Economics of savings-based finance: an interest-free model of rotating savings and credit association in Turkey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yusuf Dinç ◽  
Rashed Jahangir ◽  
Ruslan Nagayev ◽  
Fahrettin Çakır
Keyword(s):  
Financial Market ◽  
Design Methodology ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
Credit Associations ◽  
Free Model ◽  
Savings And Credit Associations ◽  
Financing And Investment ◽  
Credit Association

Purpose The emerging markets have been witnessing a remarkable revival of rotating savings and credit associations (ROSCAs) serving as alternative informal financing and investment platforms, also known as savings-based finance (SBF) in Turkey. The purpose of this study is to present the SBF model mathematically, analyse the performance of the SBF sector and propose a new Sharīʿah-compliant SBF model for the acquisition of durables. Design/methodology/approach The paper thoroughly reviews the concept and practice of ROSCA across the globe, mathematically models and empirically analyses the performance of Turkish SBF companies using a unique data set. Findings The study formulates a two-person SBF model and proposes a Mudarabah-Wakalah hybrid model with a new investment feature. It is found that the concept of ROSCA is being operationalized in 105 countries across the globe under different names with slight business model modifications. The research also reveals that the demand for financing of durables in Turkey significantly increased in recent years with the demand for housing is twice greater compared to vehicles. Most importantly, a strong significant inter- and intra-comovement is observed between these durables implying that the success of the sector in one segment has attracted the customers to other SBF products. It shows that the SBF institutions can effectively serve as the alternative financing houses for pooling savings and financing the durables, and they have strong potential to capture a larger financial market share in Turkey and even globally. Originality/value The study constructs mathematical models and proposes a new investment wing to an existing SBF wealth fund.

Housing features and rent: estimating the microstructures of rental housing

2019 ◽  
Vol 12 (2) ◽  
pp. 210-225 ◽  
Author(s):  
Hayato Nishi ◽  
Yasushi Asami ◽  
Chihiro Shimizu
Keyword(s):  
Design Methodology ◽  
Rental Housing ◽  
Hedonic Model ◽  
Traditional Media ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
Omitted Variable Bias ◽  
Variable Bias ◽  
Hedonic Approach

Purpose While consumers did not previously have information on detailed housing features via traditional media, such as magazines, nowadays, due to the progress in information technology, they can access detailed information on various housing features via housing information websites. Therefore, detailed housing features may affect current rents to some extent. This paper aims to identify the effects of detailed housing features on rent and on omitted variable bias in Tokyo, Japan. Design/methodology/approach This paper applies the hedonic approach. To identify the effects of features which are not observed previously, we use a unique data set that contains various housing features and over 200,000 housing units. This data set enables to simulate the situations when the researcher cannot get some variables, and this simulation shows which variables cause omitted variable bias. Findings The analysis shows that housing features significantly influence housing rent. If significant housing feature variables are not included in the hedonic model, the estimated coefficients show omitted variable bias. Additionally, unit-specific features such auto-locking door can cause omitted variable bias on location-specific features such accessibility to downtown. Originality/values This paper shows empirical evidence that detailed housing features can cause omitted variable bias on other features including variables which are often used in previous searches. The result from our unique data set can be a guide for variable selection to reduce omitted variable bias.

scholarly journals Does lean cure variability in health care?

2017 ◽  
Vol 37 (9) ◽  
pp. 1229-1245 ◽  
Author(s):  
Oskar Roemeling ◽  
Martin Land ◽  
Kees Ahaus
Keyword(s):  
Health Care ◽  
Design Methodology ◽  
Field Research ◽  
Set Covering ◽  
Large Set ◽  
Structured Interviews ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
Quasi Experiment

Purpose The purpose of this paper is to investigate the roles that employee-initiated Lean improvement projects play in health care. Lean ideas are introduced to improve flow in health care. Although variability is detrimental to flow performance, it is unclear whether Lean initiatives set out to reduce this variability and the associated buffers. Design/methodology/approach Longitudinal field research is combined with an exploratory field-quasi-experiment. First, a large set of Lean interventions were explored and their focus classified. Semi-structured interviews with practitioners supported the initial findings regarding the focus. Second, this study investigated whether a knowledge deficiency could explain the identified focus through a quasi-experiment in which the authors’ stimulated knowledge on the roles of variability and buffers and then classified subsequent interventions. Findings The results reflected a narrow application of Lean, with most interventions directed at reducing direct waste. A quasi-experiment demonstrated that a small investment in knowledge enables the focus to shift toward buffers and variability issues – i.e. toward a more complete Lean approach. Research limitations/implications This research supports the commonly held view that there is a tendency to focus on waste. Furthermore, a lengthy experience of Lean does not guarantee interventions will focus on buffers and variability, issues with arguably a higher complexity compared to obvious waste. However, small investments in knowledge can broaden the focus of practitioners’ interventions. Originality/value This study is one of the first to research the focus of Lean interventions through a data set spanning several years. The results are based on a unique data set covering a large number of documented Lean interventions.

scholarly journals Does the crowd mean business? An analysis of rewards-based crowdfunding as a source of finance for start-ups and small businesses

2018 ◽  
Vol 25 (1) ◽  
pp. 147-162 ◽  
Author(s):  
Joe Cox ◽  
Thang Nguyen
Keyword(s):  
Small Businesses ◽  
Financial Support ◽  
Design Methodology ◽  
Set Covering ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
The Usa ◽  
The Uk ◽  
Start Ups

Purpose The purpose of this paper is to investigate the extent to which rewards-based crowdfunding really does provide financial support for start-ups and small businesses relative to other types of activity such as creative and cultural projects. Design/methodology/approach The paper reports findings from a series of multiple regression on a unique data set covering around 205,000 rewards-based crowdfunding projects across a number of leading platforms in the USA, the UK and Canada. Findings The authors report two main findings. First, rewards-based crowdfunding is highly inequitably distributed and that success is concentrated within a relatively small number of platforms and campaigns. Second, crowdfunding campaigns explicitly related to business perform relatively poorly compared with those in other categories; particularly those in creative areas such as music and dance. Originality/value These findings call into question the extent to which rewards-based crowdfunding really is a means by which significant numbers of start-ups can bridge gaps in the provision of finance.

scholarly journals A surrogate-based generic classifier for Chinese TV series reviews

2017 ◽  
Vol 45 (2) ◽  
pp. 66-74
Author(s):  
Yufeng Ma ◽  
Long Xia ◽  
Wenqi Shen ◽  
Mi Zhou ◽  
Weiguo Fan
Keyword(s):  
Design Methodology ◽  
Experimental Result ◽  
Digital Information ◽  
Data Set ◽  
Content Type ◽  
Category Labels ◽  
Information Supply Chain ◽  
Feature Selection Techniques ◽  
Practical Implications

Purpose The purpose of this paper is automatic classification of TV series reviews based on generic categories. Design/methodology/approach What the authors mainly applied is using surrogate instead of specific roles or actors’ name in reviews to make reviews more generic. Besides, feature selection techniques and different kinds of classifiers are incorporated. Findings With roles’ and actors’ names replaced by generic tags, the experimental result showed that it can generalize well to agnostic TV series as compared with reviews keeping the original names. Research limitations/implications The model presented in this paper must be built on top of an already existed knowledge base like Baidu Encyclopedia. Such database takes lots of work. Practical implications Like in digital information supply chain, if reviews are part of the information to be transported or exchanged, then the model presented in this paper can help automatically identify individual review according to different requirements and help the information sharing. Originality/value One originality is that the authors proposed the surrogate-based approach to make reviews more generic. Besides, they also built a review data set of hot Chinese TV series, which includes eight generic category labels for each review.

Risk-based capital regulation revisited: evidence from the early 2000s

2015 ◽  
Vol 23 (2) ◽  
pp. 115-134 ◽  
Author(s):  
Thomas L. Hogan ◽  
Neil R. Meredith ◽  
Xuhao (Harry) Pan
Keyword(s):  
Design Methodology ◽  
Banking Regulation ◽  
Bank Performance ◽  
Capital Regulation ◽  
Data Set ◽  
Content Type ◽  
Future Performance ◽  
Capital Ratios ◽  
Using Data ◽  
Capital Regulations

Purpose – The purpose of this study is to replicate Avery and Berger’s (1991) analysis using data from 2001 through 2011. Although risk-based capital (RBC) regulation is a key component of US banking regulation, empirical evidence of the effectiveness of these regulations has been mixed. Among the first studies of RBC regulation, Avery and Berger (1991) provide evidence from data on US banks that new RBC regulations outperformed old capital regulations from 1982 through 1989. Design/methodology/approach – Using data from the Federal Reserve’s Call Reports, the authors compare banks’ capital ratios and RBC ratios to five measures of bank performance: income, standard deviation of income, non-performing loans, loan charge-offs and probability of failure. Findings – Consistent with Avery and Berger (1991), the authors find banks’ risk-weighted assets to be significant predictors of their future performance and that RBC ratios outperform regular capital ratios as predictors of risk. Originality/value – The study improves on Avery and Berger (1991) by using an updated data set from 2001 through 2011. The authors also discuss some potential limitations of this method of analysis.

scholarly journals Subnational institutions and open innovation: evidence from China

2017 ◽  
Vol 55 (9) ◽  
pp. 1942-1955 ◽  
Author(s):  
Fei Sun ◽  
Junjie Hong ◽  
Xiuying Ma ◽  
Chengqi Wang
Keyword(s):  
Open Innovation ◽  
Design Methodology ◽  
Emerging Market ◽  
Market Development ◽  
Data Set ◽  
Content Type ◽  
Complementary Effect ◽  
Performance Consequences ◽  
Prior Literature ◽  
External Actors

Purpose The purpose of this paper is to examine how subnational institutions within a country explain the performance consequences of open innovation (OI) in emerging market enterprises (EMEs). Design/methodology/approach The paper conducts a regression analysis by using a novel panel data set comprising of 438 innovative Chinese firms over the period of 2008-2011. Findings The authors show that although on average openness to external actors improves innovation performance this effect is pronounced for EMEs that operate in subnational regions with a higher level of intellectual property rights (IPR) enforcement and of factor market development. The findings point to the context-dependent nature of OI strategy and the complementary effect of institutional parameters in emerging markets and help to reconcile the contrasting findings regarding the effect of OI in the prior literature. Originality/value This paper extends the literature on OI by suggesting that the analysis of the performance consequences of OI strategy should go beyond the nexus between OI and firm performance, and instead, focus on subnational-specific institutions, such as region-specific IPR enforcement, factor market development and intermediation market development, that may facilitate or constrain the effect of OI model.

How firms borrow in international bond markets

2018 ◽  
Vol 26 (1) ◽  
pp. 135-169
Author(s):  
Alberto Fuertes ◽  
Jose María Serena
Keyword(s):  
Emerging Economies ◽  
Design Methodology ◽  
Choice Behavior ◽  
Global Financial Crisis ◽  
Securities And Exchange Commission ◽  
Bond Markets ◽  
Data Set ◽  
Content Type ◽  
Parametric Analyses ◽  
The Global Financial Crisis

Purpose This paper aims to investigate how firms from emerging economies choose among different international bond markets: global, US144A and Eurobond markets. The authors explore if the ranking in regulatory stringency –global bonds have the most stringent regulations and Eurobonds have the most lenient regulations – leads to a segmentation of borrowers. Design/methodology/approach The authors use a novel data set from emerging economy firms, treating them as consolidated entities. The authors also obtain descriptive evidence and perform univariate non-parametric analyses, conditional and multinomial logit analyses to study firms’ marginal debt choice decisions. Findings The authors show that firms with poorer credit quality, less ability to absorb flotation costs and more informational asymmetries issue debt in US144A and Eurobond markets. On the contrary, firms issuing global bonds – subject to full Securities and Exchange Commission requirements – are financially sounder and larger. This exercise also shows that following the global crisis, firms from emerging economies are more likely to tap less regulated debt markets. Originality/value This is, to the authors’ knowledge, the first study that examines if the ranking in stringency of regulation – global bonds have the most stringent regulations and Eurobonds have the most lenient regulations – is consistent with an ordinal choice by firms. The authors also explore if this ranking is monotonic in all determinants or there are firm-specific features which make firms unlikely to borrow in a given market. Finally, the authors analyze if there are any changes in the debt-choice behavior of firms after the global financial crisis.

Students' perceptions of education for sustainable development

2014 ◽  
Vol 15 (2) ◽  
pp. 242-253 ◽  
Author(s):  
Yvonne Zeegers ◽  
Ian Francis Clark
Keyword(s):  
Design Methodology ◽  
Pedagogical Approach ◽  
Data Set ◽  
Content Type ◽  
Tertiary Institutions ◽  
Reflective Journal ◽  
Reflective Journals ◽  
The Social ◽  
Perceptions Of Education ◽  
Practical Implications

Purpose – This study investigated whether a course which focused on raising students' awareness of sustainability, from a balanced perspective, that is, one which gives equal consideration to the social and economic aspects as well as the environmental would produce graduates with the knowledge and commitment required to drive the sustainability agenda forward. The paper aims to discuss these issues. Design/methodology/approach – An analysis of students' final entries in their reflective journal was used to explore whether their views on sustainability reflected a balanced view. Findings – The findings of this research confirmed previous studies showed that initially students do have an enviro-centric bias. It also showed that despite experiencing a pedagogical approach which challenged views by encouraging discussion, debate, and reflection and which provided what was considered to be a balanced view of sustainability, many of the students still leaned towards an environmentally focused perspective of sustainability. Research limitations/implications – The conclusions are based on one data set but are supported by other data described in the paper. Practical implications – The finding led the authors to conclude that a concerted holistic effort within and across courses is needed within tertiary institutions if students' views about sustainability are to be challenged. Originality/value – The outcomes demonstrate that students' reflective journals can be used to gather information about the change in students' perceptions about sustainability.

Does credit market inefficiency affect technology adoption? Evidence from Sub-Saharan Africa

2016 ◽  
Vol 76 (4) ◽  
pp. 494-511 ◽  
Author(s):  
Abdul-Hanan Abdallah
Keyword(s):  
Technology Adoption ◽  
Credit Market ◽  
Sub Saharan Africa ◽  
Food Crops ◽  
Agricultural Technologies ◽  
Data Set ◽  
Content Type ◽  
Unique Data ◽  
Market Inefficiency ◽  
Sub Saharan

Purpose The purpose of this paper is to investigate factors affecting the adoption of agricultural technologies in Sub-Saharan Africa, specifically the role of credit market inefficiency in adoption of agricultural technologies in the region. Design/methodology/approach Most importantly, the paper applies a 2SLS model on a unique data set on nine agrarian countries from Sub-Saharan Africa’s intensification of food crops agriculture (Afrint) to provide evidence on how credit market inefficiency affects adoption of technologies in the sub region. Findings The study finds that the relationship between credit and technology adoption is one-way causal relation (i.e. credit access leads to technology adoption) as opposed to a two-way relation (i.e. mutual dependent relation). Further, the results indicate that credit market inefficiency can be a major barrier to the adoption of yield enhancing technologies in Sub-Saharan Africa. Further, the study showed mixed results for household variables. The results give credence to studies that highlight the importance of infrastructure and risk control in the adoption of new technologies. Research limitations/implications The study is limited to only nine countries in Sub-Saharan Africa. Thus, the findings and interpretations should be considered as such. Further, there is the need for further research that considers all the region so as to establish whether or not there is a relationship between credit market inefficiencies and technology adoption in the region. Practical implications The policy implication is that microfinance institutions should consider scaling up their credit services to ensure that more households benefit from it, and in so doing technology adoption will be enhanced. Originality/value The main contribution of the study lies in its use of a unique data set from Sub-Saharan Africa’s intensification of food crops agriculture (Afrint) to investigation relationship between credit market inefficiency and technology adoption.

Too tied to fail: a multidimensional approach to social capital in crowdfunding campaigns. Evidences from Italian agri-food businesses

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ulpiana Kocollari ◽  
Alessia Pedrazzoli ◽  
Maddalena Cavicchioli ◽  
Andrea Girardi
Keyword(s):  
Social Capital ◽  
Design Methodology ◽  
Multidimensional Approach ◽  
Data Set ◽  
Content Type ◽  
Different Types ◽  
Linear Regressions ◽  
Practical Implications

PurposeThe authors investigate the contributions of social capital (SC) dimensions (bridging, bonding and linking) in crowdfunding campaigns by comparing the dynamics of agri-food businesses with those of two other sectors – cultural and technological.Design/methodology/approachThe authors develop linear regressions on a proprietary data set of 5,290 projects launched on the Italian platform “Produzionidalbasso.com”, from 2014 to 2020.FindingsThe authors’ findings suggest that combining the three social capital dimensions (bridging, bonding and linking) has a more substantial overall effect on the number of backers involved in agri-food projects than in cultural and technological projects. Agri-food entrepreneurs effectively mobilize all resources embedded in the SC dimensions and therefore create the conditions to develop new ties that financially support the project.Practical implicationsAgri-food entrepreneurs may benefit from those results improving their funding strategies. Therefore, agri-food entrepreneurs can explore and exploit the instruments available on the CFD platform – video and rewards associated with the campaign – gaining more benefit from the backers involved compared with other project categories.Originality/valueThe study proposes a broader perspective regarding SC that encompasses the proponent, the company and the campaign with three different types of ties: bonding, bridging and linking. These SC dimensions can differently shape diverse sectors and this eclectic configuration can differentiate the effects of SC in crowdfunding campaigns. This study pinpoints how crowdfunding determinants change, based on project categories.

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