Hasil untuk "Finance"

G. Constantinides, M. Harris, R. Stulz

S. Law, Nirvikar Singh

This study provides new evidence on the relationship between finance and economic growth using an innovative dynamic panel threshold technique. The sample consists of 87 developed and developing countries. The empirical results indicate that there is a threshold effect in the finance–growth relationship. In particular, we find that the level of financial development is beneficial to growth only up to a certain threshold; beyond the threshold level further development of finance tends to adversely affect growth. These findings reveal that more finance is not necessarily good for economic growth and highlight that an “optimal” level of financial development is more crucial in facilitating growth.

X. Gabaix

P. R. S. Terra

L. Gelsomino, R. Mangiaracina, A. Perego et al.

Torsten Ehlers, Frank Packer

Xiuxia Wang, Junjie Chen, Guangxin Cheng

With the rapid development of artificial intelligence (AI) technology, its application in college physical education has gradually shifted from marginal exploration to system integration. Based on literature review, case study and empirical data analysis, this paper systematically explores the multi-dimensional application of AI technology in college physical education, including sports performance analysis, personalized training, teaching management optimization and intelligent evaluation. The results show that AI can effectively improve teaching efficiency, scientific training and objectivity of evaluation, while promoting the precision and fairness of physical education. Through surveys and data comparisons of multiple colleges and universities, this paper verifies the significant effectiveness of AI in improving students' sports performance, reducing sports injury rates, and improving classroom organization efficiency. At the same time, the article also points out the challenges of current applications, such as infrastructure shortage, insufficient digital literacy of teachers, low algorithm transparency and data ethics concerns. Based on this, this paper proposes a path to promote the deep integration of AI into physical education from four dimensions: system construction, teacher empowerment, technology development and data governance. The study believes that AI will play the role of "intelligent engine" in future college physical education, promoting the transformation of the education paradigm from experience-driven to data-driven.

Safiye Sena Baytan Gürler, Saim Kayadibi

This research examines the istijrar contract as a potential solution to the operational and Shariah compliance challenges commonly encountered in murabahah-based financing, particularly in scenarios involving continuous and repeated purchases. Such flexible purchasing arrangements often generate complexities and elevate compliance risks. To address these issues, the study adopts a structured literature review methodology, implemented in three stages. First, it reviews scholarly debates concerning the Shariah compliance of the istijrar contract. Second, it assesses existing global practices. Third, it analyzes Turkish practices and legal regulations, critically examining the discussions and models at each stage to identify the most suitable adaptation for implementation in Türkiye. Key findings highlight the absence of standardized frameworks in both global and Turkish contexts, along with the limited practical application of istijrar in Türkiye’s Islamic banking sector. In response, this research synthesizes these insights to develop a structured and independent istijrar model specifically tailored to the Turkish Islamic banking environment. It is anticipated that this model will enable Islamic banks to more effectively finance customers engaged in production and trade activities, thereby supporting the growth of the real economy.

Lu Yang, Min Tianwei, Tony Fang

As digital transformation (Digital) accelerates globally, conventional enterprise production models are proving increasingly insufficient to meet the demands of today’s dynamic market landscape. China has innovated the concept of New Quality Productivity (NQPF), and exploring its functioning is critical to promoting high-quality enterprise development. This study examines the impact mechanism of Digital on NQPF in manufacturing firms by applying spatial econometric models—including the spatial Durbin model, spatial mediation model, and spatial threshold model—to panel data from A-share listed manufacturers (2013–2022). The results indicate that digital transformation significantly influences the level of NQPF, exhibiting spatial spillover effects and spatial attenuation boundaries. This influence initially promotes and subsequently inhibits productivity. The analysis of the spatial mediation effect reveals that Digital affects enterprise productivity levels by influencing total factor productivity. Furthermore, the spatial threshold effect analysis indicates that higher total enterprise assets enhance the positive impact of Digital on NQPF. These results provide robust micro-level empirical evidence to inform manufacturing enterprise development strategies.

Marko MARKOVIĆ, Dragan SOLEŠA

Kathryn King, Wladyslawa Czuber-Dochan, Trudie Chalder et al.

Inflammatory bowel disease (IBD) is treated with medications to induce and maintain remission. However, many people with IBD do not take their prescribed treatment. Identifying factors associated with IBD medication adherence is crucial for supporting effective disease management and maintaining remission. Quantitative and qualitative studies researching IBD medication adherence between 2011 and 2023 were reviewed. In total, 36,589 participants were included in 79 studies. The associated non-adherence factors were contradictory across studies, with rates notably higher (72–79%) when measured via medication refill. Non-adherence was lower in high-quality studies using self-report measures (10.7–28.7%). The frequent modifiable non-adherence risks were a poor understanding of treatment or disease, medication accessibility and an individual’s organisation and planning. Clinical variables relating to non-adherence were the treatment type, drug regime and disease activity. Depression, negative treatment beliefs/mood and anxiety increased the non-adherence likelihood. The non-modifiable factors of limited finance, younger age and female sex were also risks. Side effects were the main reason cited for IBD non-adherence in interviews. A large, contradictory set of literature exists regarding the factors underpinning IBD non-adherence, influenced by the adherence measures used. Simpler medication regimes and improved accessibility would help to improve adherence. IBD education could enhance patient knowledge and beliefs. Reminders and cues might minimise forgetting medication. Modifying risks through an adherence support intervention could improve outcomes.

T. Tunca, Weiming Zhu

Small suppliers often face challenges to obtain financing for their operations. Especially in developing economies, traditional financing methods can be very costly or unavailable to such suppliers. To reduce channel costs, large buyers have recently begun implementing their own financing methods that intermediate between suppliers and financing institutions. In this paper, we analyze the role and efficiency of buyer intermediation in supplier financing. Building a game-theoretical model, we show that buyer intermediated financing can significantly improve channel performance, and can simultaneously benefit both supply chain participants. Using data from a large Chinese online retailer and through structural regression estimation, we demonstrate that buyer intermediation lowers interest rates and wholesale prices, increases order fill rates, and boosts supplier borrowing. Based on counterfactual analysis on the data, we predict that the implementation of buyer intermediated financing will improve channel ...

Parisa Foroutan, Salim Lahmiri

Abstract The notion that investors shift to gold during economic market crises remains unverified for many cryptocurrency markets. This paper investigates the connectedness between the 10 most traded cryptocurrencies and gold as well as crude oil markets pre-COVID-19 and during COVID-19. Through the application of various statistical techniques, including cointegration tests, vector autoregressive models, vector error correction models, autoregressive distributed lag models, and Granger causality analyses, we explore the relationship between these markets and assess the safe-haven properties of gold and crude oil for cryptocurrencies. Our findings reveal that during the COVID-19 pandemic, gold is a strong safe-haven for Bitcoin, Litecoin, and Monero while demonstrating a weaker safe-haven potential for Bitcoin Cash, EOS, Chainlink, and Cardano. In contrast, gold only exhibits a strong safe-haven characteristic before the pandemic for Litecoin and Monero. Additionally, Brent crude oil emerges as a strong safe-haven for Bitcoin during COVID-19, while West Texas Intermediate and Brent crude oils demonstrate weaker safe-haven properties for Ether, Bitcoin Cash, EOS, and Monero. Furthermore, the Granger causality analysis indicates that before the COVID-19 pandemic, the causal relationship predominantly flowed from gold and crude oil toward the cryptocurrency markets; however, during the COVID-19 period, the direction of causality shifted, with cryptocurrencies exerting influence on the gold and crude oil markets. These findings provide subtle implications for policymakers, hedge fund managers, and individual or institutional cryptocurrency investors. Our results highlight the need to adapt risk exposure strategies during financial turmoil, such as the crisis precipitated by the COVID-19 pandemic.

K. Schumacher, Hugues Chenet, Ulrich Volz

ABSTRACT This article examines the role of sustainable finance and investment in Japan and how the Japanese financial sector can mitigate growing climate risks and support Japan's transition towards a zero-carbon, sustainable economy. It first illustrates Japan’s exposure to physical and transitional climate risks before reviewing emerging practices in sustainable finance. These include the growing importance of environmental, social, and governance (ESG) criteria in financial decision-making; more rigid reporting and disclosure standards; and the development of green bond and sustainable investment markets. The article also assesses the role of policies and regulations in scaling up sustainable finance and low-carbon infrastructure investments. Subsequently, it analyses transitional climate risks via scenario analysis, applying the Paris Agreement Capital Transition Assessment (PACTA) tool to examine the exposure of subsectors of the Japanese equity market over several climate scenarios. The article concludes with policy recommendations for aligning Japan’s financial sector with global climate and sustainability goals.

A. Durrani, Masyitah Rosmin, Ulrich Volz

ABSTRACT This article presents the findings of a survey among 18 central banks from the Asia-Pacific region regarding their views on approaches to scale up sustainable finance and develop policies to address climate and environmental risks. It also reviews recent developments in selected Asia-Pacific countries to illustrate actions monetary and financial authorities have already taken to address climate and environmental risk, and in scaling up sustainable finance. The survey results show that this is a topic of increasing importance and relevance to monetary authorities in the region. The vast majority of survey respondents believe that they should be playing a key role in promoting green finance and sustainable funding options, either through amending the regulatory framework, encouraging green loans and products or by introducing climate change considerations in their monetary and financial policy operations.

S. Deng, Chaocheng Gu, G. Cai et al.

Renate Kersten, J. Harms, K. Liket et al.

Suripto, Arif Sugiono, Havid Dasuki

This study aims to analyze the comparison of the resilience of Islamic and conventional banking in the Association of Southeast Asian Nations (ASEAN) during the COVID-19 pandemic. Comparison of banking resilience was proxied by the Capital Adequacy Ratio (CAR) and Loan-to-Deposit Ratio (LDR) factors, Return on Assets (ROA) and Non-Performing Loans (NPL) with the Multiple Discriminant Analysis test. In this case, the emphasis is placed on the patterns by which Islamic and conventional banking in ASEAN weathered the recent financial crisis during the COVID-19 pandemic. The explanatory and quantitative analysis also used a purposive sample strategy and SPSS to obtain and analyze data from 120-unit analyses of Islamic and conventional banks, respectively. From 2020 to 2021, traditional banks in the ASEAN region, especially in Indonesia, Malaysia, and Brunei Darussalam, were emphasized. Moreover, some data were prioritized regarding the Comparison of Resilience of Sharia and Conventional Banking in ASEAN after the COVID-19 pandemic. The results showed that conventional and Islamic banks had different resilience due to the influence of Capital Adequacy Ratio (CAR) and Loan-to-Deposit Ratio (LDR) factors, but there was no significant difference in the Return on Assets (ROA) and Non-Performing Loans (NPL). Based on the accuracy of the average prediction of 80%, conventional and Islamic bank groups had classification values of 48% and 88%, respectively. This indicated that Islamic financial institutions were more successful than conventional groups in implementing banking resilience.

Rupsha Bhattacharyya

The solutions to mankind's greatest problems today lie in the simultaneous development, adoption and deployment of a combination of technological, socio-political, cultural and financial initiatives and mechanisms. The present work serves as a brief compilation of concepts and information pertaining to the broad domain of green finance, particularly for a readership with non-financial background. Green finance indicates the deployment of private and public capital towards projects that not only prevent environmental degradation and related impacts such as climate change and air pollution but also generate a host of social benefits and adequate financial returns for the investors. Thus, green finance embodies several cross-cutting concepts. The various global events leading to the development of the current state of green finance, the typical forms and instruments involved, the regulatory framework and issuance process for these instruments and the various international agencies and organizations developing and making use of green finance schemes for identified beneficiary projects are briefly described in this work. Financial disclosures and the role of regulators and investors in strengthening green finance schemes are discussed, along with a summary of the current thought leadership and current academic research in this domain. The challenges in green finance are also enumerated and a few perspectives for the future are presented.

Peterson K. Ozili

Abstract Identifying the intersection between digital finance, green finance and social finance is important for promoting sustainable financial, social and environmental development. This paper suggests a link between digital finance, green finance and social finance. Using a simple conceptual model, I show that digital finance offers a smooth, efficient and seamless channel for individuals and corporations to fund social projects that deliver a social dividend, and green projects lead to a sustainable environment. The implication is that digital finance is both an enabler and a channel for efficient green financing and social financing.