Volume 28, Number 2, 2025

EN:

This research aims to systematically catalogue the antecedents, mediators, moderators, and outcomes of internationalisation for small- and medium-sized enterprises (SMEs) from emerging and developing countries (EDCs) by conducting a systematic literature review of 113 studies from 2005–2022. The analysis reveals that the antecedents, mediators and moderators of EDCs SMEs’ internationalisation are inherently paradoxical, often acting as both enablers and inhibitors. Our study identifies resource plasticity as the central mechanism that these firms use to navigate these contradictions. Theoretically, this challenges linear internationalisation models and provides a more nuanced understanding of how firms from challenging contexts internationalise by dynamically managing paradoxical forces.

EN:

This study investigates the non-linear relationship between corruption and human development and examines how government budget transparency moderates this nexus across 119 economies spanning a period from 2010 to 2021. Using Prais–Winsten and Hansen’s (2000) panel threshold regression techniques, the analysis reveals that corruption negatively affects human development, with the adverse impact intensifying at higher levels of corruption—supporting the “sand the wheels” hypothesis. Furthermore, strong budget transparency mitigates this negative effect, indicating that transparency, public participation, and oversight enhance development outcomes even in high-corruption contexts. The study contributes to the literature by uncovering the threshold effects of corruption and demonstrating the moderating role of fiscal transparency in promoting human development. The study advances the “sand the wheels” theory of corruption by demonstrating that its adverse effects on human development are non-linear, that is, the marginal harm increases as corruption intensifies.

EN:

Japanese firms commonly use shareholder perk programs to attract and retain individual investors. However, the market implications of discontinuing such programs remain underexplored. This study investigates the impact of shareholder perk discontinuation announcements on stock prices in Japan, drawing on the signaling theory and behavioral finance, particularly the concept of loss aversion. Using a combination of event study methodology and cross-sectional regression analysis, the study reveals that perk discontinuation leads to significantly negative stock price reactions. This negative reaction is especially pronounced for firms with highly convertible perks (e.g., gift cards), those with a high proportion of individual shareholders, and firms operating in B2C industries. Furthermore, the magnitude of this negative reaction was found to be amplified by growth opportunities and mitigated by a simultaneous dividend increase, indicating firm-specific heterogeneity in the market’s response to perk discontinuation. By integrating these and other relevant firm attributes as explanatory and control variables (e.g., firm age) within a unified framework, this study offers a comprehensive evaluation of how various attributes influence investor responses. The findings contribute both theoretically and empirically to the literature on shareholder perks and provide practical implications for firms considering revisions to their shareholder perk policies.

EN:

This study examines the moderating effect of anti-money laundering (AML) regulations on the relationship between financial inclusion and economic growth, and investigates whether this impact is threshold-specific. Utilising a panel dataset from 213 countries (2012–2019), we employ a two-step system, Generalised Method of Moments (GMM) and the Seo et al. (2019) dynamic panel threshold regression model. Our findings confirm that financial inclusion generally stimulates economic growth. Crucially, we demonstrate that the impact of financial inclusion on economic growth is contingent on the intensity of AML regulations. Specifically, financial inclusion promotes growth below a certain threshold of AML regulation, but surprisingly, it inhibits growth when AML regulations exceed this threshold. This threshold effect is particularly pronounced in developing and African economies compared to developed countries. Theoretically, this study extends the understanding of financial inclusion and economic growth by introducing a critical non-linear moderating role for AML regulations, suggesting that an optimal level of regulation exists beyond which the intended benefits may be reversed. Policy implications underscore the need for regulators to consider these threshold effects when designing and implementing AML frameworks, ensuring that financial inclusion continues to drive economic growth effectively.