International Journal of Emerging Markets最新文献

{"title":"A wavelet analysis of investing in cryptocurrencies in the Indian stock market","authors":"Susovon Jana, Tarak Nath Sahu","doi":"10.1108/ijoem-05-2023-0698","DOIUrl":"https://doi.org/10.1108/ijoem-05-2023-0698","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study is designed to examine the dynamic interrelationships between four cryptocurrencies (Bitcoin, Ethereum, Dogecoin and Cardano) and the Indian equity market. Additionally, the study seeks to investigate the potential safe haven, hedge and diversification uses of these digital currencies within the Indian equity market.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study employs the wavelet approach to examine the time-varying volatility of the studied assets and the lead-lag relationship between stocks and cryptocurrencies. The authors execute the entire analysis using daily data from 1st October 2017 to 30th September 2023.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The result of the study shows that financial distress due to the pandemic and the Russian invasion of Ukraine have a negative effect on the Indian equities and cryptocurrency markets, escalating their price volatility. Also, the connectedness between the returns of stock and digital currency exhibits a strong positive relationship during periods of financial distress. Additionally, cryptocurrencies serve as a tool of diversification or hedging in the Indian equities markets during normal financial circumstances, but they do not serve as a diversifier or safe haven during periods of financial turmoil.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes to understanding the relationship between the Indian equity market and four cryptocurrencies using wavelet techniques in the time and frequency domains, considering both normal and crisis times. This can offer valuable insights into the potential of cryptocurrencies inside the Indian equities markets, mainly with respect to varying financial conditions and investment horizons.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"1 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139463777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analyzing the market performance of Romanian firms: do the COVID-19 crisis and classification type matter?","authors":"Alina Cristina Nuta, Ahmed Mohamed Habib, Serdar Neslihanoglu, Tamanna Dalwai, Calin Mihai Rangu","doi":"10.1108/ijoem-05-2023-0842","DOIUrl":"https://doi.org/10.1108/ijoem-05-2023-0842","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Stock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence. This study investigates the disparities in the market performance of listed firms in Romania. This study also examines whether the COVID-19 crisis affected market performance.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The data were collected from 69 firms listed on the Bucharest Stock Exchange (BSE) from 2018 to 2022, belonging to 11 sectors. This study used several methods to achieve its objectives. Difference tests were considered to analyze the performance of Romanian companies before and during the COVID-19 crisis, as well as across sectors. Regression analysis was also conducted to estimate the effect of the COVID-19 crisis and classification type on Romanian companies' performance. Additional analyses were performed to verify the findings of the present study.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The study’s findings indicate a clear difference in market performance between the pre-crisis and crisis periods. The COVID-19 pandemic had an adverse and significant impact on market performance. However, after the market contraction in the early stage of the COVID-19 pandemic outbreak, the stock market outperformed the pre-pandemic capitalization levels and the regional and global indices evolution. Furthermore, there was a difference in market performance across sectors. In particular, the communication services sector has specifically demonstrated accelerated growth.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research examines the variation in the market performance of companies before and during the COVID-19 pandemic and across different sectors. It also provides evidence of the potential impact of COVID-19 on firms' market performance. This research contributes to a better understanding of how sectors perform during times of crisis.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"1 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139463641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic efficiency in MENA stock markets during COVID-19 outbreak and vaccines","authors":"Mohamed Malek Belhoula, Walid Mensi, Kamel Naoui","doi":"10.1108/ijoem-10-2022-1566","DOIUrl":"https://doi.org/10.1108/ijoem-10-2022-1566","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper examines the time-varying efficiency of nine major Middle East and North Africa (MENA) stock markets namely Egypt, Bahrain, UAE, Jordan, Saudi Arabia, Oman, Qatar, Morocco and Tunisia during times of COVID-19 pandemic outbreak and vaccines.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors use two econometric approaches: (1) autocorrelation tests including the wild bootstrap automatic variance ratio test, the automatic portmanteau test and the Generalized spectral test, and (2) a non-Bayesian generalized least squares-based time-varying model with statistical inferences.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that the degree of stock market efficiency of Egyptian, Bahraini, Saudi, Moroccan and Tunisian stock markets is influenced by the COVID-19 pandemic crisis. Furthermore, the authors find a tendency toward efficiency in most of the MENA markets after the announcement of the COVID-19's vaccine approval. Finally, the Jordanian, Omani, Qatari and UAE stock markets remain globally efficient during the three sub-periods of the COVID-19 pandemic outbreak.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The results have important implications for asset allocations and financial risk management. Portfolio managers may maximize the benefit of arbitrage opportunities by taking strategic long and short positions in these markets during downward trend periods. Policymakers should implement the action plans and reforms to protect the stock markets from global shocks and ensure the stability of the stock markets.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"140 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139398308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Firm size relationship with persistent innovation and employment growth: evidence from an emerging economy","authors":"Alejandra Parrao, Tomás Reyes, Alfonso Cruz, Kristel Schön Molina","doi":"10.1108/ijoem-11-2022-1698","DOIUrl":"https://doi.org/10.1108/ijoem-11-2022-1698","url":null,"abstract":"PurposePrevious evidence has shown a generally positive relationship between continuously developed innovation, known as innovation persistence and employment growth in firms. This study investigates whether firm size moderates this relationship and how, considering persistent product and process innovation.Design/methodology/approachThe authors studied the influence of firm size on the relationship between innovation persistence and employment using a 10-year panel database of firms based on national innovation surveys. The authors consider firm size as sales and measure innovation persistence through the hazard rate of innovation spells. To assess the main model, they use a system generalized method of moments (GMM) estimator.FindingsThe authors' main findings indicate that firm size negatively moderates the relationship between persistent innovation and employment growth. These results suggest that the positive effects of product and process persistent innovation on employment growth decrease as firm size increases. The authors also find evidence indicating that the moderator role of firm size is greater when firms innovate more persistently. Robustness tests with different specifications confirm the results.Originality/valueThe authors show that firm size negatively affects the strength of the relationship between innovation persistence and employment growth in product and process innovations. The authors also show that the moderator role of firm size is greater when firms are more persistent in generating product and process innovation. Additionally, using a panel dataset, they provide evidence from a sample of firms in a developing country where no studies on this matter have previously been conducted.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"3 10","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139443882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The effects of social capital on cross-cultural eWOM communication in minority-mainstream consumer interactions on social media","authors":"Shalom Levy, Yaniv Gvili, Hayiel Hino","doi":"10.1108/ijoem-03-2023-0389","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0389","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Social media sites facilitate electronic word of mouth (eWOM) communication among consumers of diverse cultures and ethnicities. Based on the theory of planned behaviour (TPB), the present research proposes a conceptual framework for minority consumers' engagement in eWOM associated with the mainstream culture. The model incorporates social capital and social interaction as key factors that affect cross-cultural eWOM communication between minority and mainstream consumers. This research also aims to explore the responses of minority consumers to eWOM communications originating with members of the majority group.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A structural equation modelling (SEM) procedure was applied to data collected from social media (Facebook) users (<em>N</em> = 539) from two minority communities: Israeli Arab and Israeli Ultra-Orthodox Jewish minorities.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings show that: (a) minority consumers' engagement with eWOM is indirectly related to social capital, (b) this relationship is mediated by minority consumers' attitudes and their subjective norms regarding eWOM engagement with dominant cultural groups, (c) social interaction of minorities with the dominant culture enhances the influence of social capital on eWOM engagement and (d) behavioural engagement with eWOM varies across cultural minorities, depending on the minority group’s unique cultural characteristics.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings have managerial implications for practitioners who use social media in their marketing and business activities, as they demonstrate that the effectiveness of eWOM communication is contingent on the cultural characteristics of the ethnic minority consumer groups being targeted by managers.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The present research contributes to the theory of consumer engagement by demonstrating that engagement is contingent on the intercultural social context in which eWOM is communicated.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"23 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market risk exposure determinants during the COVID-19 outbreak: between competitiveness and inequality","authors":"Pedro L. Angosto-Fernández, Victoria Ferrández-Serrano","doi":"10.1108/ijoem-01-2023-0080","DOIUrl":"https://doi.org/10.1108/ijoem-01-2023-0080","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The objective of this research is to identify the economic, demographic, sanitary and even cultural factors which explain the variability in the cross-section of returns in different markets globally during the first weeks after the outbreak of COVID-19.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Building on the event study methodology and using seemingly unrelated equations, the authors created several indicators on the impact of the pandemic in 75 different markets. Then, and using cross-sectional regressions robust to heteroscedasticity and using an algorithm to select independent variables from more than 30 factors, the authors determine which factors were behind the different stock market reactions to the pandemic.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Higher currency depreciation, inflation, interest rate or government deficit led to higher returns, while higher life expectancy, ageing population, GDP per capita or health spending led to the opposite effect. However, the positive effect of competitiveness and the negative effect of income inequality stand out for their statistical and economic significance.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research provides a global view of investors' reaction to an extreme and unique event. Using a sample of 75 capital markets and testing the relevance of more than 30 variables from all categories, it is, to the authors' knowledge, the largest and most ambitious study of its kind.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"25 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The determinants of life insurance companies profitability in South Africa: new evidence from a dynamic panel threshold estimation technique","authors":"Sylvester Senyo Horvey, Jones Odei-Mensah, Albert Mushai","doi":"10.1108/ijoem-08-2022-1225","DOIUrl":"https://doi.org/10.1108/ijoem-08-2022-1225","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Insurance companies play a significant role in every economy; hence, it is essential to investigate and understand the factors that propel their profitability. Unlike previous studies that present a linear relationship, this study provides initial evidence by exploring the non-linear impacts of the determinants of profitability amongst life insurers in South Africa.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study uses a panel dataset of 62 life insurers in South Africa, covering 2013–2019. The generalised method of moments and the dynamic panel threshold estimation technique were used to estimate the relationship.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The empirical results from the direct relationship reveal that investment income and solvency significantly predict life insurance companies' profitability. On the other hand, underwriting risk, reinsurance and size reduce profitability. Further, the dynamic panel threshold analysis confirms non-linearities in the relationships. The results show that insurance size, investment income and solvency promote profitability beyond a threshold level, implying a propelling effect on life insurers' profitability at higher levels. Below the threshold, these factors have an adverse effect. The study further points to underwriting risk, reinsurance and leverage having a reduced effect on life insurers' profitability when they fall above the threshold level.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings suggest that insurers interested in boosting their profit position must commit more resources to maintain their solvency and manage their assets and returns on investment. The study further recommends that effective control of underwriting risk is critical to the profitability of the life insurance industry.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study contributes to the literature by providing first-time evidence on the determinants of life insurance companies' profitability by way of exploring threshold effects in South Africa.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"4 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Non-financial sustainability reporting and firm reputation. Evidence from Chinese listed companies","authors":"Zain Ul Abideen, Fuling Han","doi":"10.1108/ijoem-08-2023-1319","DOIUrl":"https://doi.org/10.1108/ijoem-08-2023-1319","url":null,"abstract":"PurposeThis study highlights the influence of non-financial sustainability reporting and firm reputation (FR) on the China Stock Exchange. The study is based on the components of sustainability reporting that influence FR.Design/methodology/approachA simple ordinary least squares (OLS) regression model is initially run to test the hypotheses. Advanced econometric methods are used to detect the presence of heteroskedasticity. The study utilizes fixed-effect, two-stage least squares (2SLS) and two-step generalized method of moments (GMM) regression models to address endogeneity issues.FindingsFindings suggest that NFSR has a negative influence on FR. Conversely, environmental, social and governance (ESG) sustainability reporting exhibited positive associations with a FR in fixed-effect, 2SLS and GMM results.Research limitations/implicationsThis study has limitations, and data collection is restricted to the period from January 2018 to June 2023, limiting the scope of findings due to data constraints. Brand equity measurement is considered only one aspect of a company's activities, and other methods can also be considered for measuring brand equity. Another limitation is a standardized method for measuring NFSR. While this study used the Arianpoor and Salehi (2021) model to measure sustainability reporting in the Chinese market, future research could explore different methods.Practical implicationsThe findings of this study have important practical implications for corporate management, highlighting reputation challenges and the strategic importance of sustainability. Managers are encouraged to use NFSR strategically to enhance their reputation and corporate strategy.Social implicationsThe social implications highlight ownership and regulatory structures, promoting enhanced sustainability reporting in China's business culture. This insight informs policymakers, businesses and stakeholders regarding the importance of sustainability reporting, guiding decisions on corporate reputation and sustainability regulations.Originality/valueThe research indicates the importance of context-specific sustainability reporting for enhancing reputation. It provides insights into sustainability's impact on a company's reputation, promoting responsible practices for a sustainable global economy. To the best of the authors' knowledge, this is the first research that utilizes the NFSR frameworks and a sample of firms in China to discuss sustainability reporting with different guidelines.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"53 8","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139450901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The nexus between cash conversion cycle and operating performance: novel evidence from MENA region","authors":"Ilker Yilmaz, Haitham Nobanee","doi":"10.1108/ijoem-03-2023-0310","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0310","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This article examines the relationship between the cash conversion cycle (CCC) and profitability in countries in the Middle East and North Africa (MENA) region.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors used dynamic panel methodology to analyze a dataset consisting of 395 firms from nonfinancial sectors in the MENA countries from 2013 to 2018. The authors developed several models consisting of different measures of profitability, CCC and the components of CCC. The control variables were used in the models at different levels.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results bring out a significantly positive relationship between the CCC and profitability. However, mixed results have been obtained for industry and country details. The quadratic model revealed an inverted U-shaped relationship and the presence of an optimal point of CCC. The robustness checks have confirmed the results of the main models.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The results of the study imply that corporate managers and policymakers ought to pay equal attention to the components of CCC when developing working capital policies and be aware of the optimal level of CCC.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper handles the endogeneity problem that is inherent in the relationship. It investigates and confirms the nonlinear characteristics of the relationship. To the best of the authors' knowledge, this study is the first to use dynamic panel models to examine the CCC and its relationship with profitability in the MENA context.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"43 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139020532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Drivers of MSME loan defaults using survival analysis: implications for lenders and policy planners","authors":"Asish Saha, Lim Hock-Eam, Siew Goh Yeok","doi":"10.1108/ijoem-02-2023-0156","DOIUrl":"https://doi.org/10.1108/ijoem-02-2023-0156","url":null,"abstract":"PurposeThe authors analyse the determinants of loan defaults in micro, small and medium enterprises (MSME) loans in India from the survival duration perspective to draw inferences that have implications for lenders and policymakers.Design/methodology/approachThe authors use the Kaplan–Meier survivor function and the Cox Proportional Hazard model to analyse 4.29 lakhs MSME loan account data originated by a large bank having a national presence from 1st January 2016 to 31st December 2020.FindingsThe estimated Kaplan–Meier survival function by various categories of loan and socio-demographic characteristics reflects heterogeneity and identifies the trigger points for actions. The authors identify the key identified default drivers. The authors find that the subsidy amount is more effective at the lower level and its effectiveness diminishes significantly beyond an optimum level. The simulated values show that the effects of rising interest rates on survival rates vary across industries and types of loans.Practical implicationsThe identified points of inflection in the default dynamics would help banks to initiate actions to prevent loan defaults. The default drivers identified would foster more nuanced lending decisions. The study estimation of the survival rate based on the simulated values of interest rate and subsidy provides insight for policymakers.Originality/valueThis study is the first to investigate default drivers in MSME loans in India using micro-data. The study findings will act as signposts for the planners to guide the direction of the interest rate to be charged by banks in MSME loans, interest subvention and tailoring subsidy levels to foster sustainable growth.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"82 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138945368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}