The design of a federal system to deal with growth, stabilization, and regional and local development issues is the primary concern of this volume, edited by Anwar Shah. The book provides analytical ...tools to address issues arising from globalization, localization, and regional integration. It discusses tax harmonization issues associated with subnational value added tax administration. It provides a framework for fiscal discipline in a federal system. Lessons from international experiences from policies to deal with lagging regions are drawn. The book empirically examines the effect of fiscal decentralization on the overall size of the public sector. Finally, it draws lessons from industrial countries' experiences on local governance. This important new series represents a response to several independent evaluations in recent years that have argued that development practitioners and policy makers dealing with public sector reforms in developing countries and, indeed, anyone with a concern for effective public governance could benefit from a synthesis of newer perspectives on public sector reforms. This series distills current wisdom and presents tools of analysis for improving the efficiency, equity, and efficacy of the public sector. Leading public policy experts and practitioners have contributed to the series.
Employing representative data from the U.S. Survey of Consumer Payment Choice, we find no evidence that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. ...Compared with the general population, investors show no differences in their level of security concerns with either cash or commercial banking services. We find that cryptocurrency investors tend to be educated, young and digital natives. In recent years, a gap in ownership of cryptocurrencies across genders has emerged. We examine how investor characteristics vary across cryptocurrencies and show that owners of cryptocurrencies increasingly tend to hold their investment for longer periods.
Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies ...express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startupvaluation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.
Financing firms in India Allen, Franklin; Chakrabarti, Rajesh; De, Sankar ...
Journal of financial intermediation,
07/2012, Letnik:
21, Številka:
3
Journal Article
Recenzirano
Odprti dostop
With extensive cross-country datasets and India firm samples, as well as our own surveys of small and medium firms, we examine the legal and business environments, financing channels, and growth ...patterns of different types of firms in India. Despite the English common-law origin and a British-style judicial system, Indian firms face weak investor protection in practice and poor institutions characterized by corruption and inefficiency. Alternative finance, including financing from all nonbank, nonmarket sources, and generally backed by nonlegal mechanisms, constitutes the most important form of external finance. Bank loans provide the second most important external financing source. Firms with access to bank or market finance are not associated with higher growth rates. Our results indicate that bank and market finance is not superior to alternative finance in fast-growing economies such as India.
Let us introduce you to some of the people who are helping to make a difference and improve lives across sub-Saharan Africa, the Caribbean, the Pacific and the Overseas Countries and Territories. We ...speak to a greengrocer in Burkina Faso, look at new climate-resilient social housing in the Dominican Republic and find out how a bank changes things for women who own businesses in Uganda. In 2019, the EIB invested almost €1.4 billion in projects in these regions. In this report, we give a breakdown of where our funding is going and take a close look at the impact of our investments. The Annual Report 2019 on EIB Activity in Africa, the Caribbean, the Pacific, and the Overseas Countries and Territories should be read in conjunction with the financial statements.
Cet article analyse les effets de la diversité des valeurs personnelles des administrateurs sur la gestion comptable et réelle des résultats des sociétés françaises cotées. Cette diversité impacte ...marginalement la gestion comptable des firmes gérant à la hausse leur résultat. Son impact est plus marqué sur la gestion réelle car la diversité de plusieurs valeurs personnelles la réduise. Ces résultats valident la théorie des échelons supérieurs. Ils confirment la perspective disciplinaire de la théorie de l’agence et l’impact favorable de la diversité des valeurs personnelles sur la qualité des résultats comptables.
The paper uses firm-level data from the World Bank's Enterprise Surveys to explore the impact of the strength of family ties on the individual firms’ financing constraints in 138 developing ...countries. Financing constraints reflect survey-based perceptions of firms regarding access to finance. The strength of family ties expresses the degree of connection among kin and family and affect the firms’ choice between formal and informal finance. However, family finance is associated with benefits and shadow costs and reflects social preferences. The results show that stronger family ties are associated with higher financing constraints of firms in developing countries, but also appear to exert beneficial effects on financing constraints in smaller countries with smaller firms and in countries with high population density. The results remain broadly robust against various types of sensitivity testing and a country's macroeconomic conditions and its institutional and social environment affect them.
À partir d’une typologie de trois conceptions de la démocratisation de la finance (rupture, symbiotique et interstitielle), cet article réinterprète les conflits ayant façonné l’histoire des ...institutions financières publiques et coopératives (IFPC) québécoises de 1960 à aujourd’hui. Pour chaque période, nous évaluons des projets de réformes et des institutions qui ont visé, soit, à socialiser la finance, à complémenter le secteur financier privé afin de l’améliorer de l’intérieur, ou à créer des espaces financiers qui échappent à la maximisation des profits. Méconnues, les luttes et revendications syndicales en faveur de la socialisation de la finance au Québec font ressortir les limites actuelles des IFPC associées notamment à la « finance solidaire et responsable ». Ce pan des conflits sociaux entourant la finance au Québec offre également des ressources afin de réimaginer la démocratisation de la finance en contexte québécois.
Based on a typology of three conceptions of the democratization of finance (ruptural, symbiotic, interstitial), this paper reinterprets the conflicts that shaped the history of Quebec’s public and cooperative financial institutions (PCFI) from 1960 until today. For each period, we evaluate reform projects and institutions that aimed to socialize finance, supplement the private financial sector to improve it from within, or create financial spaces outside of the logic of profit maximization. Often overlooked, union struggles and demands favouring the socialization of finance in Quebec help highlight the limits of PCFI associated notably with « solidarity finance ». This particular history of social conflicts over Quebec finance also offers resources to reimagine the democratization of finance in the Quebec context.
PDF
