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SMEs play a crucial role for inclusive development, but their growth is often hampered by lacking access to finance. This paper explores whether capital markets can be harnessed to foster SME finance. Given the negligible use of market-based financing by SMEs, it is analysed to what extent capital market development indirectly alleviates SMEs' financing constraints by improving their access to loans. Thus, the study builds on the theoretical model by Song and Thakor (2010), which consolidated the view that markets and banks are complementary and co-evolve. Using a modification of the analysis framework by Rajan and Zingales (1998) for 68,712 firm-level observations from 50 mostly low- and middle-income countries for 2006-2019, it empirically investigates the central prediction of Song and Thakor (2010) that capital market development is associated with an increase in bank lending, in particular, towards smaller and riskier firms. I find a positive and significant effect; in support of Song and Thakor (2010), the effect runs through increased capital market usage by financial institutions and expanded loan availability. The findings underline that markets and banks co-evolve and that the most important contribution of capital markets to SME finance is their indirect effect on bank lending and loan availability. [ABSTRACT FROM AUTHOR]

In this study, we provide the first attempt to relate economic policy uncertainty (EPU) to firms' access to finance. Using data from 26 countries and the news‐based index from Baker et al. (2016), we provide evidence that EPU significantly increases financial constraints and decreases firms' access to finance. Our main inference is robust to alternative measures of financial constraints, alternative samples, alternative model specifications, and several approaches that control for potential endogeneity. We further show that the EPU‐financial constraint relationship is driven by both the demand and supply sides of financing. Additional analyses suggest that the impact of EPU on firms' financial constraints is moderated by board characteristics (i.e., gender diversity, independence, and duality). They also highlight the moderating roles of government effectiveness, the rule of law and control of corruption. Collectively, our findings provide novel theoretical and practical contributions in relation to EPU and the firms' setting. [ABSTRACT FROM AUTHOR]

Whether bank competition promotes access to finance is highly debated in economic literature and policy circles. Amidst this debate, this paper investigates the implications of bank competition, financial stability, and gender gap on access to finance for 40 Sub‐Saharan African countries using 12,504 firm‐level observations from the World Bank Enterprise Survey. In addition to structural measures, competition has been measured by three non‐structural measures (Lerner index, Boone indicator, and Panzar‐Rosse H‐statistic). Results obtained through the probit model and probit model with sample selection (PSS) suggest that a higher degree of bank competition positively affects firm's credit availability in the Sub‐Saharan African region. Results also indicate that firms owned by female entrepreneurs are more likely to report greater difficulties in obtaining formal finance. The findings suggest that policymakers and other stakeholders should direct policy actions that promote competition in the credit market by reducing the cost of credit. [ABSTRACT FROM AUTHOR]

We investigate access to finance for social enterprises, including those that are women and minority ethnic group (MEG) led. Using data from the UK Longitudinal Small Business Survey, we find that relative to small and medium enterprises (SMEs), social enterprises are less likely to apply for bank overdrafts, but more likely to apply for government grants. However, upon application, social enterprises are more likely to receive commercial mortgages, credit card funding, government grants and loans from mainstream financial intermediaries. By leadership diversity, women-led social enterprises are more likely to apply for loans from a bank, but less likely to receive bank funding compared to male-led counterparts. Our results also show that MEG-led social enterprises are less likely to apply for credit cards and government grants. Nevertheless, when they do apply, MEG-led enterprises have a higher probability of being granted government funding. In contrast, upon application, their chances of securing a bank overdraft facility are lower compared to those led by non-minority ethnic groups. [ABSTRACT FROM AUTHOR]

This article uses data from 111 developing countries to document the effect of social capital on financing constraints faced by private firms. The results show that firms headquartered in countries with high social capital face lower financing constraints than firms headquartered in countries with low social capital. These findings are robust to a comprehensive inclusion of country-level and firm-level controls. We argue that social capital is instrumental in creating an environment in which managers are less likely to act opportunistically, thereby increasing the trust of capital providers in firms. Consequently, capital providers are more likely to grant credit to firms, thereby reducing the financing constraints. The findings also show that the relationship between social capital and financing constraints is moderated by firm-specific and country-specific characteristics. Firms with weaker fundamentals and firms headquartered in countries with weaker institutions are more likely to benefit from improvement in social capital. JEL Codes: A13, G3 [ABSTRACT FROM AUTHOR]

Abstract This paper examines the impact of access to finance on intra-Africa trade efficiency using a panel dataset comprising 44 African exporters. Between 2008 and 2021, a stochastic frontier version of the gravity model finds intra-Africa trade to have been lower than its full potential by $1.1 billion on average. Exporters with better access to finance such as South Africa, Morrocco and Mauritius operated closer to their full potential. The effect of access to finance on intra-Africa trade is found to have been stronger between distant trading partners. This suggests that access to finance largely promotes intra-Africa trade through financing transportation and logistics. In view of these results, the analysis recommends policy efforts to improve access to finance in order to maximize trade between African countries.

The purpose of the current study is to identify factors associated with women's entrepreneurial success. By embracing social feminism theory, this study provides a well-rounded analysis of the individual, social, institutional, and economic factors that shape successful women's business development in a patriarchal society within a Muslim and Arab country. Following the conceptual model development, data were obtained from 212 Moroccan women business owners using a web-based questionnaire. The results, based on structural equation modeling, revealed the positive and direct influence of individual factors on women entrepreneurs' success, including the need for achievement, and risk-taking. Additionally, external factors, particularly government support, social support, and access to finance, were found to be an important determinant of the entrepreneurial success of Moroccan women. This study enriches the existing knowledge on the determinants of the entrepreneurial success of women in developing countries. It offers offer useful managerial implications for policymakers who should implement appropriate actions to promote gender equality, as well as foster an environment conducive to enabling Moroccan women to launch and develop their own businesses. [ABSTRACT FROM AUTHOR]

This paper examines the impact of access to finance on intra-Africa trade efficiency using a panel dataset comprising 44 African exporters. Between 2008 and 2021, a stochastic frontier version of the gravity model finds intra-Africa trade to have been lower than its full potential by $1.1 billion on average. Exporters with better access to finance such as South Africa, Morrocco and Mauritius operated closer to their full potential. The effect of access to finance on intra-Africa trade is found to have been stronger between distant trading partners. This suggests that access to finance largely promotes intra-Africa trade through financing transportation and logistics. In view of these results, the analysis recommends policy efforts to improve access to finance in order to maximize trade between African countries. [ABSTRACT FROM AUTHOR]

This study investigates the influence of economic factors in ensuring access to financial services. Financial service accessibility is assessed using metrics such as the number of bank branches and ATMs per 100,000 people, as well as an index derived from these indicators. Drawing from existing literature, a set of economic variables - namely, employment, inflation, gross domestic savings, remittances, bank credit to deposits, and urbanization - are examined using data from 179 countries over eighteen years spanning from 2004 to 2021, with projections extending to 2023. The findings indicate that employment, remittances, bank credit to deposits, and urbanization exert statistically significant effects on access to financial services. These results are robust across alternative definitions of financial access, subsamples categorized by economic development, and exercises addressing endogeneity concerns. [ABSTRACT FROM AUTHOR]

Despite extensive research on the relationship between financial inclusion and macroeconomic growth, little is known about the role of financial inclusion as a significant driver of macroeconomic growth in developing countries. Financial inclusion could boost sustainable macroeconomic growth, which has been a key policy goal for governments worldwide because it affects employment, population, inequality, and poverty. This study explores the influence of crucial financial inclusion indicators on developing countries' macroeconomic growth. The study shows that digital finance, financial technologies, financial outreach, financial literacy, demographics access to finance, microfinance and financial stability are the ways through which financial inclusion affects macroeconomic growth. We used the Scopus database to get information from 419 research articles and analyzed those to figure out how financial inclusion affected macroeconomic growth from 2006 to 2020. The study will help policymakers, governments, and marketers develop policies to involve everyone in the financial system, which results in macroeconomic growth. [ABSTRACT FROM AUTHOR]

Copyright of Çankırı Karatekin University Journal of the Faculty of Economics & Administrative Sciences is the property of Cankiri Karatekin University, Faculty of Economics & Administrative Sciences 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 Economics & Administrative Sciences / Afyon Kocatepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Afyon Kocatepe University, Faculty of Business Administration 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.)

Innovation enables organizations to swiftly adapt to market dynamics, technological advancements, and the competitive environment, hence augmenting their competitive edge. Innovation endeavors provide challenges due to their substantial financial requirements, business environment, and the need for proficient management. This research examines the role of the business environment and access to finance in influencing firm innovation effectiveness, encompassing organisational innovation and product innovation, both individually and as a simultaneous combination of both innovation activities. The business environment comprises four factors such as business licensing and permits, corruption, customs and trade regulations, and an inadequately educated workforce. Additionally, this study explores the moderating role of manager working experience in accessing finance and firm innovation. The research used a large dataset of firm-level data (996 observations) from 2006 to 2016 in the World Bank Enterprise Survey specifically extracted for the Vietnamese market. The research methodology employs multinomial probit models to analyze datasets with layers of distinct financial access levels, including minor, moderate, significant, and severe obstacles, combined with alternate testing of four business environment factors. The research results highlight limitations in financial access at different levels, leading to a reduction in both organisational and product innovation. Customs emerge as the most significant barrier in the business environment for all levels of financial access, followed by licensing and permits, corruption, and the labor workforce as obstacles at varying degrees of financial access. Managerial working experience has mitigated obstacles to financial access for both organisational and product innovation. The study outcomes contribute to both theory and management implications.

The aim of this research is to examine the influence of gender on the accessibility of microcredit for small and informal business owners in Nagaland, India. In addition, the study conducts a region-wise comparative analysis of the loans disbursed to self-help groups (SHGs) by banks. Using primary data obtained from a cohort of 205 small business proprietors within the state, the study used the methods of descriptive statistics and econometric analysis. Furthermore, the paper employed the logit model to examine key factors such as firm size, SHGs and the qualifications of the entrepreneurs, along with gender. The secondary data, obtained from the Centre for Monitoring Indian Economy and the National Bank for Agriculture and Rural Development, allow the study to conduct a comparative analysis using the percentage share approach. The results reveal that public sector banks disbursed the highest amount of loans to SHGs, and the comparative analysis indicates that SHGs in the North-Eastern Region of India have the lowest share of savings with banks. Based on the empirical analysis, the author concluded that firm size, financial services provided through SHGs, educational qualifications, and gender of small business owners play a significant role in the accessibility of microcredit from financial institutions.

AbstractThis study addresses Bangladesh’s unemployment problem and its youth’s limited entrepreneurial aspiration focusing on critical factors that influence entrepreneurial intentions among university students in Bangladesh. Recognizing universities’ role in fostering entrepreneurship, the study aims to identify these determinants, bridging a gap in literature in the context of Bangladesh. Built upon an extended theory of planned behavior, the study incorporates ‘access to finance’ and ‘entrepreneurship program’ as mediators. This framework examines the relationships of ‘attitude’, ‘subjective norms’, ‘perceived behavioral control’, ‘entrepreneurship program’, ‘access to finance’, and their collective impact on entrepreneurial intentions. Utilizing stratified random sampling, the researchers collected data from 394 students across 23 selected Bangladeshi universities offering entrepreneurship programs encompassing Faculty of Business & Entrepreneurship and Faculty of Science & Engineering. The study employed Structural equation modeling (SEM) for analyzing the data. The findings revealed that there were positive relationships between ‘entrepreneurial intention’ and ‘attitude’, ‘subjective norms’, ‘perceived behavioral control’, ‘entrepreneurship program’, and ‘access to finance’. The findings have practical implications for Bangladesh’s government and educational institutes when it comes to promoting entrepreneurship programs extensively. The empirical results clearly demonstrate that the integration of access to finance and practical entrepreneurship programs significantly boosts the entrepreneurial aspirations of university students, encouraging them to pursue entrepreneurship as a career path. This, in turn, contributes to the advancement of economic sustainability in Bangladesh. These outcomes are consistent with the overarching aims of Sustainable Development Goal 8, which strives to foster continuous economic growth, generate employment prospects, and ensure decent work opportunities, particularly for the youth.

AbstractThe objective of this paper is to explore the relationship between business information, business networking, access to finance and financial performance of social enterprises. It broadens on theoretical threads from the perspective of resource-based view theory and signalling theory. Hypotheses are tested to assess the possible effect of business information, business networking, access to finance as well as financial performance of social enterprises. A cross-sectional survey was conducted by using the standardized questionnaire to collect primary data from a total of 384 owners/directors of social enterprises. Simple random sampling method was applied to select social enterprises functioning in the country. A Partial Least Square Structural Equation Modelling was applied to examine the data. This study found a positive and significant direct relationship between business information, access to finance, and business networking on financial performance of the social enterprises in Pakistan. The results supported the moderation effect of access to finance on business information and financial performance whereas, access to finance does not have a significant moderation impact between business networking and financial performance. Therefore, this study recommends that social enterprises in Pakistan should provide great emphasis on business networking and business information to introduce financially creative solutions for the societal problems, which are essential for overall wellbeing of different stakeholders of the social enterprises.

The recent outbreak of COVID-19 has had colossal repercussions for all economic agents including households, corporations, and governments worldwide. Each economic agent responded in their own way to mitigate or at least diminish the scale of that impact. Small and medium-sized enterprises (SMEs) also countered the COVID-19 pandemic to their highest capacity despite being more vulnerable to crises. Many SMEs experienced shutdowns or declared bankruptcy due to the ineptitude and lack of financial resources or effective strategic response to cope with this unprecedented shock. In this paper, we assess the impact of the COVID-19 pandemic coping strategies such as adjusting the process and product, shifting business activity online, and remote working arrangements on SMEs' access to finance. Using the World Bank's COVID-19 impact survey data collected between 2020 and mid-2021 from 42 countries, we find that better strategies adopted by SMEs increase their likelihood of getting new credit from government and commercial banks. The results remain robust to alternative test settings. Our findings offer significant and timely contributions to SMEs' access to finance and to the practicing managers on adopting and adjusting strategies in response to crises or disruptions. [ABSTRACT FROM AUTHOR]

This abstract explores the pivotal role of international programs in enhancing access to finance and fostering support mechanisms for small and medium-sized enterprises (SMEs) in the Republic of North Macedonia. Against the backdrop of a dynamic global economy, SMEs serve as engines of growth and innovation, yet often face significant hurdles in accessing financial resources and support networks. In North Macedonia, these challenges are compounded by factors such as limited access to capital, inadequate infrastructure, and regulatory complexities. International programs offer a multifaceted approach to address these obstacles, providing avenues for financial assistance, technical expertise, and networking opportunities. By leveraging partnerships with international organizations, development agencies, and financial institutions, North Macedonia has been able to bolster its SME sector and create an enabling environment for entrepreneurship and economic development. Key initiatives such as grants, loans, capacity-building workshops, and mentorship programs have facilitated SME growth and sustainability. Moreover, initiatives focusing on digitalization, market access, and innovation have empowered SMEs to compete in the global marketplace. However, while international programs have yielded significant benefits, challenges remain in ensuring equitable access and sustainability. Addressing issues of bureaucratic inefficiencies, enhancing coordination among stakeholders, and promoting inclusivity are critical for maximizing the impact of these programs. Through a comprehensive analysis of the landscape of international programs and their impact on SMEs in North Macedonia, this abstract underscores the importance of continued collaboration, innovation, and policy coherence in fostering a vibrant ecosystem for SME development. Ultimately, by harnessing the potential of international programs, North Macedonia can unlock new opportunities for growth, prosperity, and socio-economic advancement. The main purpose of this research is to explain and present other possible sources of financing that are available to small and medium-sized enterprises, as well as access to them, that is, an analysis of the national development programs to support the financing of SMEs and international financial support programs of SMEs, those support and development programs that are available to small businesses in the Republic of North Macedonia, as well as their effects and utilization, will be developed. However, there is a necessity in implementing further activities to support the SME sector in terms of strengthening the institutional, regulatory and operational environment in which they operate. Overall, the SME sector still has room to be supported and encouraged to increase their overall contribution to the economy. In this research, a survey was conducted in a number of bank branches in the period from February 10, 2024 to March 20, 2024 and and presented results from the same. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Small Business & Entrepreneurship is the property of Routledge 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 role of European firms´ location in their access to capital from 2014 to 2018. Spatial variation in a firm´s access to finance triggers differences between the development of rural and urban areas. The study draw on the geography of finance, which explores the phenomenon of the spatial distribution of financial markets, and aim to answer the question of to what extent the location of a firm affects its access to capital. The authors focus on both credit and equity markets and pursue an econometric approach. The paper explore the drivers of the capital structures of European firms with the main control variables connected to the spatial distribution of economic actors. The authors adds to the regional finance literature by examining hard data on the real capital structure patterns of firms. The findings lead to different conclusions: While for the credit market, the location of a firm still matters, financial center bias regarding the primary equity market is fading due to the growing computerization of communication. Highlights: • Companies from financial centers have better access to bank credit. • The concentration of the banking system increases the disparities between the core and periphery. • There is financial center bias in the equity markets in most European countries. • Financial center bias is negatively linked to the computerization of financial markets. [ABSTRACT FROM AUTHOR]

Purpose: The authors investigate the role of financial literacy in influencing the relationship between human capital and social capital, with access to finance of micro, small and medium enterprises (MSMEs). Design/methodology/approach: Data were gathered from 337 MSMEs in Brunei Darussalam, and analysis on the data was carried out using a number of statistical methods. The relationships between human capital, social capital, financial literacy and access to finance were analyzed using PLS-SEM. Findings: The results show that human capital does influence access to finance but contrary to previous studies, the influence is negative. Financial literacy is an important element in the relationship between human capital, social capital and access to finance, although it plays a greater role in the relationship between social capital and access to finance. Further analysis shows that financial knowledge is significant in moderating the relationships between human and social capital with access to finance. Financial skills is found to only moderate the relationship between social capital and access to finance. Originality/value: To the authors' knowledge, this study is the first that integrates the human capital, social capital, financial literacy and access to finance in a single model. The authors also highlight the importance of enhancing the financial literacy of MSMEs so that the problem of access to finance can be alleviated, especially in developing countries. [ABSTRACT FROM AUTHOR]

In developing countries' manufacturing, the prevalence of small firms poses a conundrum, as few successfully transition to larger categories. Scholarly attention to the reasons behind this limited upward mobility remains scarce. This study, focusing on Indian manufacturing, explores the role of limited financial access as a significant obstacle hindering small firms' transition. Analysing data spanning 2001–2016, encompassing both formal and informal firms, we find robust evidence that access to finance is crucial for small firm transition in Indian manufacturing. The findings are robust to alternate specifications and methods, and also to concerns arising from reverse causality. [ABSTRACT FROM AUTHOR]

Goal: This study explores the connection between green innovation components and the competitive advantage of the manufacturing sector in China through the mediating role of green organizational culture and the moderating role of access to finance. Methodology: A self-administered survey with 310 respondents was used to collect data from the industrial sector. Data were examined using SmartPLS, and a bootstrapping method was used. Results: The findings demonstrated that the suggested moderated mediation model was accepted because the associations between the constructs were statistically significant. The mediating effect of green organizational culture and the moderating effect of access to finance were performed. The results showed that the proposed moderated mediation model was accepted because the relationships between the constructs were statistically significant. The results of the data analysis supported a positive relationship between green innovation and competitive advantage as well as a mediating effect of green organizational culture. Limitations: The study is limited to the Chinese economy; hence future studies can replicate these results on developing and developed economies. Furthermore, large sample size, different industrial sector and more advance analysis techniques can also be used in future studies. Practical Implications: The study has practical implication of green innovation and green organizational culture in enhancing competitive advantage in the Chinese manufacturing sector, considering access to finance. Originality / Value: This study contributes to the current vain of literature by examining the noval connection between competitive advantage and green innovation components of manufacturing sector in China through the mediating role of green organizational culture and the moderating role of access to finance. [ABSTRACT FROM AUTHOR]

Purpose: Examine the effect of access to finance on performance of small and medium enterprise of fish trading along Lake Victoria region Kenya. Methodology/Approach: The study was anchored on positivism philosophy while credit rationing theory was used as a guide to the study. Mixed design was used. Target population of 4,500 respondents with a sample size 173 of traders was selected using the Yamane formula. Questionnaire as data collection instrument. The study data were analyzed using descriptive and inferential statistics which include mean and mode. Descriptive statistics was computed to summarize data before regression analyses. This was presented using tables. Findings: Simple linear regression results showed financial access had a significant effect on performance of SMEs of fish trading along Lake Victoria region (Coefficient of correlation 0.403, p=0.000

Natural disasters affect economic activities and welfare of small‐scale producers in developing countries, but may also offer opportunities to reinvest in productive asset, economic capital, and new technologies for future economic prospects. This paper investigates the impacts of a livelihood recovery project that provided access to finance and rehabilitated communal infrastructures in the coastal communities of Tamil Nadu, India which were severely affected by the 2004 tsunami. We replicate the project's eligibility criteria to build the counterfactual to identify control households based on the validation of secondary data and administrative records. Using data from a carefully designed primary survey, we estimate the impacts of providing access to finance and rehabilitating communal infrastructures on economic and livelihood outcomes. Results indicate positive and significant impacts on income, asset and food security. These impacts are mainly driven by improved access to finance provided and participation in groups. Findings highlight the importance of ensuring access to finance for sustainable economic recovery among small‐scale producers, particularly in the aftermath of natural disasters. [ABSTRACT FROM AUTHOR]

Purpose: Small and Medium Enterprises (SMEs) remain an important aspect of the economic growth and development of a nation. Understanding how SMEs in developing and emerging economies can access financial resources is crucial for their survival and economic development. This study, therefore, examines the influence of financial literacy on access to finance and the moderating role of gender and age employing the UpperEchelons Theory. Methodology: A cross-sectional research design was employed with a sample of 286 owners of Small and Medium Enterprises (SMEs) in Lagos State. SPSS AMOS 26 was employed to validate the data and test the first hypothesis. While Hayes Process Macro was employed to test the second and third hypotheses of the Study. Results: The finding revealed that financial literacy had a significant influence on access to finance for SME owners. The finding further revealed that age moderated the relationship between financial literacy and access to finance. While Gender also moderated the relationship between financial literacy and access to finance. Practical implications: SME owners need to understand how gender and age influence their level of financial literacy and access to financial resources. This will enable SME owners to recognize how to drive profit and access to financial resources needed in their business. This study provides empirical evidence that has the potential to contribute to policy debates on how governments, academics, and policymakers can design and implement supportive financial educational programs for SME owners in developing countries. Originality: The study draws on the upper-echelons theory to further establish the relationship between financial literacy and access to finance among SME owners. Also, how gender and age moderate the relationship between financial literacy and access to finance of SME owners in a developing country. This study deepens our understanding of the role played by gender and age in the SME literature. [ABSTRACT FROM AUTHOR]

The relevance of the study is related to the fact that the predominant factor for the development of economic activity for newly established enterprises is the possibility of business financing. However, despite the availability of alternative sources of financing for new small and medium-sized enterprises (SMEs), there are various obstacles to obtaining them. The aim of the study is to analyse the opportunities for raising finance from various financial sources and the related obstacles for new SMEs in Latvia. The study used quantitative and qualitative methods of analysis, a survey of SME entrepreneurs, structured interviews with experts, data processing methods and the method of analysis and synthesis. [ABSTRACT FROM AUTHOR]

The Ukraine war, high inflation and rising interest rates are jeopardising people's ability to afford essential items such as food and energy, causing a widespread sense of vulnerability worldwide. Consequently, access to finance has become increasingly challenging for vulnerable consumer groups, including young adults without established credit histories, senior citizens with fixed incomes, start-up entrepreneurs, sole traders, single parents, immigrants in Western markets. To address this issue, this study explores the potential use of individuals' financial personality for inclusive credit scoring in these uncertain environments. Examining a sample of low-income individuals in the USA and the Netherlands, our psychometric scoring models (PSMs) demonstrate that late payments can be attributed to factors such as financial capability, materialistic tendencies, impulsive buying behaviour, social desirability and attitudes towards debt. These findings provide evidence that PSMs offer a viable solution to advance financial inclusion for vulnerable customer segments amidst global uncertainty. [ABSTRACT FROM AUTHOR]

This study investigates the mediating effect of access to finance in the relationship between entrepreneurial orientation and MSME performance of women businesses in Kaduna State, Nigeria. To achieve this purpose, a sample size of 356 owners and/or managers who operate businesses in the Kaduna State and are registered in the Government Enterprise and Empowerment Program (GEEP) 2.0 were selected. The study employs a multi-stage sampling technique, incorporating Likert scale-based questions for data collection. Data analysis involves Partial Least Squares Structural Equation Modelling (PLSEM) using Smart PLS 4 and the results indicate a positive significant effect of entrepreneurial orientation on MSME performance of women businesses, suggesting that higher levels of entrepreneurial orientation are linked with enhanced performance. The Mediation analysis reveals that access to finance mediates the effect between entrepreneurial orientation and MSME performance of women businesses. The study recommends targeted financial support programs and enhanced financial inclusion to improve access to finance for women entrepreneurs. While acknowledging limitations, the research underscores the importance of entrepreneurial orientation and financial access in fostering the MSME performance of women businesses, providing valuable insights for policymakers, practitioners, and academics. [ABSTRACT FROM AUTHOR]

The research aimed to analyse the funding constraints and stakeholder pressure in the economic performance of biotechnology firms. Firm invest in resources according to the availability of resources, hence with financial constraint they have to be cautious in investing and focus on strategies efficient to implement within limited resources, hence they would be more reluctant to invest in innovation as it has separate risk attached to it. To conduct this research, the quantitative research design method has been incorporated to attain adequate results. The gathered data was later analysed through SPSS that declared significant association among the funding constraints and the economic performance. A significant relationship was found between stakeholder pressure and the economic performance. The mediation of access to finance has also been resulted to be significant. The research contributes theoretically in the growing body of literature by extending modern framework concerning financial constraints. The practical implications however lie for the managerial bodies of biotechnology firms to ensure policies regarding effective employee performance attainment through accurate access to finance and coping the stakeholder pressure. [ABSTRACT FROM AUTHOR]

Goal: This study explores the connection between green innovation components and the competitive advantage of the manufacturing sector in China through the mediating role of green organizational culture and the moderating role of access to finance. Methodology: A self-administered survey with 310 respondents was used to collect data from the industrial sector. Data were examined using SmartPLS, and a bootstrapping method was used. Results: The findings demonstrated that the suggested moderated mediation model was accepted because the associations between the constructs were statistically significant. The mediating effect of green organizational culture and the moderating effect of access to finance were performed. The results showed that the proposed moderated mediation model was accepted because the relationships between the constructs were statistically significant. The results of the data analysis supported a positive relationship between green innovation and competitive advantage as well as a mediating effect of green organizational culture. Limitations: The study is limited to the Chinese economy; hence future studies can replicate these results on developing and developed economies. Furthermore, large sample size, different industrial sector and more advance analysis techniques can also be used in future studies. Practical Implications: The study has practical implication of green innovation and green organizational culture in enhancing competitive advantage in the Chinese manufacturing sector, considering access to finance. Originality / Value: This study contributes to the current vain of literature by examining the noval connection between competitive advantage and green innovation components of manufacturing sector in China through the mediating role of green organizational culture and the moderating role of access to finance.

This research focuses on the relationship between the income level of countries and their financial access channels. In this context, data about accession to finance by World Bank are used. These channels are defined as bank, family, relatives, friends, and savings clubs. In the study, banks are defined as formal institutions, while family, relatives, friends, and savings clubs are defined as informal institutions. The data covers the years 2011, 2014, and 2017. The income level of countries is classified into four categories based on the World Bank’s data. Correlation and ANOVA tests were implemented to understand the relationship and differentiation between the use of these mechanisms and countries’ income classification. Our findings indicate that as long as the income level of countries increases, people conduct formal institutions to get access to finance, while the income level of countries, people conduct informal institutions to get access to finance. ANOVA results showed that the income level of countries and the rate of using formal and informal institutions differ significantly.