Climate change poses manifold consequences to human well-being as well as ecosystems. One of the most widely accepted measures to mitigate climate risks is at the firm level, aiming to reduce carbon dioxide and innovate climate-friendly technology. However, doing so requires comprehensive...

Entrepreneurs play crucial roles in global sustainable development, but limited financial resources constrain their performance and survival rate. Entrepreneurial finance discipline is, therefore, born to explore the connection between finance and entrepreneurship. Despite the global presence of...

As the future of human development increasingly hinges on the need for sustainable education, this essay re-examines the imminent threats to humankind and the relevance of achieving the United Nations’ Sustainable Development Goals (SDGs) to the engagement with sustainability science among...

It is widely believed that the social contract, credited to Magna Carta of England in the 13th century and subsequent thinkers such as Thomas Hobbes, John Locke, is the major factor that has empowered the concept of civil society in the world, starting from the West. This perspective paper...

Adverse shocks to rich countries often have a large and persistent negative impact on investment and output in developing countries. This paper examines a transmission mechanism that can account for this stylized fact. The mechanism is based on the existence of international financial frictions....

While there is a consensus that the 2008-2009 crisis was triggered by financial market disruptions in the United States, there is little agreement on whether the transmission of the crisis and the subsequent prolonged recession are due to credit factors or to a collapse of demand for goods and...

Using the World Bank Enterprise Survey covering 6,800 firms across 43 developing countries, this paper investigates the prevalence and determinants of collateralized borrowing. It focuses on the following two aspects: (1) whether firms' loans from financial institutions require collateral (the...

This paper poses a question: do firms in developing countries not innovate because they are unwilling to? The question moves away from the conventional focus on the obstacles (such as the lack of access to finance) that hinder firms' innovation ability. The World Bank's Enterprise Survey is used...