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Article
Publication date: 17 February 2025

Salome Oyuga, Edward Godfrey Ochieng and Geoffrey Ngene

This paper investigates the moderating influence of cultural values on the relationship between governance and risk in large-scale infrastructure development projects. It…

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Abstract

Purpose

This paper investigates the moderating influence of cultural values on the relationship between governance and risk in large-scale infrastructure development projects. It integrates cultural psychology theory into interactive governance theory as a moderator of managerial perceptions of external debt as an effective rule-based risk management framework for these projects.

Design/methodology/approach

Mixed method integrating quantitative analysis with qualitative insights based on a survey of managerial perceptions in large-scale renewable energy, road and rail projects in Kenya and linear regression was used to test the hypothesis.

Findings

Managerial perceptions of country risk, project-specific external debt structure, carbon risk and cultural values significantly influenced their infrastructure risk perceptions. Demographic factors such as gender, years of experience, project tenure, board membership and socio-economic settings moderately influenced these risk perceptions. With 597 responses, the study expands on interactive governance theory by showing that cultural values and certain demographic attributes among managers moderate their view of external debt as an effective rule-based risk management framework for large infrastructure projects.

Practical implications

Cultural values must be appraised when tailoring governance incentives to bolster managerial productivity and performance in mitigating risks in collaborative infrastructure projects.

Originality/value

This paper supports the hypothesis that cultural values moderate the interaction between governance and risk when the historical context incentivises managers to select defensive social learning techniques such as herding to avoid reputational performance risks in collaborative infrastructure projects.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

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Article
Publication date: 26 July 2013

James R. Bartkus, M. Kabir Hassan and Geoffrey Ngene

The purpose of this study is to investigate the effects of increased fund commitments on portfolio size and subsequent effects on portfolio success rates. This paper empirically…

1586

Abstract

Purpose

The purpose of this study is to investigate the effects of increased fund commitments on portfolio size and subsequent effects on portfolio success rates. This paper empirically analyzes the changes in average portfolio size over a 20‐year time period and how these changes affect the venture capitalists' ability to successfully exit their investments.

Design/methodology/approach

The authors utilize venture capitalists' fund level data and conduct both univariate and multivariate analysis. The multivariate analysis is conducted using a two‐limit regression tobit model. This is justified since the authors' dependent variable is a ratio bounded by zero and one, hence the tobit specification is the most appropriate methodology.

Findings

The authors find that increasing the size of portfolios not only leads to a decrease in the number of successful investments but also significantly affects portfolio success rates. They also find evidence which suggests that some optimal portfolio size exists.

Research limitations/implications

The sample was limited to independent private partnerships that raised funds specifically for investment in US portfolio companies and it represents all funds maintained in the SDC database with non‐missing data on fund size and other fund characteristics.

Practical implications

There are three main practical implications derived from this study. First, venture capitalists overextend themselves by investing in too many portfolio firms. Second, some optimal portfolio size exists beyond which success rate of the venture capitalist's portfolio declines. Third, portfolio size is an important determinant of venture capital portfolio success rates.

Originality/value

The study presents new evidence that venture capitalists have a tendency to increase their portfolio size in years following growth in fund inflows, an idea that has not been investigated earlier. The authors also use data that is not adulterated by significant economic and financial conditions such as internet bubble burst of 2000 and financial crisis of 2007/2008.

Details

Studies in Economics and Finance, vol. 30 no. 3
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 15 June 2012

M. Kabir Hassan, Benito Sanchez and Geoffrey Ngene

The purpose of this paper is to investigate technical and scales efficiencies of MFIs in Middle East and North Africa (MENA) countries in provision of financial services. This…

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Abstract

Purpose

The purpose of this paper is to investigate technical and scales efficiencies of MFIs in Middle East and North Africa (MENA) countries in provision of financial services. This study also aims at tracing the source of inefficiencies.

Design/methodology/approach

This paper uses the non‐parametric data envelopment analysis (DEA) approach to estimate the production technology for the set of MENA MFIs. The paper uses DEA because it allows us to perform analyses with small samples, which is the case for MENA, and also allows us to calculate Malmquist indexes to characterize productivity changes. Moreover, DEA does not require a production function to calculate the efficiency. It attempts to determine the efficiency of the firm against some imposed benchmark through mathematical programming.

Findings

The paper finds low technical efficiency for all MFIs under both intermediation and the production approaches of DEA methodology. This means that MFIs are wasting input resources (input oriented inefficient) and are not producing enough outputs (making loan, raising funds, and obtaining more borrowers per staff). The paper also does not find any improvement in those efficiencies during the period 2000‐2005.

Originality/value

The study contributes to the existing MFIs literature by pursuing an empirical and decomposition analysis of efficiency by employing two approaches of DEA methodology to trace the sources of inefficiencies which the managers, practitioners and policy makers need to focus on. DEA has been used as a tool to select the right mix of inputs and outputs to assist in tracing the sources of inefficiencies

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 5 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

Available. Content available
Article
Publication date: 15 June 2012

M. Kabir Hassan

203

Abstract

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 5 no. 2
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 3 October 2016

Kenneth A. Tah and Oscar Martinez

The purpose of this paper is to examine the effect of specialization of the securitized assets portfolio on banks’ performance and securitization risk. In doing so, the paper…

829

Abstract

Purpose

The purpose of this paper is to examine the effect of specialization of the securitized assets portfolio on banks’ performance and securitization risk. In doing so, the paper addresses two important issues. First, whether the efficient risk–return trade-off for securitized asset portfolios is consistent with the principles of diversification. Second, whether the relationship between bank-level returns and securitized assets portfolio specialization is non-linear in securitization risk.

Design/methodology/approach

This paper used the fixed-effects panel regression model on US bank holding company data for the period 2001:Q2 to 2014:Q1.

Findings

The results show that securitized assets portfolio specialization increases returns and also reduces securitization default risk; banks’ return and securitized assets specialization are dependent in a non-linear manner on banks’ securitization risk. Additionally, it was also found that lower bank performance leads to higher securitization risk.

Originality/value

This paper is of value by demonstrating that diversification (specialization) of securitized assets portfolio would achieve better bank performance in low-risk (high-risk) scenarios.

Details

Studies in Economics and Finance, vol. 33 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 2 May 2023

Abdulahi Ahmed Wazir and Sedat Durmuşkaya

The main purpose of this study is to experiment with interest-free microfinance (IFMF) products and investigate the factors affecting IFMF institutions.

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Abstract

Purpose

The main purpose of this study is to experiment with interest-free microfinance (IFMF) products and investigate the factors affecting IFMF institutions.

Design/methodology/approach

This study uses both quantitative and qualitative data types that will be collected through questionnaires, secondary data, interviews and experimental tests to answer key questions. The collected data were analyzed using repeated-measures analysis ANOVA. This study determines the factors affecting the default rate of Islamic microfinance (MF) products, and evaluates the repayment performance of IFMF products using field experiments.

Findings

The participants found that the repayment performance level is higher than that of Qard Al-Hassan, which shows that it is one of the best mechanisms to reduce the default rate among borrowers. It has been observed that women have higher repayment performance than men, and those with different income sources have higher repayment performance levels than those who do not. This study showed that the effects of age, marital status and educational status on the repayment performance level of the participants were not statistically significant. In addition, it was shown that the participants’ status of having or not having children did not have a significant effect on the level of repayment performance.

Originality/value

This study differs from other studies in two ways. First, in terms of field experimentation, this study focuses on the practical impact of IFMF products on customer reimbursement performance. Second, this study tested different demographic variables that could affect the reimbursement performance.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 16 no. 5
Type: Research Article
ISSN: 1753-8394

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