New trends and directions in local government finance research: A bibliometric analysis
-
DOIhttp://dx.doi.org/10.21511/pmf.13(1).2024.11
-
Article InfoVolume 13 2024, Issue #1, pp. 137-149
- 374 Views
-
94 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Local government finance has a critical impact on regional sustainability and governance. This study seeks to conduct comprehensive analyses of evolving trends and future directions in municipal finance research. It aims to address the insufficient longitudinal studies and fragmented understanding of how municipal finance practices and policies evolve by providing systematic evidence on dynamic trends and potential future trajectories. The study employed bibliometric analysis using Scopus and Google Scholar databases and Publish or Perish (PoP) software to analyze literature dynamics and associated topics and research trends and improve understanding of local government financial research. The results show a strong focus on local governance. Key themes included transparency, accountability, and financial sustainability, highlighting the critical need for good governance and fiscal prudence. The promising directions are technology (e-government) and comprehensive actions on the economic side through public-private partnerships and financial sustainability. Critical themes are fiscal stress, budgeting, and local government finance. However, new trends in sustainability, public-private partnerships, financial resilience, municipal bonds, and land finance are emerging as significant research areas. It highlights the field’s adaptability to evolving social and economic conditions. Through a thorough synthesis of these insights, stakeholders are better positioned to gain a deeper understanding of the current landscape of local government finance studies and their broader implications within a constantly changing global environment.
Acknowledgments
The authors would like to express their sincere gratitude to the Dean of the Faculty of Economics and Business, Hasanuddin University, for their invaluable support and assistance in this research. Their unwavering commitment to advancing academic research and community service has been the key to completing this study.
- Keywords
-
JEL Classification (Paper profile tab)G38, H70, H83
-
References48
-
Tables5
-
Figures5
-
- Figure 1. Data collection strategy
- Figure 2. Annual scientific production
- Figure 3. Local government finance research network map
- Figure 4. Development of popular local government finance research topics
- Figure 5. Thematic evolution in two cutting points
-
- Table 1. Main information on local government financial research
- Table 2. Statistics of total number of articles and citations over the years
- Table 3. Top ten most-cited research papers in local government financial studies
- Table 4. Top ten journals for research on local government finance based on total citations
- Table 5. The ten most frequent keywords
-
- Amedanou, Y. M. I. (2023). Financing the economy in debt times: The crucial role of public–private partnerships. Research in Economics, 77(3), 295-309.
- Atkeson, A. G., Eisfeldt, A. L., & Weill, P.-O. (2017). Measuring the financial soundness of U.S. firms, 1926–2012. Research in Economics, 71(3), 613-635.
- Atmadja, A., Dharmawan, N. A. S., & Saputra, K. (2024). Determinants of factors that affect accounting fraud in local government financial management. Australasian Business, Accounting and Finance Journal, 18(1), 148-160.
- Ball, A. (2005). Environmental accounting and change in UK local government. Accounting, Auditing & Accountability Journal, 18(3), 346-373.
- Barseghyan, L., & Coate, S. (2023). Financing local public projects. Regional Science and Urban Economics, 103, Article 103950.
- Bjoergo, F. (2023). The speed limits of democracy: Democratic anchoring of natural resource governance. The Extractive Industries and Society, 13, Article 101222.
- Caravaggio, N., & Carnazza, G. (2022). The Italian nominal interest rate conundrum: A problem of growth or public finance? Structural Change and Economic Dynamics, 62, 313-326.
- Carter, V., Derudder, B., & Henríquez, C. (2021). Assessing local governments’ perception of the potential implementation of biophilic urbanism in Chile: A latent class approach. Land Use Policy, 101, Article 105103.
- Cooke, P., Gomez Uranga, M., & Etxebarria, G. (1997). Regional innovation systems: Institutional and organisational dimensions. Research Policy, 26(4-5), 475-491.
- Dzigbede, K. D., Gehl, S. B., & Willoughby, K. (2020). Disaster resiliency of U.S. local governments: Insights to strengthen local response and recovery from the COVID-19 pandemic. Public Administration Review, 80(4), 634-643.
- Eckersley, P., Ferry, L., & Zakaria, Z. (2014). A ‘panoptical’ or ‘synoptical’ approach to monitoring performance? Local public services in England and the widening accountability gap. Critical Perspectives on Accounting, 25(6), 529-538.
- Erosa, A., Fuster, L., & Martinez, T. R. (2023). Public financing with financial frictions and underground economy. Journal of Monetary Economics, 135, 20-36.
- Hendrick, R. (2004). Assessing and measuring the fiscal heath of local governments. Urban Affairs Review, 40(1), 78-114.
- Huda, A. N. (2012). The development of Islamic financing scheme for SMEs in a developing country: The Indonesian case. Procedia – Social and Behavioral Sciences, 52, 179-186.
- Isabel-Maria, G.-S., Prado-Lorenzo, J. M., & Cuadrado-Ballesteros, B. (2011). Do progressive goverments undertake different debt burdens? Partisan vs. electoral cycles. Revista de Contabilidad, 14(1), 29-57.
- Kamiguchi, A., & Tamai, T. (2023). Public investment, national debt, and economic growth: The role of debt finance under dynamic inefficiency. Journal of Macroeconomics, 77, Article 103535.
- Kantorowicz, J., Collewet, M., DiGiuseppe, M., & Vrijburg, H. (2024). How to finance green investments? The role of public debt. Energy Policy, 184, Article 113899.
- Kloha, P., Weissert, C. S., & Kleine, R. (2005). Developing and testing a composite model to predict local fiscal distress. Public Administration Review, 65(3), 313-323.
- Kong, J., & Gao, M. (2024). Sustainable strategies for boosting profitability: Unveiling the connection between fiscal policy and natural resource efficiency. Resources Policy, 88, Article 104474.
- La Torre, M., Leo, S., Palma, A., & Zapata, J. D. S. (2024). Public spending and green finance: A systematic literature review. Research in International Business and Finance, 68, Article 102197.
- Mao, W., Watkins, D., Sabin, M. L., Huang, K., Langlois, E., Ogundeji, Y., Fogstad, H., Schäferhoff, M., Yamey, G., & Ogbuoji, O. (2023). Effects of public financing of essential maternal and child health interventions across wealth quintiles in Nigeria: An extended cost-effectiveness analysis. The Lancet Global Health, 11(4), e597-e605.
- Mattauch, L., Klenert, D., Stiglitz, J. E., & Edenhofer, O. (2022). Overcoming wealth inequality by capital taxes that finance public investment. Structural Change and Economic Dynamics, 63, 383-395.
- McEvoy, D. M., & McGinty, M. (2023). The problem of financing global public goods. European Economic Review, 153, Article 104397.
- Miller, E. T. (1928). Legal Limitations on Taxes and Debts. The Southwestern Political and Social Science Quarterly, 9(3), 235-251.
- Nordensvärd, J., Byun, Y., & Sommar, C.-J. (2022). Urban food security during COVID-19: The limits of statutory welfare and the role of community action in Sweden and Korea. Urban Governance, 2(2), 328-335.
- Nurleni, N., Bandang, A., Darmawati, D., & Amiruddin, A. (2018). The effect of managerial and institutional ownership on corporate social responsibility disclosure. International Journal of Law and Management, 60(4), 979-987.
- Nzama, L. (2024). Analysis of local government financial performance: Evidence from South African metropolitan municipalities. In T. Moloi & B. George (Eds.), Towards Digitally Transforming Accounting and Business Processes (pp. 775-796). Springer.
- Ozturk, S., & Sozdemir, A. (2015). Effects of global financial crisis on Greece economy. Procedia Economics and Finance, 23, 568-575.
- Parello, C. P., & Ikhenaode, B. I. (2021). Migration, community networks and welfare in neoclassical growth models. Journal of Macroeconomics, 70, Article 103369.
- Piotrowski, S. J., & Van Ryzin, G. G. (2007). Citizen attitudes toward transparency in local government. The American Review of Public Administration, 37(3), 306-323.
- Prinja, S., Singh, M. P., Aggarwal, V., Rajsekar, K., Gedam, P., Goyal, A., & Bahuguna, P. (2023). Impact of India’s publicly financed health insurance scheme on public sector district hospitals: A health financing perspective. The Lancet Regional Health – Southeast Asia, 9, Article 100123.
- Saidin, S. Z., & Ali, E. I. E. (2023). The relationship between organizational characteristics and the quality of local government financial statements. Public and Municipal Finance, 12(2), 117-128.
- Samatas, A., Makrominas, M., & Moro, A. (2019). Financial intermediation, capital composition and income stagnation: The case of Europe. Journal of Economic Behavior & Organization, 162, 273-289.
- Sawadogo, P. N. (2020). Can fiscal rules improve financial market access for developing countries? Journal of Macroeconomics, 65, Article 103214.
- Shani, R., Reingewertz, Y., & Vigoda-Gadot, E. (2023). Intergovernmental grants and local public finance: An empirical examination in Israel. European Journal of Political Economy, 79, Article 102420.
- Sheppard, G., & Beck, M. (2023). Transparency trade-offs in the operation of national public private partnership units: The case of Ireland’s National Development Finance Agency. Journal of Accounting and Public Policy, 42(4), Article 107111.
- Skovgaard, J., Finkill, G., Bauer, F., Åhman, M., & Nielsen, T. D. (2023). Finance for fossils – The role of public financing in expanding petrochemicals. Global Environmental Change, 80, Article 102657.
- Styles, A. K., & Tennyson, M. (2007). The accessibility of financial reporting of U.S. municipalities on the internet. Journal of Public Budgeting, Accounting & Financial Management, 19(1), 56-92.
- Supriono, S., Hariyani, E., Paulus Silalahi, S., Afriana Hanif, R., & Aswar, K. (2023). Influence factors on financial statements disclosure of Indonesian local governments. Public and Municipal Finance, 12(2), 82-90.
- Taghizadeh-Hesary, F., Yoshino, N., Rasoulinezhad, E., & Rimaud, C. (2021). Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool. Global Finance Journal, 50, Article 100666.
- Tao, R., Su, F., Liu, M., & Cao, G. (2010). Land leasing and local public finance in China’s regional development: Evidence from prefecture-level cities. Urban Studies, 47(10), 2217-2236.
- Todeschini, R., & Baccini, A. (2016). Handbook of bibliometric indicators: Quantitative tools for studying and evaluating research. Wiley-VCH.
- Torres, L., Pina, V., & Acerete, B. (2006). E-governance developments in European Union cities: Reshaping government’s relationship with citizens. Governance, 19(2), 277-302.
- Wakwabubi, M. J., Nkundabanyanga, S. K., Orobia, L., & Kaawaase, T. K. (2023). Local governance and financial distress in local governments: The mediating role of delivery system. Transforming Government: People, Process and Policy, 17(3), 424-442.
- Warner, M., & Hebdon, R. (2001). Local government restructuring: Privatization and its alternatives. Journal of Policy Analysis and Management, 20(2), 315-336.
- Yan, J., & Haroon, M. (2023). Financing efficiency in natural resource markets mobilizing private and public capital for a green recovery. Resources Policy, 85, Article 103841.
- Yasmin, M., Haliah, Kusumawati, A., & Darmawati. (2024). The effect of brainstorming, auditor ethics, and whistleblowers on audit opinions of government financial reports: The moderating role of management support. Asian Economic and Financial Review, 14(4), 276-294.
- Zamzami, F., & Rakhman, F. (2023). Determinants of local government financial performance in Indonesia. Academic Journal of Interdisciplinary Studies, 12(5), 332.