Public ownership and local bank lending at the time of the Covid-19 pandemic: Evidence from Indonesia

This paper empirically analyzes whether the Covid-19 pandemic has brought about a significant impact on the lending of local banks and whether such impact has been different for public as compared to private local banks. Using panel data from 1344 Bank Perkreditan Rakyat (BPRs) –banks licensed to provide services within only a province's area– in Indonesia, this paper confirms the negative impact that the Covid-19 pandemic has had on local bank lending. This paper also confirms that the impact of the Covid-19 pandemic on lending has been smaller for local banks owned by majority government shareholders than for local banks owned by private shareholders, providing support to the "social” view of government intervention in the banking sector.

Economic policy uncertainty and international tourist arrivals: a disaggregated analysis of the Croatian Adriatic coast

This is the first study to examine the differential impact of Croatian and European economic policy uncertainty indices while controlling for the real effective exchange rate and industrial production on international tourist arrivals for the seven coastal counties of Croatia and the country as a whole. The Toda-Yamamoto long-run causality modeling approach with a Fourier approximation is employed to capture structural shifts. This approach is particularly useful in light of the disruption from the COVID-19 pandemic on the tourism sector. The results show unidirectional causality from both Croatian and European economic policy uncertainty indices to international tourist arrivals with the impact of the economic policy uncertainty indices negative and statistically significant across the respective coastal counties. Moreover, the findings show that European economic policy uncertainty exhibits a greater adverse impact on international tourist arrivals relative to Croatian economic policy uncertainty.

Working capital and firm performance: role of COVID-19 disruption

PurposeThis study examines the performance effect of working capital for a large sample of Indian manufacturing firms in light of supply chain disruption, i.e. the COVID-19 pandemic.Design/methodology/approachThis study is based on secondary data collected from the Prowess database on Indian manufacturing firms listed on the Bombay Stock Exchange (BSE) 500. Panel data regression analyses are used to estimate all models. Moreover, this study has employed robust standard errors to consider for heteroscedasticity concerns.FindingsThe results challenge the current notion of working capital investment and reveal that higher working capital has a positive and significant impact on firm performance. Further, it highlights that Indian manufacturing firms suffered financially post-COVID-19 as they significantly lack the working capital to run day-to-day operations.Originality/valueThis research contributes to the scant literature by examining the association between working capital financing and firm performance in light of the COVID-19 pandemic, representing typical developing economies like India.

Is irrigation fit for purpose? A review of the relationships between scheme size and performance of irrigation systems

Irrigation is increasingly being called upon to help stabilize and grow food and water security in the face of multiple crises;these crises include climate change, but also recent global food and energy price crises, including the 2007/08 food and energy price crises, and the more recent crises triggered by the COVID-19 pandemic and the war on Ukraine. While irrigation development used to focus on public, large-scale, surface- and reservoir-fed systems, over the last several decades, private small-scale investments in groundwater irrigation have grown in importance and are expected to see rapid future growth, particularly in connection with solar-powered pumping systems. But is irrigation 'fit-for-purpose' to support population growth, economic development, and multiple food, energy and climate crises? This paper reviews how fit-for-purpose irrigation is with a focus on economies of scale of surface and groundwater systems, and a particular examination of systems in Sub-Saharan Africa where the need for expansion is largest. The review finds challenges for both larger surface and smaller groundwater systems in the face of growing demand for irrigated agriculture and dwindling and less reliable water supplies. To support resilience of the sector, we propose both a holistic design and management improvement agenda for larger surface systems, and a series of suggestions to improve sustainability concerns of groundwater systems.

Assessing public support for social policy in times of crisis: evidence from the Child Tax Credit during the COVID-19 era in the United States

The 2021 American Rescue Plan included the temporary expansion of the Child Tax Credit (CTC)-the largest individual income tax credit program in the United States-for most families with children. In the context of the COVID-19 pandemic, how did the public perceive this social policy benefit for families, especially in relation to other traditional social programs? By focusing on the CTC, an understudied policy area, and presenting original survey data, this paper first shows that, while the majority of respondents favored the CTC, levels of support for these benefits were lower than support for other social programs. Second, the paper suggests that, compared to older people and people with disabilities, Americans view families as part of the "undeserving" population. Third, by presenting panel data, we show that there is no change in levels of CTC support even among recipients of these benefits. Overall, these findings shed light on important challenges to the development and implementation of family policy in the USA, as well as the possibility of recalibrating the US liberal welfare state.

The animal keeping culture and the motivation of animal keepers in Hungary

Background: In the past few decades the animal keeping culture and habits have changed a lot internationally, some animals have become family members. The COVID-19 pandemic has created an unprecedented situation in the world, including Hungary. In many places, the quarantine period was associated with Isolation and, therefore, an increase in the number of companion animals. Objectives: Our aims were to (1) survey the animal keeping culture and habits, (2) examine the motivation of the owners and (3) explore the attitudes about adoption, neutering, breeding and the use of livestock animals in Hungary. Materials and Methods: Specialized surveys were conducted among 843 persons through social media and personal interviews from 20 June to 30 August 2021 by using a questionnaire including 16 questions. The chosen groups were compared with Fisher's Exact test and Chi-square test. Results and Discussion: 97.0% of the respondents regard their dog as a family member. Nearly 25% of the respondents do not wish to neuter their dogs, because they want to breed the dogs or they find it unnecessary. The primary reason for cat keepers not to neuter their pet is the financial issue. Animal keepers and women are significantly more likely to consider their animal as a family member (p < 0.001). Men, the elderly, people who live in the countryside and those who have only elementary education think that neutering is of less importance (p < 0.001). Non-animal keepers, elderly people and men think more negatively about adoption. Buying an animal from a breeder is more important to the younger age groups (p < 0.001) arid those who live in Budapest (p < 0.01). 42.3% of the respondents gave the lowest evaluation scores to the assessment of the livestock units. Women, people from younger age groups (p < 0.05) and those who have higher education (p < 0.001) think more negatively about the use of farm animals. Non-animal keepers, the elderly and people of lower education consider the livestock animals' emotional intelligence lower (p < 0.05). Men (p < 0.001), people over 65 years of age (p < 0.001) and of lower education (p < 0:01), and also non-animal keepers (p < 0.001) accept significantly easier the use of livestock animals.

A research on the using of bank loans in accommodation companies traded in Borsa Istanbul

The main purpose of this research is to analyze the using of bank loans provided by the banking sector in accommodation companies traded in Borsa Istanbul in terms of type, maturity and cost. The study also examined the impact of the Covid-19 outbreak on the accommodation companies' use of bank loans. In this context, the level of bank loan usage, the type of bank loans, interest rates, maturity and their distribution in currency between the years 2009 and 2021 were tried to be determined by ratio and document analysis. As a result of the analysis, it was determined that 10,84% of the assets in accommodation companies are financed by bank loans, the use of bank loans in total liabilities is 19.92% and short-term bank loans are preferred. It was also detected that accommodation companies mainly benefit from business loans, daily spot loans, revolving loans, current account loans, foreign exchange earning loans, vehicle loans and investment loans in Turkish Lira, Dollar, Euro and Sterling with interest rates varying every year. However, compared to the pre-Covid-19 outbreak period, it was observed that the level of bank loans used by accommodation companies first decreased, but then increased again.

How do international olympic sport federations innovate? The use of crowdfunding and the impact of COVID-19

The purpose of this study was to contribute to the understanding of innovation and crowdfunding of International Olympic Sport Federations (IFs), which are the world governing bodies of their respective sports. Three research questions were addressed: the perceptions of the IFs on the implementation of their innovation programmes during the last four years (2016-2020), the impact of COVID-19 on the IFs capability to innovate, and the crowdfunding strategies of the IFs. A mixed method combining qualitative and quantitative approaches was used. An online semi-structured questionnaire which included an open answer section was completed by IFs executives (n = 22) and an analysis of the information provided by IFs through various content sources was conducted. Results showed that IFs with less funding had a significantly more innovative approach that their counterparts, that the perception of the impact of COVID-19 on the innovative capability was not unanimous, that they identified sport-specific programmes as the most innovative of all initiatives delivered during the pandemic, and that crowdfunding projects were implemented in their sport but mostly at individual and local levels. From a research perspective, since this is the first study that investigates the innovation and crowdfunding strategies of IFs, future directions include the need for further research with national and regional federations on these topics. Practical implications are suggested for IFs to deliver innovative programmes to satisfy their stakeholder needs and to consider new funding methods such as crowdfunding as part of their strategies.

Financial investments of the dominant cruise companies as a component of the global economic recovery and eventual growth during COVID-19 crisis era

One of the most important sectors of tourism globally is cruise tourism, as is giving a leisure experience to cruisers who are traveling across different destinations. It is also one of the most growing sectors in the tourism industry as is becoming increasingly popular. In this review study, conducted employing thematic analysis and thematic synthesis, the authors aim to approach the COVID-19 crisis era financial investments of dominant cruise companies as a component of global economic growth. Nowadays, the cruise industry operates big cruise ships as is contrary to the cruise industry back in 1960s. This study finds that the biggest cruise companies line up investment plans to renew their cruise fleet with larger, more modern, and environmentally friendly ships, borrowing from favorable financing sources. In other words, the companies are trying to introduce specific strategies to maintain their business growth, by investing in building new vessels with the target of expanding their current fleet with cruise ships with better capacity.

Reflections on ecotourism in the municipality of Rancharia (SP, Brazil): possibilities and challenges

Tourists' preference for ecological attractions was boosted in the post-Covid-19 period and reinforced the importance of ecotourism around the world, with the appreciation of domestic trips to destinations marketed as sustainable. Therefore, the general objective of this article is to reflect on potentialities and challenges for ecotourism in the municipality of Rancharia (SP, Brazil). It should be noted that Rancharia is part of the "Sol do Oeste" and "Oeste Rios" Circuits, so there is a regional articulation focused on a tourism policy. The research methodology consisted of a theoretical review on the topic of ecotourism, tourism planning and tourism sustainability, highlighting study concepts and perspectives. Documents provided by the municipal government were consulted, such as the Master Plan, the Master Plan for Tourism Development and the Urbanistic and Environmental Master Plan. To complement the analyses, an interview was conducted with the Director of the Municipal Department of Tourism, the main activity management sector on a local scale. The results show that Rancharia has the potential to perpetuate ecotourism practices, especially when it is verified the presence of expressive natural resources in its territory and the title of Municipality of Tourist Interest (MIT) conquered in 2007, when it started to receive funds for investments in infrastructure tourism, as well as resources from the Improvement Fund for Tourist Municipalities to benefit the activity. On the other hand, the challenges are related to the opening of private properties to public visitation, as they have natural attractions that already motivate flows of people, however, they also lack investments in infrastructure for access and permanence of visitors. Likewise, it is necessary to sensitize the community to the value of ecotourism as an alternative to socioeconomic development. From this, it would be possible to structure an ecotourism itinerary with an emphasis on practices and leisure activities in contact with nature, attracting more tourist flows to the municipality.

Adjuvant Systemic Corticosteroid Therapy in Hospitalized Patients with Community-Acquired Pneumonia

The article focuses on the use of corticosteroids in the treatment of community-acquired pneumonia (CAP). Topics include the conflicting evidence on the efficacy of corticosteroids with the results of a systematic review and meta-analysis of 16 trials;and the potential benefits and risks associated with corticosteroid use which will decrease the need for mechanical ventilation, with a higher rate of hospital readmission.

Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery.

We assess the individual and compounding impacts of COVID-19 and climate physical risks in the economy and finance, using the EIRIN Stock-Flow Consistent model. We study the interplay between banks' lending decisions and government's policy effectiveness in the economic recovery process. We calibrate EIRIN on Mexico, being a country highly exposed to COVID-19 and hurricanes risks. By embedding financial actors and the credit market, and by endogenising investors' expectations, EIRIN analyses the finance-economy feedbacks, providing an accurate assessment of risks and policy co-benefits. We quantify the impacts of compounding COVID-19 and hurricanes on GDP through time using a compound risk indicator. We find that procyclical lending and credit market constraints amplify the initial shocks by limiting firms' recovery investments, thus mining the effectiveness of higher government spending. When COVID-19 and hurricanes compound, non-linear dynamics that amplify losses emerge, negatively affecting the economic recovery, banks' financial stability and public debt sustainability.

The role of credit lines and multiple lending in financial contagion and systemic events

Banks play a crucial role in providing liquidity to borrowers, particularly during crises (Kashyap et al., 2002 [33]). The existence of multiple lending relationships between banks and borrowers has been seen as an element that reduces the risk of liquidity shortage for debtors (Detragiache et al., 2000). In this paper, we aim to show how the interaction of these two aspects with solvency and liquidity requirements might have implications for the stability of the banking system, which might still need to be fully analyzed. We show that if other sources of liquidity are unavailable or too costly for banks, multiple lending might be a key element in a systemic liquidity shortage and a large drop in lending to the economy. These findings are particularly relevant for understanding how macroeconomic shocks, such as the relatively recent outbreak of COVID-19, could impact the real economy, as well as for assessing the implications of alternative banking resolution mechanisms.

Missing in action? Mortgage enforcement under section 126 of the Consumer Credit Act 1974

This paper sets out the true ambit of section 126 of the Consumer Credit Act 1974, noting that it requires virtually all residential mortgage agreements to be enforced by court order. Despite this, numerous commentaries on the English law of mortgage omit reference to section 126. The implications of our findings are profound. Not least, many accounts of the law of mortgage will require substantial revision, including recognition of the fact that cases such as Ropaigealach v Barclays Bank plc and Horsham Properties Group Ltd v Clark were reversed as long ago as 2008. More significant is the need to ensure that accurate knowledge of section 126 is conveyed to those who advise mortgagors at risk of possession. This is particularly the case given the 'cost of living crisis' and the backlog of possession claims arising out of the Covid-19 pandemic. Any mortgagees tempted to expedite recovery of mortgaged property by enforcing the mortgage extra-judicially should be directed to section 126 and the requirement it imposes to obtain a court order.

Default risk transmission in the travel and leisure industry

Default risk in the Travel and Leisure (T&L) industry remains understudied despite its implications for the industry's health and stability. This paper investigates the transmission of default risk among US T&L firms over various credit horizons from July 22, 2008 to December 9, 2022, paying special attention to the impact of COVID-19. The short-, medium-, and long-term default risk factors are extracted from the Credit Default Spread (CDS) curve of the US T&L industry then used within a connectedness approach. The results reveal considerable default risk transmission, particularly in the long-term. Default risk transmission has spiked across all horizons since the pandemic, reflecting the deterioration in credit quality of T&L firms under the pandemic. Analysis of the drivers of default risk transmission shows that several macro-financial variables, especially news market sentiment and stock market volatility induced by the pandemic, have an important explanatory role.

Coping with COVID-19 shocks in rural Nepal

We examine shocks experienced by rural Nepali households during the COVID-19 pandemic. Households primarily experienced income and price shocks during a government-imposed lockdown. During this time, households managed to effectively protect consumption, and mostly relied on credit (26%), asset sales (10%) and savings (8%). Debt levels nearly doubled, with limited changes to savings. We then leverage a long-term randomized control trial (RCT) to assess whether beneficiaries of a livestock livelihood program are more resilient. Program beneficiaries are 6 percentage points less likely to take out new loans.

The Impact of Entrepreneurship Financial Opportunities and Business Environment on the Country's Innovation Development and National Wealth

The Covid-19 pandemic caused negative consequences for the economic growth and national wealth of countries worldwide. In 2020 the GDP per capita growth was -4,3% worldwide and -5% in Azerbaijan. However, in 2021, it was 4,8% and 5,1% in accordance, indicating Azerbaijan's economic potential. At the same time, Azerbaijan takes only 80th place from 132 countries in the Global Innovation Index Rank, which is not sufficient and requires further innovation development of the country. Also, Azerbaijan is the 34th of 190 countries in the Ease of Doing Business rank. Still, according to the Enterprise Surveys made by the World Bank, 23,7% of firms in Azerbaijan choose access to finance as their biggest obstacle. At the same time, the average world indicator is 14,2%, and the average one in Europe and Central Asia is 9,4%. Therefore, this research aims to prove the hypothesis about the positive impact of entrepreneurship financial opportunities and the business environment on the country's innovation development and national wealth. In the first stage, a bibliometric and analytical analysis was carried out using the tools of the Scopus database, the VOSviewer, and Google Trends. In the second stage, a sample of 20 countries was formed. It includes the top 10 leaders in the Global Innovation Index Rank with high-income economies (as benchmark countries for innovation development, according to which Azerbaijan should increase its position) and the top 10 leaders with upper-middle-income economies (similar to Azerbaijan). The informational base consists of data from the World Bank, the World Intellectual Property Organization, and the World Economic Forum for the last 10 available years. In the third stage, the correlation analysis was made to identify the relationship between the indicators of entrepreneurship financial opportunities and business environment (financing of SMEs, venture capital availability, domestic credit to the private sector, ease of doing business, ease of starting a business, ease of getting credit, ease of resolving insolvency, protecting minority investors, number of new limited liability companies, new business density) and the indicators of the country's innovation development (Global Innovation Index) and national wealth (total wealth per capita). And at the fourth stage, the impact of entrepreneurship financial opportunities and business environment on the country's innovation development and national wealth was determined based on regression modeling results. The obtained results could be useful for scientists in further research on this issue and for government officials in improving the state's economic policy.

Using the Tobin Q model to evaluate the impact of credit risks on the bank's market value during the corona pandemic

PurposeThis paper aims to assess the impact of credit risk on the market values of private banks during the corona pandemic. Design/methodology/approachThis study is identifying critical issues of credit risk at six great private banks. A conceptual framework is designed based on the Tobin Q model for investigating study hypotheses. Quantitative financial analysis methods have been used for processing data, such as financial ratios, arithmetic mean and multiple linear regression. FindingsThe most important result of this study is the lack of influence of credit risk on the market value of selected banks. Because the dimensions of credit risk have critical importance in increasing or decreasing the market value, these banks must continue to adopt quantitative financial analysis to measure credit risks to avoid their risk. Originality/valueThis study elaborates the need for financial indicators to help assess the market value of banks during the economic crises caused by the closure of commercial institutions during the corona pandemic. There is continued increase in bank credit to support these institutions, borrowers and cash withdrawals, which may affect their market reputation.

Emerging venue considerations for event management: the case of Ireland

Event venues represent a focal point for infectious disease transmission among attendees and event stakeholders, creating lasting uncertainty within the industry post-COVID-19. There is now a need to investigate emerging venue considerations for the event industry as a result of the COVID-19 pandemic. Using Ireland as a case, a quantitative questionnaire was used on a sample of event managers. Event venue monitoring for COVID-19 is lacking, while risk mitigation procedures focus more on attendees already at the venue rather than avoiding infected persons entering the venue. Risk assessments now comprise COVID-19 risk;however, a lack of resources means regular health and safety has shown signs of weakening. Government and local authority resources and financial support are required. Pre-venue procedures of symptom screening and proof of vaccination, combined with venue procedures for disinfection of venue spaces, table service, and appropriate ventilation have proven to be effective COVID-19 risk mitigation procedures. Additionally, ICT (information and communications technology) could disseminate up-to-date health guidelines through customer-centric digital environments representing enhanced information sharing to avoid uncertainty and support pro-social intentions of event attendees and compliance with event venue COVID-19 risk mitigation procedures.

Bsds-balance sheet dynamics simulator (application abm)

Disrupting events like COVID-19, climate change or new competitors (e.g., GAFAM) can permanently change the structure of a bank's balance sheet and the bank's risk profile. Agent-based modeling (ABM) is a versatile, interdisciplinary bottom-up approach that can be used to consider such effects in dynamic simulations of the balance sheet development. The authors present a concept for an agent-based model that simulates the effects of macroeconomic scenarios and competitive boundaries on the balance sheet dynamics of banks. An implementation of such a model could be used to explore stylized balance sheet developments over time and thereby provide a valuable planning tool for qualitative and quantitative risk management. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2021.