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Azam Akhmedov, Mariana Petrova, Izzatulla Levakov, Mukhtorjon Makhmudov
FINTECH'S ROLE IN IMPROVING ACCESS TO FINANCE FOR SMALL BUSINESSES IN UZBEKISTAN
Abstract:
This paper investigates the impact of financial technologies (FinTech) on bank lending to small business entities (SBEs) in Uzbekistan, with particular attention to the moderating role of bank size. Using regional panel data from 2015–2023, supplemented with projections for 2024–2025, and applying fixed-effects panel regressions complemented by fractional response and 2SLS robustness checks, the analysis shows that FinTech significantly increases SBE credit supply, but this effect is bank-size dependent: large banks benefit substantially, whereas small banks lose part of their traditional relationship-lending advantage. The main contribution lies in providing the first regional-level macro evidence on the size-dependent effect of FinTech on SBE lending in an emerging-market context, with direct policy relevance for Uzbekistan and similar economies.
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Toufik Marmad, Ritahi Oussama, Echaoui Abdellah
THE IMPACT OF TAXATION ON INVESTMENT FINANCING: THE CASE OF MOROCCAN SMALL AND MEDIUM-SIZED ENTERPRISES
Abstract:
Small and medium-sized enterprises (SMEs) are pivotal to investment, employment, and economic growth in developing economies. However, their financing decisions are often influenced by complex tax environments that can either encourage or hinder investment. This study investigates the impact of taxation on the investment financing decisions of Moroccan SMEs, focusing on three fiscal dimensions: tax pressure, fiscal incentives, and the tax treatment of financing modes. A quantitative survey was conducted between March 2024 and October 2024 among 390 SMEs operating in various sectors across Morocco. Data were collected through a structured questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM). The findings show that all three tax-related factors significantly and positively affect financing decisions, with fiscal incentives and tax treatment exerting the strongest influence. These results emphasize the strategic role of tax policy in shaping SME financial behavior and offer actionable insights for policymakers aiming to enhance private sector investment and support SME development.
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A. Pavlov
FINANCIAL MANAGEMENT MODELS FOR CORPORATE INVENTORY
Abstract:
The article reviews contemporary concepts about corporate inventory planning and management from a systematic perspective. It elucidates the nature and the underlying principles of the technology of corporate inventory management. These are followed by a detailed description of deterministic and stochastic quantitative models which are most frequently applied in the sphere of financial theory and practice. The article finally arrives at the conclusion that deterministic models are easy to apply, yet their major disadvantage is that they could only be applied for one type of inventory. Stochastic models, on the other hand, are much more complex in nature, yet they could be applied to any type of corporate inventory, which renders them more flexible and applicable.
