Rural tourism plays an important role in promoting high-quality development of rural industries and improving farmers' subjective well-being. This study incorporates psychological theory into the Sustainable Livelihoods Framework (SLF) to construct a theoretical model of the impact of rural tourism on farmers' subjective well-being. The study used farmers' livelihood capital and strategies as mediating variables and applied PLS-SEM to analyze the impact pathways and degrees of rural tourism on farmers' subjective well-being. The findings indicate: (1) Rural tourism has a significant positive impact on farmers' subjective well-being, with a direct effect of 0.307 and a total effect of 0.544. This indicates that rural tourism is highly effective in enhancing farmers' psychological satisfaction and overall sense of well-being. (2) In terms of indirect effects, the development of rural tourism stimulates the transformation of farmers' psychological resources and drives the multi-dimensional positive adjustment of farmers' livelihood strategies by building economic security through physical and financial capital, enhancing self-efficacy through human and social capital, and strengthening identity recognition through cultural capital. This dynamic process, based on resource integration and capacity restructuring, not only meets farmers' basic needs such as physiological and safety needs, but also satisfies higher-level needs such as belonging and love, respect, and self-actualization, thereby promoting the improvement of farmers' subjective well-being. These research findings provide psychological theoretical support for policymakers, assisting them in designing rural tourism development strategies that better align with farmers' psychological needs and behavioral patterns, thereby promoting the sustainable improvement of farmers' subjective well-being.
Extended Abstract
Background: One of the most important economic and social developments in Iran has been the significant increase in the population of female entrepreneurs. Women entrepreneurs play a significant role in job creation, wealth, poverty reduction, human development, education, health, and development of the country, especially in developing countries. The development of transformational and complementary industries in villages is a solution for empowerment and capacity building to reduce the gap between cities and villages, create economic, social, environmental, and institutional equality, and is an important tool to achieve sustainable development. The lack of attention to innovation management in the date conversion and finishing industries is one of the important factors that has made these industries unable to find their way to global markets. Considering the level of mass palm production, Kerman Province can take an effective step toward industrialization and creating employment for women in villages by developing processed products related to dates. The role of women is very important in the agricultural production system and rural development. Women are active in different ways in the villages, but their activity is invisible. Rural entrepreneurship in the direction of empowering rural women, as a key factor in reducing gender gaps, preventing migration to cities, and ensuring food security, is one of the important pillars of rural community development. Rural women's entrepreneurship supports the stability of the local economy in the village and improves the villagers’ quality of life. To inform society and defend the rights of women, various activities have been carried out in this field. By analyzing the capacities, talents, and opportunities of each region, entrepreneurs can offer many challenges and solutions for rural women's entrepreneurship. Entrepreneurship and employment of rural women increase the family income and improve the literacy and health status of the family and can affect rural life and ultimately the whole society. Therefore, identifying the entrepreneurial talents of rural people, especially rural women, and trying to develop and strengthen entrepreneurship by providing its basic conditions, are of particular importance. Accordingly, the present research aims to identify the dimensions of the development of date conversion and complementary industries in the development of rural women entrepreneurs.
Methods: This research is a descriptive-analytical study in terms of the nature and method and an applied study in terms of the purpose. Information was collected through library and field studies. The geographical area is the villages of Kerman Province where palm trees grow and women are active in the field of date processing and supplementary industries. In the qualitative part, data were collected using the opinions of academic experts, managers, and entrepreneurial experts with semi-structured interviews using the approach of database theory. The tools of data collection were interviews and questionnaires in the qualitative and quantitative parts, respectively. According to the outputs of the interview part, the research questionnaire was extracted through the final codes and put in the form of a quantitative part questionnaire in the quantitative part of the research. According to the statistics of 2021, 96 people were employed in the three fields of marketing, packaging, and processing of date products. A sample size of 76 people was estimated according to Cochran's formula. The data collection tool was a researcher-made questionnaire containing 58 items. SPSS and Amos software were used for data analysis. The structural equation modeling method was used to analyze and examine the desired relationships in the conceptual model.
Results: According to the results obtained from the confirmatory factor analysis model and the scores or factor load for each of the indicators, causal conditions, background conditions, intervening conditions, consequences, and the development model of date transformation and complementary industries on strategies with path coefficients of 0.82, 0.39, 0.76, and 0.86, respectively, significantly affect the entrepreneurship of rural agricultural women. The final model was obtained from the categories of causal conditions (system efficiency and innovation with a factor load of 0.81), contextual category (marketing ability with a factor load of .79), and intervening conditions (economic incentives with a factor load of 0.88) in strategies (globalization with a factor load of 89 0.0) and consequences (economic growth with a factor load of 0.89).
Conclusion: The studies conducted on date conversion and complementary industries in the villages of Kerman Province showed that educated women with different specializations and the desire to be entrepreneurs in the field of date conversion and complementary industries in rural areas will become active members of the local community by creating employment and financial support for rural women. Processing agricultural products, including dates, with an innovative approach is a useful action among rural women entrepreneurs to improve women's access to global markets. Since rural women are weak financially and socially, strengthening rural women's entrepreneurship should be accompanied by financial and economic support. The category of entrepreneurship is associated with the concept of innovation, therefore, innovative women should be supported and the necessary background and facilities, including education, should be provided for rural women to be innovative regarding the transformation and complementary industries of dates. Setting up business teams of rural women increases their awareness and capacity for employment and entrepreneurship.
Improvements in the welfare of animals in the intensive production industries are increasingly being demanded by the public. Scientific methods of welfare improvement have been developed and are beginning to be used on farms, including those provided by precision livestock farming. The number of welfare challenges that animals are facing in the livestock production industries is growing rapidly, and farmers are a key component in attempts to improve welfare because their livelihood is at stake. The challenges include climate change, which not only exposes animals to heat stress but also potentially reduces forage and water availability for livestock production systems. Heat-stressed animals have reduced welfare, and it is important to farmers that they convert feed to products for human consumption less efficiently, their immune system is compromised, and both the quality of the products and the animals’ reproduction are adversely affected. Livestock farmers are also facing escalating feed and fertiliser costs, both of which may jeopardise feed availability for the animals. The availability of skilled labour to work in livestock industries is increasingly limited, with rural migration to cities and the succession of older farmers uncertain. In future, high-energy and protein feeds are unlikely to be available in large quantities when required for the expanding human population. It is expected that livestock farming will increasingly be confined to marginal land offering low-quality pasture, which will favour ruminant livestock, at the expense of pigs and poultry unable to readily digest coarse fibre in plants. Farmers also face disease challenges to their animals’ welfare, as the development of antibiotic resistance in microbes has heralded an era when we can no longer rely on antibiotics to control disease or improve the feed conversion efficiency of livestock. Farmers can use medicinal plants, pro-, pre- and synbiotics and good husbandry to help maintain a high standard of health in their animals. Loss of biodiversity in livestock breeds reduces the availability of less productive genotypes that survive better on nutrient-poor diets than animals selected for high productivity. Farmers have a range of options to help address these challenges, including changing to less intensive diets, diversification from livestock farming to other enterprises, such as cereal and pseudocereal crops, silvopastoral systems and using less highly selected breeds. These options may not always produce good animal welfare, but they will help to give farm animals a better life.
During the development and evolution of settlements, space morphology created unique local cultural features and played an important role in guiding rural planning in the context of new-type urban development. The in situ characteristics of the space morphology of the ancient historical and cultural towns along the Grand Canal of China reflect the prints of the local culture and history over thousands of years and integrate modern life and the cultural memories of the citizens there. Using Yangliuqing Town, a famous historical and cultural town, as an example, this study quantitatively analyzes the in situ characteristics of the space morphology. It applies the UAV 3D model, POI data, actual site measurements, and other data to establish detailed models of the streets and lanes, quantifies the in situ characteristics of the space morphology of the streets and lanes in terms of space organizational characteristics and VGA manifestation, analyzes the influencing factors of the characteristics of in situ space morphology, and proposes guidelines for renewing ancient towns according to the in situ characteristics of space morphology. The research results indicate that ① multidimensional factors influencing the historical development of the research area have been clarified for the three aspects of its status as a canal transport hub, canal settlement industries, and traditional residential courtyards in ancient towns; ② the in situ space morphology of the streets in Yangliuqing Town is reflected in three aspects such as the core guiding and control of historical and cultural resources, the inherent influence of space element layout, and the attractiveness of street space; ③ it extracts the guidelines for the renewal of the ancient towns in terms of the space morphology strategy, the environmental element strategy, the interface attribute strategy, and the business attribute strategy. The research methods and conclusions boast great significance for clarifying the characteristics of the space morphology of the ancient towns along the Grand Canal and improving the practice of preservation there.
Sean L. Bithell, Muhammd A. Asif, David Backhouse
et al.
Phytophthora root rot (PRR) of chickpea (<i>Cicer arietinum</i>) caused by <i>Phytophthora medicaginis</i> is an important disease. Partial resistance to PRR is sourced from <i>Cicer echinospermum</i>. In this study, we evaluated if lines with low levels of PRR foliage symptoms in two contrasting recombinant inbred line (RIL) populations parented by chickpea cultivars (Yorker and Rupali) and 04067-81-2-1-1 (<i>C. echinospermum</i>, interspecific breeding line) had a significant drag on yield parameters. For the Yorker × 04067-81-2-1-1 population with the highest level of PRR resistance, in the absence of PRR, low foliage symptom RIL had significantly later flowering and podding, lower grain yields, and lighter seed and shorter plant phenotypes than high foliage symptom RIL. A quantitative trait locus analysis identified significant QTL for flowering, height, 100-seed weight, and yield, and there was a significantly higher frequency of alleles for the negative agronomic traits (i.e., drag) from the 04067-81-2-1-1 parent in low foliage symptom RIL than in high foliage symptom RIL. For the Rupali × 04067-81-2-1-1 population with lower levels of PRR resistance, in the absence of PRR, low foliage symptom RIL had significantly lighter seed and shorter plants than high foliage symptom RIL. Significant QTL were detected, the majority were for the timing of flowering and podding (n = 18), others were for plant height, yield, and 100-seed weight. For this second population, the frequency of alleles for the negative agronomic traits from the 04067-81-2-1-1 parent did not differ between low and high foliage symptom RIL. The 100 seed weight of RIL under moderate PRR disease pressure showed some promise as a yield component trait to identify phenotypes with both high levels of PRR resistance and grain yield potential for further seed number evaluations. We identified that large population sizes are required to enable selection among chickpea × <i>C. echinospermum</i> crosses for high levels of PRR resistance without a significant drag on yield.
Gazetdinov Sh.M., Abdulkhakov A.M., Gazetdinov M.Kh.
et al.
The article examines the environmental aspects that arise in the process of concentration and specialization of agricultural production in a particular rural area. Thus, as scientific and technological progress develops, the problem of carbon dioxide concentration in the atmosphere increases. The share of CO2 emissions in the production of agricultural products is high, including in the conditions of the creation of large integrated agricultural formations. Thus, from a cowshed for 200 heads with an average weight of 500 kg, productivity of 30 kg, the daily CO2 emission is 1,445 kg. Accordingly, with an average livestock of 5,000 heads in megafarms, this indicator in a particular facility is about 40 tons per day. There are also problems with the protection and improvement of reservoirs and the formation of a “carbon footprint” in the environment. It is proposed to implement a unified integrated approach to solving this problem and its mutual alignment with other sections of the plan when developing a comprehensive development plan for integrated agricultural formations in terms of environmental protection; to ensure the unity and consistency of sanitary and health indicators with socio-economic indicators of rural areas; to carry out all environmental calculations based on current standards; to cover a set of quantitative and qualitative indicators characterizing the level, condition and development of individual industries, socio-economic parameters and the environment of a particular rural area.
African rural transformation aimed to shift from agricultural domination livelihood to diversified economic activities like industries and services. However, factors like political instability, corruption, lack of finance, lack of political commitment, low technology, and others stagnated the transformation. Although most African countries’ rural transformation is ambitious, some tried their best to realize it. This article scrutinizes the African rural livelihood system and rural transformation focusing on Mauritius. We used a qualitative explanatory approach to study the research. We also used secondary data sources to enrich the title. The findings of this paper reveal that Mauritius has invested much to realize the transformation by setting different policies and taking measures to increase the share of services in the national GDP and decrease the agricultural share in the GDP. Mauritius established the Rural Development Unit that operated under the Ministry of Economic Planning to improve the rural people’s quality with the help of the World Bank. Besides, the government incorporated the Arsenal Litchis Project, the Riche Terre Cooperative project, credit loan facilities access, IFAD funds accessibilities, and the small entrepreneurs’ programs formations to accelerate the transformation. It concludes that the country has achieved remarkable rural transformation that can be a model for other African countries. It recommends that other African countries, where agriculture is the leading economic system should create platforms like lasting political stability and design inclusive and research-oriented policies, programs, and strategies to realize rural transformation.
Since the reform and opening up in 1978, China’s economy has grown significantly, but rural development still lags. China has implemented a rural revitalization strategy to reduce the gap between urban and rural areas. Meanwhile, the digital economy has gradually become a new economic growth engine for China. With the digitalization of rural industries, the digital economy gradually integrated into rural development and revitalization. However, how the digital economy impacts rural revitalization remains unclear. Based on the entropy method, previous studies measured rural revitalization levels from the perspectives of economy, civilization, and ecological environment. In this paper, using panel data from 11 prefecture-level cities in Zhejiang Province from 2011 to 2019, we use the entropy method to quantify the development level of the digital economy, industrial upgrading, and rural revitalization. Then, we investigate the relationship among them using fixed effect regression. The empirical results show that the digital economy obviously promotes rural revitalization. The mediation effect test shows that industrial upgrading plays a mediating mechanism between the digital economy and rural revitalization. In addition, heterogeneity analysis reveals that the promotion effect of the digital economy on rural development in southwestern Zhejiang is stronger than that of northeastern Zhejiang. The results imply that government should strengthen digital infrastructure construction in rural areas to promote rural revitalization. Moreover, rural areas with different economic development levels should implement a differentiated rural revitalization strategy.
The purpose of this research was to identify the factors affecting financing of small and medium-sized enterprises in the Tehran Stock Exchange (TSE). The method of this study was to use the multiple regression model and panel data to test the hypotheses. The statistical population included 63 small and medium-sized companies admitted to the TSE, which were tested for the period of 2006 to 2021. The contribution was the use of market cap as a criterion for determining small and medium-sized companies. According to the findings, company size has a significant effect on internal financing. In addition, company size had a significant relationship with external financing through debt and share issuance. Also, there was a significant relationship between intangible assets and internal financing, while the ages of the small and medium sized enterprises did not have a significant relationship with external financing. It is suggested that small and medium-sized enterprises pay more attention to the significant variables for financing.
Keywords: Financing, Debt, Equity, Intangible Assets, Small and Medium-Sized Enterprises.
Introduction
The primary focus of this study was to investigate the financing of the capital structure of Small and Medium-sized Enterprises (SMEs) in Iran. SMEs play a crucial role in the economies of both developed and developing countries. According to the theory posed by Schumacher, a renowned German economist, as presented in the book "Small is Beautiful", creating job opportunities in rural areas and small towns can be achieved by making modest investments to generate employment, utilizing relatively simple production methods and leveraging local resources to establish small industries. SMEs serve as the backbone of the developing world's economy (Memarnejad, 2019).
In today's world, financing has become a significant concern for countries, whether they are developing or developed. A well-designed capital structure possesses the potential and capacity to adapt to changes in the surrounding environment and, in turn, influences its surroundings by generating appropriate returns.
SMEs play a crucial role in poverty alleviation, wealth creation, and fostering greater participation of marginalized sections of society, such as youth and women, in the economic development of nations. The growth of these enterprises strengthens the democratic ethos and civil society, while also encouraging entrepreneurs to actively engage in the economic, political, and social fabric of their countries. In fact, in most nations, the majority of employment opportunities are generated by SMEs. For instance, in the 30 high-income countries belonging to the Organization for Economic Cooperation and Development, two-thirds of the total workforce can be attributed to SMEs (Memarnejad, 2019).
This study aimed to highlight the significance and role of SMEs in Iran's economy. However, certain selection criteria were applied, such as: a) selecting companies with fiscal years ending in March and no changes in their fiscal year, b) encountering incomplete data for some companies, and c) excluding banks, financial institutions, and financial investment companies due to their distinct nature of operations. Consequently, the number of companies studied was reduced to 63. Therefore, caution should be exercised when generalizing the findings of this study to other entities within the industry under consideration.
Moreover, it is important to note that financing is influenced by various macroeconomic factors, including the inflation rate, gross domestic product, interest rates on facilities, and exchange rates. However, these factors were not incorporated into this study, and consequently, might impact the results.
Various factors, such as asset structure, age, profitability, growth, and industry, have been identified as key determinants that can significantly influence the capital structure (Hall, 2002). Indeed, a wide range of variables have been found to impact the choice of an appropriate capital structure (Chen, 2004; Çekrezi, 2013). Additionally, this study examined factors that could potentially affect both the capital structure and profitability of companies. Recognizing that the capital structure can impact the overall value of a company, it is crucial to investigate the factors that effectively and predictably influence it. Numerous authors have conducted studies in this area, leading to the development of theories, such as the static equilibrium theory, the pecking order theory, and the agency theory.
The static equilibrium theory emphasizes the balance between the tax shield of interest rate and the costs associated with debt issuance. According to this theory, a company should strive to achieve an optimal level of debt that maximizes its profitability. When the value of the tax benefit exceeds the present value of the costs associated with debt issuance, the company is considered to be at an optimal equilibrium point. Therefore, a manager aiming to maximize shareholders' wealth should carefully select a level of debt for the company that ensures the resulting tax shield outweigh the current value of the costs associated with debt creation (Rasiah & Kim, 2011).
Another prominent theory of capital structure is the pecking order theory, initially proposed by Myers and Majluf. This theory suggests a preference for financing investment projects using internal funds, such as retained earnings (internal financing), rather than relying on external resources obtained through equity issuance and debt issuance. According to this theory, managers prioritize utilizing retained earnings for funding their projects. Once the accumulated earnings are depleted, they turn to debt issuance as a source of financial resources. Finally, when it becomes impractical to take on additional debt, they resort to share issuance to meet their financial needs (Rasiah & Kim, 2011).
On the other hand, the agency theory posits that the optimal capital structure is achieved by minimizing the costs arising from conflicts of interest between stakeholders (Jensen and William, 1976). In this context, agency costs play a significant role in funding decisions due to the potential conflicts that may arise between shareholders and debt holders.
The size of an enterprise has a profound impact on its capital structure (Rajan & Zingales, 1995; Titman & Wessels, 1988). Small firms, in particular, face unique challenges compared to larger businesses as they have often limited access to external sources of capital, such as debt. Consequently, they are compelled to make alternative financing decisions (Ang, 1991). This supports the notion that SMEs are more susceptible to financial difficulties and confront higher levels of uncertainty and risk compared to newer, smaller firms (Engel & Stiebale, 2013; Rosenbusch Brinckmann & Müller, 2013).
Based on the proposed conceptual framework, the following hypotheses were put forth:
Hypothesis 1: The size of small and medium-sized enterprises exhibits a significant relationship with internal financing.
Hypothesis 2: The size of small and medium-sized enterprises demonstrates a significant relationship with external financing in the form of debt.
Hypothesis 3: The size of small and medium-sized enterprises displays a significant relationship with external financing through equity issuance.
Intangible assets possess the potential to create valuable knowledge-based competitive advantages, thereby fostering future growth (Barney, 1991; Hitt et al., 2001). However, these assets are often challenging to transfer to other businesses, making it difficult to secure external funding sources (Brierley, 2001; Revest and Sapio, 2012). Firms with intangible assets face a greater problem of asymmetric information as these assets are difficult to value. This, in turn, reduces their opportunities to obtain external financing (Clarysse et al., 2003; Harris et al., 1991).
Based on the above, the following hypothesis was proposed:
Hypothesis 4: Intangible assets exhibit a significant relationship with internal financing in small and medium-sized enterprises.
The age of a company also plays a crucial role in determining its capital structure. Faulkender (2005) highlights an interesting point, suggesting that younger firms have less established track records and may not be as recognized by their more experienced competitors. Consequently, small and medium-sized enterprises often struggle to secure sufficient financial resources (Demirel & Parris, 2015). The pecking order theory further supports the notion that internal financing should be prioritized followed by debt financing (Myers & Majluf, 1984). Based on the aforementioned cases, the following hypotheses were proposed:
Hypothesis 5: The age of small and medium-sized enterprises exhibits a significant relationship with external financing through equity issuance.
Hypothesis 6: The age of small and medium-sized enterprises demonstrates a significant relationship with external financing in the form of debt.
Materials & Methods
The aim of this study was to examine the impact of size, age, and intangible asset variables on the dependent funding variable. Additionally, control variables, such as the operating cash, operating income ratio, current account ratio, fixed asset ratio, and working capital, were included. This study was conducted through a literature review, analyzing relevant literature and employing descriptive and inferential analyses of the data. The statistical population for this study consisted of small and medium-sized collected listed in the Tehran Stock Exchange (TSE). A sample of 63 companies was selected for the period of 2006-2021. The hypotheses were based on the models proposed by Neville & Lucy (2022) and Aghaei (2015). Regression analysis was employed to test the effect of factors on the models of internal financing, external financing, and ownership ratio. Three regression models were utilized and their definitions and methods of obtaining the variables were explained as follows:
INTRNLit=β0+β1INTANGPERCit+β2CURRENTRATIOit+β3FIXEDASSETit+β4SIZEit+β5OPERATINGCASHTOINCOMEit+β6WORKINGCAPITALit+eit Model (1)
Model 2 was employed to test the hypotheses regarding the factors influencing external financing (debt). In this model, the following variables were considered: INTRNL is internal financing represented as a percentage of the total capital. It is calculated by dividing the capital increase from reserves, cash inflows, and current receivables by the total capital. INTANGPER is intangible asset ratio determined by dividing the value of intangible assets by the total assets listed on the balance sheet. CURRENTRATIO is current ratio calculated by dividing current assets by current liabilities. FIXEDASSETRATIO is fixed asset ratio obtained by dividing fixed assets by total assets. SIZE is size of the enterprises measured by using the logarithm of the book value of assets. OPERATINGCASHBYINCOME is the relationship between operating cash and operating profit calculated by dividing operating cash by operating profit. WORKINGCAPITAL is net working capital calculated as the difference between current assets and liabilities. These variables were analyzed in Model 2 to assess their impacts on external financing (debt) and test the hypotheses.
DEBTit=β0+β1AGEit+β2CURRENTRATIOit+β3FIXEDASSETit+β4SIZEit+β5OPERATINGCASHTOINCOMEit+β6WORKINGCAPITALit+eit Model (2)
In the above model, DEBT represents the proportion of total debt to total assets, indicating the extent to which the company is financed through debt. AGE refers to the age of the enterprises calculated based on the logarithm of the number of years of activity. In addition to these variables, other control variables, such as the capital ratio, current ratio, operating cash ratio, and working capital were included.
Model 3 was developed to test and validate the assumptions regarding the factors influencing the ownership ratio. The aim of this model was to investigate the variables that contributed to determining the ownership structure of the sample enterprises.
EQUITYit=β0+β1AGEit+β2WORKINGCAPITALit+β3CURRENTRATIOit+β4FIXEDASSETit+β5SIZEit+β6OPERATINGCASHTOINCOMEit +eit Model (3)
EQUITY represents the shareholder ratio, which is calculated by dividing the total funding by the total capital. Selection of the dependent and independent variables was based on the study conducted by Neville and Lucy (2022).
Findings
The data used in this study were combined at the enterprise-year level and econometric diagnostic tests were conducted. Based on the evidence, Hypothesis 1, which posited a significant relationship between the size of SMEs and internal financing, was confirmed. Additionally, Hypothesis 4, which suggested a significant relationship between intangible assets and internal financing, was also supported. The results of Model 1 can be observed in Table 1.
Table 1: The results of estimating model 1
Variable
Coefficient
t statistic
Significance level
OPERATINGCASHTOREVENUE
-0.73
-2.00
0.04
SIZE
0.03
3.01
0.00
WORKINGCAPITAL
-4.18
-1.39
0.16
CURRENTRATIO
-0.04
-1.13
0.25
FIXEDASSETRATIO
-0.14
-0.94
0.34
INIBLETANGIBLEASSETRATIO
7.46
2.19
0.03
C
-0.76
-2.34
0.02
AR(1)
0.01
0.47
0.63
F statistic probability
0.00
4.27
Durbin Watson statistics
2.39
Coefficient of Determination
0.58
Adjusted coefficient of determination
0.44
According to the Table 1, the coefficient of the variable of working capital is found to be significant at the given significance level, indicating a direct relationship with external financing (debt). On the other hand, the variables, such as size, operating cash ratio, current ratio, and fixed asset ratio, exhibit a significant and inverse relationship with external financing.
Based on the evidence, Hypothesis 2, which suggested a significant relationship between the size of small and medium-sized enterprises and external financing (debt), was confirmed. However, Hypothesis 6, which proposed a significant relationship between the age of small and medium-sized enterprises and external financing (debt), was not supported. The results of Model 2 are presented in Table 2.
Table 2: The results of estimating Model 2
Variable
Coefficient
t statistic
Significance level
AGE
0.03
1.57
0.11
SIZE
-0.24
-15.09
0.00
OPERATINGCASHTOINCOME
-0.043
-2.40
0.01
CURRENTRATIO
-0.07
-11.68
0.00
FIXED ASSETRATIO
-0.14
-4.14
0.00
WORKINGCAPITAL
1.91
2.11
0.03
C
-51.90
-1.53
0.12
AR(1)
0.74
21.90
0.00
F statistic probability
0.00
69.31
Durbin Watson statistics
2.11
Coefficient of Determination
0.89
Adjusted coefficient of determination
0.87
Based on the Table 2, the variables of size, fixed asset ratio, current ratio, and operating cash ratio are found to be significantly and positively associated with the ownership ratio, while the working capital ratio exhibits a significant and negative relationship.
Based on the evidence, Hypothesis 3, which suggested a significant relationship between the size of small and medium-sized enterprises and external financing (proprietary rights), was confirmed. However, Hypothesis 5, which proposed a significant relationship between the age of SMEs and external financing (proprietary rights), was not supported. The results of Model 3 are presented in Table 3.
Table 3: The results of Hypothesis Test Model 3
Variable
Coefficient
t statistic
Significance level
AGE
-0.02
-0.24
0.80
SIZE
0.21
15.41
0.00
WORKING CAPITAL
-2.00
-3.14
0.00
FIXED ASSET RATIO
0.15
4.45
0.00
CURRENT RATIO
0.07
12.42
0.00
OPERATING CASH TO INCOME
0.03
1.97
0.04
C
29.80
0.24
0.81
AR(1)
0.71
22.70
0.00
F statistic probability
0.00
0.01
Durbin Watson statistics
2.01
Coefficient of Determination
0.87
Adjusted coefficient of determination
0.85
Discussion & Conclusions
The findings of this study supported the 1st and 3rd hypotheses, which suggested a positive and significant relationship between company size and the dependent variables of internal financing and ownership ratio, respectively. Conversely, company size exhibited a negative and significant relationship with debt, in line with the second hypothesis. Additionally, the results indicated a significant positive relationship between intangible assets and internal financing, aligning with the 4th hypothesis. These findings suggested that small and medium-sized companies relied more on internal financing and utilize less debt, which aligned with the pecking order theory. This is consistent with the study conducted by O'Brien (2003). Furthermore, the study did not find a significant relationship between the age of SMEs and internal and external financing (capital structure), contradicting the 5th hypothesis. In conclusion, the results of this study highlighted the importance of company size and intangible assets in determining the financing choices of SMEs. These findings contributed to our understanding of the capital structure decisions made by SMEs. Regarding the relationship between the size of small and medium-sized enterprises and their internal and external financing, the findings align with the studies conducted by Neville and Lucy (2022), Sunaina (2020), and Aghaei et al. (2014). However, the results differ from those of Ozkan (2001), which can be attributed to variations in the economic structure, such as inflation rate and exchange rate, of the countries. Furthermore, the results support the findings of Neville and Lucy (2022) and O'Brien (2003), regarding the relationship between intangible assets, such as ideas, intellectual property, brands, business methods, and internal financing. It was confirmed that companies with a higher proportion of intangible assets faced more challenges and barriers when seeking external financing, which is consistent with the hierarchical theory.
Regarding the relationship between the age of small companies and external financing, specifically through debt and ownership rights, the findings of this study are consistent with the studies conducted by Gregory (2005), Neville and Lucy (2022), and Wasiuzzaman and Nurdin (2019). However, the results differ from the study conducted by Faulkner et al. (2006), which focused on credit limits and the distinction between the public debt market (bonds) and the private debt market (banks). In their study conducted in England, they found a negative relationship between debt and age of company. The disparity in findings could be attributed to the different economic structures of the countries. This variation highlighted the importance of considering the specific context and economic conditions when analyzing the relationship between company age and external financing.
In the article, the authors explore design practices that ensure the development of rural areas in a strategic perspective. Based on a comparative analysis, the main mechanisms were identified that contribute to the formation of projects and effective implementation, taking into account the opinion of the population and the requirements of the authorities. Using the example of several industries, the author comes to the conclusion that involving the population, taking into account private opinions and initiatives, as well as maintaining effective communication at all levels of government, including the horizontal level, provides opportunities for impulse development of rural areas.
Javid Karamianpour, Hossein Arfaeinia, Dariush Ranjbar Vakilabadi
et al.
In this research, a total of 51 road dust samples were collected from three districts (Asaluyeh, Bushehr, and Goshoui) in the south of Iran from April to June 2022 and analyzed for the concentration of 7 phthalic acid esters (PAEs) compounds. Asaluyeh was considered as an industrial area (near gas and petrochemical industries), Bushehr as an urban area, and Goshoui as a rural area (far from pollution sources). The PAEs concentration of the street dust samples was determined using a mass detection gas chromatography (GC/MS). The mean ± SD levels of ƩPAEs in samples from industrial, urban, and rural sources were 56.9 ± 11.5, 18.3 ± 9.64, and 5.68 ± 1.85 μg/g, respectively. The mean concentration levels of ƩPAEs was significantly (P < 0.05) higher in samples from the industrial area than urban and rural areas. The mean levels of di(2-Ethylhexyl) phthalate (DEHP) in industrial, urban, and rural areas were 20.3 ± 8.76, 4.59 ± 1.71, and 2.35 ± 0.98 μg/g, respectively. The results of the PCA analysis indicate that the likely major sources of PAEs in the road dust in the studied areas are the application of various plasticizers in industry, solvents, chemical fertilizers, waste disposal, wastewater (e.g., agricultural, domestic, and industrial), and the use of plastic films and plastic-based irrigation pipes in greenhouses. As well as, it was found that the non-cancer risk of exposure to dust-bound PAEs was higher for children than for adults. These values were <1 for both age groups (children and adults) and the exposure of inhabitants to PAEs in road dust did not pose a notable non-cancer risk. The cancer risk from exposure to DEHP in road dust was below the standard range of 10−6 in all three areas. Further studies that consider different routes of exposure to these contaminants are needed for an accurate risk assessment. Moreover, since higher PAEs level was found in industrial area, decision-makers should adopt strict strategies to control the discharging of pollution from industries to the environment and human societies.
For modern agricultural and rural competition, it has been transformed from product competition to industry chain competition based on resilience. The rural biomass energy ecological industry chain(RBEEIC) not only can improves the utilization efficiency of agricultural and rural resources and energy, but also can enhances the competitiveness of agriculture and rural areas. The research of resilience governance will contributes to the green and sustainable development of rural industries. In this paper, a theoretical analysis framework for resilience governance of RBEEIC was constructed based on integration of three industries. According to different integrated directions of three industries, there are five resilience governance models of eco-industrial chain, i.e., internal reorganization, vertical extension, horizontal extension, composite extension, as well as technology integration mode of the Internet of Things. Taking Peltate Yam Rahizome eco-industrial chain in the countryside of Southern Shaanxi, China as an example, this paper carried out empirical study on resilience governance models of eco-industrial chain adopted in different phases of the dynamic evolution of RBEEIC, and illustrated with the analysis on the resilience governance effect. In views of this, the development innovation path of RBEEIC has been put forward based on integration of three industries, it will provide important references to the sustainable development of rural ecological industry and the implementation of rural revitalization strategy.
Rashid Solagberu Adisa, Ifabiyi John Oluwaseun, Opeyemi Gbenga
Nigerians are high fish consumers as the per capita consumption is 14.9 kg per year and has the largest market for fish and fishery products in Africa. Artisanal fishers provide fish for large proportion of fish consumed by our teeming population. These set of fishers depend on crude gears and technology and small vessels in capturing multiple fish species. This study examined the determinants of the capacity building needs of artisanal fishers in Kogi State, Nigeria. The study used primary data. The primary data were collected using structured questionnaire. Multistage sampling technique was use to select the respondents. A total number of 292 respondents were selected for the study. Data were analyzed using frequency, percentage, mean and Binary Logistic Regression. The results showed that more than half (71.6%) of the respondents had low knowledge level and majority (87.0%) of the respondents had high capacity building needs. The educational status (p<0.10), years of experience in fishing activities (p<0.10), contacts with extension services (p<0.01) and craft type (p<0.05) are the determinants factors of capacity building needs of the artisanal fishers. The study concluded that the majority of the fisher folks had low knowledge level on fishing practices. Majority of the fisher folks had high capacity building needs. The study therefore recommends the provision of training in the areas of high capacity building needs and that there should be consideration of factors influencing the capacity building needs of artisanal fisher folks during the planning and implementation of any training programme on artisanal fisheries.
Shireen Akther, Farhana Sultana, Md. Rahim Badsha
et al.
Anthocyanins, a major natural food colorant rich in mango powder, need considerable protection during processing and storage for better retention due to colour instability. The purpose of the study is to evaluate the stability of the anthocyanin’s extracts obtained from cabinet dried mango powder under different factors which could disrupted the anthocyanin pigments during processing. The factors are processing temperature and time (30°C, 60°C and 80°C for 10, 20 and 30 minutes each, respectively), storage conditions (room temperature, refrigerator temperature and freezing temperature), pH (2, 3, 4, 7 and 10), oxygen, influence of light, different extraction solvent (methanol, absolute ethanol, acidified ethanol (1%), and 50% KMS -Ethanol), sugar level (20%, 40%, and 60%). The intensity of the extracted colour was measured at wavelength 520 nm using UV-VIS spectrophotometer. The results can elucidate the increasing heating temperature and time, sugar content, and exposure to light is able to spoil the anthocyanin molecule. There was a proportional effect of pH and oxygen. The anthocyanin stability was found better in pH=10, acidified ethanol (1%) as extracting solvents, absence of light as processing condition and refrigeration temperature as storage temperature. Hence, these findings could be useful in the food industry to choose a proper processing condition for development of mango powders-based products for satisfying the consumer perception by retaining anthocyanin pigment.
The Pădurea Craiului Mountains represent the natural, cultural and living environment of some rural communities with a population that has been subject to various quantitative and structural changes. Being endowed with exploitable resources, this area has
seen the rise and decline of some industries that which have generated a demographic dynamics characteristic of mining mountain areas. The Revolution from 1989 and the following period have represented a turning plate in the evolution of the economy of this space, with direct implications for the employed population in the economy before December.
Pistachio is a valuable export product, but its export is faced with serious challenges due to aflatoxin. Given the importance of growers’ role in the prevention of aflatoxin in pistachio, the aim of this article is investigating pistachio growers’ intention regarding prevention of aflatoxin through the health belief model. The research population consists of 330 of pistachio growers in the Sirjan city in the Kerman province. Amongst the 330 samples, 120 of them were selected through simple random sampling. A questionnaire was the research tool and its validity of the questionnaire was approved by a panel of experts. Its reliability was confirmed by Cronbach alpha reliability coefficients (0.7 to 0.9). Also, the results of regression analysis revealed that the variables showing guide to action were the main predictor of growers’ intention. In addition to self-efficacy and perceived barriers, this variable can predict nearly 36% of the variance of pistachio growers’ intention regarding the prevention of aflatoxin. The results could be used for policy making and planning in relation to strategies to prevent the production of aflatoxin in pistachios.
The main objective of this article is to investigate the impact of cooperatives on the technical and economical empowering of farmers and agricultural development in the villages of Neishabour. The method of this research is analytical – descriptive and it has been carried out in 2013. The statistical society is composed of 4685 members and non-members of cooperatives in twenty villages of Neishabour. The sample size via the Cochran formula and stratified sampling technique has been calculated to be 252. Data collection has been performed through documentation and field study. For data analysis, the SPSS software package and the T-Student Test have been employed. The results of statistical analysis based on 13 economic indicators revealed that the average economic stability of the members is 2.64 which is slightly higher than 2.47; that is the average economic stability of non-members. Independent samples T-Test results between members and non-members revealed that the probability value is 0.004 which indicates that there exists a significant difference between average economic stability of members and non-members. The T-Test results with hypothetical mean of 3 and 4 showed that the majority of indicators are less than the average. Therefore, the impact of cooperatives in economic development is evaluated to be below the average limit and cooperatives could not play an important role in increasing the economic empowerment of farmers.