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This study investigates how finance contributes to socioeconomic development through an inclusive financial system and the impact of financial inclusion programs pursued by non-bank financial institutions (NBFIs) in Ghana.

In this study, we leverage a rich, nationally representative household survey (ICPSR, 2014) from 17 Ghanaian MFIs (1,629 households), sponsored by the World Bank, to analyze microfinance impacts using a generalized method of moment (GMM) and channel analysis.

Our findings reveal a statistically significant positive impact of donor-funded financial inclusion projects on targeted households’ welfare, regardless of implementing agency (donor, government or microfinance institution). The channel analysis further suggests that credit unions and savings and loan (S&L) institutions may be particularly effective conduits for delivering these welfare gains through financial inclusion programs. These findings hold valuable insights for funders seeking to maximize the welfare impact of such interventions: credit unions and S&Ls may be preferential channels for delivering financial inclusion programs aimed at improving household well-being.

The poverty-reducing impact of informal non-bank financial intermediaries like credit unions and susu groups highlights the need for policies that integrate these institutions into the formal financial system. Therefore, donor-funded initiatives should not rely solely on local government implementation. Since the focus of this study is on Ghana, we caution readers to exercise caution when generalizing the findings to other jurisdictions.

The World Bank/IMF-backed financial sector reform in Ghana has many important implications for financial inclusion and welfare impacts which are rare in other jurisdictions. Our finding has policy implications for agencies that wish to translate financial inclusion into significant economic inclusion, especially in middle- and low-income countries (LICs) where the COVID-19 pandemic and the global impact of the recent war in Ukraine could exacerbate the exclusion gap.

The focus of this study is to understand if MFIs, funded by different sources, can contribute to inclusive growth and welfare. This research employs channel analysis, considering that donor and government programs are often channeled through community-based NBFIs and offer key contributions to the existing body of knowledge on financial inclusion and household welfare. This study extends the current literature by providing a deeper understanding of the role of each NBFI type in deepening financial inclusion and improving household welfare and allows policymakers, donors and governments to target inclusion efforts for maximum impact.

This study examines the influence of CEO characteristics on firm innovation within the Australian market, using R&D expenditure as a proxy for innovation. The aim is to analyze how factors such as CEO gender, educational background and dual roles (CEO-chairman) impact firms' R&D investment across various industries.

Panel and Tobit regression models are employed to assess the relationship between CEO characteristics and R&D expenditure. The study controls for endogeneity and applies firm-level control variables to ensure robustness, examining CEO traits like gender, educational qualifications and CEO-chairman duality.

The study reveals that CEO gender and educational level significantly impact firm innovation, particularly R&D expenditure, compared to other characteristics like CEO-chairman duality. Female CEOs and those with PhD degrees are associated with higher R&D spending, with variations across industries such as basic materials and healthcare.

The study is limited by its focus on Australian firms and the time span of 2006–2016. Additionally, mixed results for CEO-chairman duality and CEO location may reduce the generalizability of the findings across all industries on the ASX.

The findings highlight the importance of gender diversity and CEO education in driving firm innovation. Companies aiming to enhance competitiveness and performance through R&D activities, especially in industry-specific contexts, should consider these CEO characteristics.

This study provides novel insights by analyzing the impact of CEO characteristics, such as gender and education level, on firm innovation in the underexplored Australian market. By using R&D expenditure as a proxy for innovation and employing both panel and Tobit regression models, it highlights the significance of CEO traits, particularly in specific industries. The findings emphasize the stronger influence of CEO gender and educational level compared to CEO-chairman duality and location, offering valuable implications for gender diversity and industry-specific innovation strategies in enhancing firm competitiveness.

This paper provides a systematic review of literature pertaining to the welfare impact of financial inclusion. We identify the 50 most influential publications in the field that have evolved into three distinct categories, each of which we critically review to identify the main contributions of this research area.

By conducting a state-of-the-art literature review, this paper identifies the most influential papers in the research fields on the welfare impact of financial inclusion. One caveat is that as newer publications generally have fewer citations, reviewing prior work can result in a misleading account of emerging trends and research directions. Manual assessment of publications after 2018 facilitates a discussion of important emerging research trends and their directions.

The three key research streams are identified as financial services and financial accessibility, financial capability, and financial literacy and household welfare. By assessing publications from 2018 to 2023, we also document four key emerging research trends: Fintech and digital financial inclusion, sustainability and climate change, growth, poverty, income inequality, financial stability, and Entrepreneurship. Drawing on these emerging trends, we highlight the opportunities for future research.

Keyword searches have limitations as some papers might be overlooked if they do not match the specific search criteria, despite their relation and significance to the overall topic of the welfare impact of financial inclusion. To address this issue, we have expanded this review by incorporating more literature from other databases, such as the Scopus database which may alleviate this issue.

The three key research streams contribute to a comprehensive understanding of the welfare impact of financial inclusion. The emerging trends integrate existing knowledge and leave the chance for innovative research to expand the research frontier.

This paper fulfils the systematic literature review streams in the welfare impact of financial inclusion and provides fruitful opportunities for future research.