decreasing IA reduces agency problems between the loan managers and SBE owners, increasing B_FIN chances for SBEs. The above findings contribute to the literature on the impact of SBE owners' S_CAPITAL on IA and B_FIN. The findings may encourage research scholars to conduct more studies on the impact of S_CAPITAL on IA and B_FIN using data from different countries. The owners of SBEs may find the empirical findings helpful in increasing the chances of obtaining bank loans. Consultants to SBEs may find our results helpful in providing consulting services. Banks may find results beneficial to reduce IA between loan managers and owners of SBEs to reduce loan default risk. [ABSTRACT FROM AUTHOR]

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]

The article examines the issues of financing the development of the Russian Arctic territories and the participation of banking structures in this process. A set of strategic documents for the development of the Arctic zone of the Russian Federation is considered, the dynamics of approved amounts of funding for Arctic development programs are analyzed, and the structure of sources of financing for investment in fixed assets in regions whose territory belongs to the Arctic zone of the Russian Federation is studied. It is concluded that banks are not sufficiently involved in investment activities in most of the Arctic regions (except the Yamal-Nenets Autonomous Okrug, where the active role of banking institutions is due to participation in the financing of large gas and oil production projects in the Northern part of the region), and in recent years, foreign banking structures decline investment activity. The article describes the prospects of participation of the largest Russian banking structures in implementing large-scale projects in the Arctic, such as VTB Bank, Sberbank of Russia, and Gazprombank. The analysis of the possibilities of concentration of banking capital, as well as the use of mechanisms of public-private partnership based on the creation of a single financial institution with state participation is performed. The most effective form of improving the efficiency of financial flows management in the framework of strategic development of the Arctic territories can be the creation of The Bank for reconstruction and development of the Arctic.

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]

The monetary policy indicators such as monetary aggregates, interest rates and Monetary Condition Index (MCI) are the traditional monetary policy indicators used in order to obtain early indication of the impact of monetary policy. These indicators could function as appropriate monetary policy indicators that will provide information to the monetary policy makers. The development in Islamic financial system however creates a challenge to find a monetary policy indicator, which is in conformity with Islamic teaching. Therefore, this paper is aimed to examine the future growth of nominal GDP as an alternative variable for monetary policy indicator in Islamic monetary system. The investigation will benefit from data of 17 Islamic banks in Malaysia which implement full fledge or Islamic windows scheme spanning from 2005 to 2010. GMM system method is used to analyze the data in hope to validate the appropriateness of the alternative monetary policy indicator. The result suggests that the future growth of nominal GDP is significant as monetary policy indicator and could be applied by the central bank in implementing the monetary policy especially in the dual banking system.