Alternative finance in the international business context: a review and future research

IF 8.6 1区 管理学 Q1 BUSINESS
Franklin Allen, Meijun Qian
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Abstract

Firms increasingly rely on alternative finance (AF) in addition to banks and equity markets, and its usage across countries differs significantly. We conceptualize AF as financing that operates within social, business, and virtual networks that generate informational, collateral, and incentive advantages compared to finance relying on traditional financial intermediaries. Examples of AF include family loans, microfinance, trade credit, community credit cooperatives, person-to-person (P2P), and crowdfunding. While AF is not a new phenomenon, technological development continues to facilitate its increasing prominence. We review the evolution of AF theories, summarize key empirical findings, and describe how AF intersects with international business (IB) research. Specifically, we review how AF feeds into the analysis of comparative financial systems, financial development, comparative corporate governance, and national culture. We conclude that AF has shaped comparative research in IB in important ways, but cross-border research in IB has hardly considered the role of AF. Globalization and technological development and adoption in the financial industry generate rich fields where AF and IB intersect; these have yet to be understood. We describe how IB research, specifically addressing the cross-border dimension, could benefit from integrating insights from AF research, and propose approaches to integrate theories on AF, IB, and internationalization.

Abstract Image

国际商业背景下的另类融资:回顾与未来研究
除银行和股票市场外,企业越来越依赖于另类融资(AF),而且各国对这种融资的使用情况大不相同。我们将另类融资概念化为在社会、商业和虚拟网络中运作的融资,与依赖传统金融中介的融资相比,这种融资具有信息、抵押和激励方面的优势。自动融资的例子包括家庭贷款、小额信贷、贸易信贷、社区信用合作社、个人对个人(P2P)和众筹。尽管自动融资并非新现象,但技术发展不断促进其日益突出。我们回顾了反洗钱理论的演变,总结了主要的实证研究结果,并描述了反洗钱如何与国际商业(IB)研究相交叉。具体而言,我们回顾了自动金融框架如何融入对比较金融体系、金融发展、比较公司治理和国家文化的分析。我们的结论是,适应性框架以重要的方式塑造了国际商业比较研究,但国际商业的跨境研究几乎没有考虑到适应性框架的作用。金融业中的全球化和技术发展与采用产生了丰富的 AF 与 IB 交叉领域;这些领域尚待了解。我们阐述了国际银行研究,特别是针对跨境层面的研究,如何能够从综合分析金融研究的见解中获益,并提出了综合分析金融、国际银行和国际化理论的方法。
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来源期刊
CiteScore
16.20
自引率
10.30%
发文量
84
期刊介绍: The Selection Committee for the JIBS Decade Award is pleased to announce that the 2023 award will be presented to Anthony Goerzen, Christian Geisler Asmussen, and Bo Bernhard Nielsen for their article titled "Global cities and multinational enterprise location strategy," published in JIBS in 2013 (volume 44, issue 5, pages 427-450). The prestigious JIBS Decade Award, sponsored by Palgrave Macmillan, recognizes the most influential paper published in the Journal of International Business Studies from a decade earlier. The award will be presented at the annual AIB conference. To be eligible for the JIBS Decade Award, an article must be one of the top five most cited papers published in JIBS for the respective year. The Selection Committee for this year included Kaz Asakawa, Jeremy Clegg, Catherine Welch, and Rosalie L. Tung, serving as the Committee Chair and JIBS Editor-in-Chief, all from distinguished universities around the world.
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