Purpose – Globalisation has influenced many countries, over the last few decades with financial globalisation and liberalisation bringing regulatory reforms in the banking sector. Thus, this study aims to fill a gap in the literature by examining the influence of globalisation on Islamic and conventional bank productivity in Southeast Asia. Design/methodology/approach – The sample comprised 155 banks (23 Islamic and 132 conventional) from 4 countries from 2008 to 2017. Panel data techniques will be used, together with data envelopment analysis (DEA)-based Malmquist productivity index (MPI), to investigate the impact of chosen main determinants on bank productivity. A panel regression analysis will be performed after generating the productivity index from the DEA-based MPI frontier. Findings – According to the findings, Islamic banks are statistically significantly more productive than conventional banks, and the findings of the t-test are corroborated by the findings of nonparametric tests. Furthermore, the findings of the panel regression model reveal that bank specific factors and macroeconomic variables are significant determinants to bank productivity. Surprisingly, the findings also show that the influence of social globalisation elements tends to be negatively related to conventional bank productivity. Originality/value – This study adds to the existing literature by bridging the globalisation gap in the productivity of the dual banking industry, particularly in the specific context of Southeast Asia, given that the area is representative of Islamic and finance globally.

The impact of the sharing economy has become increasingly prominent in facilitating sustainable economic growth. The current study examined this relationship in the context of emerging markets. It addressed the influence of income inequality on restricting the expected benefits from activities associated with the sharing of assets or services. The study employed panel data from 20 developing countries across Africa and Asia from 2001 to 2020 and used dynamic models to mitigate the impact of endogeneity. The study utilised a proxy indicator for sharing economies developed in the literature, as well as three different measures for income inequality, in order to ensure robust findings. The study employed the generalised method of moments (GMM) as its primary methodology. The GMM results confirmed previous findings from developed countries in which the sharing economy tended to promote the sustainable growth of the economy. Income inequality was observed to have a negative relationship with sustainable economic growth, however, and this indicated that it hampered the ability of the sharing economy to stimulate sustainable growth. Interestingly, when the analysis included interaction terms to capture the moderating impact of income inequality there was more consistency with previous research. The interaction term had a negative coefficient, indicating that income inequality tended to act as an impediment in developing countries to the full capturing of the benefits of peer-to-peer transactions. These findings provided useful insights into collaborative consumption and the peer economy, given that the aim of the sharing of resources would be to capture rent from underused assets. The study suggested that the development of efficient and effective platforms would allow developing countries to capture the benefits of the sharing economy.

The impact of economic freedom’s dimensions specifically on law’s rule and government’s size to the efficiency of the financial and social efficiency of the microfinance institutions (MFI) have been examined in this study. This study comprises of total 165 MFIs from four selected Asian countries over the period from 2011 to 2019. In overall, the MFIs are more capable to generating revenue from their financial activities to ensure their sustainability and to ensure they manage to provide better financial inclusions to the lower income society rather than merely focus on minimizing the poverty. The results from the panel regression analysis implied that property rights, government spending and tax burden are negatively significant with social efficiency of MFIs. On the other hand, government integrity showed a significant and positive relationship with social efficiency of MFIs. However, these variables revealed a consistent negative but insignificant relationship with the financial efficiency of MFIs.

Purpose – This research investigates the impact of environmental reporting policy based on evidence from levels of the debt maturity structure of non-financial firms listed on Bursa Malaysia i.e. the Malaysian Stock Exchange. In addition, further evaluation is performed on the ability of firms to adjust to target debt maturity levels based on the environmental disclosure policy. Design/methodology/approach – The research is conducted in the context of a developing country where the political and contracting costs of the economy tend to influence financial decisions. The selection of Malaysia as the focus of the research is based on it being characterised as a relationship-based economy. Therefore, incentives for environmental reporting policy would influence firms’ riskiness, perceived transparency levels as well as the ability to access capital markets. As a consequence of these characteristics, the research proposes a static and dynamic model in order to investigate the motivation for voluntary environmental disclosure based on debt maturity levels. Findings – Empirical results from modelling the determinants of debt maturity indicate that disclosure firms tend to opt for shorter debt maturity structures. Non-discloser firms’ motivation for opting for longer structures arises from potential liquidity risks. Furthermore, discloser firms are found to have lower levels of moral hazards as well as reduced potential for bankruptcy. Discloser firms’ motivation is further evidenced by the reduced potential for cash shortages highlighting lower levels of volatility. In addition, the dynamic regime switching model provides further justification for the environmental reporting policy where voluntary disclosers have enhanced ability to adjust to target debt maturity levels further validating the notion of voluntary reporting which is guided by firm riskiness and contracting costs. Originality/value – The findings from the research provide a direct measure of firms’ contracting costs based on environmental reporting policy. The measurement is based on the debt maturity structure as well as the ability to adjust to target debt maturity levels. Results take research forward, provide insights into firms’ riskiness, liquidity as well as motivation for adopting differing policies at firm levels.

The main purpose of this study is to examine the impact of two dimensions of country governance namely: 1) voice and accountability; 2) political stability and absence of violence to the social efficiency and financial efficiency of microfinance institutions (MFIs). Besides, this study also investigates the potential of MFIs specific characteristics and macroeconomic that may influence MFIs' efficiency. The present study gathers data on a total of 142 MFIs from the Philippines and Indonesia over the period 2011 to 2017. Overall, the results implied that, during the period of the study, although the MFIs had been operating on a relatively optimal scale, they were managerially inefficient to exploit their resources to the fullest in the view of both social efficiency and financial efficiency. This information could be useful to several parties and have several implications for MFIs, policymakers, investors and researchers to improve the efficiency level of MFIs.

Purpose Microfinance institutions (MFIs) play a significant role in society to help low-income consumers that liaise with sustainable development goals. Therefore, the purpose of this paper is to examine the effects of two economic freedom components, namely, regulatory efficiency on business freedom and monetary freedom; and market openness on investment freedom and financial freedom. Their influence on the efficiency of MFIs in both social and financial ways is examined. Design/methodology/approach This study collected a total of 88 MFIs from Thailand and the Philippines for the years 2011 to 2017. The data envelopment analysis approach has been used to measure the MFIs’ efficiency level. Then, the ordinary least squares and generalised least square estimation methods serve to analyse the effects of economic freedom and other determinants on efficiency. Findings The results show that overall MFIs operate at an encouraging level. However, they were managerially inefficient when exploiting resources to achieve both social and financial efficiency. Therefore, MFIs should focus more on managerial operations to improve the level of efficiency. Results from panel regression analysis showed a mixed outcome for the relationship between economic freedom and MFIs’ efficiency both financially and socially. This suggested that different freedoms will result in different outcomes and significantly influence MFIs’ financial and social efficiency. Originality/value Regulatory efficiency and market openness are the vital aspects of economic freedom components that may significantly influence MFI’s performance specifically on social and financial efficiency. This study fills the research gap by examining the relationship between economic freedom components and specific MFIs’ social and financial efficiency, to ensure MFIs work to achieve sustainable development goals.

Understanding the relations among natural resources, Islamicity and financial development helps economies to formulate policies and develop sources to improve the financial development. The current study aims to apply a novel Adaptive Neuro-Fuzzy Inference System (ANFIS) to explore financial development in 6 Asian economies (Pakistan, Indonesia, Philippines, Qatar, Bahrain and Thailand). It is a model used for prediction that depends on fuzzy guidelines findings in the information and creates a link among criterion and predictor variables. In doing so, the study considers the data from 2005 to 2019 to construct the forecasting framework of financial development in selected Asian economies using two predictor variables (natural resources and Islamicity). The findings of the study show that financial development increases with the decline in natural resources in all the sample countries. The selected countries are similar with respect to natural resources as a predictor versus financial development as criterion. With respect to Islamicity index, the findings are similar in Pakistan, Indonesia and Thailand and alike in Philippines, Qatar and Bahrain. For concern, in Pakistan, Indonesia and Thailand, financial development increases with the decline in Islamicity index while it increases with the increase in Islamicity index in Philippines, Qatar and Bahrain. It is concluded that resource-centered nations have negative relationship with financial development. It seems that the economies with abundant natural resources increases the exports of these resources instead of using them in the process of production. The study concludes that this soft computing approach can be implemented as an efficient and effective tool for predicting financial development for future period based on anticipated targets of rising financial development in Asian economies. Moreover, the method established in this study can be utilized to find out the solutions of different prediction problems in the similar domains. Keywords Natural Resources, Islamicity, Financial Development, Adaptive Neuro-Fuzzy Inference System

The main objective of this paper is to identify the impacts of social globalisation comprised of personal contacts, information flows and cultural proximity to the financial and social efficiency of Microfinance Institutions (MFIs). This study had conducted two stages of analysis, in which the first stage is Data Envelopment Analysis (DEA) approach and the second stage is multiple panel regression analysis under Generalized Least Square estimation method. The results exhibit that the overall MFIs operated in a relatively optimal scale during the period of the study. However, these MFIs were managerially inefficient in utilising their resources to achieve both social and financial efficiency. The results from panel regression analysis showed that only personal contacts exhibit a significant positive relationship with the financial efficiency of MFIs. This study could contribute new insights and implications to various parties, such as MFIs, policy makers, investors and researchers to improve the efficiency of MFIs.

Research background: Microfinance institutions (MFIs) play an important role in alleviating poverty. Thus, MFIs should be efficient in order to ensure that their objectives on social welfare and financial performance can be achieved by identifying the potential determinants, specifically on social globalisation. Purpose of the article: This paper examines the impacts of the social globalisation dimensions of interpersonal, informational, and cultural globalisations on the financial and social efficiency of MFIs. Methods: The data period covered the years 2011–2018; the data set consists of 176 MFIs from six Asian countries. The Data Envelopment Analysis (DEA) approach was employed to examine the MFIs’ efficiency levels. Generalised Least Square (GLS) regressions were used to analyse the impacts of social globalisation and other determinants towards the efficiency of MFIs. Findings and value added: Interpersonal globalisation had a significantly negative correlation with social efficiency, suggesting that increasing the number of foreigners in management in-trudes on local managers’ decisions. Informational globalisation had a significantly positive correlation with financial and social efficiency, which signifies that more information produces monopolistic profits in this industry. Finally, cultural globalisation had a positive correlation withsocial efficiency, demonstrating that a global trading culture improves the abilities and technolog-ical skills for labour development and enhances MFIs’ social efficiency. In general, the Cobb Douglas Production theory explained the understanding of the impacts social globalisation has on MFI efficiency. Furthermore, the findings from this study could provide important scientific, practical gap and contribute new insights and implications to various parties. Firstly, governments or policymakers can establish effective national policies and strategies. Secondly, this study could support investors in monitoring and understanding the performance of MFIs. Finally, the research could fill scholarly gaps and uncover more potential factors that influence the efficiency of MFIs.

Microfinance Institutions (MFIs) strive to alleviate poverty by offering financial access and services to the poor in society. MFIs play a significant role in a country's social and economic advancement. This study aims to examine the relationship of the economic and political globalisation with the social and financial efficiency of MFIs in the Philippines and Malaysia from 2012 to 2020. There are two types of analysis adopted in this study: the non-parametric Data Envelopment Analysis (DEA) and the multiple panel regression model. In the first stage, the DEA approach is employed to determine the MFIs’ level of efficiency. Next, the determinants of financial efficiency and social efficiency are identified through panel regression. The results of the robustness test show that MFIs have better and more effective financial efficiency compared to social efficiency. Therefore, this result shows that the MFIs concentrate more on profitability and sustainability of the operations and they tend to neglect their primary goal in terms of the social function, i.e., reducing poverty, since the scores for financial efficiency are higher than those for social efficiency. Furthermore, the MFIs, government, policymakers, investors, and future researchers benefit from the outcomes of this study, as they can obtain a comprehensive insight on the efficiency of MFIs and the variables that could contribute to the efficiency in MFIs.