•Blockchain technology is a remarkable technological innovation of the 21st century.•Our survey paper explores the opportunities and issues presented by blockchain.•We discuss the implications of ...blockchain for accounting, finance, taxation, banking and international trade.•We show how organisations and regulators can leverage blockchain to upscale business operations.
Blockchain is one the most remarkable technological innovations of the 21st century. The most notable application of blockchain is in the development and operation of cryptocurrencies (e.g. bitcoin, ethereum, among others). Besides the financial services industry, blockchain is also considered in other sectors such as international trade, taxation, supply chain management, business operations and governance. However, blockchain has not been examined comprehensively in all areas of relevant literature. This article conducts a survey of the literature to gain an understanding of the opportunities and issues presented by blockchain in various business functions. The article begins by providing a discussion regarding how the blockchain technology operates. The paper takes a broad focus in its analysis of the prospects of blockchain for various business functions, including banking and the capital markets, corporate governance, international trade, and taxation. The paper demonstrates how organisations and regulators can leverage blockchain to upscale business operations, enhance efficiency and reduce operational costs. The key drawbacks of blockchain that stakeholders need to bear in mind before adopting the technology are also highlighted. The article also reflects on how organisations can tap into blockchain to reap the full potential of the fourth industrial revolution.
This paper summarizes the transmission chain of "digital finance-financing constraint-firm innovation" at the theoretical and practical levels, incorporates digital finance into the empirical ...analysis framework of firm innovation, selects the data of Chinese GEM(Growth Enterprise Market)-listed companies from 2011 to 2020, and matches the data of the digital inclusive finance index. The paper empirically examines the incentive effect and impact mechanism of digital finance on SME innovation through the two-way fixed-effects model and mediated-effects model by matching the data of China GEM-listed companies from 2011 to 2020 with the digital financial inclusion index data. The findings show that the digital development and promotion of digital finance play a significantly positive impact in helping SMEs innovate and stimulate innovation. The effect is realized by alleviating corporate financing constraints. Further, digital finance has different incentive effects on enterprises with varying rights of property nature, as well as on other regions.
As an innovative platform for a new mechanism in the logistics industry, the emergence of network freight transport is a key point in the development of the logistics industry.The network freight ...platform has entered the golden period of its development since its legal status was clarified in 2019. Still, in developing the network freight platform, its upstream shippers and downstream actual carriers both need help with long account periods and difficulties in financing. To promote the higher quality development of the network freight platform higher quality development and solve the financing difficulties of small and medium-sized logistics enterprises and related production enterprises, we propose a financial service model of upstream and downstream network freight platforms using accounts receivable pledges based on blockchain technology. In this model, the network freight platform uses the credit advantage of its core enterprises to solve the financing problem for upstream and downstream suppliers under the premise of pledging accounts receivable, thereby accelerating the development of the network freight platform.
Grounded in the technology-organization-environment (TOE) framework, we develop a research model for assessing the value of e-business at the firm level. Based on this framework, we formulate six ...hypotheses and identify six factors (technology readiness, firm size, global scope, financial resources, competition intensity, and regulatory environment) that may affect value creation of e-business. Survey data from 612 firms across 10 countries in the financial services industry were collected and used to test the theoretical model. To examine how e-business value is influenced by economic environments, we compare two subsamples from developed and developing countries. Based on structural equation modeling, our empirical analysis demonstrates several key findings: (1) Within the TOE framework, technology readiness emerges as the strongest factor for e-business value, while financial resources, global scope, and regulatory environment also significantly contribute to e-business value. (2) Firm size is negatively related to e-business value, suggesting that structural inertia associated with large firms tends to retard e-business value. (3) Competitive pressure often drives firms to adopt e-business, but e-business value is associated more with internal organizational resources (e.g., technological readiness) than with external pressure to adopt. (4) While financial resources are an important factor in developing countries, technological capabilities become far more important in developed countries. This suggests that as firms move into deeper stages of e-business transformation, the key determinant of e-business value shifts from monetary spending to higher dimensions of organizational capabilities. (5) Government regulation plays a much more important role in developing countries than in developed countries. These findings indicate the usefulness of the proposed research model and theoretical framework for studying e-business value. They also provide insights for both business managers and policy-makers.
A growing body of literature is advancing the impact of financial inclusion and digital finance on marginalized populations. However, mainstream scholarship has not focused on understanding the ...potential drivers and challenges of digital approaches to financial inclusion. This study aims to investigate the mismatch between assumptions implicit in the financial inclusion discourse and ideas of access and use of digital technologies and seeks to move the discourse forward through a comprehensive framework for digital financial inclusion. Our study showed that the social dynamics of financial engagement with new technologies require a move beyond a simple individualistic adopter/non-adopter binary framework and ‘supply oriented’ financial infrastructure. We conclude that although digital services have eased and bridged the gap of physical access to financial services, such services have not been utilised due to lack of basic connectivity, financial literacy and social awareness. This article theoretically contributes to digital financial services adoption literature by offering a significant critical overview and a new perspective on both digital finance and financial inclusion mechanisms.
•Rural people have low levels of digital financial inclusion due to lack of digital inclusion and social exclusion.•We advance the theoretical framework of digital financial inclusion that incorporates the multidimensional aspects of inclusion.•Low skills and demographic factors attributed to insufficient ICT infrastructure and digital financial services.•Stakeholders should consider the development of digital and financial literacy programs in the rural areas.
•Outreach and access to advisory and financial services is restricted due various socio-economic barriers.•Farmers often use agricultural credit for non-farm purposes.•Limited economic opportunities, ...household dependence and increasing cost of production are the reasons behind credit misuse.•Access and use of agricultural advisory services improves crop productivity.•Productivity gains of using agricultural credit depend on its proper utilization for on-farm purposes.
Current agricultural growth in most of the developing countries including Pakistan is stagnant due to huge gaps between actual and potential crop productivity. Better access to agricultural advisory and financial services may play an important role in enhancing crop productivity. Using a dataset of 240 farmers collected through face-to-face interviews in 48 villages of district Sargodha in Punjab, Pakistan, this study analyzes farmers’ access to and use of farm advisory and financial services, its impact on wheat productivity and barriers to their access. The results of the study revealed that farmers rely more on informal sources for agricultural advisory and credit services than public or private sources. However, the quality of private advisory and credit services was reported better than other sources due to its easy availability and processing. Small land holdings, lack of education and high interest rates were some of the key barriers that restrict farmers’ access to both services. Further, the study also found that majority of the farmers (accessors) use agricultural credit for non-farm activities for several reasons. Moreover, the study found significant differences in the wheat productivity for farmers who had simultaneous access to both services compared to those who have access to at least one or none of the services. The study findings showed that access to agricultural advisory services improves wheat productivity. However, productivity gains of using agricultural credit are mainly associated with its proper utilization for agricultural purposes. The study suggests enhancing the outreach and quality of public advisory services through hiring and training extension staff. Furthermore, misuse of agricultural credit and barriers that restrict farmers’ access to advisory and credit services need to be eliminated through implementing effective policies and monitoring provided services.
Emergent perspectives in marketing highlight new opportunities for co-opting customers as a means to define and cocreate value through their participation. This study delineates and empirically tests ...hypotheses regarding the effects of customer participation (CP) on value creation and satisfaction for both customers and employees with different cultural value orientations in the context of professional financial services. Using data collected from 349 pairs of customers and service employees in two national groups (Hong Kong and the United States) of a global financial institution, this study examines how (1) CP drives performance outcomes (i.e., customer satisfaction, employee job satisfaction, and employee job performance) through the creation of economic and relational values and (2) the effects of CP on value creation depend on participants' cultural value orientations. Promoting CP could be a double-edged sword for firms: CP enhances customers' economic value attainment and strengthens the relational bond between customers and employees, but it also increases employees' job stress and hampers their job satisfaction. Moreover, the effects of CP on value creation depend on the cultural values of both customers and service employees; this result implies that arranging customers and service employees with "matched" cultural value orientations could facilitate the creation of value through CP. PUBLICATION ABSTRACT
Financial sanctions, alongside economic sanctions, are components of the toolkit used by governments as part of international diplomacy. The use of sanctions, especially financial, has increased over ...the last 70 years. Financial sanctions have been particularly important whenever the goals of the sanctioning countries were related to democracy and human rights. Financial sanctions restrict entities—countries, businesses, or even individuals—from purchasing or selling financial assets, or from accessing custodial or other financial services. They can be imposed on a sanctioned entity's ability to access the infrastructures that are in place to execute international payments, irrespective of whether such payments underpin financial or real activity. This article explains how financial sanctions can be designed to limit access to the international payment system and, in particular, the SWIFT network, and provides some recent examples.
What is the relationship between the financial system and politics? In a democratic system, what kind of control should elected governments have over the financial markets? What policies should be ...implemented to regulate them? What is the role played by different elites - financial, technocratic, and political - in the operation and regulation of the financial system? And what role should citizens, investors, and savers play? These are some of the questions addressed in this challenging analysis of the particular features of the contemporary capitalist economy in Britain, the USA, and Western Europe. The authors argue that the causes of the financial crisis lay in the bricolage and innovation in financial markets, resulting in long chains and circuits of transactions and instruments that enabled bankers to earn fees, but which did not sufficiently take into account system risk, uncertainty, and unintended consequences. In the wake of the crisis, the authors argue that social scientists, governments, and citizens need to re-engage with the political dimensions of financial markets. This book offers a controversial and accessible exploration of the disorders of our financial capitalism and its justifications. With an innovative emphasis on the economically 'undisclosed' and the political 'mystifying', it combines technical understanding of finance, cultural analysis, and al political account of interests and institutions. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/management/9780199589081/toc.html
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