The motivation of the study is to gauge the effects of access to finance, technical know-how, and financial literacy on women’s empowerment through establishing women’s entrepreneurial development. A sample of 950 women-owned SMEs was considered, and structured questionnaires were sent from getting target responses. After careful assessment through the data cleansing procedure, it was found that only 795 responses are suitable for further investigation, implying the sample response rate for the study is 74.71%. The study implemented structural equation (...) modeling and multivariate regression analysis for gauging the causal association that is direct and indirect effects of target variables. According to findings, a positive statistically significant linkage was revealed with women’s entrepreneurship sustainability and women empowerment. Furthermore, the mediating effects were also established for women’s empowerment. According to the study findings, it is suggested that for women entrepreneurship sustainability, effective policies surrounding financing accessibility, technical knowledge expansion, and financial understating have to be promulgated in the economy, which allows bringing women empowerment at large. (shrink)

Public parks play important roles in conserving biodiversity, promoting environmental sustainability, fostering community engagement, and enhancing the overall well-being of residents in urban areas. Nevertheless, finance is needed to maintain and expand the greenspaces in the parks. The current study aims to examine how perceptions of biodiversity loss consequences and park visitation frequency influence the residents’ willingness to contribute financially to tree-planting projects in public parks. Employing the Bayesian Mindsponge Framework analytics on a dataset of 535 Vietnamese urban residents, (...) we discovered that perceived health loss and knowledge erosion as consequences of biodiversity loss and park visitation frequency are directly positively associated with financial donation willingness. Meanwhile, the perceived economic growth loss was found to be indirectly positively associated with donation willingness through park visitation frequency, whereas the perceived loss of nature-based recreation opportunities exhibits the opposite indirect association. Based on these results, communication strategies focusing on the multifaceted benefits of biodiversity preservation and investments in public parks are recommended to improve urban residents’ financial support to park panting initiatives, accessibility to greenspaces, and connections with nature. These are crucial for promoting an eco-surplus culture that enhances biodiversity conservation and human well-being. (shrink)

This meta-analysis of 31 studies over 20 years advances our understanding of the gender gap in entrepreneurial bank finance. Findings from previous research on the relationship between entrepreneurs’ gender and bank financing are mixed, which suggests the need to pay particular attention to entrepreneurs’ social context. In this study, we develop a model of how social gender norms explain variation in women entrepreneurs’ (vis-à-vis men entrepreneurs’) access to bank finance. Specifically, we theorize how women’s formal (their nations’ (...) political ideologies) and informal (women’s empowerment) social standing within their societies influence gender discrimination in entrepreneurial bank financing. Consistent with most previous studies, our baseline results show that women entrepreneurs’ business loan applications are rejected to a greater extent than men entrepreneurs’ loan applications. Women entrepreneurs also pay higher interest rates on loans than men entrepreneurs. Further, in societies dominated by a conservative (rather than a liberal) political ideology, the positive relationship between women entrepreneurs and loan interest rates is more positive. Interestingly, gender discrimination in loan rejection and interest rates is magnified in societies with greater women’s empowerment. Taking a social gender-norm perspective, our analysis establishes a gender gap in entrepreneurial bank finance, and we outline an agenda for further research. (shrink)

This special edition ofJLMEcenters on a novel proposal for a national PrEP access program with the potential to break through a failed status quo.

Securing equitable antibiotic access as an essential component for health system resilience and pandemic preparedness requires a systems perspective. This article discusses key components that need to be coordinated and paired with adequate financing and resources to ensure antibiotic effectiveness as a global public good, which should be central while discussing a new global agreement.

The last year, June 1992 through September 1993, has seen a great deal of ferment with respect to access to and financing of health care in the United States. The elections of 1992 portend dramatic changes in the American health care system, and vigorous debate regarding both expansion of access to health care and transformation of the health care financing system is taking place at the federal and the state levels. In fact, however, the time period covered here (...) produced remarkably few changes in the law, particularly at the federal level. The one piece of Medicare and Medicaid legislation passed by Congress in the fall of 1992, H.R. 11, was vetoed by President Bush immediately after the election. The Omnibus Budget Reconciliation Act of 1993 contained a host of minor adjustments to the Medicare and the Medicaid programs, but only the Medicaid asset transfer provisions and extensions to the self-referral provisions of the fraud and abuse laws, discussed below, are of import to us. (shrink)

The last year, June 1992 through September 1993, has seen a great deal of ferment with respect to access to and financing of health care in the United States. The elections of 1992 portend dramatic changes in the American health care system, and vigorous debate regarding both expansion of access to health care and transformation of the health care financing system is taking place at the federal and the state levels. In fact, however, the time period covered here (...) produced remarkably few changes in the law, particularly at the federal level. The one piece of Medicare and Medicaid legislation passed by Congress in the fall of 1992, H.R. 11, was vetoed by President Bush immediately after the election. The Omnibus Budget Reconciliation Act of 1993 contained a host of minor adjustments to the Medicare and the Medicaid programs, but only the Medicaid asset transfer provisions and extensions to the self-referral provisions of the fraud and abuse laws, discussed below, are of import to us. (shrink)

Immigrants lacking health insurance access the health care system through the emergency departments of non-profit hospitals. Because these persons lack health insurance, continued care can pose challenges to those institutions. I analyze the values of our health care institutions, utilizing a Walzerian approach that describes its appropriate sphere of justice. This particular sphere is dominated by a caring response to need. I suggest that the logic of this sphere would be best preserved by providing increased access to health (...) insurance to this population. This access would marry the rights of these members of our community to access care to our responsibility to contribute to financing of the system. I close with some considerations on what it means to be a member of the community. (shrink)

The most prominent — and certainly the most controversial — feature of the Patient Protection and Affordable Care Act is the so-called “individual mandate,” which attempts to address the problem of 50 million uninsured by requiring nearly all Americans, beginning in 2014, to obtain health insurance. While expanded access to health insurance has been both the cornerstone and the lightening rod of the ACA, the Act also contains significant public health provisions focusing on, among other things, promoting the availability (...) of prevention and wellness services. Although these public health provisions have been greeted with mixed reviews, there has been very little discussion of what may be the ACA’s most significant public health feature: the preventive services mandate. In a bold stroke, the ACA changes the way evidence-based preventive services will be provided and paid for by private health insurance plans, Medicare, and Medicaid. By requiring these health plans to provide evidence-based preventive services with no out-of-pocket costs, the ACA transforms the U.S.’s public and private health care financing systems into vehicles for promoting public health. (shrink)

AUTHOR'S PREFATORY NOTE TO THE ENGLISH TRANSLATION In this English edition of Ethique generale (Rome, 1 967) the author has introduced some very slight ...

The Affordable Care Act (ACA) transforms the U.S.'s public and private health care financing systems into vehicles for promoting public health by making evidence-based preventive services available nationwide through individual and group health plans, Medicare, and Medicaid. The ACA accomplishes this transformation by breaking down two barriers: (1) the public health-health care divide, which led to a dominance of curative medicine over preventive health measures and (2) ERISA preemption, which created an obstacle to the provision of a uniform set of (...) evidence-based preventive services that could be made available to the U.S. population through individual and group health plans. As a result, prevention measures with proven effectiveness will now be provided on a national and uniform basis to a majority of Americans, with the potential to improve health outcomes and reduce costs. (shrink)

AbstractCritics charge that agriculture has reached an unsustainable level of consolidation and expropriation, as exemplified by the supply-chain breakdown of the COVID-19 pandemic. Simultaneously, advocates suggest the current system serves consumers well by keeping prices low and access to choices high. At the center of this debate rests a disagreement over how to compute market power to identify monopolies and oligopolies. We propose a method to study power across different sectors by using Social Network Analysis to analyze key players, (...) the presence of core-periphery structures, and agricultural consolidation. We test our market network approach to power through an analysis of the top ten pork powerhouses. We find that Big Finance is closely tied to Big Ag, and that key players limit the capacity for more peripheral actors, like growers, equipment producers, and regional banks, to engage in the network. We identify system level risk of collapse and suggest pathways for reform. (shrink)

The first baby has successfully been born by uterus transplantation (UTx) in the United States and the procedure is swiftly becoming a viable clinical option for patients with uterine factor infertility (UFI). This raises a practical ethical question: should health insurers finance UTx and what issues should they consider in coming to this decision? The article lays forth some of the factors that shape the decision over whether to finance UTx in the United States, including what procedures must (...) be covered, whether UTx is more like organ transplantation or infertility treatment (which are treated differently in the United States), and the benefits and alternatives of the procedure. Then, the article explores arguments around why UTx should be financed, or at least considered along with other important medical needs. The paper argues that UTx ought to be considered along with other competing claims for healthcare services. In countries that generously cover other infertility services, it may logically follow that medical services that enable gestation should be insured when the healthcare system covers services to conceive. In the United States, however, many groups have long suffered inadequate access to medical care, in the context of infertility and more broadly. U.S. healthcare may need to be made more widely equitable, before covering UTx is seen as financially or politically possible. (shrink)

Health care reform that includes universal coverage could lower a major barrier to care for people of color and ethnic minorities—the inability to pay for care. But universal coverage alone, even with comparable fee-for-service payment or appropriately risk-adjusted capitated reimbursement, will not eradicate the racial and ethnic inequities in health care delivery. Restrictive admissions practices, geographic inaccessibility, culture, racial stereotypes, and the failure to employ minority health care professionals will still create barriers to minority health care. In addition to universal (...) financing, health care reform should include new civil rights legislation to address and reduce these noneconomic barriers to minority health care. (shrink)

Health care reform that includes universal coverage could lower a major barrier to care for people of color and ethnic minorities—the inability to pay for care. But universal coverage alone, even with comparable fee-for-service payment or appropriately risk-adjusted capitated reimbursement, will not eradicate the racial and ethnic inequities in health care delivery. Restrictive admissions practices, geographic inaccessibility, culture, racial stereotypes, and the failure to employ minority health care professionals will still create barriers to minority health care. In addition to universal (...) financing, health care reform should include new civil rights legislation to address and reduce these noneconomic barriers to minority health care. (shrink)

We investigate the financing strategies of environmentally responsible firms to understand how they set target capital structures and make incremental financing decisions. Literature shows that firms with better environmental performance have lower risk and better access to financing. However, it is not obvious how these firms choose to finance their investments. Using an extensive data set of U.S. firms, we find that firms with superior environmental performance have significantly lower debt ratios and use mostly short‐term debt for temporary (...) financing needs. In doing so, environmentally responsible firms are able to achieve more tax savings and experience lower costs of financial distress. Our results provide new empirical facts about environmental performance and financing decisions, and they help explain the observed relationship between environmental performance and economic performance. (shrink)

This essay reviews two recent books—Marion Laboure and Nicolas Deffrennes's Democratizing Finance and Eswar S. Prasad's The Future of Money—on financial technology (fintech) and the future of money. Both books present overviews of recent developments in fintech and assess the prospects of technological change to deliver a more accessible, equitable financial system—described in both cases as the “democratization of finance.” I raise two key concerns about the limits of the “democratization” implied here. First, the vision of democratized (...) class='Hi'>finance implicit in both books rests on claims about widening access to financial services for individuals, households, and businesses. This contrasts with more substantive visions of democratized finance that entail the exercise of accountable, deliberative decision-making on monetary and financial questions. Second, “fintech democracy” rests on a very thin account of how finance might be democratized, stressing exogenous technological change, with little consideration of relations of power, institutional reforms, or mobilization. Both books provide eloquent and comprehensive overviews of emerging fintech debates, but in so doing ultimately reveal important limitations to achieving financial democracy through fintech. (shrink)

The success of a capitalist economy rests upon the ability of finance to sustain potentially infinite growth, based on funding today the output of tomorrow. Finance, however, needs rules. The aim of the law and finance scholarship is precisely to identify the best regulation of finance to support economic growth. Traditionally, law and finance is concerned with investor protection. This would be sufficient if the future were predictable. However, because the future is uncertain, the prices (...) of financial assets are flawed and in the short run they may result in serious mistakes, if not widespread crises. Although these mistakes are corrected in the long run, significant harm may occur in the meantime. Financial law should therefore be concerned not only with investor protection, but also with mitigating the temporary excesses of markets in allowing or restricting access to finance. The challenge of this goal is to remedy market myopia without allowing policymakers to abuse the power of governments. However imperfect, prices remain the best instrument of discipline and growth in a market economy. (shrink)

Public education finance in China plays an important role in education equality. This study investigated two mediation effects with a generalized structural equation model that comprised the mediation effect of shadow education at the school, family, and individual levels and the moderating role of education finance. There was a strong association among heterogeneity factors, shadow education, and educational results, with shadow education playing a mediating role in math and English courses. Individual heterogeneity differences had a negative impact on (...) equality in educational results through access to additional shadow education opportunities, while heterogeneous factors were mediated through shadow education, causing financial moderation effects, in turn affecting inequality in educational results. Finally, the moderation degree and direction of education finance varied significantly, with a greater moderation effect on household-level factors that lead to unequal educational results. Targeted efforts are required to regulate shadow education, which is key to the development of the education system. (shrink)

There is a wide variety of ethical arguments for public financing of health care that share a common structure built on a series of four logically related propositions regarding: the ultimate purpose of a human life or human society; the role of health and its distribution in society in advancing this ultimate purpose; the role of access to or utilisation of health care in maintaining or improving the desired level and distribution of health among members of society, and the (...) role of public financing in ensuring the ethically justified access to and utilisation of health care by members of society. This paper argues that economics has much to contribute to the development of the ethical foundations for publicly financed health care. It focuses in particular on recent economic work to clarify the concepts of access and need and their role in analyses of the just distribution of health care resources, and on the importance of economic analysis of health care and health care insurance markets in demonstrating why public financing is necessary to achieve broad access to and utilisation of health care services. (shrink)

Ethics and Finance: An Introduction provides a comprehensive and accessible introduction to the ethical issues raised by modern finance. Drawing carefully on ethical theory and with frequent use of case studies, it includes an analysis of the global financial system and its regulation and control, as well as a detailed analysis of the financial crisis. Chapters on specific areas of finance practice cover all the major financial scandals of recent times, from mis-selling to market manipulation and from (...) insider trading to bankers' bonuses, as well as much more positive developments. From micro finance to derivatives trading, the book provides a careful and balanced treatment designed to help finance students and practitioners approach this sensitive topic in a thoughtful and constructive way. No prior knowledge of ethics or finance is required, and the book will be invaluable to students, finance teachers, practitioners and regulators. (shrink)

This article concerns freedom and financial markets. First, I consider the republican case for liberalization, extending Robert Taylor’s economic model of republicanism to financial markets. This case adopts what I call a “philosopher-king” approach to political theory, arguing by reference an ideal or first-best set of policies or reforms. Then, I investigate the negative externalities of several decades of financial market liberalization, including the erosion of political accountability and the growing concentration of political and economic power in the hands of (...) those best suited to profit from the rise of finance. From this “political economy” perspective, the impact of liberalization is clear: we paid for greater access to credit with political and economic domination. In republican terms, we traded freedom for credit. My analysis, moreover, has implications for republican debates on freedom and the market. In second-best worlds, where reforms will almost certainly be incremental, shaping the balance of power in ways that impact future policy, judging reforms by reference to a vision of domination-free markets will often suggest policies that make individuals less free. The political economy approach is far more relevant to debates about which economic institutions further or hinder freedom as non-domination. (shrink)

DRGs may contain costs, but they threaten to restrict access to health care, to compromise its quality, and to impede the development of new medical technologies. Immediate corrections are necessary to ensure that hospitals continue to serve the poorest and sickest.

Assess to quality diets is a basic human right. Geographical challenges and cultural traditions have contributed to the widespread malnutrition present among ethnic minorities of mountainous areas in Northwest Vietnam. Home gardens can play a role in increased diet diversity and micronutrient intakes. However, low production yields and plant diversity in ethnic home gardens have limited their contributions to household food security and nutrition. The pilot study tested a home garden intervention in weekly vegetable harvests and increasing household production and (...) consumption of diverse vegetables year-round. Food ethics issues encountered included limited access to quality food by resource-poor groups, conflicts arising from low preference and value given to some nutritious foods, limited access to information and technology for food production and consumption, each of which were addressed in the study design. The intervention includes: (1) nutrition-focused home garden training and (2) locally-adapted home garden packages consisting of garden planning, technical assistance, and high-yielding seed varieties. Twenty households from two ethnic villages in Son La province participated in the study and were randomly assigned into two groups (intervention and non-intervention). The total vegetable supply from weekly harvests of home garden produce was significantly higher in the intervention households (226 kg) compared to the non-intervention households (39 kg). The intervention group yielded 5.8 and 1.7 times more vegetables by weight and weight per area than those without the intervention. The vegetables were mainly consumed at home for both groups, but the intervention households gave more vegetables as gifts to neighbors. The intervention group cultivated a higher diversity of vegetables with a total of 42 different vegetables compared to 24 in the non-intervention group, which is reflected in an overall higher nutritional yield of vitamin A, iron, other micronutrients and phytochemicals. The home garden training significantly improved the amount, diversity and continuity of household food and nutrient supply. The home garden model is effective and could be scaled up to improve household vegetable supply and consumption, particularly in Northwest Vietnam. (shrink)

Examining the ways and extent to which systemic factors affect health outcomes with regard to quality, affordability and access to curative healthcare, this explorative book compares the relative merits of tax-funded Beveridge systems and insurance-based Bismarck systems. The Law and Policy of Healthcare Financing charts and compares healthcare system outcomes throughout 11 countries, from the UK to Colombia. Thematic chapters investigate the economic and legal explanations for the relevant similarities, variations and trends across the globe. Concluding that systemic factors (...) may be less significant than previously believed, this comprehensive book notes that no one system consistently outperforms the others, yet incentives and funding improvements may lift performances across all curative healthcare systems. Analytical and comparative, this book will be of interest to academics working in the fields of health law and health economics. Public authorities including health ministries, policymakers and international health organisations will also find this to be an invaluable resource. (shrink)

This article discusses the ways in which the ambiguous concept of equality has been used in the British debate regarding the financing of political election campaigns. It identifies three concepts of equality commonly used in that debate: ‘equality of arms’ between political parties, ‘equality of influence’ between citizens, and ‘equality of access’ to the so‐called ‘marketplace of ideas’. The article than discusses each of these concepts of equality in greater detail, and, in doing so, identifies four broader principles underlying (...) the use of these concepts in the election financing debate. The article concludes that, although the language of equality is used often and with great effect in the election financing debate, the concepts of equality being invoked are rarely independently valuable concepts. Instead, the concepts of equality used are valued in the election financing debate because they promote one of the four underlying principles. These principles themselves, however, involve complex questions of democracy and distributional fairness, and are not uncontroversial. I thus suggest that future debates regarding election financing could be enhanced by a more direct discussion of the merits of these underlying principles. (shrink)

While the impacts of the Affordable Care Act will vary across the states given their different circumstances, Massachusetts’ 2006 reform initiative, the template for national reform, provides a preview of the potential gains in insurance coverage, access to and use of care, and health care affordability for the rest of the nation. Under reform, uninsurance in Massachusetts dropped by more than 50%, due, in part, to an increase in employer-sponsored coverage. Gains in health care access and affordability were (...) widespread, including a 28% decline in unmet need for doctor care and a 38% decline in high out-of-pocket costs. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Introduction: Conflicting Interest in Medicine: Stories by Physicians on How Financing Affects Their WorkJames M. DuBois, Symposium EditorPhysicians frequently enter into special relationships that establish personal financial interests that could conflict with their patients’ best interests. Examples include receiving gifts from drug companies, sharing a patent on a medical device, or accepting funding from industry to conduct a drug study. In recent years, such “conflicts of interests” in medicine (...) have received growing attention from medical associations (Association of American Medical Colleges, 2008, 2010), policy bodies (Institute of Medicine, 2009), industry (Pharmaceutical Research and Manufacturers of America, 2008), journalists (Caputo, 2009; Nguyen, Ornstein, & Weber, 2010), and even Congress, which included in the 2010 Patient Protection Affordable Care Act a Physician Payment Sunshine provision requiring industry to report a wide variety of ties to physicians. All of these efforts appear motivated by a similar assumption: Gifts and financially beneficial relationships can unconsciously motivate physicians to prioritize their own or industry’s interests over patients’ interests when providing care, conducting medical research, or educating physicians (American Association of Medical Colleges, 2008; Dana & Loewenstein, 2003).The call for stories produced for this narrative symposium provided the following request:We are interested in hearing about positive and negative experiences associated with a variety of financial relationships. The stories should give readers a sense of what it is like to be a physician in the midst of complex relationships to industry, physician practices, and third–party payers—relationships that go beyond ordinary reimbursement for care or research expenses.Obtaining stories proved more challenging than anticipated for reasons related to our theme. Precisely because access to physicians is considered valuable, it is highly restricted. Listservs and blogs that serve physicians typically prohibit postings from anyone except physician members, and even they are sometimes not allowed to post messages freely. While at least one listserv circulated our call to members (at the request of a member), others rejected our request, and one blog offered to post our call as a 1–month ad for $20,000. This contrasts radically with the relatively easy access we have had to other groups, including mental health consumers and living organ donors, who have broad grass root communication systems, and bioethicists, who have several listservs and blogs that readily share news about relevant scholarly opportunities.The collection of stories obtained resulted from extensive personal networking and a small amount of arm twisting. The collection was not what we expected to obtain, but is in many ways even more interesting. One story (Hodges) explicitly addresses the impact that pharmaceutical representatives can have on prescribing patterns—the classic, voluntary, conflicted relationship, insofar as sales reps are [End Page 65] welcomed in facilities, often bearing free samples, free lunches, and glossy articles on their products, all in the hopes of influencing prescribing patterns. But most stories do not fit the typical mold found in discussions of conflicts of interest. Among those expressing concerns about the impact of financial factors on medical practice, one focuses on the insufficient management of bias within the Food and Drug Administration (Perlmutter); three focus on the bias that is introduced through our current fee–for–service reimbursement system (Mikulec, Nagaldine, and Zientek)—of these, two illustrate ways that third parties seek to manipulate physician practices to maximize profits; one notes how any kind of clinical trial—whether government or industry sponsored—may affect patient care decisions (Cruz); while two argue that worries over industry sponsorship of research are disproportionate (Bierut and Sofair), and two address widespread concerns about industry sponsorship of educational activities, with one illustrating how bias might be reduced (Seitz & Diao), and another illustrating the potential harms of prohibiting educational sponsorship (Peppin).To be clear, all of these narratives are responsive to our call for stories that “describe positive and negative experiences associated with a variety of financial relationships.” Yet they are not classic conflict of interest stories; rather, they represent the conflicting interests that concern physicians today—conflicts that are often intrinsic to our current healthcare and research systems rather than special relationships courted by physicians.While making no pretense of representativeness or comprehensiveness, these stories provide fertile ground for reflection, as seen in our... (shrink)

Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and welfare retrenchment that began in the early 1970s. Using France as a comparison case, I argue that the link between credit and welfare was not unique to the United States. Indeed, U.S. charitable lending institutions that emerged at the (...) beginning of the twentieth century were modeled in part on older French financial institutions. Three historical factors drove U.S. lenders and policymakers to push for expanded credit access for the working class. First, welfare reformers in the interwar period embraced private credit as an alternative to an expansive welfare state. Second, U.S. organized labor in the wake of World War II embraced credit access as a means to sustain industrial employment and finance strike actions. Third, commercial banks in the 1950s began offering revolving credit accounts as a means to attract new depositors at a time when banking regulation restricted the interest they could offer on deposits. (shrink)

We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors prefer lower financial leverage whereas pressure-resistant directors show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board (...) they sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors. (shrink)

The study constructs a theoretical model of social capital, farm household financing, and scale operation and their environmental effects, and conducts an empirical test based on data from China Family Panel Studies which is conducted in 2018 using causal mediation analysis. The results showed that farmers who spent more on human interaction have a higher probability of choosing scale operation by renting land, the mechanism of which is that the social capital accumulated by farmers based on human interaction facilitates their (...) access to formal and informal financing, which in turn alleviates the financing constraint of scale operation. In addition, we found that the farmers with low education were more dependent on social capital to obtain informal financing to achieve scale operation. The environmental effects of scale operation found that the farmers significantly reduced the proportion of fertilizer and pesticide use, which could effectively mitigate possible pollution problems caused by excessive fertilizer and pesticide use. These findings confirm that social capital can alleviate the financing constraints of farmers to expand their operation scale through formal and informal financing, which in turn has a positive environmental effect. (shrink)

This paper proposes a model to study the arrangement of Islamic project finance with the participation of the government as a provider of loan guarantees. The owner-shareholders initiate a project and raise funds by issuing Islamic profit-loss sharing mudarabah certificates. The government intervenes in providing financial guarantees in order to enhance the creditworthiness and increase the mudarabah capital capacity of the project. Our work raises several policy implications related to the structuring of Islamic project finance and the participation (...) of both government and multilateral public agencies such as the Islamic Development Bank. It provides a unifying framework for the improvement of access to funds for Islamic projects and gives a rationale for government intervention in the arrangement of these projects. (shrink)