La presente investigación aporta a la literatura económica sobre inclusión financiera. La importancia de su estudio radica en las implicancias de esta variable sobre el crecimiento económico y la reducción de la pobreza, ya que brinda mayores oportunidades a las personas para decidir sobre sus finanzas. La principal contribución es analizar la relación que existe entre la inclusión financiera y sus principales determinantes en economías emergentes de América Latina elegidas por el ranking 2019 de economías emergentes del MSCI, siendo estas: Argentina, Brasil, Chile, Colombia, México y Perú. Asimismo, determinar las principales barreras que se perciben como razones para ser excluidos del sistema financiero. De esta manera, mediante el proceso de especificación se determinó un modelo Probit como la mejor representación; y, con el proceso de estimación de este (utilizando los datos del Global Findex Data en conjunto con Gallup), se llegó a la conclusión que las principales variables que influyen para que una persona pueda aumentar la probabilidad de ser incluido financieramente son: el género de una persona, la edad, los ingresos, el nivel de educación alcanzado y el país de origen del encuestado. Mientras que, las principales barreras para ser excluido financieramente son: que un familiar tenga una cuenta financiera y la desconfianza que se tiene hacia el sistema financiero. / This research contributes to the economic literature on financial inclusion. The importance of its study lies in the implications of this variable on economic growth and poverty reduction, as it gives people greater opportunities to decide on their finances. The main contribution of this research is to analyze the relationship between financial inclusion and its key determinants in Emerging Economies of Latin America chosen by the 2019 ranking of MSCI emerging markets, being the following countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. Furthermore, determining the main barriers that are perceived as reasons to influence the probability to be part of financial exclusion. Thus, by means of the specification process, a Probit model was determined as the best representation; and, with the process of estimating this using the Global Findex Data in conjunction with Gallup, it was concluded that the main variables that have influence to be part of financial inclusion are: the gender of a person, age, income, level of education attained and the country of origin of the respondent. While the main barriers to being excluded financially are: a family member has a financial account and the distrust of the financial system. / Trabajo de investigación

Les deux dernières décennies ont été marquées par la montée en puissance des économies émergentes et l’émergence de startups et PME technologiques à forte croissance internationale. Cette tendance a donné naissance à un nouveau domaine de recherche, l’entrepreneuriat international dans les économies émergentes. L’objet de cette recherche qualitative est d’étudier les facteurs qui influencent le processus d’identification des opportunités internationales chez les PME technologiques issues d’une économie émergente, la Tunisie. A cet effet, nous étudions le processus d’internationalisation de sept PME technologiques tunisiennes du secteur des technologies de l’information et des communications. Les résultats de l’analyse intra et inter cas identifient les traits de personnalité de l’entrepreneur, les capacités entrepreneuriales internationales et les réseaux relationnels de l’entrepreneur comme les trois principales catégories de facteurs qui influencent l’identification des opportunités internationales. Notre recherche aboutit à la formulation et la discussion de huit propositions qui permettent de schématiser un modèle explicatif de l’internationalisation des PME technologiques issues des économies émergentes. / The last two decades have been marked by the rise of emerging economies and the emergence of start-ups and Hi-Tech SMEs with high international growth. This trend has spawned a new area of research, international entrepreneurship in emerging economies. The purpose of this qualitative research is to study the factors that influence the process of identifying international opportunities in technological SMEs from an emerging economy, Tunisia. To this end, we are studying the process of internationalization of seven Tunisian technological SMEs in the information and communications technology sector. The results of the intra- and inter-case analysis identify entrepreneurial personality traits, international entrepreneurial capabilities and relational networks as the three main categories of factors that influence the identification of international opportunities. Our research results in the formulation and discussion of eight proposals that make it possible to schematize an explanatory model of the internationalization of technological SMEs emerging from emerging economies.

Background: Digital technologies have been revolutionizing the corporate world during the last few decades. Companies that want to keep their competitive positions are forced to adapt. The digitalization of the corporate Human Resource function is of special importance in this regard due to the increasing role of digitalized HRM for business success. The existing research on the digital HRM implementation environment and the factors that shape it is limited to bigger companies operating in developed economies, with nascent research available for small and medium-sized firms operating in emerging economies. Purpose: The purpose of this study is to explore how individual-, firm-level and environmental context-specific factors shape HRM digitalization in SMEs in emerging economies context with Russia as an example. Method: To achieve an in-depth understanding of the research phenomenon, a qualitative study with an exploratory design was conducted. Empirical data was gathered through semi-structured interviews with ten professionals with extensive experience in HRM digitalization in SMEs, chosen by purposive sampling method. An abductive research approach enabled establishing the connection between obtained empirical insights and existing knowledge from the literature on HRM digitalization. Conclusion: As a result, the following factors were identified as the most influential for the implementation of digital HR tools in Russian SMEs. At the individual level, it is top executives digital awareness and innovativeness that facilitate implementation. At the firm level, it is SME’s resource munificence, innovation-friendly corporate culture, low hierarchical structure and developed IT infrastructure that enables implementation. Finally, among context-specific factors, the following appeared to shape the implementation: declining national economy, unpredictable business environment, highly competitive business environment, IT vendors' market specificity, governmental policy in terms of digitalization, labour market specificity. Most of the contextual factors contributed to the disabling environment for HRM digitalization, with a few exceptions.

About 70% of mergers and acquisitions (M&As) involving small and medium-sized enterprises (SMEs) in emerging economies fail because the strategies employed do not integrate all the critical success elements, leaving SMEs without the needed capital to take advantage of strategic and market opportunities. The purpose of this multiple case study was to explore the M&A strategies SME owners in Ghana employed to raise capital. Seth's value creation theory was the conceptual framework adopted for this study. The population consisted of 5 SME owners in Ghana who had successfully raised financial resources through inbound M&As within the past 10 years. Data were collected through semistructured interviews and review of corporate annual reports and M&A documents. The data were organized and analyzed using Yin's 5-step data analysis and cross-case synthesis techniques to identify patterns and emergent themes. The 6 themes that emerged from the analysis were value creation, control and autonomy, entrepreneurial quality, leadership, trustworthiness, and effective negotiation. SME owners can integrate entrepreneurial quality and effective negotiations to achieve successful closure of M&A deals. The findings of this study might facilitate SME access to capital for expansion and growth that will contribute to positive social change through job creation and increased youth employment in emerging economies.

This study aims to explore the future of sustainability reporting in emerging economies. The purpose is to better understand factors influencing sustainability reporting and its practice. Stakeholders' interest in sustainability has seen a rise in recent years. The study employed a qualitative research design, where sustainability reports and disclosures and semi-structured interviews were used to gather data for the thematic analysis. The study's finding reveals a variation in approach to the sustainability reporting practice in the Bangladeshi clothing industry, especially in how they are disclosed, where most sustainability reports produced are limited to financially involved stakeholders. NGOs like the BGMEA play an influential role in how sustainability reporting is practiced in the Bangladeshi clothing industry. Challenges that were revealed from this study were the profit-driven focus of the sustainability reporting practice, resource constraints within the companies, and lack of guidelines and expertise. The findings contribute to understanding sustainability reporting in the clothing industry in Bangladesh and suggest avenues for further research and development opportunities in reporting practices.

Yes

Yes / This study empirically investigates the impact of energy related public environmental concerns on the pay gap within polluting companies. It uses the extreme environmental event of the PM2.5 surge at the end of 2011, which led to an upsurge in energy related public environmental concerns in China, as a quasi-natural experiment. According to our findings, energy related public environmental concerns lead to a significant increase in the executive–employee pay gap of polluting companies compared to that of non-polluting companies, owing to a significant increase in executive compensation and no significant change in employee income. The effect of energy related public environmental concerns on increasing the pay gap within polluting companies is more significant in samples with high agency costs, poor information transparency, less analyst follow-up, and fewer institutional investors' shareholding. Furthermore, as energy related public environmental concerns exacerbate the polluting firms' internal pay gap, their total factor productivity and investment efficiency fall significantly. In summary, energy related public environmental concerns not only widen the wage gap within polluting enterprises but also worsen their operational and investment efficiency, which has important policy implications for emerging market economies seeking to balance environmental protection and economic development. / The authors wew funded by NSFC number (71903199), Fujian Pro vincial Federation of Social Sciences (FJ2023BF045), Guangdong Phi losophy and Social Sciences Project (GD23XYJ08), the Innovation and Talent Base for Digital Technology and Finance (B21038), and "the Fundamental Research Funds for the Central Universities", Zhongnan Univeristy of Economics and Law (2722023EJ002).

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: This dissertation is made up of stand-alone essays on the determinants of the investment climate in emerging market economies. Chapter One presents the purpose of this study, the significance of the research to policy makers, researchers and investors and the limitations of the research. Chapter Two investigates empirically whether business regulations, as measured by the „Doing Business‟ indicators, have an impact on investment in 29 emerging market economies in Africa, Asia, Latin America and emerging Europe. The results show that secure property rights and the level of business entry regulation influence the investment climate in these economies. In addition, efficiency of the judicial system, investor protection and the flexibility of employment regulation were found to be insignificant determinants of investment. Chapter Three explores the effect of business regulation on stock market liquidity, using data from a selection of 15 stock markets in Africa. The results from the panel data analysis show that the degree of business regulation does not influence stock liquidity. However, the results confirm that greater protection of minority share-holders' rights, as well as lender and better collateral and bankruptcy laws enhance stock market liquidity. There was anecdotal evidence to suggest that improved judicial efficiency enhances stock market liquidity. The legal origin was found to be significant in explaining the differences in the legal systems of these countries. Countries that have adopted French legal traditions were found to have less active stock markets and less investor and property rights protection compared to countries that have adopted English legal traditions. Chapter Four investigates the effect of the level of business regulation, infrastructure and political environment on investment in 29 African countries. The results provide evidence to show that lower levels of business regulation, less corruption and a stable political environment are important in enhancing investment. The final essay examines the effect of business regulation and geography on investment in a sample of 37 countries in Africa. The results show that more secure property rights and fewer import and export regulations have a significantly positive effect on private investment. In addition, being landlocked and distant from the sea has a negative effect on investment. Furthermore, the findings revealed that property rights protection in landlocked economies is not significantly different from that in coastal economies. In all the studies, the legal origin was found to be significant in explaining cross-country differences in the legal systems of the selected countries. These findings have important implications for policy makers, multi-lateral organisations and investors. / AFRIKAANSE OPSOMMING: Hierdie proefskrif bestaan uit alleenstaande studies oor die beslissende faktore van die beleggingsklimaat in opkomende markekonomieë. In hoofstuk een word die doel van die studie; die belang van die navorsing vir beleidmakers, navorsers en beleggers; en die beperkings van die navorsing aangebied. Hoofstuk twee bevat ‟n empiriese ondersoek om te bepaal of sakeregulasies, soos deur die “Doing Business”-aanwysers gemeet, ‟n uitwerking op belegging in 29 ontluikende markekonomieë in Afrika, Asië, Latyns-Amerika en ontluikende Europa het. Die resultate toon dat veilige eiendomsregte en die vlak van regulasie vir toetrede tot besigheid die beleggingsklimaat in hierdie ekonomieë beïnvloed. Hierbenewens is die doeltreffendheid van die regstelsel, die beskerming van beleggers en die buigsaamheid van indiensnemingsregulasies gevind onbelangrike beslissende faktore vir belegging te wees. In hoofstuk drie word verslag gelewer oor die uitwerking van sakeregulasies op die likiditeit van effektemarkte op grond van data van ‟n keur van 15 effektemarkte in Afrika. Die resultate van die paneeldata-analise toon dat die graad van sakeregulasie nie die likiditeit van effekte beïnvloed nie. Die resultate het egter bevestig dat meer beskerming van die regte van minderheidsaandeelhouers asook verbeterde wetgewing ten opsigte van kredietverskaffing, aanvullende sekuriteit en insolvensie die likiditeit van effektemarkte verhoog. Anekdotiese bewyse is gevind wat aan die hand doen dat verbeterde regsdoeltreffendheid ook die likiditeit van effektemarkte verhoog. Die regsoorsprong is as beduidend gevind ter verklaring van die verskille in die regstelsels van hierdie lande. Lande wat Franse regstradisies aanvaar het, is gevind minder aktiewe effektemarkte en minder beskerming van beleggers en eiendomsregte te hê, vergeleke met lande wat Engelse regstradisies aanvaar het. In hoofstuk vier word die uitwerking van die vlak van sakeregulasie, infrastruktuur en die politieke omgewing op belegging in 29 Afrika-lande bespreek. Die resultate toon bewyse dat laer vlakke van sakeregulasie, minder korrupsie en ‟n stabiele politieke omgewing belangrike faktore is om belegging te bevorder. Die laaste studie ondersoek die uitwerking van sakeregulasies en geografie op belegging in ‟n monster van 37 Afrika-lande. Die resultate toon dat veiliger eiendomsregte en minder invoer- en uitvoerregulasies ‟n beduidende positiewe uitwerking op privaat belegging het. Hierbenewens is daar ‟n negatiewe uitwerking op belegging in lande wat deur land omring is en ver van die see af is. Die bevindings het ook aan die lig gebring dat die beskerming van eiendomsregte in ekonomieë wat deur land omring is, nie aanmerklik verskil van dié in kusekonomieë nie. In al die studies is regsoorsprong as beduidend gevind in die verklaring van verskille in die regstelsels van die gekose lande. Hierdie bevindings het belangrike implikasies vir beleidmakers, multilaterale organisasies en beleggers.

This study investigated factors affecting housing finance supply in Nigeria. Housing finance is a major factor determining the quality and tenure of housing consumption, the overall financial portfolio of the public and the stability and effectiveness of the financial system. In both developed and emerging economies, sovereign governments have intervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often with governments providing subsidised housing finance. Attempts were made to develop an empirical model to reveal the underlying factors affecting housing finance in Nigeria. Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheets between 2003 and 2007 were used to assess the ability of the financial institutions to engage in long-term lending. Additional instruments in form of questionnaire, for the sectoral allocation of loans and advances by these financial institutions were employed to gather information from Corporate Banking / Loans and Advances Managers coupled with unstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings. Applying a multiple regression approach, the model identified that housing finance supply in Nigeria is significantly driven by clusters of factors related to share capital and the reserves of the financial institutions. It is closely observed that housing finance models in the developed economies, which are largely financed by deposit liabilities, cannot be wholly adopted in the emerging economies. The implication for practice therefore is that financial institutions in the emerging economies must adequately increase their capital base for effective housing finance supply and introduce mortgage products with long-term tenure to actively mobilise resources for mortgage lending.

For several years, the literature has discussed whether a country’s particular economic circumstances should be taken into account in competition law and policy design. This thesis discusses whether economic growth should be considered as the guiding principle for Latin American Emerging Economies’ competition law and policy design. It specifically explains why having economic growth as competition policy’s guiding principle makes a difference in choosing superior rules and standards, among the large range of efficient rules. In order to explain how economic growth as a guiding principle has an impact on competition policy design, this thesis studies whether the analysis and application of the prohibitions and standards of abuse of dominance in emerging Latin American economies are appropriate, and why, having regard to economic growth, a different approach might be justified. To engage in the study of such questions this thesis centres on the regulation of dominance and the law governing abuse of dominance, in particular on predatory pricing and excessive pricing. After a careful analysis of such institutions, an optimal rule for the regulation of pricing abuses in these emerging economies is proposed. Similarly, having regard to economic growth as the policy’s guiding principle, the mainstream standards on excessive pricing and price predation are evaluated and a different approach is found to be justified. It is concluded that economic growth should be the principle guiding Latin American emerging economies’ competition law and policy design and it is demonstrated that this will grant these economies policy soundness and identity.