Asian Journal of Economics, Business and Accounting

Shrinkflation: A Consumer Perspective

Leonardus Ricky Rengkung — 2026-03-31

Shrinkflation is the process of reducing a product's size, quantity, or quality while maintaining its price, which can result in customers' trust. It has become a phenomenon in modern markets, particularly during periods of inflation and rising production costs. This practice creates contrasting dynamics between producers and consumers. From the producer's perspective, shrinkflation is a strategic response to cost pressures, competitive market conditions, and the need to protect profit margins without affecting consumer purchasing through price increases. Conversely, consumers may perceive shrinkflation as a form of hidden price increases that diminish product value and raise concerns about fairness and transparency. This study explores the phenomenon of shrinkflation from a consumer perspective. The methods used include analysis, synthesis, and generalization of related literature. The results show that consumer perception of shrinkflation is shaped by issues of transparency, fairness, awareness, and trust, and they perceive shrinkflation as a deceptive practice that erodes trust and leads to loss or deception, affecting brand loyalty and purchasing behavior.

Enhancing Investor Rationality: A Review of Behavioural Biases and the De-Biasing Potential of Artificial Intelligence in Investment Decision Making

Sandeep Yadav — 2026-04-06

Traditional financial theories assume that investors are rational individuals who make decisions based on all the information available at their disposal. However, insights from behavioural finance research suggest that investors frequently deviate from rationality because of the psychological and cognitive biases. These biases affect judgment and can result in suboptimal investment outcomes. The purpose of this study is to present a narrative review of important behavioural biases that influence investment decisions, as well as to examine how artificial intelligence-driven tools help in minimising their impact. The study adopts a narrative review approach, drawing insights from both foundational and recent literature on behavioural finance and financial technology. It analyses prior research to understand how different biases shape investor behaviour and decision-making processes. The review highlights cognitive biases, namely confirmation bias, anchoring bias, and overconfidence bias, that significantly influence investment choices. In addition, emotional biases further distort the decision-making process. The findings also indicate that AI-driven tools can support investors by offering objective, data-driven information, personalised recommendations, and help minimise the influence of biases, thereby improving decision quality. Overall, this study contributes to the growing literature by offering a clear understanding of the role of behavioural biases in investment decision-making and the corrective potential of AI-driven tools to address them. However, this study is limited by its reliance on secondary literature and the absence of empirical validation, which provides scope for future empirical research. It provides practical insights for investors, practitioners, and researchers seeking to navigate financial markets more effectively in a technology-driven environment.

Global Value Chain and the Competitiveness of SMEs: A Case Study of Herbal Medicine Businesses in Batu City

Novi Puji Lestari — 2026-04-01

Background: MSMEs play a crucial role in Indonesia’s economy but face challenges in global competitiveness due to limited resources and capabilities. Participation in Global Value Chains can help overcome these barriers, and the herbal medicine sector—especially in Batu City—has strong potential for international expansion due to growing global demand and abundant local resources.

Aims: This study aims to examine the role of Global Value Chains (GVCs) in enhancing the competitiveness of small and medium enterprises (SMEs) in the herbal medicine industry in Batu City, Indonesia. The research seeks to identify the structure of the value chain, analyze the challenges faced by herbal SMEs in integrating into global markets, and explore strategies that can strengthen their competitiveness and participation in global value chains.

Study Design: This research employs a qualitative research design using a case study approach to gain an in-depth understanding of the dynamics of herbal SMEs within the context of global value chain participation.

Place and Duration of Study: The study was conducted in Batu City, East Java, Indonesia, which is known as a center for herbal plant cultivation and traditional herbal product development. Data collection was carried out over a period of several months during the research process

Methodology: Data were collected through in-depth interviews with owners of herbal SMEs, direct observation of production activities, and documentation review related to business operations, marketing strategies, and product development. The collected data were analyzed using qualitative descriptive analysis to identify patterns, challenges, and opportunities related to SME integration into global value chains

Results: The findings indicate that participation in global value chains can improve the competitiveness of herbal SMEs by increasing product quality, expanding market access, and encouraging innovation. However, several challenges hinder their integration into global markets, including limited financial resources, technological constraints, inadequate managerial capabilities, weak international networks, and difficulties in obtaining certification and meeting international standards

Conclusion: The study concludes that strengthening the participation of herbal SMEs in global value chains requires a comprehensive strategy involving technological upgrading, improvement of product quality and certification, development of market networks and partnerships, enhancement of managerial capabilities, and stronger government and institutional support. These efforts can help herbal SMEs move toward higher value-added activities and improve their competitiveness in both domestic and international markets.

Intellectual Capital and Economic Value Added: Does Corporate Social Responsibility Mediate the Relationship?

Yuniarti Ardi — 2026-04-10

Background: Firm value increasingly depends on intangible assets like intellectual capital, encompassing human, structural, and financial resources, which drive innovation, productivity, and future earnings. Corporate social responsibility (CSR) complements this by enhancing transparency and stakeholder trust, though its impact on firm value can vary depending on effectiveness and market context.

Aims: This study aims to examine the effect of intellectual capital on firm value, operationalized through human capital performance, structural capital performance, and employee capital performance, both directly and indirectly through corporate social responsibility (CSR) as a mediating variable.

Study design: The study employs a quantitative approach with an explanatory method. The research sample consists of publicly listed companies on the Indonesia Stock Exchange during a specified observation period, selected using a purposive sampling technique.

Place and Duration of Study: The research sample consists of publicly listed companies on the Indonesia Stock Exchange during the 2017–2022 observation period.

Methodology: The data were analyzed using panel data regression to examine the direct effects among variables, while the mediating effect was tested using a causal step approach and the Sobel test method. Intellectual capital was measured using the Value Added Intellectual Coefficient (VAIC™) approach, which includes Human Capital Performance (HCP), Structural Capital Performance (SCP), and Capital Employed Performance (CEP). Corporate social responsibility (CSR) was measured using the CSR disclosure index, while firm value was proxied by the company’s market value indicator, namely Economic Value Added (EVA).

Results: Empirically, the findings indicate that human capital performance, structural capital performance, and capital employed performance have a positive and significant effect on firm value. Furthermore, corporate social responsibility (CSR) has a positive and significant effect on firm value and partially mediates the relationship between each component of intellectual capital and firm value.

Conclusion: These findings suggest that CSR functions as a strategic mechanism that enhances the ability of intellectual capital performance to generate firm value. This study provides empirical evidence that integrating intellectual capital management with effective CSR strategies can improve firm value in the context of emerging markets.

The Mechanisms Underlying the Effect of Self-efficacy on the Work-life Balance of Female Academician

Shadia Sharmin — 2026-03-25

Work-life balance has become a critical concern for female academics in higher education, particularly in emerging countries where professional demands and socio-cultural expectations create significant challenges. Drawing on Social Cognitive Theory and the Job Demands–Resources theory, this study explores how self-efficacy influences work-life balance through the mechanisms of confidence and decision-making ability. A qualitative research design was employed, using semi-structured interviews with female academics working in higher education institutions in Bangladesh's emerging economy. The study involved 17 female academics who shared their experiences of the interplay among self-efficacy, confidence, decision-making, and work-life balance. Data were analyzed using thematic analysis to identify key themes and psychological mechanisms underlying work–life balance. The findings reveal that self-efficacy functions as a foundational psychological resource that enhances confidence and decision-making ability, which in turn enables female academics to manage academic responsibilities and personal roles effectively. Confidence improves emotional stability and resilience, while decision-making ability enhances task prioritization and time management, ultimately contributing to improved work–life balance and psychological well-being. The study provides a novel qualitative framework explaining the psychological processes linking self-efficacy and work-life balance. It extends existing theoretical understanding by identifying confidence and decision-making as key mechanisms. The findings offer important implications for higher education institutions to develop interventions, mentoring programs, and supportive policies to strengthen female academics’ psychological resources and promote sustainable academic careers and well-being in emerging country contexts.

Socio-economic and Demographic Factors Influencing Financial Literacy among Online Banking Customers

M. M. S. A. Karunarathna — 2026-03-27

Online banking has transformed financial transactions, making financial literacy essential for managing digital finances and risks. Socio-economic and demographic factors significantly influence financial literacy and online banking adoption, though prior research shows mixed results, highlighting the need for further study. This study examines the socio-economic and demographic factors influencing financial literacy among online banking customers in Sri Lanka, focusing on the Balangoda Divisional Secretariat Division. Using a quantitative research approach, data from 382 respondents was analyzed through multiple linear regression. The findings indicate that education level, profession, monthly income, and living area significantly impact financial literacy, while age has a negative effect. However, gender, civil status, and length of service were found to be insignificant. These results emphasize the need for targeted financial education programs to enhance digital financial inclusion. Policymakers and financial institutions should address regional disparities and integrate financial literacy into education and professional training. Strengthening financial literacy will improve financial decision-making, reduce digital transaction risks, and promote economic stability. This study provides valuable insights into developing effective strategies to enhance financial literacy in Sri Lanka’s digital banking sector.

Cyber Fraud and Financial Statement Integrity in Nigerian Deposit Money Banks: The Moderating Role of Internal Audit Effectiveness

Nkwonta Ifeoma Nnenna — 2026-03-28

The rapid digitisation of banking services has increased exposure to cyber fraud, including phishing, identity theft, system intrusion, and unauthorised electronic transactions. The effectiveness of internal audits can significantly influence the extent to which cyber fraud affects financial statement integrity, acting as a critical moderating factor. This study examined the effect of cyber fraud on the integrity of financial statements in Nigerian deposit money banks, with internal audit effectiveness as a moderating variable. Specifically, the study focused on vishing and card skimming as key forms of cyber fraud affecting financial reporting. A survey research design was adopted, utilising structured questionnaires to collect primary data from employees, including banking professionals, internal auditors, finance managers, and IT personnel from selected banks. Data were analysed using frequency tables, percentages, and multiple regression analysis. The findings revealed that both vishing (coefficient = -0.478, p = 0.000) and card skimming (coefficient = -0.352, p = 0.000) have significant negative effects on the integrity of financial statements, indicating that these cyber fraud activities compromise the accuracy, completeness, and reliability of financial reporting. Additionally, internal audit effectiveness was found to significantly moderate the relationship between cyber fraud and financial statement integrity, with interaction terms VISHIAE (coefficient = 0.145, p = 0.005) and CSIAE (coefficient = 0.127, p = 0.009), demonstrating that robust audit practices can mitigate the adverse impacts of fraudulent activities. Based on these findings, the study recommends strengthening cyber fraud prevention strategies, enhancing technological safeguards against card skimming, and reinforcing internal audit functions to protect financial statement integrity. The study contributes to understanding cyber fraud risks and the importance of internal audit oversight in maintaining reliable financial reporting within the Nigerian banking sector. The findings imply that policymakers and regulatory authorities, such as the Central Bank of Nigeria, should develop guidelines that promote the adoption of best practices in cyber risk management and audit governance.

An Empirical Study on the Impact of US Tariff Rates 2025 on the Indian Stock Market

S. Gautami — 2026-03-30

Background: The 2025 tariffs provide a timely opportunity to observe how modern financial markets respond to abrupt policy shifts. Prior research shows that uncertainty surrounding tariff announcements can swiftly affect asset prices. By tracing drivers such as uncertainty spikes and earnings revisions, the study clarifies the dynamics at play. Institutional and retail responses are contrasted, and practical recommendations for investors, asset managers, and policymakers are proposed to mitigate turbulence linked to trade policy.

Aim: The present study examines the short- and medium-term impacts of U.S. tariff rate changes in 2025 on the Indian stock market, with particular emphasis on abnormal returns, volatility dynamics, and sectoral heterogeneity.

Study Design: The study adopts an empirical research design using event study methodology combined with GARCH-based volatility analysis.

Place and Duration of the Study: The study focuses on the Indian stock market, analysing major indices and sectoral indices during the 2025 U.S. tariff announcement period.

Methodology: Daily stock index data from [DATE RANGE] were analysed using event study methodology with multiple event windows (±1, ±3, ±5 days) and GARCH (1,1) models to assess cumulative abnormal returns (CARs) and conditional volatility effects around tariff announcement dates. Daily closing prices for the Sensex, Nifty 50, and major sectoral indices were analysed over event windows centred on the tariff announcements (7-, 15-, and 30-day windows). Volatility measures and abnormal returns were calculated relative to pre-event benchmarks. A comparative analysis across sectors allowed the isolation of differential tariff sensitivities.

Results: The findings reveal statistically significant negative cumulative abnormal returns (ranging from −1.42% to −1.85% in the (−1, +1) window) and heightened conditional volatility during tariff announcement periods, particularly in export-oriented sectors (textiles, automobiles, metals). In contrast, pharmaceuticals and IT services exhibited statistically insignificant abnormal returns, reflecting tariff exemptions and service-oriented revenue models. Sector-wise results further highlight the asymmetric effects of tariffs. Export-oriented industries like textiles, automobiles, and metals were more affected, reflecting their greater reliance on the US market. Conversely, pharmaceuticals and IT services showed resilience owing to partial tariff exemptions, strong domestic demand, and service-focused revenue models. This evidence supports previous findings that a sector's exposure influences its sensitivity to trade policy shocks.

Conclusion: The study underscores the asymmetric nature of trade policy impacts on emerging market equities, where sectoral exposure plays a decisive role in shaping return and volatility responses. While the Indian stock market displayed a degree of resilience due to its domestically driven economic base, export-dependent industries remained particularly vulnerable to unilateral trade actions by major trading partners.

Determinants of Factors that Influence Taxpayers to Avoid Tax Evasion

Nur Handayani — 2026-03-30

Background: Tax law enforcement plays a crucial role in ensuring effective tax collection and building a fair, transparent tax system. Factors such as tax fairness, understanding, sanctions, and system quality significantly influence taxpayers’ perceptions and behavior toward tax evasion, with stronger fairness, knowledge, and enforcement reducing the likelihood of fraud.

Aims: This study aims to test and obtain empirical evidence related to the influence of tax justice, taxation system, level of understanding, tax sanctions, tax discrimination and developments in tax technology and information on the occurrence of tax avoidance by taxpayers in East Java

Study Design: This type of research is quantitative

Place and Duration of Study: The research population uses all MSMEs that are Corporate Taxpayers and registered at the East Java Pratama Tax Service Office (KPP), namely KPP Malang, South Malang, North Malang, Kediri, Pasuruan, Probolinggo, Jember, Banyuwangi, Batu, Tulungagung, Blitar, and Surabaya City in 2023 with sample criteria, namely Corporate Taxpayers and registered at the East Java Pratama Tax Service Office for at least 5 years since 2019, in the form of a PT have a minimum of 50 permanent employees, have a business in the manufacturing sector and Corporate Taxpayers who are not hereditary family businesses

Methodology: The data collection technique for this research uses literature studies and field research. The analysis technique used in this study uses Structural Equation Modeling (SEM) analysis.

Results: The conclusion of this study is that tax justice, taxation system, and tax discrimination have a significant influence on the occurrence of tax evasion or fraud. The level of tax understanding, tax sanctions, and the development of tax technology and information do not have a significant effect on tax avoidance or fraud.

Global Trends in Chartered Accountancy Research: A Bibliometric and Thematic Analysis (2020–2025)

Jyoti Madan — 2026-03-31

Background: The chartered accountancy profession is vital to global financial stability, but research on it remains fragmented. There is no comprehensive bibliometric mapping or systematic analysis, especially regarding its intersection with artificial intelligence.

Aim: The aim of this study is to map the growing body of research on the chartered accountancy profession and to identify its major thematic directions, publication trends, and emerging links with technology and artificial intelligence

Study Design: This study uses a bibliometric and thematic review design to examine peer-reviewed journal articles on the chartered accountancy profession. Although the broader database search covered the period from 2000 to 2025, the final screened sample retained for analysis falls within 2020 to 2025.

Place & Duration of Study: The study is based on a refined scholarly database export consisting of 121 journal articles on the chartered accountancy profession published between 2020 and 2025. A focused subset of 62 studies was also identified to examine the link between chartered accountancy, artificial intelligence, automation, and digital skills.

Methodology: The study applies bibliometric techniques to examine publication trends, country distribution, leading journals, and citation patterns, and complements this with thematic analysis of titles, abstracts, keywords, and study domains. This combined approach makes it possible to capture both the publication profile of the field and the main issues shaping current research.

Results: The findings show a clear rise in publication activity after 2020, with all retained articles belonging to the 2020–2025 period. The literature is dominated by publications from the United Kingdom and the United States, while Accounting and Business Research and Corporate Ownership and Control emerge as the leading outlets. Five major themes are identified: corporate governance and disclosure, audit practice and quality, professional identity and education, public sector and regulatory reforms, and technology and AI in accounting. Within the AI-related subset, recent studies increasingly focus on automation, ethical frameworks, and changing professional competencies.

Conclusion: The findings suggest that the chartered accountancy profession is being reshaped by regulatory change, digital transformation, and broader social expectations. These developments have important implications for market transparency, audit reliability, fiscal accountability, and the efficiency of accounting services. The study offers useful insights for professional bodies, regulators, and educators, and it also points to the need for further research on Global South contexts, AI adoption over time, and the expanding role of chartered accountants in sustainability assurance.

Group Farming for Sustainable Agriculture: A Study of the Joint Liability Groups in Kerala, India

K. P. Sandhya — 2026-03-31

This study looks at how group farming can support sustainable agriculture, with a focus on Joint Liability Groups (JLGs) in Kerala, India. It mainly tries to understand how much fallow land has been brought under cultivation through JLGs, how these groups have affected the economic condition of women farmers, and whether their farming practices are sustainable. The study uses both primary and secondary data. Primary data were collected from 340 members belonging to 170 JLGs in Palakkad district through a structured sampling method, while secondary data were taken from official reports and government sources. The findings show that JLG farming has played an important role in bringing fallow land into productive use. It has also improved the economic well-being of women farmers, as seen in the increase in their average monthly income and a reduction in income inequality after joining the groups. In addition, JLGs have encouraged the use of sustainable farming practices, especially organic and eco-friendly methods, although the level of adoption differs across regions. Overall, the study suggests that group farming through JLGs is an effective way to improve agricultural productivity, empower women, and promote sustainability, though regional differences indicate the need for better-targeted policy support.

Stock Market Reaction to Managerial Change Announcements: Evidence from three Emerging African Stock Exchanges

Tchoffo Tioyem Ghislain Pierre — 2026-04-01

The restructuring of corporate governance at the head of a company is a major strategic signal, the significance of which is closely scrutinized by the financial markets. When a company announces a change in its management team, be it an unexpected departure, an external appointment or an internal reorganization, investors instantly reassess their expectations regarding future performance, perceived risk and the coherence of the strategic vision. The objective of this thesis is to study the behavior of the stock exchange prices when there is a change within the executive leadership of the companies listed on the African emergent stock markets. To reach that aim, we identified the information through the legal advertisement’s newspapers of and the boards of director’s reports. The stock exchange prices was obtained from the individual market database BRVM, NSE and JSE. Each event permit the constitution of a subsample. Through the event study technics, the Student tests (parametric test) and tests of signed level of Wilcoson (nonparametric), the obtained results show that on the NSE the stock price reacted negatively and significantly to the advertisement of the change. However, it arises overall on the JSE for the studied cases, that the investors positively accommodate the advertisement of the modification of the brains trust, considering the positive sign of the abnormal return. On the BRVM, a similar conclusion has been made, in terms of reaction stock price and abnormal return. Generally, considering the main results of this research, one can to conclude that in Sub Saharan markets, the stock price slowly reacts to the advertisement of a change of managers.

Policy Credibility and Capital Flight: The Role of Monetary Policy Efficiency and External Debt in Developing Economies

Yeremia Sahat Kirana — 2026-04-01

The theory of capital flight induced by external debt proposes the possibility that the rising external debt might lead investors to expect losses in their currencies, fiscal problems, or the imposition of capital taxes in the future, which could cause funds to be diverted abroad. The present study investigates the factors influencing capital flight in developing economies, with particular reference to monetary policy efficiency and external debt. By employing the Panel Mean Group approach, which is based on the panel AutoRegressive Distributed Lag model, this study analyses the short-run and long-run relationships between the variables for twelve developing economies over the sample period 2000 Q1 to 2023 Q4. This study utilizes quarterly panel data for twelve developing countries to investigate the short-run and long-run relationships between the variables of interest. Capital flight is measured using the residual approach, while monetary policy efficiency captures the ability of central banks to stabilize inflation and output, and external debt is expressed as a ratio to GDP. The empirical results reveal that monetary policy efficiency has a significant negative effect on capital flight in the long run, thereby underscoring the significance of credible monetary policy for mitigating capital flight risk in developing economies. On the other hand, external debt has a significant positive effect on capital flight, thereby validating the debt-induced capital flight hypothesis. This study finds that capital control measures are effective in reducing capital flight risk, while trade openness enhances capital mobility. Exchange rate volatility does not have any long-run effect.

Does Board Chair Characteristics Enhance the Quality of Financial Reporting of Microfinance Institutions in an Unstable Environment?

Kemdong Tenekeu Nicodème — 2026-04-01

Background: The board committee is responsible for overseeing the institution's financial reporting process and ensuring that it complies with relevant regulations and standards. In the Northwest region of Cameroon, financial reporting quality in micro financial institutions are impacted by several financial institutional yardsticks such as board size, gender diversity, board terms remuneration and financial expertise among others.

Aims: This study investigates the effect of board chair characteristics specifically independence, financial expertise, and duration of service on the financial reporting quality of microfinance institutions (MFIs) in the Northwest region of Cameroon. It further explores how these governance mechanisms function within a socio-politically unstable environment.

Study Design: The study employed a quantitative research design.

Place and Duration of Study: The research was conducted in the Northwest Region of Cameroon. Data collection and the scope of the study spanned from June 2024 to November-2025.

Methodology: Primary data were collected through structured questionnaires administered to 58 registered microfinance institutions selected via random and convenience sampling. Variables included board chair independence, financial expertise, and duration of service as independent variables, with financial reporting quality (measured by timeliness, compliance, and accuracy) as the dependent variable. Binary logistic regression was used to analyze the relationship between these variables.

Results: Based on a sample of 58 MFIs, the logistic regression revealed that board chair independence had a negative and statistically insignificant effect on reporting quality (B = -1.130, p = 0.601). Conversely, board chair financial expertise showed a positive and marginally significant effect at the 10% level (B = 1.618, p = 0.093), with an odds ratio suggesting that institutions with expert chairs are over five times more likely to produce quality reports (Exp(B) = 5.042). Board chair duration of service yielded mixed results: the 3-6 years category had a weak positive relationship (B = 0.530, p = 0.591), while the 9+ years category showed a negative, non-significant trend (B = -3.249, p = 0.162).

Conclusion: The study concludes that in an unstable environment, the technical competence (financial expertise) of a board chair is a more critical determinant of financial reporting quality than mere independence. While independence showed no significant impact, the presence of a financially literate chair significantly enhances the likelihood of high-quality reporting. Furthermore, the findings suggest that prolonged board chair tenure may eventually become detrimental to oversight. Therefore, MFIs should prioritize financial literacy and consider leadership renewal policies to ensure transparent and accountable financial reporting.

Transition from Local Markets to Digital Platforms: A Study on Barriers to the Usage of Affordable Digital Marketing Tools among Rural Women Entrepreneurs in Karnataka

M. Rizwana — 2026-04-01

Aim: To determine the most critical obstacles to the utilisation of affordable digital tools and digital engagement among rural women entrepreneurs in Karnataka.

Study Design: A mono-method quantitative approach was applied based on descriptive research design.

Place and Duration of Study: The research was carried out throughout the state of Karnataka, including the North, South, Coastal, Central and Eastern regions. The collection of data was undertaken in the period between January and February 2026.

Methodology: Fifty rural women entrepreneurs were sampled through a stratified random sampling technique and multiple regression analysis was employed in the analysis of the data.

Results: Majority of participants (84%) are using digital marketing tools to a great or considerable extent. Regression results show that financial (b = 0.031, p = 0.895), social (b = 0.188, p = 0.079), security (b = 0.306, p = 0.072), and infrastructural barriers (b = 0.042, p = 0.820) were not statistically significant. Nevertheless, a lack of digital skills proved to be a significant obstacle to successful usage (b = 0.561, p = 0.005).

Conclusion: The paper indicates that despite the prevailing government programs on digital inclusion, a shift in priorities to practical and mobile based approach of digital marketing training is necessary. The effective use of these tools can be reinforced by increasing digital literacy and offering specific skill development programs that would foster business growth, better income opportunities and inclusive rural development.

Impact of Behavioral Biases on Investment Decision-Making of Women Entrepreneurs: A Conceptual Review

Yogeshwari Kumari — 2026-04-02

This study aims to explore the influence of behavioral biases on the investment decision-making process of women entrepreneurs. Despite the increasing participation of women in entrepreneurship, they face unique challenges that affect their financial decision-making, including socio-cultural pressures, work-life imbalance, and limited access to financial resources. Through a conceptual analysis of existing literature, the research identifies key behavioral biases such as overconfidence, loss aversion, anchoring, herding, which significantly impact investment choices among female entrepreneurs. The findings suggest that these biases are shaped by antecedent factors, including socio-cultural norms, work-life imbalance, stress and personality traits, and are moderated by financial literacy, entrepreneurial experience, and risk tolerance. The proposed conceptual framework illustrates the interplay between these biases and antecedent factors, emphasising that investment decisions are not purely rational but are shaped by cognitive and emotional factors. The study highlights the importance of targeted interventions, such as enhancing financial literacy and providing mentorship, to empower women entrepreneurs in making informed investment decisions. By addressing the behavioral biases that hinder their investment strategies, this research contributes to the broader discourse on women’s entrepreneurship and economic development, offering insights for policymakers and support organizations aimed at fostering sustainable growth in women-led businesses. Future research directions are suggested to further investigate the nuances of behavioral biases in varied contexts.

Social Media Marketing and Commercial Performance of Small and Medium Sized Enterprises: The Beauty Sector in Cameroon

Njih Beri Nkini — 2026-04-04

Aim: To investigate the relationship between social media marketing (SMM) and commercial performance (CP) of Small and Medium-Sized Enterprises (SMEs) in the beauty sector of Cameroon.

Study Design: A cross-sectional descriptive and analytical design, adopting quantitative and hypothetico-deductive approaches were used.

Place and Duration: Beauty salons in four major towns of Cameroon (Yaounde, Douala, Bafoussam and Limbe) from May to June 2025.

Methodology: A convenience sampling method was used to select beauty SMEs, who responded to a self-administered questionnaire, designed to collect data on their use of social media platforms and influencers for marketing, and commercial performance of their businesses.

Results: Some 185 beauty business owners including 140(75.7%) female and 45(24.5%) males participated in the study. About 63% and 19.5% of participants agreed or strongly agreed to using social media platforms, meanwhile 58.4% and 12.4% agreed or strongly agreed with engaging social influencers for marketing. There were significant associations between commercial performance and the usage of social media platforms (mean scores = 4.05±0.57; t = 97.07; P = 0.000), and engagement with social media influencers (mean score = 3.80±0.66; t = 78.84; P = 0.000) respectively. Social media platforms predictors of improved commercial performance were found to be daily promotional posting which alone explained 22.4% of variance in CP (F=89.29; P<0.001). When associated with competitive advantage, customer community building, and social media analytics, the variance increased to 30.70 (F=36.695; P < 0.001). Equally, social media influencers predictors were found to be: influencer-driven community building accounting alone for 18.43% of variance in CP (F=67.56; P<0.001), and together with website traffic growth, explained 19.88% of variance in CP (F = 37.336; P < 0.001).

Conclusion: Both social media platform use and social media influencer engagement are significant and complementary drivers of commercial success. We therefore recommend to the beauty sector SMEs to develop a comprehensive social media marketing strategy, including daily posting of promotional information, and building customer communities with the support of social media influencers, to boost their commercial performances.

Debt-Equity and Financial Performance: Evidence from the Dow Jones Industrial Average

Baisakhi Vohra — 2026-04-06

Capital structure decisions involve balancing debt, equity, and internal financing to minimize risk and maximize firm value, with each source having distinct advantages and limitations. Financial managers play a strategic role in optimizing this balance, guided by key theories like Modigliani–Miller, Trade-off, Pecking Order, and Agency Cost theory. This study examines the influence of capital structure on firm performance in the United States of America during the post-Global Financial Crisis period (2009-2020), covering data from 12 years, using data from the Dow Jones Industrial Average (DJIA). Employing a rigorous quantitative framework, the analysis applies standardized multiple regression techniques to evaluate the impact of leverage, proxied by the total debt-to-total equity (TDTE) ratio, on Earnings per Share (EPS) and Return on Equity (ROE). The model also incorporates a set of key control variables. The empirical findings reveal that TDTE exhibits negative but statistically insignificant coefficients for both EPS and ROE, suggesting a diminished role of debt in influencing performance during the post-crisis period. These findings suggest that structural and macroeconomic factors outweigh debt-equity composition in shaping financial performance for the index. The study contributes to the literature by highlighting the predominance of structural and macroeconomic factors over capital structure decisions in shaping firm performance.

Rice Market in Rural Cameroon: An Empirical Analysis Assessing the Market Structure and Conduct

Tieh Clifort Njonyi — 2026-04-06

Rice is the most important grain in the world, providing income and food security for many households as half of the world’s 8.2 billion people rely on rice to meet their 80% of food needs. The justified growth of rice research has not sufficiently focused on analysing rice value chains which has implications on the efficiency of the rice market and the agribusiness sector. This study analyses the rice market in Ngoketunjia division, a major rice-producing basin in the northwest region of Cameroon. Using a structured questionnaire, primary data was collected from a random sample of 386 rice actors. Further information from the focused group discussion and key informant interviews facilitated the analysis of choice of marketing channels. Market structure was captured using four firms (CR4) concentration ratio, while conduct measured using rice actor’s behaviour on pricing, channels and market information. The four-firm’s concentration ratio for Cooperation and Cooperative is over 51% of the total paddy sold in the Ngoketunjia division. Based on the rule of thumb criteria, a strong oligopolistic market structure was observed in the study area. Malpractice selling methods (47%), transportation services (42%), and Price fluctuations (35%) are the main barriers to market participation, with availability of seed (95%), capital (76%), improved milling technology (74%) and land (72%) being the main conditions for market entry. Information on rice price, rice quality, grading and inputs has positive effects on transparency in the market structure (reported by about 90%, 75%, and 73% respectively). Regarding the conduct of the rice market, pricing was strongly determined by cooperative, cooperation and is also strongly influenced by older and experience actors. The majority of farmers (68%) sell their rice between November and February which coincides with the harvesting season. More men (42%) store rice to be sold later as compared to women (21%). For all other variables considered in this study, there are higher market participation rates among men compared to women. The study concludes that there is inequality in the market power concentration, as pricing decisions are contingent on a few giant organisations rather than on the farmers. The study recommends that Cooperative participation should be encouraged. Rice market policies should focus on improving road infrastructure and providing timely and accurate market information systems to enhance efficiency and profitability.

Challenges of Value Added Tax Administration and Taxpayer Compliance Behavior: The Case of Negele Town Revenue Authority, Oromia Regional State, Ethiopia

Dadhi Kura — 2026-04-10

Value Added Tax is Ethiopia's primary source of domestic revenue, yet local-level administrative challenges remain poorly documented. This study examines VAT administration challenges and taxpayer compliance behavior at the Negele Town Revenue Authority in Oromia Regional State, Ethiopia. Using a descriptive mixed-methods design, the study randomly sampled 290 VAT-registered taxpayers from 1,061 registrants and purposively selected 48 tax officials from assessment, collection, enforcement, and audit departments. Data were collected through questionnaires, interviews, and document reviews, with quantitative analysis performed using SPSS Version 21 and qualitative data analyzed thematically. Despite apparent revenue growth between 2018 and 2022, the findings reveal deep-rooted challenges: flawed taxpayer identification, where many eligible businesses remain unregistered; inadequate staff capacity, including officials' lack of skills and intentional omission of taxpayers; ineffective audits, with both officials and taxpayers lacking confidence in audit effectiveness; weak information systems undermining database reliability; and poor voluntary compliance, characterized by unwillingness to register without penalty threats and widespread sales without invoices among registered businesses. The study concludes that revenue growth masks systemic weaknesses in administrative processes. Recommendations include strengthening staff technical capacity, implementing robust oversight to address intentional under-registration, adopting risk-based audit programs, enhancing SIGTAS proficiency, improving service delivery, and addressing unfair competition to foster voluntary compliance.

Net Export Performance and Forecast Outlook of Cassava in Tanzania: Evidence from the ARIMA Model

Suzana H. Sawaki — 2026-04-10

Cassava (Manihot esculenta Crantz) has become increasingly important for food security and rural livelihoods in Tanzania, with growing recognition as a valuable traded commodity across the East African region. Although Tanzania ranks among Africa's top cassava producers, there remains surprisingly limited empirical evidence documenting the country's long-term export performance and future trade prospects. This study analyses Tanzania's cassava net export performance from 1961 to 2024 and projects future trends through 2030 using time series econometric methods. We compiled secondary annual data from the FAOSTAT database (1961–2013) and Tanzania Revenue Authority customs records (2014–2024). Historical trade patterns were examined across four distinct policy regimes through descriptive statistics and trend analysis, while the Autoregressive Integrated Moving Average (ARIMA) modelling approach was employed for forecasting purposes. We tested the stationarity of the net export series using the Augmented Dickey–Fuller procedure and selected the optimal model based on Akaike and Bayesian Information Criteria. Our findings reveal that Tanzania sustained a positive cassava trade balance in 63 of 64 years, with net exports growing markedly during the post-liberalisation and modern growth periods. The ARIMA (2,1,0) model emerged as the best-fitting specification, forecasting stabilisation of net exports at approximately 44,000 to 46,000 metric tons per year from 2025 to 2030, though with progressively wider confidence intervals indicating increasing uncertainty. The evidence points to a fundamental transformation of Tanzania's cassava sector from a minimal exporter to a substantial regional supplier. The study concludes that maintaining export momentum will necessitate strategic policy interventions, notably strengthening export infrastructure, facilitating regional trade flows, encouraging value-added processing at an industrial scale, and ensuring domestic food security safeguards as cassava exports continue expanding.