Mayank Khandelwal and Vivekanand Khanapuri
This paper aims to identify gaps and critical issues in policy framework for infrastructure debt fund (IDF) to become financially viable in the Indian context. Growth of any…
Abstract
Purpose
This paper aims to identify gaps and critical issues in policy framework for infrastructure debt fund (IDF) to become financially viable in the Indian context. Growth of any economy is dependent on successful implementation of infrastructure projects. However, infrastructure development is linked to availability of equity and debt funds to finance these projects. IDF is an instrument which aims at enabling financing of infrastructure.
Design/methodology/approach
The exploratory research adopted is qualitative and based on secondary data related to infrastructure needs, challenges, factors influencing infrastructure financing and options available for infrastructure financing in the Indian context. It investigates the relationship between external factors, internal factors and viability of IDF and provides recommendations to policy makers to roll-out an enabling policy and regulatory environment.
Findings
Findings show that issues such as entry barriers for banks, insufficient tax incentives, restrictions on type of projects to be considered for funding and meeting the expectation of low-cost funds need to be addressed so that IDFs can contribute toward funding requirement of the infrastructure sector.
Research limitations/implications
IDFs have been recently introduced in India and the use of primary and secondary data has been limited. Comparison of IDF guidelines in India with guidelines for similar instruments in developed countries has been left for a later stage.
Originality/value
Value of this study is that it identifies the issues in current guidelines of IDF through the understanding of the policy and regulatory framework that governs IDF. The study also makes recommendations to the government and regulators which would enable IDF to become a viable instrument.
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Vivekanand B. Khanapuri and Mayank R. Khandelwal
Social entrepreneurship will play a big role in bringing the growth to the rural masses in India and so it becomes important to study the factors, like fair trade, that will shape…
Abstract
Purpose
Social entrepreneurship will play a big role in bringing the growth to the rural masses in India and so it becomes important to study the factors, like fair trade, that will shape the social entrepreneurship philosophy.
Design/methodology/approach
Primary information has been collected from National Level bodies like Fair Trade Forum – India (FTF‐I) by means of discussions and debates. Current state of fair trade penetration has been discussed with the help of a case study of an India NGO, International Resources for Fairer Trade (IRFT) which is a pioneer in this field in India.
Findings
Discussions with FTF‐I and study of IRFT revealed some surprising facts about fair trade in India – one of them being the expected size of the fair trade market in the near future. Fair trade is expected to grow exponentially in the coming years and it has the potential be an inspiration for many to enter into the social entrepreneurship world.
Practical implications
With this study as basis, many Non Government Organizations and other bodies may find that their business models can be slightly modified to make them eligible for entering the lucrative market of fair trade.
Originality/value
This is the first study that focuses on attempting to find a link between social entrepreneurship and fair trade in India. This study will not only help current and future social entrepreneurs understand the need for fair trade and its benefits but it will also help them understand how they could become fair trade compliant if they wanted to and thus contribute to all inclusive growth.
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This paper aims to examine the influence of sustainability reporting on bank performance. Furthermore, this study investigates the impact of the country’s economic development…
Abstract
Purpose
This paper aims to examine the influence of sustainability reporting on bank performance. Furthermore, this study investigates the impact of the country’s economic development, financial system and crisis in moderating sustainability reporting and bank performance relationship.
Design/methodology/approach
The sample consists of 400 listed banks from 19 countries over the 2009–2022 period. Panel fixed-effect regression is applied, and System Generalized Method of Moments is used as robustness to address endogeneity concerns. The results are robust and survive several sensitivity tests.
Findings
The results, aligning with legitimacy and agency theories, suggest a negative relationship between sustainability reporting and bank performance. Based on further classifications, results suggest the negative (positive) impact of country’s financial system (economic development) in moderating the sustainability reporting and bank performance nexus. Finally, this study documents the positive influence of sustainability reporting on bank performance during the crisis period. Overall, the findings fail to support the reduced information asymmetry accruing from higher sustainability disclosures in developing and bank-based economies.
Practical implications
This study has important implications for regulators, policymakers and other stakeholders, especially in light of recent banking scandals that have deteriorated stakeholders' faith in financial institutions' reporting quality.
Originality/value
This study extends the scant literature on sustainability reporting in banking from a cost-benefit vantage point. Furthermore, to the best of the author’s knowledge, no previous research has examined the moderating role of the country’s financial structure and crisis in sustainability reporting and bank performance relationship.