Innovation Economics, Entrepreneurial Economics, Law and Economics
19
Scopus Publications
Scopus Publications
Nonprofit and For-Profit Microfinance Institutions: Governance, Outreach and Sustainability Md Aslam Mia, Musa Abdu, Sunil Sangwan, Adamu Jibir, Noor Hazlina Ahmad, et al. Nonprofit Management and Leadership, 2026 Microfinance was initially established to serve the poor and financially excluded. However, the allure of high repayment rates and low non‐performing loans has attracted for‐profit investors to the microfinance landscape, seeking not only to extend loan services to the poor but also to generate profits. Consequently, a growing number of for‐profit Microfinance Institutions (MFIs) have emerged in developing countries. This study examines the implications of profit orientation on the governance structure, outreach goal, and financial sustainability of MFIs. To accomplish this, we collected data from 1189 unique MFIs in 105 countries spanning 2010 to 2018 and applied both non‐parametric (e.g., t‐test and Kruskal Wallis) and parametric tests (e.g., regressions analysis). Our findings revealed significant differences in governance structure between for‐profit and nonprofit MFIs, with the latter exhibiting larger board sizes and greater gender diversity. We also observed variations in outreach, with nonprofit MFIs demonstrating broader coverage and greater depth. Finally, empirical evidence highlighted differences in financial sustainability, as nonprofit MFIs tend to have higher financial health than their for‐profit counterparts. However, the effect of nonprofit status was mostly consistent with the baseline results for middle‐income countries but mixed and insignificant for low‐income countries (except for governance indicators). These findings have policy implications, underscoring the need for MFIs transitioning from nonprofit to for‐profit status to adapt their governance structure, realign their outreach mission, and refocus on financial sustainability accordingly.
Environmental Sustainability, Institutions and Inclusive Growth in MINT Countries: Pathways to Achieving SDG 13-Climate Action Mengya Wei, Aminat Olayinka Olohunlana, Musa Abdu, Evans Osabuohien Problemy Ekorozwoju, 2026 Devising pathways to achieving SDG-13 in MINT becomes crucial as the economies are positioned to become a powerful force in trade and growth due to their dominant geographic and demographic structures. While the economies are focused on driving inclusive growth, there remains a concern about how quality institutions could shape their achievement of environmental sustainability. Based on the sustainable development framework, data were obtained on key variables from 2000 through 2023. Environmental sustainability, inclusive growth, and institutions were proxied with the SDG-13 performance index, human capital index, and institutional quality index, respectively. The institutions were further decoupled into political, economic, and governance. Using the PSCE estimator to analyze the dataset, the findings show that (i) Inclusive growth frustrates environmental sustainability. (iii) All the institutional dimensions dampen the influence of inclusive growth on environmental sustainability. Amongst the recommendations is that the regulators pay particular attention to strengthening institutional dynamics in MINT countries by ensuring a system of transparency, accountability, and political stability to enhance public trust in the inclusive growth policies. Also, policy actors should ensure that inclusive growth policies are eco-friendly by initiating policies and programs that could raise citizens’ awareness on the adoption of sustainable practices. The findings of this study are highly relevant to broader sustainable development goals. Strengthening political, economic, and governance institutions (SDG 16) promotes transparency and accountability in implementing climate-related projects (SDG 13). Similarly, integrating renewable energy investments (SDG 7) and fostering inclusive employment opportunities in green sectors (SDG 8) can reinforce both environmental and social dimensions of sustainability. Institutional efficiency also underpins innovation-driven industrialization (SDG 9), supporting a circular and low-carbon economy in MINT countries.
Pre- and Post-COVID Digital Financial Service Adoption and Income Inequality: A Disaggregated Analysis Based on Education and Geography Romanus Osabohien, Oluwayemisi Kadijat Adeleke, Ngwengeh Brendaline Beloke, Musa Abdu, Mamdouh Abdulaziz Saleh Al‐Faryan International Journal of Finance and Economics, 2026 The COVID‐19 pandemic has accelerated the adoption of digital financial services (DFS), but its impact on income inequality remains underexplored, especially when considering the role of education and geography. This study investigates the implications of COVID‐19 driven digital financial service adoption, educational level on income inequality, with a specific focus on the unique dynamics within Central Africa (Cameroon), Southeast Asia (Malaysia), and West Africa (Nigeria). Using the Global Financial inclusion data, the study engaged the logit and marginal effect regression. Result shows that digital financial transactions (DFTs), particularly digital payments made is a significant driver of upward income mobility across Nigeria, Cameroon, and Malaysia, both before and after COVID‐19. Also, the pandemic increased existing inequalities along gender and education lines but improved financial digitization, thereby raising the effects of digital payments on upward income mobility from 14 to 15 percentage points pre‐COVID to 18–22 percentage points post‐COVID. The findings further show that the individuals' ability to convert digital access into income gains was significantly contingent upon gender, educational level, and location. Educated individuals and urban residents benefited more from financial digitization in terms of upward income mobility, whereas women recorded stronger income gains post‐COVID, suggesting narrowing gaps in digital finance benefits. However, receiving digital payments showed more context‐specific effects, significant in Cameroon pre‐COVID and in Nigeria post‐COVID, highlighting variation in remittances, social transfers, and institutional responses. The study concludes by recommending present and future financial digitalization policies which would help prioritise the provision and security of digital payment technologies. Also, the policies must move beyond accelerating access to strengthening digital capability. Likewise, given the significant gains recorded by women, policies must continue to support female digital inclusion through tailored interventions including gender‐responsive financial products and women‐focused outreach. Lastly, the significant urban–rural divide requires massive public investment in closing the digital infrastructure gap.
Game theoretic analysis of institution-entrepreneurship links Musa Abdu, Fuat Oğuz Acta Oeconomica, 2025 This paper aims to contribute to the ongoing discussion surrounding the influence of institutions on the distribution of entrepreneurial talents across productive, unproductive, and destructive activities. Existing literature suggests that societies can exhibit purely destructive, unproductive, or productive entrepreneurship characteristics. Employing a game theoretic framework that integrates insights from entrepreneurship and institutional studies, we explore the dynamics of entrepreneurial talent allocation. Introducing an institutional parameter into the Prisoners' Dilemma Game, we clarify the mechanism by which a society transitions between different forms of entrepreneurship, contingent on the value of the parameter (ranging from −1 to +1). Our findings underline a continuous transition, revealing the prevalence of either a predominantly rent-seeking society or one characterized by productive entrepreneurship, with variations based on the proximity of the institutional parameter to perfection or imperfection.
Role of trade openness in moderating the effects of broadband penetration on technological catch-up: the case of emerging market economies Musa Abdu, Adamu Jibir, Adedeji Adeniran, Bashir Adelowo Wahab, Mohammad Sahabuddin Digital Policy Regulation and Governance, 2025 Purpose This study aims to explore how trade openness moderates the effects of fixed and mobile broadband penetration on technological catch-up of emerging market economies. Design/methodology/approach The study used data from three sources: Penn World Table, World Bank World Development Indicators and International Telecommunication Union databases for the period between 2000 and 2019. The empirical evidence is based on feasible generalized least squares, panel-corrected standard errors and bias-corrected dynamic regression. Findings The main findings are as follows. First, both fixed and mobile broadband penetrations play significant roles in enhancing the process of technological catch-up among the countries. They speed up the process of technological transfer and improve the absorption capacity of the countries to transfer, decode and appropriately apply foreign technology in their countries. Second, trade openness is found to significantly moderate the effect of fixed broadband penetration, but it does not moderate the effect of the mobile one. Research limitations/implications The major research limitation is that findings are based on 15 emerging economies, which can limit generalizability. Total factor productivity growth measures efficiency improvements but no other aspects of technological progress, such as innovation in products or processes. Data discrepancy between fixed and mobile broadband limits results’ comparability between the broadband types. Practical implications The implications of the findings relate to the fact that governments should invest in broadband infrastructure to ensure fast, affordable and competitive internet access across all sectors and regions. Trade liberalization should be prioritized to enhance the benefits of globalization and support technological catch-up. Originality/value This study adds to the literature by providing fresh insight into the role of openness in moderating the effect of broadband penetration on technological catch-up, using panel data for emerging countries drawn from Asia, Europe, Latin America and Africa.
Sand or grease effect? The impact of Islamic banking on the social mission of microfinance institutions Md Imran Hossain, Adamu Jibir, Md Aslam Mia, Musa Abdu, Swati Chauhan International Journal of Islamic and Middle Eastern Finance and Management, 2024 Purpose Islamic banking and microfinance institutions (MFIs) share the core objective of serving the underprivileged. This study aims to investigate whether Islamic banking development facilitates (greases) or hinders (sands) the social mission of MFIs. Design/methodology/approach Data for 19 countries covering the period 2010–2018 were collected from the World Bank, Bank Focus and International Monetary Funds and analyzed using conventional econometric methods. Endogeneity-corrected techniques and alternative proxies were employed to ensure robust results. Findings The study revealed that Islamic banking development (proxied by the size of the Islamic banking assets) weakens the depth of outreach of MFIs (measured by average loan size). In countries with growing Islamic banking, MFIs appear to shift their focus toward wealthier clients, potentially due to market saturation among the poor. This is evidenced by MFIs offering larger loans, suggesting a mission drift toward profit maximization. Therefore, it can be inferred that competition from Islamic banks, to some extent, erodes the social mission of MFIs. Originality/value This study is among the few to examine the recent and comprehensive relationship between Islamic banking development and the social mission of MFIs.
COVID-19 Pandemic and Household Entrepreneurship in Nigeria: Do Crises Create Necessity-driven and/or Innovative Entrepreneurship? Bashir Adelowo Wahab, Adamu Jibir, Musa Abdu Global Journal of Emerging Market Economies, 2024 The need for promoting entrepreneurship stems from the efforts to provide long-lasting solutions to the challenges of poverty and unemployment. This becomes even more crucial in worldwide crises such as the COVID-19 pandemic. The COVID-19 pandemic has not only had a momentous effect on businesses and economies but has also driven us to recognize the importance of entrepreneurship. This study explores the combination of important entrepreneurial and household factors that drive the growth of new businesses during and after the crisis. This study applies the Round 2 data from the Nigeria National Longitudinal Phone Survey Phase 2 conducted by the National Bureau of Statistics in collaboration with the World Bank between November 2021 and August 2022. The logistic regression model analyzes how job loss due to the pandemic correlates with the probability of household heads starting and operating an enterprise immediately after the pandemic and the probability for the existing household entrepreneurs to innovate. The findings show that necessity-driven entrepreneurship became effective immediately after the COVID-19 pandemic in Nigeria, and innovation and opportunity recognition were more relevant as success factors during periods of crisis than during regular times. This is because the crisis produced a new set of highly competitive and strategic entrepreneurs that quickly adapted to new situations or conditions through their innovative capacity. Several policy recommendations derived from the study’s empirical findings are discussed in the conclusion section of the article. JEL Classification I1, D1, L26, F44, C35, N97
Productivity Growth Effects of FDI Spillovers: Evidence from the Türkiye Manufacturing Industries Shahid Mahmood Waqar, Musa Abdu Journal of International Commerce Economics and Policy, 2023 This study explores the productivity growth effects of horizontal, backward, and forward FDI spillovers in the Türkiye manufacturing sector using industry-level data for the period 2008–2018. While controlling for capital intensity and human capital as proxies for the absorption capacity, we apply system GMM and bootstrapped LSDV estimator to estimate the models. Our findings reveal that backward linkages significantly hamper industrial productivity due to the rudimentary nature of the products in the downstream sector or lack of absorption capacity. While horizontal spillovers retard the productivity growth; forward linkages enhance the growth, though all insignificant. The results depict that all the interactions with capital intensity strongly promote industrial productivity growth.
