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Housing finance is frequently difficult to provide in developing nations due to unstable macroeconomic conditions and a lack of supportive legal, technological and regulatory frameworks (Lea and Bernstein, 1996). Governments in these countries have, therefore, created a range of organizations and initiatives to improve the flow of capital to the housing market on a footing that is affordable to their populations given the household income levels (Ram and Needham, 2016). Housing, however, is by its very nature a significant investment requiring a considerable capital outlay at the onset (Dasgupta et al., 2014). This makes acquiring it challenging, particularly in underdeveloped nations where saving tendencies are quite low partly because of low-income levels (Keller and Mukudi-Omwami, 2017). As a result, many developing nations struggle with severe housing issues that lead to slums, overcrowding and related health issues.

The theoretical model for analyzing housing finance in Kenya in this study incorporates both demand and supply aspects, drawing from Brueckner’s (1994) framework. This model divides factors influencing demand into certainty and uncertainty conditions faced by households. In terms of certainty, the model considers factors that households can predict reliably. First is income, households are assumed to have stable income, allowing accurate assessment of budget constraints and mortgage decisions. Second is interest rates. While interest rates fluctuate, the model assumes that households have information about current rates, enabling informed decision-making. Finally, existing housing costs, such as rent or mortgage payments, are treated as fixed and predictable, facilitating accurate budget planning. Conversely, uncertainty factors include future income, future interest rates and housing prices. Households face uncertainty regarding future income, which can impact their mortgage repayment ability due to job market changes or unforeseen events. The model does not predict future interest rate changes, which can affect the affordability of mortgages. Furthermore, future fluctuations in housing prices add uncertainty to the benefits of homeownership and mortgage debt. Due to these uncertainties, the model in this study assumes certainty conditions, focusing on households maximizing their utility. In Brueckner’s model, a utility function captures household preferences and well-being linked to consumption choices, specifically between housing (H) and nonhousing goods (N). The utility function helps determine optimal income allocation, influenced by income (M), prices (P) and return on savings (t). The utility maximization problem involves selecting optimal amounts of housing and nonhousing consumption while managing housing credit (C).

The study confirms a significant long-run relationship between house finance and several macroeconomic variables, including interest rates on credit, inflation, unemployment and gross domestic product (GDP). The negative and significant error correction term indicates the presence of an equilibrium relationship, suggesting that the housing finance market in Kenya self-corrects swiftly in response to economic shocks. This efficiency could be attributed to increasing competition among financial institutions or a growing public awareness of housing finance options, implying a relatively well-developed market. Such responsiveness suggests that government policies aimed at influencing housing finance might have a quicker impact. For instance, introducing subsidies to reduce credit rates could rapidly boost housing finance activity (World Bank, 2019). However, the flip side of a fast-adjusting market is potential volatility, where rapid swings in economic factors could lead to significant fluctuations in housing finance availability, posing risks for both lenders and borrowers (Braun et al., 2022). Moreover, a rapid adjustment might not necessarily reflect a perfectly healthy market; it could indicate underlying issues like speculation or easy access to credit, potentially leading to bubbles or financial instability (Agnello et al., 2020).

This study reveals key insights into the determinants of housing finance in Kenya, demonstrating a significant long-run relationship between housing finance and economic variables such as interest rates, inflation, unemployment and GDP. The efficient adjustment of the housing finance market to economic changes suggests that government policies can rapidly influence housing finance, although this responsiveness also implies potential volatility and risks, including financial instability. Policymakers should, therefore, focus on maintaining macroeconomic stability and monitoring the housing market for signs of overheating. Encouraging competition among lenders and diversifying housing finance products can help ensure sustainable market adjustments. Credit interest rates show a modest but positive relationship with housing finance, suggesting that a stable lending environment could stimulate activity. Policymakers should manage credit availability to prevent excessive expansion and instability, enhancing financial inclusion and fostering competition in the banking sector. Inflation positively impacts housing finance, with rising inflation driving demand for real assets like housing. However, significant interest rate hikes by the Central Bank to combat inflation could reduce mortgage affordability. A flexible interest rate policy, along with targeted interventions like subsidized rates for first-time buyers, is necessary to balance market stimulation with inflation control. Unemployment’s negative impact on housing finance underscores the need for robust unemployment benefits and job training initiatives to support financial stability during job losses. Targeted housing finance programs for low- and middle-income earners can also improve mortgage accessibility. The positive correlation between GDP growth and housing finance indicates that economic expansion drives housing demand. Policymakers should prioritize initiatives that promote long-term economic growth, such as infrastructure development and innovation. Finally, the insignificance of savings interest rates in influencing housing finance suggests that traditional monetary policy may have limited effects. Promoting financial literacy and developing tailored savings instruments could strengthen the connection between savings and housing finance over time.

Prior research and theory have shown that transformational leadership can be developed through leader development programs (LDPs). To explain how this happens, research suggests a strong connection between an individual’s leader self-concept and their leadership behavior that can be manipulated through LDPs. The purpose of this article is to delve deeper into this phenomenon to understand how development occurs and to better understand how an LDP can improve leadership behaviors by influencing one’s self-concept and ultimately reduce the training transfer gap. As a broader goal, this article contributes to the existing literature on the value proposition of investing in LDPs.

We conducted an explanatory sequential design mixed-methods study to measure the development of participants and the impact of the program. The quantitative phase of the study used self-report surveys to measure the LDP’s impact on participants’ transformational leader behavior (TLB) and concept of themselves regarding leadership, their leader self-views (LSVs). The study also measured the relationship between LSVs and later enactment of leadership behaviors as the second hypothesis. The subsequent qualitative study was designed to understand the mechanisms that might explain the quantitative results.

The study’s empirical findings indicate a positive relationship between LSVs (efficacy, self-awareness and identity) and distal leader development outcomes (TBLs). The study’s findings also provide support for the claim that LDPs convert knowledge and skills into TLB, expanding an individual’s capacity to be effective in leadership roles and processes (Day & Dragoni, 2015). Qualitative results also show LDPs improve leader behavior by influencing their self-efficacy via providing tools and knowledge as well as building experimental mindset.

By showing LDPs' long term impacts, this paper demonstrates why short-term leadership development programs are worth investing.

China's digital economy is flourishing and playing a pivotal role in the national economy. Government subsidies, as an important tool for the national treasury, are a “reassurance” for the digital transformation of manufacturing enterprises. The purpose of this paper is to investigate the relations between the digital transformation of manufacturing enterprises and government subsidies to provide inspiration for promoting the digitization and upgrading of China's manufacturing industry and facilitate enterprises' innovative development.

Based on the panel data of 2,928 manufacturing listed companies in China from 2016 to 2020, this paper empirically tests the effect of subsidies on the digital transformation of manufacturing enterprises using fixed-effect econometric regression.

The results illustrate that subsidies effectively incentivize digital transformation in manufacturing enterprises, and verify different situations through heterogeneity. Further analysis of the moderating effect shows that the innovation level and servitization level of manufacturing enterprises positively moderated the relationship between government subsidies and the enterprise's digital transformation.

Based on Chinese manufacturing enterprise samples, this paper empirically tests the incentive effect of government subsidies on the digital transformation of manufacturing enterprises, therefore clarifying the main regulatory effects. This paper could provide enlightenment for manufacturing enterprises to make good use of government subsidies to improve their digital ability, thereby enhancing competitiveness in the digital economy era.

This research article examines event marketing in the airport business, specifically how an airport leverages event portfolios to develop its businesses by marketing itself as a destination, improving the user experience and generating revenue outside of aviation-related activities. Focusing on Singapore Changi Airport as a case study, the research underscores the airport’s business development in a competitive environment.

The study employs thematic data analysis to examine how Changi Airport leverages an event portfolio as a strategic business development tool. It conducts documentary research by gathering a diverse range of grey literature sources from the online public domain. These sources include documents related to airports, online news and media portals and user-generated content on social media platforms. The analysis is conducted in an inductive manner.

Singapore Changi Airport has recently leveraged events as a strategic marketing strategy for developing nonaeronautical business operations. As an attraction to appeal to tourists, the airport organised multiple types of events in its portfolio. Furthermore, the airport offers a wide range of event-related activities within its premises, including both sporting and cultural events. The purpose of these activities is to actively engage visitors and air travellers by offering a range of interactive experiences, including games and challenges. Such event-related activities reflect the airport’s transformation into a lifestyle platform.

Critics commonly highlight the lack of empirical research and the restricted relevance of the findings in event and festival research. This article consolidates the existing knowledge on airport management and event business to enhance the event marketing and event portfolio literature, specifically in the setting of airport business.

This study aimed to utilize Epistemic Network Analysis (ENA) for a thorough evaluation of policy documents concerning the digital transformation in Vietnam's higher education sector.

Adopting a quantitative ethnography approach, this research employed ENA to analyse a curated collection of 21 documents that specifically addressed higher education (HE) and digital transformation within Vietnam. The study also incorporated qualitative content analysis, utilizing the constant comparison method as outlined by Onwuegbuzie et al. (2009), for data coding. ENA facilitated the examination of connections among various policy aspects.

The study revealed a consistent overarching theme in Vietnam's digital transformation policies during and post-pandemic, focusing on key areas such as ADMINISTRATION, VISION, QUALITY, and INFRASTRUCTURE. However, a temporal shift in emphasis was observed: during the pandemic, policies were more focused on ADMINISTRATION and INFRASTRUCTURE, while post-pandemic, there was an increased emphasis on COLLAB, VISION, and TEACH_LEARN.

This research represents one of the initial efforts to showcase the utility and significance of ENA in analysing policy documents. It underscores ENA's potential in elucidating the complex interplay of policy elements in the context of digital transformation in higher education, particularly within a developing country setting.

In the context of an absence of studies examining the interrelationship between Indian construction industry and residential real estate sector, the study aims to develop and test a conceptual framework to stimulate construction industry through optimisation of housing market in India. The developed conceptual framework lays down a blueprint to assess the interaction between construction industry and housing market in other countries.

Means of stimulation of construction industry by residential real estate sector were identified. Housing market was examined to identify factors constituting consumer-centric delivery and consumer-empowered demand. Supply side of housing market was probed to identify underlying factors stifling housing delivery. The identified factors were put together to form the conceptual framework. A questionnaire was developed and administered to the delivery-side stakeholders of housing market.

The study demonstrates significant correlations between real estate investment-led construction industry output stimulation and consumer-centric residential real estate delivery. The deterrents to consumer-centric housing delivery have been ascertained to be having an impact on time, cost and scope of housing projects. Significant correlations have been ascertained between the deterrents. On the demand-side, skills, awareness and engagement of consumers are strongly correlated with each other. Affordability of housing is rightfully correlated with all the three means of stimulation of construction industry output.

Specific to the Indian context, the study presents and validates a novel conceptual framework aimed at stimulation of construction industry output through interventions in housing market.

We examine the effectiveness of signaling by disclosing innovation in annual reports in terms of securing R&D subsidies, using a novel text-based measure of firm-level innovation intensity.

The empirical analysis includes regressions with firm and year-fixed effects and an instrumental variable approach. Both mediation and moderation analysis are conducted to identify the plausible channels.

We find that firms are likely to receive research and development (R&D) subsidies if their annual reports contain intensive disclosure of information about innovation. We also identify the site visits by government officials as a plausible channel through which innovation disclosure in annual reports can help firms receive R&D subsidies. Additional analysis shows the main effect of innovation disclosure is especially pronounced in firms with severe information asymmetry and those facing a low-trust environment.

Current studies have shown the effectiveness of signaling in capital markets in terms of securing bank loans and venture capital (Cassar et al., 2015; Hoenig and Henkel, 2015; Connelly et al., 2016; Plummer et al., 2016). It is unclear if such a signaling can attract the attention of government officials. Our results suggest that government officials view annual reports as an important means of mitigating information asymmetry, which in turn helps firms to receive external R&D funding.

Based on the theory of organizational socialization, this article broadens the knowledge in the field of organizational commitment by determining the relationship between the organizational climate (OC) and the employees’ commitment, as well as the moderating role of the person-environment (P-E) fit.

We conducted quantitative research using three psychometric questionnaires. We investigated a large sample (N = 1,032) of employees hired in Poland.

We found strong relationships between the OC, the employees’ fit and their commitment. Moreover, both supplementary and complementary fit significantly moderated the relationships between the majority of climate dimensions and, especially, affective commitment. Interestingly, highly fitted employees with longer tenure showed a stronger relationship between material climate dimensions and commitment compared to similarly fitted newcomers, for whom the most important were relationships with co-workers and superiors.

We analyzed only a subjective fit among employees working in Poland. Although it was beneficial for developing the OC knowledge of non-American sample, the results require cautious generalization.

Assessing a candidate’s fit with the organization through detailed interviews, behavioral questions or practical tasks during the selection process can improve candidates' and employees’ P-E fit. A better fit can increase commitment, even if the OC or other factors are not perfect. Socialization tactics aimed at strengthening the fit can facilitate better alignment with the climate and higher commitment among employees with longer tenure.

This study is the first to empirically verify the moderating role of the P-E fit on the relations between OC and organizational commitment. It also considers the comparison between more experienced employees and newcomers.

This study aims to examine the venture capital (VC) industry, which is critical for supporting startups and typically dominated by individuals with startup experience. Recognizing the challenges faced by catching-up economies, this research seeks to understand the successful development of the VC industry in China, thereby addressing the classic “chicken or the egg” problem.

Using a comprehensive data set from the TechCrunch database, this paper conducts both descriptive and empirical analyses. Based on theoretically grounded observations, seven hypotheses are formulated and tested using multiple linear regression.

The findings indicate that foreign VC has played a significant role in establishing the VC industry in China. These foreign investors tend to lead the market and co-invest with local partners, facilitating knowledge transfer. In addition, the investment preferences of foreign VCs differ markedly from those of their local counterparts.

This study offers valuable insights for policymakers and enhances strategy development for VC firms. It also highlights potential areas for future research, further exploring the intricacies of VC in emerging markets.

While considerable literature exists on the rise of startup funding in the USA and Europe, studies focusing on emerging economies are scarce. By using a comprehensive, yet underused data set, this research illuminates fundamental dynamics within the VC industry in these regions.