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Pentagon capital is a term used to describe the five essential forms of capital: human, social, financial, physical, and intellectual. These five forms of capital play a crucial role in improving the performance of women entrepreneurs. Therefore, this study aims to analyze the effect of these five forms of capital on the performance of women entrepreneurs, both directly and indirectly, through the adoption of digital technology. The analysis was conducted in 38 regencies/cities located in East Java Province, Indonesia, and comprised 268 women entrepreneurs from various business sectors. Following this, the primary data source was collected through the distribution of questionnaires, and the partial least squares structural equation modeling (PLS-SEM) was utilized to assess both the direct and indirect effects of the observed capitals using SmartPLS 4.0 software. The results showed that only social capital had a direct and significant effect on the performance of women entrepreneurs. However, human, financial, physical, and intellectual capital were found to significantly affect the performance of entrepreneurs indirectly through the mediation of the adoption of digital technology. It is also expedient to acknowledge that among the observed variables, financial capital was found to be the most important (19%). These results offered practical understanding for women entrepreneurs on strategies to increase their business income and access loans from financial institutions and government assistance.
AcknowledgmentThe authors are grateful to the Ministry of Education, Culture, Research, and Technology of Indonesia for funding this research.

This work was funded by Formas (Project # 2018-01824), and through the generous support of the Erling-Persson Family Foundation to the Global Economic Dynamics and the Biosphere, the Royal Swedish Academy of Sciences, Sweden. ; Crop residue burning in Indian Punjab emits particulate matter with detrimental impacts on health, climate and that threaten agricultural production. Though legal and technological barriers to residue burning exist – and alternatives considered more profitable to farmers – residue burning continues. We review black carbon (BC) emissions from residue burning in Punjab, analyse social-ecological processes driving residue burning, and rice and wheat value-chains. Our aims are to a) understand system feedbacks driving agricultural practices in Punjab; b) identify systemic effects of alternatives to residue burning and c) identify companies and financial actors investing in agricultural production in Punjab. We find feedbacks locking the system into crop residue burning. The Government of India has greatest financial leverage and risk in the current system. Corporate stakeholders have little financial incentive to enact change, but sufficient stakes in the value chains to influence change. Agricultural policy changes are necessary to reduce harmful impacts of current practices, but insufficient to bringing about sustainability. Transformative changes will require crop diversification, circular business models and green financing. Intermediating financial institutions setting sustainability conditions on loans could leverage these changes. Sustainability requires the systems perspective we provide, to reconnect production with demand and with supporting environmental conditions. ; Publisher PDF ; Peer reviewed

Financiado para publicación en acceso aberto: Universidade da Coruña/CISUG ; [Abstract] In this article we mainly extend to a multi-currency setting some previous works in the literature concerning total value adjustments in a single currency framework. The motivation comes from the fact that financial institutions operate in global markets, so that the financial derivatives in their portfolios involve different currencies. More precisely, in this multi-currency setting we pose the PDE formulations for pricing the total adjustment and the financial derivative with counterparty risk. Moreover, we also formulate the problem in terms of expectations, which allows the use of suitable Monte Carlo techniques that overcome the curse of dimensionality associated to the numerical solution of PDE formulation, when a high number of stochastic factors are involved. Finally, we present some examples to illustrate the performance of the formulations and the proposed numerical techniques. ; This work has been partially funded by EU H2020-MSCA-ITN-2018 (ABC-EU-XVA Grant Agreement 813261), Spanish Ministry of Science and Innovation (Grant PID2019-108584RB-I00) and by Galician Government (Grant ED431C2018/033), both including FEDER financial support. Authors also acknowledge the support received from the Centro de Investigacin de Galicia (CITIC), funded by Xunta de Galicia and the European Union (European Regional Development Fund- Galicia 2014-2020 Program), by grant ED431G 2019/01 ; Xunta de Galicia; ED431C2018/033 ; Xunta de Galicia; ED431G 2019/01

AbstractAccording to Islamic Financial Service Board (IFSB), Sukuk are certificates that represent the holders' proportionate ownership in an undivided part of underlying asset where the holder assumes all right and obligations to such asset. The emergence of Sukuk in Islamic capital markets is a significant development that provides alternative funding avenue for corporate entities, government and financial institutions. Despite the tremendous growth of Sukuk finance globally, the phenomenon is relatively new in Nigeria, though the regulator, Securities and Exchange Commission (SEC) has issued guidelines for the operation and placing of Sukuk in the country, apart from Osun State Government that has listed its Sukuk and the recent FGN Sukuk issuance, evidence shows that, none within the corporate and financial bodies had listed any Sukuk in Nigeria. It is against this backdrop that this paper aims at assessing the role of Sukuk financing in nation building with special reference to the recent Sukuk issuance by the Federal Government for the rehabilitation of Federal roads across the six geo-political zones of the Country. The researchers adopted analytical and descriptive approaches in this study. The main findings of the paper have shown that despite the novelty of Sukuk finance to Nigerian context, it has incalculable impact on nation building. It also revealed that Ṣukūk have many economic benefits and potentialities to Nigerian economy in terms of economic growth, financial inclusion, diversification, Liquidity Control and infrastructural financing, among others.

Published online: 25 April 2018 ; This paper asks why peripheral European countries have been particularly vulnerable to housing and mortgage booms in recent decades; how these booms have shaped their exposure to the global financial crisis (GFC), and how the GFC has affected peripheral housing finance. To answer these questions, it explores the interaction between European processes of financial integration and domestic housing (finance) policies in four peripheral countries. It argues that the EU framework for free movement of capital and financial service provision as well as the availability of cheap credit has induced a trajectory of housing financialization, which has taken two forms: funding from wholesale markets and direct penetration of foreign financial institutions. These two forms attest to a core-periphery relationship in housing financialization, whose hierarchical character came to the fore in the crisis. Peripheral European countries experienced sudden stops and reversals of capital flows, which badly affected their banking systems. Unable to solve the looming banking crises on their own, they had to turn to creditors to gain access to much needed capital. A combination of international conditionality and domestic policy responses, and the original level of mortgage debt result in different trajectories in housing finance after the crisis. ; This work was supported by the project 'European Legitimacy in Governing through Hard Times (#649456-ENLIGHTEN), a European Commission Research and Innovation action under the Horizon 2020 Framework Program.

The banking sector in Ghana plays a dominant role in the financial sector, particularly with respect to mobilization of savings and the provision of credit. An analysis of bank interest rate spreads is therefore central to the understanding of the financial intermediation process and the macroeconomic environment in which banks operate. This paper is motivated by the fact that although Ghana's financial sector was liberalized in the early 1990s to allow for market determination of interest rates, concerns about high interest rate spreads have persisted and attracted a lot of debate in both public and policy forums. The purpose of the study is to empirically investigate the interest rate spread on banks profitability in Ghana using average annual observation data from1992–2015 to include 28 commercial banks. Ordinary least square was used to estimate the regression coefficients. The empirical results show that bank-specific factors play a significant role in the determination of interest rate spreads in the Ghana's banking sector. All the bank specific variables were found to be significant except Total Assets (TA). Among the macroeconomic variables, inflation was found to be significant whereas GDP growth rate was insignificant. The role of the global financial institutions is changing and so are the banks operating in Ghana. The banking sector should explore new paths that will enable them to take advantage of the government's policy of making the "private sector the engine of growth" to market their products.

The purpose of the research in this paper is to examine the regulation and practices of external segment reporting in the Republic of Serbia. The importance of research stems from a great potential usefulness of segment information for investors and creditors. The analysis of regulation suggests that the Republic of Serbia has high-quality and internationally recognized basis of external segment reporting – IFRS 8. However, there is a room for improvement of IFRS 8. The analysis of practices, conducted on a sample of 500 companies, shows that companies in the Republic of Serbia, in general, do not attach great importance to the disclosure of segment information in financial statements. The practices are quite miscellaneous, which is a consequence of the flexibility of IFRS 8, but also an incomplete compliance with IFRS 8. By applying statistical techniques we have examined whether the practices of external segment reporting are related to characteristics of companies, which makes the originality of the paper. We have found that financial institutions disclose more extensive quantitative segment information in relation to other companies in the Republic of Serbia, and that companies with higher assets disclose more extensive segment information. The research indicates that there is a significant room for improving the practices of external segment reporting in the Republic of Serbia. The research results may be useful for regulators of financial reporting and preparers and auditors of financial statements.

Purpose–The purpose of this paper is to help directors, senior management, and stakeholders of Islamic banks understand sharī'ah risk, a crucial consideration in the corporate governance of Islamic banks, and its impact on these banks.Design/methodology/approach–This conceptual paper links dispersed insights drawn from the emerging body of sharī'ah governance literature, and the guidance issued by the Basel Committee on Banking Supervision (BCBS), the Islamic Financial Services Board (IFSB), and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with new insights to clarify the sharī'ah risk that Islamic banks face.Findings–Sharī'ah risk, an operational risk, poses a credible hazard to Islamic banks and their stakeholders. Possible consequences of sharī'ah non-compliance include higher costs, financial losses, liquidity problems, bank runs, bank failure, industry smearing and financial instability. This study defines shariah risk, identifies credit, legal, compliance, market, and reputational risk that it may evoke, and categorizes its causes and events.Research limitations/implications–Future research could empirically test the ideas posited. In this paper claims were substantiated by logic and examples.Practical implications–The study devises an instrument for assessing sharī'ah risk, and suggests measures for directors, senior management, and regulators to mitigate this risk.Originality/value–This is the first study to focus on the implications of sharī'ah risk, delineate examples of events and incorporate them within the BCBS operational risk causes, and develop a tool for measuring sharī'ah risk.

Systemic risk is the risk of a collapse of the entire financial system, typically triggered by the default of one, or more, interconnected financial institutions. In this paper, we estimate the systemic risk contribution of Italian‐listed banks for the period 2000–2011. We follow a methodology first proposed by Adrian and Brunnermeier and measure banks' contribution to systemic risk by ΔCoVaR, which measures the contribution of bank i to the financial system VaR when bank i is in a state of distress. We define 'the system' as the set of Italian‐listed banks in the sample. First, we find that the information contained in ΔCoVaR is different from that contained in the VaR. Therefore, regulators should take it into account in order to monitor the systemic risk posed by banks. Second, recent policy debate has focused on the danger posed by large banks and on the need to curb their size. We find that size is indeed the main predictor of a bank contribution to systemic risk. However, in the post‐Lehman period, leverage is also an important predictor of systemic risk. Consequently, any financial regulation designed only to curb banks' size could not completely eliminate systemic risk because it is exactly in crisis times that leverage becomes relevant. Hence, we conclude that ΔCoVaR is a very useful policy tool for regulators that can estimate which factors are more relevant in terms of contribution to systemic risk.

Assessment of a development level of a territory can be based on various principles. Depending on the approach used and the assessment of a development level obtained on its basis, methods, mechanisms, and ways to improve the situation of the region will be selected. But the most common approach to regional (or municipal) development is the formation of a system primarily focused on socio-economic indicators. Th e study object is to develop a new approach to assessing the level of territory spatial development (municipal unit, region, macro region, state), focused on identifying trends in processes' changes occurring in the space of the selected territory and characterizing its space. Th e results of the presented study are the systematization of various approaches to assessing the spatial development level of a territory, based on the identification of general and specific characteristics of each. Particular attention is paid to determining the spatial development level of a territory as a process, in contrast to the existing assessment of the territory's spatial development as a status. The assessment procedures are aimed at shaping the subsequent actions of the spatial development institutions. The following general scientifi c and specific methods were used in the study: content analysis, comparative analysis of approaches to assessing the spatial development of territories, analysis of statistical indicators that determine the spatial state of a territory at diff erent levels. The result obtained is the addition and expansion of existing approaches to assessing the spatial development level of a region as a dynamic process, identifying the main stakeholders in the use of the analysis results and their functional roles.

The book covers alternative lending using the emergence of Debt Funds in the EU as a case study. The book explores the risks that they can pose to financial stability, and the regulatory and supervisory tools available to mitigate these risks. Through this analysis, the book uncovers the risks and potential risk mitigation tools that can be applied to the alternative lendersincluding debt funds and other potential alternative lenders. After identifying the reasons behind the growth of alternative lenders (using as example the assets of Alternative Investment Funds (AIFs) and in particular debt funds) and the simultaneous decrease of the banks assets, the book analyses the systemic importance of the alternative lenders and the risk channels through which the systemic risk can spread to the banking sector and the financial system. Then, the book deals with the financial innovation-market failure theory and demonstrates that financial innovations (e.g. debt funds, securitisations) can cause market failures, resulting in regulatory interventions. Of interest to banking and financial regulation academics, researchers, and practitioners this book analyses the regulatory provisions in place for both credit institutions and debt funds, including the Basel Accords, the Capital Requirements Directives and Regulations, and the Alternative Investment Fund Managers Directive (AIFMD) and its implementation in various EU jurisdictions, before offering a proposal for a new three-defensive framework applicable to debt funds and to other potential alternative lenders Promitheas Peridis is a senior associate in the advisory compliance department of a major financial institution (Asset Management) in Luxembourg. He specialises and advises on the whole spectrum of Alternative Investment Funds. He holds a PhD in Law from the European University Institute (EUI) with a specialisation in Alternative Investment Funds, a LLM in Comparative, European and International Law from the European University Institute (EUI), a LLM in International Banking Law and Finance from the University of Edinburgh and a LLM in German Law with specialisation in Financial Criminal Law from the Ludwig Maximilians University of Munich. He also teaches seminars on investment funds law and capital market law at several universities.

"It is said that COVID-19 pandemic has turned back the poverty clock. As such, there is need to have social mechanisms put in place to provide relief to those who are affected in this regard. Islamic social finance consists of tools and institutions that could be used to alleviate poverty. This book explores the impact of COVID-19 on Islamic finance to better understand the effectiveness of Islamic social finance in uplifting those who have been inflicted by poverty overnight due to halt in all major economic activities in the context of the pandemic. Since struggles against poverty for each country will be different, the book attempts to shed light on experiences of different countries by presenting successful models of Islamic social finance. The book first looks at poverty and COVID-19, before delving into the role of Islamic social financial institutions and how they rise against COVID-19. The book concludes by examining the impact of COVID-19 on Islamic microfinance. The book is the first of its kind on the subject of COVID-19 and it intends to bridge the gap in the market."

This study aims to investigate the factors influencing behavioral intention to use e-banking services as well as the impact of awareness as an external variable on the technology acceptance model (TAM). The study is based on original information gathered from 206 respondents who live throughout Kosovo. Confirmatory Factor Analysis and Structural Equation Model were employed in the analysis, which was conducted using AMOS statistical software. As a result, it was found that customers of banking institutions are not sufficiently aware of the usefulness of e-banking services and the opportunities offered. Perceived ease of use, perceived usefulness, and attitude seem to influence the intention to use e-banking. Attitude was found as a major predictor of the intention to use. Various marketing campaigns from financial institutions should focus on educating people about the advantages of using e-banking, such as time savings, lower transaction costs, up-to-date customers, and other information. Likewise, to create other benefits for e-banking services, only then will consumers have positive attitudes and intentions to use these services.

The capacity of farmers is one of the causes of the unoptimization of the application of agroforestry system so that it will affect the low performance of the agroforestry system in generating social, economic and ecological benefits for the community. This study aims to determine the level of farmer capacity in the application of agroforestry system. Data collected using the instrument: (a) Observation (observation), (b) Structured and free interviews. The research variables are managerial capacity, technical capacity and social capacity. The result of the research shows the level of farmer capacity in high category, but the farmer is weak in establishing external cooperation with outsiders to support their farming activities such as traders, input production providers, formal financial institutions / banking, and other information and innovation institution. Recommendations for increased farmers 'capacity through: participatory training and counseling, improving the quality of assisting roles and researchers in empowerment processes, improving farmers' access to capital inputs and markets so that farmers are not dependent on middlemen, and improving coordination between government agencies and stakeholders Keywords: Behaviors, Private Forest, Dangiang Village, supporting and inhibiting factors, SWOT Analysist

Abstract: As the largest Islamic mass organization in Indonesia, Nahdatul ulama certainly has enormous urgency in building a government in Indonesia. There are a lot of roles and services contributed by the ulema of the Indonesian state both in terms of social, political, educational and economic aspects. From the social side, the role of the ulama's ulema is seen as an effort to reaffirm all actual religious and social traditions that have institutionalized in a network of established structures and leadership patterns. From the political side, the ulema became the front guard's guard to maintain the integrity of the NKRI from a dangerous understanding. The journey of Nahdlatul Ulama, which initially had a lot of practical politics, then changed direction by focusing on religious social activities. In the world of education nahdatul uluma also contributes to the enormous service in educating Indonesian children, among others by establishing formal and informal educational institutions. In terms of the people's economy, the ulama took part in increasing the level of the economy of the Indonesian people with the establishment of shari'ah-based financial institutions. Keywords: Nahdlatul Ulama, Indonesian Government