Enterprise Development & Microfinance (EDM) contains over 35 years of valuable, practice-based insights into the role of markets, enterprises and financial services in reducing poverty and stimulating economic development. Enterprise Development & Microfinance (ISSN 1755‑1978 print / 1755‑1986 online). A quarterly, peer-reviewed international journal published by Practical Action Publishing (UK). EDM connects rigorous research with practical experience in microenterprise and financial inclusion. Established in 1990 (formerly Small Enterprise Development), it has over 35 years of contributions towards poverty reduction and sustainable development. Enterprise Development & Microfinance (EDM) is a distinguished, peer-reviewed journal that brings together over three decades of impactful scholarship and field-based knowledge on the dynamic interplay between markets, enterprises, and financial services in fostering poverty alleviation and inclusive economic development. Originally launched in March 1990 under the title Small Enterprise Development (SED, ISSN: 0957-1329), the journal has evolved in both scope and influence, maintaining a strong commitment to addressing the real-world challenges faced by micro, small, and medium enterprises (MSMEs), as well as the communities they serve. In March 2008, it was rebranded as Enterprise Development & Microfinance to reflect a broader focus that integrates financial inclusion, market systems, enterprise innovation, and livelihood strategies. What sets EDM apart is its unique blend of academic rigor and practical relevance. Contributions are authored by a diverse global community of scholars, field practitioners, development professionals, and policymakers. The journal’s editorial philosophy centers on producing content that not only contributes to theoretical advancement but also directly informs on-the-ground development practice and institutional strategy. Over the years, EDM has served as a vital resource for: Understanding how financial tools and services can be tailored to empower underserved populations Analyzing the impact of enterprise development initiatives on economic resilience Documenting innovative models in inclusive finance, rural entrepreneurship, and sustainable value chains Exploring gender equity, digital finance, and policy reforms in developing economies Published quarterly by Practical Action Publishing (UK), EDM continues to uphold its mission of bridging the gap between research, policy, and practice. It encourages critical reflection, cross-sector dialogue, and the exchange of evidence-based solutions to complex development challenges. As the global development landscape continues to evolve, Enterprise Development & Microfinance remains at the forefront—amplifying voices from the Global South, facilitating South-South learning, and shaping actionable knowledge for a more equitable and sustainable world.
Sustainable microfinance as a transforming knowledge domain
Sustainable microfinance has evolved from an instrument to alleviate poverty into a multidimensional development tool that integrates financial inclusion, social outcomes, and environmental sustainability. However, the research in this field is fragmented across microfinance, green finance, and sustainable finance, and it unclear how these dimensions interact. We address this gap by conducting the first integrated bibliometric and systematic review of sustainable microfinance, based on articles published between 1999 and 2025 (identified in Web of Science and Scopus). We use a mixed-methods design that combines bibliometric mapping with qualitative synthesis to reconstruct the conceptual evolution of the field and identify its intellectual and thematic structure. The results reveal three stages: an initial welfarist phase focused on poverty reduction and women’s empowerment; an institutionalist phase emphasising financial self-sufficiency and operational efficiency; and a recent sustainability-oriented phase that incorporates environmental responsibility, governance quality, and digital transformation. The emerging themes include climate-risk management, renewable energy financing, environmental performance of microfinance institutions, impacts based on gender, knowledge-based financial inclusion, and the role of institutional capacity in shaping development outcomes. From a development perspective, sustainable microfinance intersects with climate vulnerability, persistent inequalities, digital divides, and governance challenges. Nevertheless, there are important gaps regarding theoretical integration, cross-country comparability, how environmental and social outcomes are measured, and the long-term effectiveness of green and gender-oriented interventions. Overall, sustainable microfinance is a promising but under-theorised domain with substantial potential to support inclusive, climate-resilient, and gender-responsive development pathways. We propose a future research agenda grounded in multidimensional and context-sensitive approaches.
Copyright (c) 2026 Enterprise Development and Microfinance
Critical Success Factors for Microfinance Institutions (MFIs) Survival in Emerging African Markets: A TOPSIS-Based Evaluation
Microfinance institutions (MFIs) play a crucial role in advancing financial inclusion, promoting entrepreneurship, and supporting poverty alleviation across emerging African economies. Despite their developmental significance, many MFIs continue to face sustainability and survival challenges stemming from financial constraints, institutional inefficiencies, and macroeconomic vulnerabilities. This study identifies and ranks the critical success factors that determine the survival and sustainability of MFIs in six emerging African economies: South Africa, Kenya, Nigeria, Egypt, Ethiopia, and Morocco. Using data from 210 MFIs in the MIX Market database covering 1999–2019, the research employs a multi-criteria decision-making approach, specifically the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), to rank factors derived from a prior Cox Proportional Hazards (Cox PH) survival analysis. The results reveal that GDP growth is the most influential determinant, followed by the rural population share (PERRURPOP). The study contributes to the microfinance literature by combining survival and ranking methodologies, offering a replicable framework for prioritising sustainability determinants that can guide policy, investment, and strategic management decisions in the microfinance sector.
Entreprise Sustainability in Marginalized Communities: A Socio-Economic Analysis of Tribal Entrepreneurs in Kerala
This study examines the influence of the demographic factors on the sustainability of the NWFP based enterprises by the tribal entrepreneurs in Kerala with the role of start-ups and other capacity development programmes. The study uses quantitative research design using the primary data collection through questionnaire from 300 tribal entrepreneurs across 3 regions in Kerala. The data were evaluated by using Partial Least Square - Structural Equation Modelling (PLS-SEM) software version 4 for finding the relationship of demographic factors on the sustainability. Demographic factors include Gender, Marital Status, Experience, Community and Line of business. The study findings reveals that entrepreneurial experience is the main factor that influences the sustainability. Other demographic factors show weak direct relationship on sustainability. Marital status does not exhibit on the sustainability of the tribal enterprises. The findings suggest that demographic factors themselves are insufficient for the sustainability unless there are a proper entrepreneurial experience and institutional support. The policymakers and agencies should prioritize capacity building, skill development special training programs to the tribal entrepreneurs. Continuous training, mentorship, and experiential learning opportunities can significantly enhance enterprise sustainability, particularly in NWFP-based livelihoods that are highly sensitive to ecological and market uncertainties.
Ownership Structure, Financial Leverage, And Company Performance: A Study Of Companies On The Vietnamese Securities Exchange
This research examines how ownership structure influences financial leverage and corporate performance within ceramic tile firms listed on Vietnam's securities exchanges between 2013 and 2023. Through empirical analysis, this study explores the impacts of state and foreign ownership on critical indicators such as financial leverage and return on assets. The findings reveal that higher state ownership correlates with lower business performance, while higher foreign ownership correlates with improved business performance. Additionally, state ownership is shown to negatively affect financial leverage, whereas foreign ownership positively influences financial leverage. These findings offer empirical evidence supporting the optimization of ownership structures within Vietnam's ceramic tile industry, presenting valuable insights for policymakers and stakeholders. The study underscores the strategic significance of effective ownership planning and governance practices in fostering an environment conducive to state and foreign investments, thereby promoting sustainable growth and enhancing competitive advantage.
Sustainability As A Lever For Territorial Attractiveness: Qualitative Study For The Case Of The Tangier Automotive Cluster
This article analyses how sustainability can be defined as a determining factor to stimulate the attractiveness of the automotive industry in the Tangier region of Morocco. To face the several challenges related to ecology and the global market demands, the industrial areas must place sustainability in the center of their strategies for their competitiveness. To analyse the perception and implementation of sustainable practices, this study relies on a qualitative methodology, involving 60 semi-structured interviews with key stakeholders in the Tangier automotive ecosystem. The selected results have been processed via a thematic analysis using the Nvivo 15 software, which has revealed that sustainability infrastructures (clean energy, waste management), Corporate Social Responsibility (CSR), emission reduction, and the use of renewable energy are key elements that upgrade Tangier as an organized proximity (Torre & Rallet, 2005), the concept of the learning region, and the theory of institutional decoupling for its attractiveness. Moreover, this study emphasizes multiple theoretical frameworks such as organized proximity (Torre & Rallet, 2005), the concept of the learning region, and the theory of institutional decoupling to elucidate the observed dynamics. It highlights that sustainability practices are no longer an option but a foundation stone shaping the industries’ orientation. Taking into account that Tangier is positioned as an attractive hub for Foreign Direct Investment (FDI), the industrial zone continues facing several challenges, calling for a particular focus to integrate the best business and sustainable practices to strengthen its scale.
External Responsibility and Internal Innovation: Drivers of Innovative Performance in Indonesian SMEs
In the contemporary global economy, innovative performance of firms is increasingly driven by the effective management of human resources, as employees’ knowledge, skills, and behaviors play a central role in improving processes, and responding to dynamic market demands. Despite the critical contribution of SMEs to the Indonesian economy, many continue to exhibit low levels of innovative performance, thereby constraining their competitiveness and long-term sustainability. Addressing this issue, this study adopts a human resource perspective to investigate how corporate social responsibility (CSR) orientations influence innovative performance through employee-driven organizational mechanisms. Using data collected from 297 SME owners and managers in Indonesia, this study employs partial least squares structural equation modeling to examine the proposed relationships. The findings indicate that environmental CSR orientation and social CSR orientation positively influence innovative performance by strengthening pro-social and pro-environmental values and supporting HR-driven organizational practices. Organizational innovation significantly enhances SMEs’ ability to develop and implement new products and processes and mediates the relationship between CSR orientations and innovative performance. However, innovative work behavior, as an employee-level discretionary behavior, does not significantly moderate these relationships. This study contributes to the literature by integrating stakeholder and dynamic capability perspectives with HRM insights, demonstrating that CSR orientations function as internal signals that shape employee attitudes and behaviors, which in turn drive innovation outcomes. From a practical standpoint, the findings highlight the importance for SME managers and policymakers to align CSR initiatives with HR practices such as employee development and engagement to effectively translate social responsibility into innovation performance.
The Massification Paradox: Why Greater Microcredit Availability May Reduce Entrepreneurial Value Creation — Evidence from the CAPEC Network in Mauritania
While the post-2015 randomised evaluations have established that microfinance produces modest but heterogeneous impacts on entrepreneurial activity, evidence from Sahelian and Islamic contexts remains scarce. This paper tests the heterogeneity hypothesis in Mauritania, an under-studied case combining low financial inclusion (21 per cent of adults banked in 2021), a hybrid Arab-African cultural setting, and a young microfinance sector dominated by the CAPEC cooperative network. Drawing on a survey of 624 active CAPEC borrowers across the three wilayas of Nouakchott (response rate 83 per cent), we estimate two logistic regression models linking eight microfinance dimensions — grouped under massification of credit and institutional sustainability — to two entrepreneurial outcomes: enterprise creation and value generation. Results reveal a sharp asymmetry: massification variables (geographic proximity, ease of access, communication outreach) significantly drive enterprise creation, while institutional sustainability variables explain value generation only weakly. Most strikingly, the availability of microcredit programmes correlates negatively with value creation, suggesting a saturation or crowding-out effect consistent with cross-country evidence from Andhra Pradesh and Morocco. We interpret these findings through an integrated framework combining agency theory, financial inclusion theory, and institutional theory, and discuss implications for sequencing microfinance policy in fragile institutional environments.
The profitability ratio analysis of fresh dried seaweed and processed KD foliar fertilizer in Punta Biao, Cogon Digos City, Davao del Sur
Abstract This study determined the profitability ratio analysis of fresh seaweed, dried seaweed, and processed KD foliar fertilizer in Punta Biao, Cogon, Digos City, Davao del Sur. Specifically, the study evaluated net profit sales, return on investment (ROI), net income profit margin, and break-even analysis of the different seaweed products. The research employed a descriptive research design and was conducted from December 2017 to February 2018 among eight identified seaweed farm sites that were beneficiaries of the Integrating Social Entrepreneurship through KD Foliar Fertilizer with Seaweed Farmer Organization (ISE-KD) Project funded by the Commission on Higher Education (CHED). Data were gathered using structured survey questionnaires and analyzed through frequency counts, percentages, and regression analysis. Results revealed that dried seaweed processed into KD foliar fertilizer generated the highest net profit sales amounting to ₱3,371.00 compared to fresh seaweed and dried seaweed alone. It also obtained the highest return on investment at 81.6% and the highest net income profit margin of ₱10.13 per unit, indicating that value-adding activities significantly increased profitability. Break-even analysis showed that fresh seaweed required 200.67 kilograms, dried seaweed required 67.9 kilograms, and KD foliar fertilizer required 55.05 liters to recover production costs. The findings suggest that processing seaweed into value-added products such as KD foliar fertilizer provides greater economic returns for seaweed farmers. The study recommends strengthening value-adding initiatives, improving farming practices, increasing production inputs, and providing financial management training to enhance profitability and sustainability in the seaweed industry.
COMMITMENT OF MICROFINANCE INSTITUTIONS AND SURVIVAL ENTREPRENEURS UNDER FINANCIAL DISTRESS
Commitment leads directly to cooperative behavior, vital for long-term mutually beneficial relationships. When a relationship is weak and not considered in economic transactions, causing a Microfinance Institution (MFI) to disregard a survival entrepreneur’s action, economic agents (i.e., the MFI and the entrepreneur) will lose economic rents. On the other hand, when a relationship is strong, and an entrepreneur’s actions are observed, the resulting economic rents will be such that each party will be better off building a relationship and commitment than not building it. COVID-19 in 2020 and hurricane OTIS in 2023 gave us an extraordinary opportunity to measure the impact of commitment in the interaction of MFI and survival entrepreneurs. Based on 686,657 observations of credits from January 2020 to June 2021 during COVID-19 and 22,384 observations from September 2023 to February 2024 during OTIS23, granted by a Mexican MFI to groups of survival female entrepreneurs, this study analyzes how relaxing credit policies during financial distress times, positively affect entrepreneurs' commitment to the MFI. This means that building relationships and commitment creates and distributes value among economic agents.
Adoption of Central Bank Digital Currency in the Era of Mobile Money in Ghana
The global push towards central bank digital currencies (CBDCs) presents a unique challenge in developing economies with established mobile money (MoMo) ecosystems. This study investigates the determinants of CBDC adoption in this context, focusing on Ghana’s eCedi. Data was collected from 1,001 respondents across three eCedi regions in Ghana, complemented by 16 in-depth interviews. The probit analysis show that higher educational attainment, mobile phone ownership, and awareness of the eCedi significantly increase adoption likelihood, with notable gendered variations. Crucially, the decision to adopt is contingent on the eCedi offering superior utility—such as lower transaction costs and enhanced security—compared to incumbent MoMo services. Conversely, concerns over potential fraud and high fees are identified as significant barriers to adoption. This study provides critical insights for policymakers, demonstrating that the success of a CBDC in a MoMo-saturated market depends not on replication, but on offering a demonstrably better value proposition to users.
Extension Service Delivery Through The Lens of Farmers And Fisherfolks
This study assessed the effectiveness of agricultural and fishery extension service delivery in the Province of Davao del Sur, Philippines, from the perspective of farmers and fisherfolks. Anchored on the devolution of agricultural functions under Executive Order 138 (Mandanas-Garcia ruling), the research evaluated demographic characteristics, satisfaction levels in planning, project implementation, and monitoring services, engagement levels (awareness, availment, and adoption), and perceived issues in service delivery. A total of 1,329 respondents were selected through purposive sampling from nine municipalities and one city. Data were gathered through validated survey instruments using face-to-face interviews and analyzed using frequency counts and percentages. Findings revealed that while nearly half of the respondents expressed positive satisfaction toward extension services, more than half reported limited or no participation across planning, implementation, and monitoring activities. Engagement levels in awareness, availment, and adoption remained low, with a significant proportion reporting no contact with extension workers. Results indicate a critical need to intensify outreach, strengthen LGU–academe partnerships, improve manpower allocation, and adopt inclusive and technology-driven extension strategies.
Tourism and Environmental Impact: A Bibliometric Analysis of Two Decades of Research
Research Objectives and Scope: This study systematically maps the intellectual structure, thematic evolution, and collaborative networks within tourism–environment–climate change research from 2000 to 2026. Data were extracted from the Scopus database, yielding a corpus of 706 documents across 265 sources, capturing key dimensions such as carbon footprint, climate change adaptation, sustainable tourism, and ecological degradation. Methodology: A multi-method bibliometric framework was employed, integrating descriptive performance analysis — evaluating publication trends, leading authors, and journals — with advanced science mapping techniques including keyword co-occurrence network analysis, Callon-based strategic thematic mapping, Multiple Correspondence Analysis (MCA), and trend topic visualization, implemented via Bibliometrix. Key Findings: The corpus of 706 documents demonstrates a robust annual growth rate of 13.18%, with an average of 44.19 citations per document, produced by 1,841 authors across 265 sources. Scientific output accelerated markedly after 2015, coinciding with the adoption of the Paris Agreement and the SDGs. China led in publication volume (75 documents, 10.6%), followed by Australia and the United States, while Canada exhibited the highest rate of international co-authorship (48.6%). Strategic thematic mapping identified "environmental degradation" and "tourism policy" as Motor Themes — intellectually mature and central to broader scholarly debates — while "carbon footprint" and "environmental impact assessment" occupy Niche status, reflecting methodological depth without full cross-disciplinary integration. "Climate change," "sustainable tourism," and "sustainability" function as Basic Themes — the shared conceptual vocabulary of the field — yet remain theoretically diffuse. MCA revealed a structural bifurcation between adaptation-focused, socio-ecological research and quantitatively oriented carbon-accounting approaches, with a cumulative explanatory variance of 62.94%. Temporal trend analysis delineated three evolutionary phases: a pre-2015 descriptive phase centered on foundational environmental impacts; a transitional phase (2015–2019) marked by rapid consolidation around climate change governance; and a post-2020 phase characterized by increasing methodological precision, carbon quantification, and policy-oriented discourse. Critically, structurally absent themes — including artificial intelligence, climate justice, degrowth, sustainable aviation fuel, and digital twin technologies — represent the field's most consequential knowledge gaps. Implications: This study provides a comprehensive roadmap for researchers, policymakers, and practitioners, highlighting five strategic research priorities: integrating AI and machine learning into tourism climate monitoring; embedding climate justice and equity frameworks into carbon policy analysis; operationalizing Paris Agreement targets at the destination scale; addressing aviation decarbonization through demand-side governance and sustainable aviation fuel research; and legitimizing degrowth and alternative mobility paradigms as analytically necessary responses to the fundamental incompatibility between tourism's growth trajectory and Paris-aligned emission targets.
Trang Thuy Nguyen, Dr. Dinh Cong Hoang, Tha.To Hien
Circular Economy Research in Coffee Systems: Insights for Sustainable Enterprise Development and Value Chain Transformation
The growing demand for sustainable production systems has intensiQied interest in circular economy applications within coffee systems, particularly in relation to waste valorization, resource recovery, and regenerative sustainability pathways. This study aimed to examine the intellectual structure, thematic evolution, and research dynamics of circular economy research in coffee systems through bibliometric and knowledge-mapping analysis. Bibliographic data were retrieved from Lens.org using a structured Boolean search strategy. After screening and cleaning procedures, 96 journal articles published between 2017 and 2026 were retained for analysis. Bibliometric techniques, co-word analysis, co-authorship analysis, thematic mapping, and network visualization using Bibliometrix and VOSviewer were employed. The Qindings revealed that the Qield is an emerging yet rapidly expanding interdisciplinary domain primarily driven by themes related to coffee waste valorization, circular bioeconomy, sustainability assessment, resource recovery, and supply-chain optimization. The results further showed that research collaboration remains moderately fragmented and geographically concentrated in Europe and Latin America. Although agroecological and regenerative sustainability perspectives have started to emerge, the Qield remains largely dominated by techno-economic and industrial sustainability approaches. The study highlights the need for stronger integration of agroecological, farmer-centered, and socioecological perspectives in future circular economy research within coffee systems.
Profitability and Credit Risk of Savings and Credit Cooperatives. The Case of Peru
This study reviews the literature that analyses profitability and credit risk of Saving and Credit Cooperatives. Credit risk is a fundamental factor because, different from other financial institutions, Saving and Credit Cooperatives seek risk by lending money to the least guaranteed part of the economic pyramid, and compensate that risk with interest rates higher than market rates. Although cooperatives are not-for-profit organisations, they cannot ignore the importance of sound financial statements, profit and loss, and balance sheet management. The challenge of the cooperatives is twofold: (1) to offer their services to those who cannot obtain credit from the traditional financial institutions and (2) to find a balance between supporting the communities, yet without falling into the ‘easy money’ mismanagement, which over time led to bankruptcy or closure of many cooperatives worldwide, and about 150 in Peru over the last three years.
Motivating Factors for Users’ Behavioral Intention to Continue Using Mobile Wallets After COVID, Coup, Cash Crisis in Myanmar
The current study investigates the factors motivating users to continue using mobile wallets after 3Cs circumstance (COVID, Coup, Cash Crisis) in Myanmar. It adopts the DeLone and McLean information system success model also known as D&M’s ISS model, extended with a trust factor. The total of 342 mobile wallet active users participated in this research. Primary data were collected by employing convenience sampling method and analyzed by using exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) for validity and reliability, and structural equation modeling (SEM) for hypothesis testing. The results demonstrate that system quality and service quality have significant impact on trust and user satisfaction, whereas no significant effect was found for information quality. Furthermore, trust and user satisfaction significantly influence users’ behavioral intention to continue using mobile wallets. These findings extend the original ISS model, especially in the context of continuous usage, and deliver insights for mobile wallet providers into users’ psychological tendencies toward continued mobile wallets usage under the noteworthy conditions.
Entrepreneurial Competencies and Green Startup Intentions among Educated Youth in Assam: An Empirical Study
The growing urgency of climate change and environmental degradation has significantly reshaped global entrepreneurial priorities, positioning green entrepreneurship as a critical pathway for sustainable economic development. In this context, Assam - characterized by rich biodiversity alongside persistent challenges such as youth unemployment and underutilized resources—presents considerable potential for environmentally sustainable ventures. This study empirically examines the relationship between entrepreneurial competencies and green startup intentions and outcomes among educated youth in Assam. Drawing on the theoretical perspectives of sustainable entrepreneurship and human capital development, the study investigates how key competencies, including creativity, environmental literacy, opportunity recognition, strategic planning, and resilience, influence the ability of young individuals to transform environmental challenges into viable business opportunities. A combination of descriptive and analytical methods is employed to assess the role of formal education, skill-based training, and policy support in shaping green entrepreneurial intentions. The findings reveal that educated youth possessing higher levels of entrepreneurial competencies demonstrate stronger intentions toward green entrepreneurship, greater innovation capacity, and a deeper commitment to environmentally responsible business practices. Furthermore, the results highlight the importance of experiential learning and institutional support in enhancing entrepreneurial readiness and sustainability orientation. The study analyse the need for policymakers and educational institutions to integrate sustainability-oriented entrepreneurship education into higher curricula and to strengthen ecosystem support through incubation centers, targeted training programs, and access to green finance. Developing Entrepreneurial competencies among educated youth in Assam can accelerate the growth of green startups, contributing to sustainable employment generation, environmental conservation, and inclusive regional development.
Factors Motivating Sustainable Entrepreneurial Practices among Rural Scheduled Tribe Entrepreneurs: An Empirical Analysis in Sonitpur District of Assam
Entrepreneurs are increasingly becoming role model for others to follow in a business environment all over the world. Entrepreneurship may be conceived as an individual’s free choice of activities leading to a sustainable life and living. Even though we call nature as mother, in the present environment of consumerism, we need a role reversal and start to have motherly attitude towards nature. This is where sustainable entrepreneurs come in the pursuit for a sustainable growth story. Since, Entrepreneurs are the main stay of an economy of a developing country; hence, their role should be a testimony to their significance in sustainable development. Sustainable entrepreneurs are always motivated by their desire to see the next generations excel on the path of sustainable economic development with harmonious social system and ecology. In this paper it is being tried to find out which can be a factor of motivation and what is the impact of various motivational factors like educational qualification, achievement need, locational factors etc, for the growth of sustainable entrepreneurship among the indigenous Scheduled Tribe people of the second largest district of Assam i.e. Sonitpur District. It has been observed that these Scheduled Tribe people actively engage themselves in the different fields of entrepreneurship that enhance the sustainable development of this rural area. This particular study attempts to provide evidence on how different dimensions of motivations can affect the performance of the entrepreneurs, which at the same time enhances the economic growth with sustainable development.
Flipped Loan Management in Microfinance: Evidence from a Bottom-Up Target System in Bangladesh
Microfinance institutions frequently depend on centrally imposed loan targets to stimulate portfolio growth and ensure repayment discipline. Nevertheless, the administrative enforcement of hierarchic targets has ever been associated with rising pressure by staff as well as unethical practices in recovery combined with high staff turnover and doubts about the long-term viability of microfinance operations. Although the extant scholarship discusses loan performance, staff motivation, and job satisfaction, there is still a paucity of empirical evidence to clarify the joint influence of participatory target setting mechanisms and institutionalized job security arrangements on the sustainability of loan operations in microfinance institutions. This study fills this gap by conducting an empirical qualitative study about two microfinance institutions operating in Bangladesh that employ bottom-up loan target formulation systems that are based on human-resource Application-based financial transparency and human-centered leadership practices. Drawing upon field-based data gathered from participatory methods, staker-based information-gathering approaches such as focus group discussions, in-depth interviews, systematic observations, cross-hierarchical validation meetings and review of institutional documents, the investigation focuses on the process by which frontline staff decide on the loan disbursement and recovery targets based on field realities, and management assumes a facilitative and validation-oriented role in the process (rather than a coercive enforcement function). The results show that self-determined loan targets foster ownership-based accountability, significantly reduce psychological performance pressure and support ethical loan operations. Real time digital visibility of provident fund and gratuity benefits changes job security from a subjective perception to a verifiable institutional guarantee thereby improving staff trust, retention, and commitment over the long run. Ethical employment protections, ongoing training, and human-centered leadership contribute to still more institutionalization of an operational culture devoid of undue pressure, but motivated by responsibility. A review of five large year institutional performance trends (2021 - 2025) grew and repaid loan portfolios in continuation to these staff centered governance practices giving contextual support to the qualitative findings. Synthesizing on these insights, the study proposes Flipped Loan Management Model, an empirically-driven operational framework in which planning authority flows from the frontline staff to management by reciprocal commitment instead of hierarchical target control. The research proves the existence of sustainable performance of microfinance through trust-based participatory governance with practical implications for microfinance institutions, apex organizations, and development policy makers in Bangladesh and similar circumstances.
SUSTAINABLE FINANCE AND SME GREEN GROWTH UNDER STRUCTURAL CONSTRAINTS: THE ROLE OF FINANCIAL LITERACY IN A FRAGILE ECONOMY
Access to sustainable finance is widely recognized as a key driver of environmentally sustainable investment and SME growth. However, its effectiveness remains underexplored in fragile and conflict-affected contexts, where structural constraints may shape how financial and managerial mechanisms operate. This study examines the relationship between sustainable finance and SME green growth, and the moderating role of financial literacy, using firm-level data from 363 Palestinian manufacturing SMEs analysed through PLS-SEM. The results show that access to sustainable finance has a significant positive effect on green growth, confirming its central role in supporting sustainable business outcomes. Financial literacy also has a positive direct effect, highlighting its importance in firm-level sustainability decisions, but it does not significantly moderate the relationship between financial access and green growth. These findings suggest that in structurally constrained environments, managerial capability may be limited by systemic barriers, reducing its ability to enhance the impact of financial resources. The study contributes to the business and economic transformation literature by showing that financial access remains the primary driver of SME green growth, while financial literacy plays a complementary rather than amplifying role
Shariah Compliance in Gold Investment: Industry Perspectives on Hadith, Riba and Gharar in Malaysia’s I Finance Sector
Gold investment remains a central instrument in contemporary Islamic finance due to its historical role as a store of value and its intrinsic characteristics, which align with Shariah principles prohibiting interest-based transactions and speculative financial products. In the Malaysian Islamic finance landscape, gold investment is further shaped by regulatory oversight and Shariah governance frameworks that seek to balance innovation with classical jurisprudential requirements. The rapid expansion of digital gold platforms has raised critical questions regarding Shariah compliance, as gold is classified as a ribawi item subject to riba al-faḍl and riba al-nasī’ah, as outlined in authentic hadiths within Al-Kutub al-Tisʿah. These concerns are particularly significant in Malaysia’s Islamic finance sector, where technological advancement has accelerated the use of non-physical gold transactions. Ensuring compliance requires careful examination of underlying Shariah contracts and operational frameworks. This study investigates Shariah issues in modern gold investment through industry players’ understanding of hadiths, their application of fiqh muamalat principles, the concept of qabḍ (possession), and the use of ijtihad in validating investment contracts. A qualitative methodology, combining in-depth interviews with ten informants including Shariah advisors, fiqh muamalat scholars, academics, and industry practitioners, and document analysis, was employed to capture insights into structuring Sharia-compliant gold products. Findings indicate that industry players primarily rely on secondary references and often lack understanding of the legal rationale (ʿillah), maqasid, and contextual background (sabab wurūd) of hadiths. Key challenges include ambiguous application of qabḍ, riba arising from delayed or unequal exchanges, and gharar linked to ownership uncertainty. A significant gap exists between hadith texts and industry guidelines, resulting in procedural rather than substantive compliance. The study recommends developing comprehensive hadith-based Shariah guidelines that integrate takhrij al-hadith, maqasid al-Syariah, and qawaʿid fiqhiyyah with operational practices. Strengthening hadith literacy and establishing specific Shariah standards for digital gold are essential for ensuring consistency, legal integrity, and genuine compliance within Malaysia’s Islamic financial market.
Islamic Leadership Principles as a Driver of Innovation for Asnaf Development: The Kedah Zakat Experience
This study explores how Islamic leadership practices shape innovation processes within zakat institutions, focusing on Lembaga Zakat Negeri Kedah (LZNK). The research aims to identify various types of innovation and examine leadership values that facilitate innovation for asnaf development. Using a qualitative case study approach, data were collected through document analysis and semi-structured interviews. Then, thematic analysis was employed to explore how Islamic leadership principles shape organizational innovation. The findings reveal that amanah, hikmah, shura and ihsan are deeply embedded in how innovation is perceived and practiced within zakat institutions. These values guide product, process, and system innovations, thereby cultivating transparency, efficiency and asnaf empowerment in zakat governance. The study concludes that zakat institutions can strengthen their innovation capabilities by aligning leadership practices with Islamic ethical principles and system-oriented management. Overall, this research contributes to Islamic leadership theory by linking it with innovation and systems thinking in zakat management.
Microfinance and Women’s Empowerment through Self-Help Groups: Evidence from Southern Tamil Nadu toward Achieving Sustainable Development Goals
Purpose: Microfinance is a widely promoted progressive initiative to provide deprived women with affordable financial services for poverty alleviation. Self-Help Group (SHG) model in India are seen as socially active groups that can facilitate a government’s plans towards achieving the sustainable development goals. This study explores the impact of microfinance on women’s empowerment by assessing its role in improving financial independence, decision-making power, and social status. It examines key factors such as economic empowerment, increased well- being and social& political empowerment, highlighting the role of microfinance in attaining the six SDG goals. Design/Methodology/Approach: A quantitative, cross-sectional approach was employed. Primary data was collected from women beneficiaries of SHG linked with microfinance institutions. The study was conducted across selected districts in southern TamilNadu. Data was collected using a structured questionnaire, the study was assessed using Structural Equation Modelling (SEM) to test the interconnections between micro finance access, empowerment dimensions and sustainable outcomes. Findings: The results suggest that microfinance positively influences women's economic empowerment, also, the factors of increased well- being and the social& political empowerment by enhancing their entrepreneurial activities and participation in household financial decisions. This empowerment of women enables them to raise their living standard and leads to the attainment of SDG goals. Policy Implications : The study emphasizes the need for targeted financial literacy programs, and improved business development services to maximize the benefits of microfinance. Strengthening regulatory frameworks and integrating microfinance with skill development initiatives can further enhance its impact on women’s empowerment. Originality/Value: This study contributes empirical evidence on the role of microfinance in women's empowerment, providing insights for policymakers, financial institutions, and development organizations.
The Scientific, Intellectual, Conceptual, and Collaborative Landscape of Digital Hajj Management Research: A Bibliometric Mapping Review
Understanding digital Hajj management is important for the future development of Hajj administration and to improve the services provided to the pilgrims throughout their spiritual journey. This paper presented a comprehensive bibliometric mapping review with BiblioSpy® to analyse the distribution of document types, trends in citations, global patterns of publication and networks of keyword co-occurrence. The analysis indicates that Saudi Arabia is the most active jurisdiction in terms of research output followed by Malaysia, India and the United States. The majority of the highly cited papers are focused on key issues related to Hajj, such as crowd management through mobile and wireless technologies, emergency preparedness during mass gatherings and the use of the Internet of Things (IoT) for Hajj and Umrah services. The keyword co-occurrence networks reveal the main clusters, including the use of technologies such as the Internet of Things (IoT) and RFID; sophisticated technical solutions for crowd management using AI, machine learning, and computer vision; and contextual themes such as mass gatherings, COVID-19,and healthcare. The study concludes by highlighting the fact that the intellectual structure of digital Hajj management research is highly skewed towards crowd and emergency technological solutions. The study suggests that these findings can be used in future research to explore underdeveloped themes and integrate advanced technologies more deeply for a resilient Hajj administration.