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Recent Developments in Finance and Economic Growth
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Recent Developments in Finance and Economic Growth

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: 30 June 2025 | Viewed by 3662

Special Issue Editors

Dr. Bibhudutta Panda

E-Mail Website
Guest Editor
Division of Social Science, University of Minnesota, 600 E. 4th Street, Morris, MN 56267, USA
Interests: economic growth; economics of corruption and institutions
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Badri Narayan Rath

E-Mail Website
Guest Editor
Department of Liberal Arts, Indian Institute of Technology Hyderabad, Kandi, India
Interests: economic growth; industrial economics; international trade; energy economics and applied econometrics

Special Issue Information

Dear Colleagues,

Frictions in the financial system adversely affect the allocation of resources towards investments in physical and human capital, entrepreneurial activity, and technological innovation, hence impeding long-run economic growth. The financial system plays a major role in: (1) reducing transaction costs; (2) diminishing the effect of information asymmetry, thereby improving capital allocation and corporate governance; (3) improving contract enforcement; and (4) facilitating risk management. As a result, the financial system promotes the efficient allocation of resources towards productive uses, thereby increasing efficiency and production. Further, the quality of the financial system has important implications for international capital flows, income and wealth inequality, and poverty.

The costs associated with financial frictions incentivize innovations in the financial system in the form of modern financial instruments, financial contracts, and improvements in access to capital markets. For example, the digitalization of financial services has improved access to banking and credit for low- and medium-scale entrepreneurs, resulting in innovation and economic growth. On the other hand, the 2007–2009 global financial crisis reminds us that innovations in the financial system could result in excessive risk-taking and agency problems in the absence of appropriate regulations, leading to an economic slowdown.

This Special Issue invites scholarly contributions that examine recent developments in the financial system and their implications for economic growth. The implications of such developments on a broad range of topics such as access to the capital market, capital formation, human capital, employment, total factor productivity, entrepreneurial activity, firm-level production and innovation, international capital flows, income distribution, and poverty will be considered. Further, papers examining the institutional, political, cultural, and regulatory determinants of such developments and their implications for economic growth will be considered.

Dr. Bibhudutta Panda
Prof. Dr. Badri Narayan Rath
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial system developments
  • financial market
  • financial institutions
  • financial instruments and services
  • fintech
  • financial inclusion
  • digital financial inclusion
  • capital market imperfection
  • access to credit
  • international capital flows
  • economic growth
  • entrepreneurship
  • firm-level evidence
  • cross-country evidence
  • public finance and growth

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (2 papers)

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Research

10 pages, 665 KiB  
Article
Character Counts: Psychometric-Based Credit Scoring for Underbanked Consumers
by Saul Fine
J. Risk Financial Manag. 2024, 17(9), 423; https://doi.org/10.3390/jrfm17090423 - 22 Sep 2024
Viewed by 1054
Abstract
Psychometric-based credit scores measure important personality traits that are characteristic of good borrowers’ behaviors. While such data can potentially improve credit models for underbanked consumers, the utility of psychometric data in consumer lending is still largely understudied. The present study contributes to the [...] Read more.
Psychometric-based credit scores measure important personality traits that are characteristic of good borrowers’ behaviors. While such data can potentially improve credit models for underbanked consumers, the utility of psychometric data in consumer lending is still largely understudied. The present study contributes to the literature in this respect, as it is one of the first studies to evaluate the efficacy of psychometric-based credit scores for predicting future loan defaults among underbanked consumers. The results from two culturally diverse samples of loan applicants (Sub-Saharan Africa, n = 1113; Western Europe, n = 1033) found that psychometric scores correlated significantly with future loan defaults (Gini = 0.28–0.31) and were incrementally valid above and beyond the banks’ own credit scorecards. These results highlight the theoretical basis for personality in financial behaviors, as well as the practical utility that psychometric scores can have for credit decisioning in general and the facilitation of financial inclusion for underbanked consumer groups in particular. Full article
(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)
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Figure 1

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<p>ROC curves.</p> Full article ">Figure 2
<p>Default rates by psychometric score band. <span class="html-italic">Note</span>: Low and high score bands represent the bottom and top 15–20th score percentiles, respectively. Exact case numbers can be found in the tables below.</p> Full article ">
23 pages, 668 KiB  
Article
Does Corporate Social Responsibility Create Value in Acquisitions? Evidence from the German Market
by Jan-Luca Walter, Michel Charifzadeh and Tim Alexander Herberger
J. Risk Financial Manag. 2024, 17(6), 250; https://doi.org/10.3390/jrfm17060250 - 18 Jun 2024
Viewed by 1486
Abstract
This paper examines the impact of a firm’s Corporate Social Responsibility (CSR) level on abnormal stock returns around merger and acquisitions (M&A) announcements. Using a sample of transactions announced by German DAX-listed acquirers from 2017 and 2022, the analysis assesses whether CSR creates [...] Read more.
This paper examines the impact of a firm’s Corporate Social Responsibility (CSR) level on abnormal stock returns around merger and acquisitions (M&A) announcements. Using a sample of transactions announced by German DAX-listed acquirers from 2017 and 2022, the analysis assesses whether CSR creates value for acquiring firms’ shareholders and offers a comprehensive discussion of potential factors supporting or opposing this notion. Our study seeks to fill a notable gap in the German literature on the relationship between CSR performance and abnormal stock returns surrounding M&A announcements. Building upon prior research findings in the US and in an international sample, our investigation focuses on the German market. Employing event study methodology, our results indicate that M&A transactions of German-listed acquirers did not yield significant negative or positive cumulative abnormal returns for event windows of 3 and 11 days. Furthermore, based on multiple linear regression, no evidence was found that CSR positively or negatively influenced abnormal stock returns following M&A announcements, suggesting that positive and negative effects potentially offset each other. The outcomes of our research have important implications for investors, as CSR initiatives do not serve as a positive trading signal, guaranteeing excess returns, which contrasts findings from previous studies in other developed countries. For managers, it is essential to concentrate on factors beyond CSR performance, such as synergies and fit. Finally, both managers and investors should not view CSR as a shareholder value-enhancing short-term investment but as an integral component of fostering sustainable business development. Full article
(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)
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Figure 1

Figure 1
<p>Potential impacts of CSR on acquirer’s stock performance in the case of an M&amp;A announcement in the short run.</p> Full article ">
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