Asian Journal of Economics, Business and Accounting

Firm Characteristics and Financial Stability in The Insurance Sector: A Critical Review of Literature

Jonathan Sila Nyamai — 2026-03-12

This study underscores a systematic review of the extant literature examining the relationship between firm characteristics and financial stability. The review was theoretically anchored in the buffer theory of capital adequacy, efficiency theory, market power theory, and stakeholder theory, which collectively provide complementary perspectives on how internal firm attributes influence resilience and risk exposure. Adopting a systematic literature review methodology, the study synthesised empirical and conceptual contributions addressing the nexus between firm-specific factors and financial stability outcomes. The findings indicate that a significant relationship has consistently been identified between firm size and financial stability. Larger firms are frequently associated with greater diversification opportunities, improved access to capital markets, and enhanced capacity to absorb shocks, thereby strengthening their stability profiles. Accordingly, firm size emerges as an important determinant of financial resilience within the reviewed literature. Similarly, substantial empirical evidence supports a significant association between capital adequacy and financial stability. In line with the buffer theory, higher levels of capital serve as a protective cushion against unexpected losses, reducing insolvency risk and enhancing institutional soundness. The capital position of an institution is therefore widely regarded as fundamental to its long-term stability. With respect to liquidity, the literature also establishes a significant relationship with financial stability. Liquidity, reflected in the availability of cash and near-cash assets to meet short-term obligations, plays a critical role in mitigating funding risk and maintaining operational continuity. Firms with stronger liquidity positions are generally better equipped to withstand adverse financial conditions. Finally, the review identifies a significant association between operational efficiency and financial stability. Efficient resource allocation, cost management, and productivity improvements contribute to enhanced profitability and reduced vulnerability to external shocks. Collectively, these findings underscore the multidimensional nature of financial stability and highlight the importance of firm-specific characteristics in shaping sustainable financial performance.

Analysis of The Free Nutritional Meal Program (MBG) from A Human Resource Management (HR) Perspective

Marja Sinurat — 2026-03-13

Background and Aims: MBG is frequently considered as a social or health initiative focused at increasing the quality of human resources and welfare. Human resource development (HRD) is an important part of a country's growth. This study aims to analyze the Free Nutritious Meal Program (Program Makan Bergizi Gratis, MBG) as a national policy for human resource development from a Human Resource Management (HRM) perspective, particularly through the lenses of Human Capital Theory, Strategic Human Resource Management (SHRM), the Ability–Motivation–Opportunity (AMO) framework, and Public Sector HRM.

Study Design: This study adopts a conceptual and analytical literature review design.

Place and Duration of Study: The study was conducted through a systematic review of peer-reviewed international and national literature indexed in Scopus, Web of Science, and SINTA, as well as official Indonesian government policy documents, published during the period 2019–2026.

Methodology: The study employs a qualitative literature review approach with thematic analysis. Relevant academic articles and policy documents were identified through systematic database searches using keywords related to nutrition programs, human capital development, strategic HRM, and public sector HRM. The selected literature was analyzed thematically to examine MBG as a macro-level HRM intervention, focusing on human capital outcomes, policy integration, and human resource implementation challenges.

Results: The findings indicate that the MBG program represents a long-term, macro-level HRM investment aimed at strengthening national human capital through improved nutrition, health, and cognitive capacity. However, the analysis reveals several critical challenges, including limitations in human resource capacity among implementing actors, weak strategic alignment across education, health, and labor policies, and the absence of outcome-based human capital performance measurement. These challenges may reduce the program’s effectiveness in achieving sustainable human resource development goals.

Conclusion: The study concludes that while MBG has strong potential as a strategic public sector HRM policy supporting Indonesia’s long-term human capital development, its success depends on improved HR governance, cross-sector policy integration, and the adoption of outcome-oriented performance evaluation mechanisms.

Trends and Patterns in Work–Life Integration: A Bibliometric Study

Anu Kohli — 2026-03-17

The increasing demands of modern workplaces and evolving social structures have brought work-life integration (WLI) into sharper focus. Unlike traditional work-life balance, WLI emphasises the seamless coexistence of work and personal responsibilities. Prior literature on work–life integration remains fragmented, with limited models that integrate technological influences, well-being, and career outcomes across diverse cultural and occupational contexts. A bibliometric study based on secondary data from the Web of Science database has been used in this research work. 51 papers were chosen for in-depth review after screening 489 papers utilising a systematic literature review and the PRISMA methodology. To display publishing metrics, citation trends, word cloud insights, and co-authorship networks, bibliometric analysis was conducted using Biblioshiny and Vosviewer software. The analysis shows that the USA and the UK are major contributors in the field of Work-Life Integration. International Journal of Human Resource Management and Journal of Managerial Psychology have published the maximum articles in the area of WLI. The study further identified five critical factors- Individual factors, Organisational factors, Technological factors, Socio-cultural factors and Boundary & Recovery Dynamics- as key contributors to WLI. The paper suggests that organisations should set digital boundaries and show cultural sensitivity. The paper concludes with recommendations for organisational policy improvements and directions for future research. It offers a more holistic, contemporary understanding of how work and nonwork roles are integrated under conditions of digitalisation, globalisation, and changing norms. In doing so, it not only refines core theoretical constructs (e.g., integration vs segmentation, work–life ideologies) but also generates practically relevant insights for designing inclusive policies, cultures, and technologies that support sustainable work–life arrangements across diverse occupations, sectors, and countries.

Equity Financing and Value of Listed Information and Communication Technology (ICT) Firms in Nigeria

Akwuobi Bridget Udekwesili — 2026-03-02

This study examined the effect of equity financing on the firm value of listed Information and Communication Technology (ICT) firms in Nigeria, with firm value proxied by Tobin’s Q and equity financing proxied by the equity-to-asset ratio (ETA). An ex-post facto research design was adopted, using historical financial data from 2015 to 2024. The population consisted of all eight ICT firms listed on the Nigerian Exchange Group (NGX), while five firms that have been listed as at 2015 were purposively sampled. Secondary data were collected from the audited annual reports of the sampled firms, and hypotheses were tested using Panel Least Squares regression with White cross-section standard errors to correct for heteroskedasticity. The finding revealed that equity financing has a significant negative effect on the firm value of listed ICT firms in Nigeria (β = -0.623239, p = 0.0000). Therefore, market participants may perceive higher reliance on equity as a signal of potential dilution of ownership or a sign that internal resources and retained earnings are insufficient to fund growth, which could reduce investor confidence and market valuation. It was recommended that management of listed ICT firms should carefully evaluate the proportion of financing obtained through equity relative to other sources. They should consider balancing equity with retained earnings or internally generated funds to minimize potential market concerns about ownership dilution and avoid reducing firm value.

Impact of Procurement Methods on Performance of Public Hospitals: Evidence from Pumwani Maternity Hospital, Kenya

Zebede Onasa — 2026-03-04

In the Kenya, the Government is constantly putting its procurement plans and policies into action. However, beneath every procurement-related activity, the public sector is witnessing growing inefficiency in performance, which is culminating into increasing public dissatisfaction. These performance issues are negatively effect on procurement in the public hospitals. Although research clearly demonstrates the effect of the public procurement process on public sector performance, available empirical evidence highlights; methodological, conceptual and contextual gaps These breaches motivated the present study so as to bridge the gaps and bring new evidence. The objective of the research was to examine how procurement methods affect the performance of the public hospital in Kenya with particular interest in Pumwani Maternity Hospital. The study employed descriptive research design while targeting the 62 senior store, procurement and finance officers at Pumwani Maternity Hospital. Since population was small and manageable, the study employed census where the 62 officers were used as respondents. Primary data were gathered using a structured questionnaire where the study used descriptive statistics and developed predictive models using inferential analysis. The study found that each of; open tendering (β=0.172; p = 0.032; r=0.4330), request for quotation (β= 0.458; p = 0.001; r=0.806), direct procurement (β= 0.174; p= 0.020; r=0.393) and restricted tendering and hospital performance (β=0.426; p= 0.002; r=0.818) has a significant and positive impact on the performance of public hospitals in Kenya. It was recommended that public hospitals in Kenya should re-examine their open tendering practices with an emphasis on maintaining transparency as a core component of the procurement process, improve its request for quotation method by emphasizing standardisation of the assessment criteria, formulate clear guidelines for purpose of establishing the circumstances under which direct procurement can be used and create standard qualification and appraisal benchmarks for all suppliers involved in restricted tendering.

Internal Control Systems and Financial Accountability in State Owned Corporations: A Case of National Water and Sewerage Corporation in Bushenyi Area, Uganda

Zainab Namwebe — 2026-03-04

In recent years, the implementation of internal control systems has become increasingly critical for promoting accountability, transparency, and effective resource management in state-owned enterprises. This study examined the impact of internal control systems on financial accountability in the NWSC Bushenyi Area, Uganda, addressing the challenges of ensuring financial accountability, which is essential for effective public resource management. Financial accountability is a cornerstone for economic growth and development; however, many state-owned enterprises struggle with inadequate financial management. Grounded in Principal-Agent Theory, Institutional Theory and Reliability theory the research investigated the relationship between control environment, risk assessment, and control activities on financial accountability, the study employed a quantitative approach using correlational and descriptive research designs. The target population comprised 139 staff of NWSC, from which a sample size of 103 respondents was determined. Out of the 103 questionnaires administered, 98 were successfully returned, yielding a high response rate of 95.2%. Data were collected using self-administered structured questionnaires and analyzed with SPSS version 27 to generate both descriptive and inferential statistical results, with multiple linear regression applied to test three hypotheses. Findings indicated that the control environment system had significant relationship with financial accountability (t = 4.219, p = 0.000 < 0.05), risk assessment system was insignificant (t = 2.091, p = 0.063 > 0.05), and control activities system had a significant impact on financial accountability (t = 5.46, p = 0.000 < 0.05). Recommendations include simplifying risk assessment processes, streamlining control activities, strengthening control environment mechanisms, and providing targeted training programs for staff. This study makes a significant contribution to academia by offering insights into the effectiveness of internal control systems, providing practical recommendations for the Auditor General, and delivering actionable outcomes for NWSC Bushenyi area to enhance financial accountability and transparency, thus addressing a knowledge gap in the existing literature. The findings provide evidence-based guidance for policymakers and oversight institutions to strengthen regulatory frameworks governing state-owned enterprises. They highlight the need for standardized internal control guidelines, continuous monitoring mechanisms, and mandatory capacity-building programs within public corporations. The study also supports the formulation of policies that reinforce accountability structures, enhance compliance with public financial management regulations, and promote a culture of transparency and ethical governance in Uganda’s public sector.

Determinants of Investment Intention: Evidence from Investors in Indonesia Capital Market Using a TPB Framework

Arief Kurniawan — 2026-03-05

Background: Investment intentions are often influenced by personality traits or a person's way of acting when deciding something. Personality traits are a person's way of acting which is shown or applied in an attitude, character, belief, and so on. The small ratio of the number of investors to the population in Indonesia raises the question of what motivates the entry of new investors in the Indonesian capital market.

Aims: This research is conducted by testing and analyzing the variables of financial attitude, subjective norms, financial self-efficacy, and financial knowledge on investment intention.

Study Design: This research type is comparative causal research. The population was all investors in Surabaya City.

Place and Duration of Study: The sampling technique used was accidental sampling. The analysis technique used is structural equation modeling (SEM) with Amos 24 software.

Methodology: These tests and analyzes are carried out directly and indirectly or through mediated relationships through financial attitude and financial self-efficacy. The sample size for analysis using Structural equation modeling (SEM) which uses the Maximum Likelihood Estimation (MLE) model is 100 – 200 samples. The researcher's sample size was determined as 135 respondents and has entered the size range that can be used in SEM analysis. SEM evaluation is used to test model fit which can be assessed based on testing various fit indices obtained from AMOS based on evaluating the fulfillment of SEM assumptions, namely normality assumptions, outlier assumptions, and multicollinearity and singularity assumptions.

Results: The conclusion is that financial attitude has a positive and significant effect on investment intentions. Subjective norms have a positive and insignificant effect on investment intentions in the capital market. Financial self-efficacy has a positive and insignificant effect on investment intentions in the capital market. Financial knowledge has a positive and significant effect on investment intentions in the capital market. Financial knowledge has a positive and significant effect on financial attitude in the capital market. Personality traits have a positive and insignificant effect on investment intentions in the capital market. Personality traits have a positive and significant effect on financial self-efficacy. Financial knowledge on investment intention mediated by financial attitude has a significant relationship. Personality traits on investment intention mediated by financial self-efficacy are not significant.

Conclusion: The contributions of this research are expected to facilitate further understanding of the factors that influence investment intentions, especially in Surabaya, and enrich the financial behavior literature with adjustments and additional variables in the Theory of Planned Behavior (TPB) framework.

Digital Marketing Strategies for Enhancing Property Sales Amid the Growing Trend of Online Home Searches

Delba Savira — 2026-03-06

Background and Aims: The property industry has shifted toward digital platforms as consumers increasingly search for properties online. This change has driven companies to adopt more structured and measurable digital marketing strategies. This study aims to analyze the implementation and effectiveness of digital marketing strategies employed by a property company in Yogyakarta, specifically for the Vilas Palagan project, and to identify the factors hindering sales conversion.

Study Design: This research adopts a qualitative approach with a case study design.

Place and Duration of Study: Vilas Palagan Project, Yogyakarta, Indonesia, between January 2024 and May 2025.

Methodology: Data collection involved observations of digital marketing activities, in-depth interviews with key informants (including the Head of Estate Management and Marketing communication staff), and comprehensive documentation analysis. The collected data were examined using thematic analysis to identify patterns in digital engagement and sales obstacles.

Results: The findings indicate that while the use of social media, digital advertising, and online property platforms significantly increases brand awareness and generates potential leads, effectiveness is limited by fragmented platform integration and a heavy reliance on specific visual content. Challenges also persist in maintaining consistent consumer engagement throughout the long property-buying cycle.

Conclusion: The study concludes that optimizing customer data utilization, such as CRM system, enhancing campaign personalization, and improving the coordination between marketing and sales teams are critical for increasing lead quality and boosting final sales conversion in the digital era.

The Relevance of the Holacracy Management Paradigm in Performance of Contemporary Business: Evidence from Dar es Salaam

Mwinula Adam Lumelezi — 2026-03-06

This paper will discuss the correlation between Holacracy and organizational performance focusing on their contextual elements affecting their effectiveness. With more and more complexity in organizations concerning the environment, people have become more discerning in their work and decentralization of work structures has become a reality, alternative forms of governance like Holacracy have become more vocal. Based on contingency theory and complexity theory, this study will examine whether Holacracy is a universal way to improve organizational outcomes or it can deliver positive results given certain organizational conditions. The data were gathered using a correlational survey design on 200 respondents that represented organizations that have implemented Holacracy in other fields such as the technology sector, education, and finance. The Pearson Product Moment Correlation Coefficient was used to analyze data using SPSS version 22.

The results indicate that there is a considerable positive correlation between both Holacracy and employee satisfaction (r = 0.63, p < 0.01) and the overall organizational performance (r = 0.74, p < 0.01). Findings show that there are better job satisfaction, engagement, innovation, productivity, and customer satisfaction. However, the role uncertainty and change resistance were observed to have negative effects on the implementation results (r = -0.65, p < 0.01). Besides, organizational aspects, such as corporate culture, management support, and workforce preparedness, play an important role in the moderation of the Holacracy success (r = 0.60, p < 0.01).

The paper concludes that Holacracy is not a universal managerial system but has the potential to improve performance greatly provided that it is implemented under favorable organizational factors. Its implementation needs a serious commitment of leaders, cultural preparation, and organized training programs to be successful. The results are added to the existing literature on the topic of decentralized governance models and serve practical implications to organizations that think about Holacratic transformation.

Does FDI Upgrades Export’s Structure? City-level Evidence from Dongguan Using VECM Model

He Peishan — 2026-03-09

Against the backdrop of global value chain restructuring and the deepening of regional integration in South China, Dongguan remains an important destination for export-oriented foreign direct investment (FDI). Utilizing annual data from 1995 to 2024 and employing a Vector Error Correction Model (VECM), this paper empirically analyzes the dynamic impact of FDI on Dongguan's export structure. The export structure is measured by two core indicators: the share of high-tech product exports (LEXS1, reflecting the technological structure of exports) and the share of general trade exports (LEXS2, reflecting the trade mode structure).

The findings indicate that FDI maintains a long-term equilibrium relationship with Dongguan's export structure, although the direction of its effect diverges across the two indicators. FDI exhibits a sustained and stable positive effect on the transformation of the trade mode, whereas its impact on the technological structure of exports displays time-varying characteristics—being positive in the short term and negative in the medium term. Although FDI is an important influencing factor, it has not yet come to dominate the evolution of the export structure, with the inertia of the export structure itself still accounting for a significant proportion. This phenomenon reflects the complexity inherent in releasing the structural dividends of FDI. Consequently, it is necessary to optimize the technology spillover environment and cultivate indigenous innovation capabilities to facilitate the transition of FDI from "quantitative accumulation" to "qualitative enhancement."

The Effect of Government Expenditure on Agricultural Output in Nigeria (1991–2025)

Okoli, Uju Victoria — 2026-03-12

Government Expenditure is a critical component of fiscal policy and plays a central role in shaping economic growth and development in any economy especially a developing one. This study investigates the impact of government expenditure on agricultural output in Nigeria from 1991–2025, employing the Autoregressive Distributed Lag (ARDL) bounds testing technique to capture both short-run and long-run dynamics. The analysis is based on secondary data obtained from the Central Bank of Nigeria, Statistical Bulletin and the National Bureau of Statistics, with agricultural output as the dependent variable and government recurrent expenditure, government capital expenditure, and government subsidies to farmers as the independent variables. Also interest rate is used as a control variable. The study is anchored on the Keynesian economic theory, which posits that increased government spending stimulates output and employment. The empirical findings reveal that government recurrent expenditure (1.672369) exerts a positive and statistically significant effect on agricultural output in both the short run and the long run. On the other hand, government capital expenditure (-0.698921) displays a negative and statistically insignificant relationship with agricultural output whereas government subsidies to farmers (-0.290524) also exhibit a negative and insignificant impact on agricultural output. Based on these findings, the study recommends strengthening the efficiency of recurrent spending, and the restructuring capital expenditure and subsidy programs to ensure proper targeting, accountability, and long-term productivity. This study is justified because Nigeria’s agricultural sector continues to underperform despite heavy government spending, making it necessary to assess the effectiveness of capital expenditure, recurrent expenditure, and subsidies in driving agricultural output growth.

Fixed Deposits, Fund Size and Performance of Unit Trust Funds in Kenya

H. K. Isabwa — 2026-03-14

Aim: To determine the moderating effect of fund size on the relationship between investing in fixed deposits and performance of unit trust funds in Kenya.

Study Design: Causal design.

Place and Duration of Study: Census: Unit Trust Funds in Kenya for the period between January 2015 to December 2023.

Methodology: Target population was 37 approved Unit Trust Funds in Kenya. Census survey was adopted where all the 37 approved unit trust funds in Kenya were studied. The study used secondary data which was collected using a secondary data collection sheet. Data collected was analyzed using Stata version 18.0. Both descriptive and inferential statistics was used in data analysis. Descriptive statistics that were adopted in this study include; mean, standard deviation, minimum and maximum while the inferential statistic tools that were used include both Pearson correlation and panel data analysis.

Results: Findings revealed that investing in fixed deposits had a significant positive effect on performance with (β=0.200, p < 0.05). Fund size had a significant moderating effect on the relationship between investment vehicles and performance of UTFs with (β= 0.345, p < 0.05).

Conclusion: The study concluded that Unit trust funds that invest in fixed deposits have high chances of recording better asset returns. The study also concluded that fund size has a significant moderating effect on the relationship between investing in fixed deposits and performance of unit trust funds in Kenya. Unit trust funds with large fund size enjoy economies of scale, enjoy increased market power and chances of access to capital are high all which contributes to increase in asset returns. Fund managers of unit trust funds should increase the proportion on investment in fixed deposits as they improve investment returns.

Foreign Direct Investment and Youth Unemployment in Nigeria: Reassessing the Employment Transmission Mechanism

Chinwe Monica Madueke — 2026-03-16

Nigeria continues to have chronically high youth unemployment despite continued foreign direct investment (FDI) inflows, contradicting traditional development theory's assertion that FDI inflows boost employment through investment expansion and knowledge transfer. This study uses annual time-series data spanning 25 years (2000–2024) to reexamine the relationship between youth unemployment in Nigeria and foreign direct investment (FDI). The Autoregressive Distributed Lag (ARDL) method was used for analysis in this study. Results indicated that all the explanatory factors (exchange rate, government spending, inflation rate, minimum wage rate, population growth rate, and foreign direct investment) in Nigeria have a long-run relationship with the dependent variable (youth unemployment rate). In the short run, the a priori assumption is met by government spending, FDI, and the minimum wage rate, but not by the rate of inflation, population growth, or currency rate. The findings suggest that the weak employment response to FDI reflects structural and absorptive capacity constraints rather than the ineffectiveness of foreign investment per se. The study recommends that policymakers should formulate and implement programs to boost foreign direct investment within the domestic economy. Additionally, the government should implement labor-absorbing FDI policies and make sure that FDI is directed toward labor-intensive industries like manufacturing, agriculture, and information, communication, and technology (ICT) that have a high ability to absorb labor.

Green Accounting Practices and Financial Performance: Empirical Evidence from Listed Manufacturing Firms in Nigeria

S. O. Yinus — 2026-03-18

Green accounting integrates environmental costs into financial reporting, promoting sustainability alongside economic performance, especially in environmentally intensive sectors like transportation. It helps firms improve long-term financial performance, regulatory compliance, and environmental accountability while supporting global sustainability goals. This study investigates the effect of green accounting practices on the corporate performance of listed manufacturing firms in Nigeria, with particular focus on environmental waste management and pollution control practices. The study is premised on the growing demand for corporate environmental accountability and the need to ascertain whether sustainability-oriented reporting enhances financial outcomes. An ex-post facto research design was adopted, using secondary panel data obtained from the annual reports of ten purposively selected firms listed on the Nigerian Exchange Group (NGX) over the period 2011–2025. Descriptive statistics, correlation analysis, and panel regression techniques were employed to examine the relationships among the variables. Fixed Effects and Random Effects models were estimated, while the Dynamic Panel System Generalized Method of Moments (GMM) was applied to address potential endogeneity and firm-specific heterogeneity. The Hausman test supported the Fixed Effects model as the most appropriate specification. The findings reveal that environmental waste management practices have a positive and statistically significant impact on return on assets (ROA) and return on equity (ROE), indicating that firms with stronger waste management transparency tend to achieve superior financial performance. The results further indicate that environmental pollution control practices are positively related to performance indicators.

The study concludes that effective green accounting practices enhance financial performance. This finding is consistent with the assumptions of the Resource Based View (RBV) theory, which emphasizes the linkage between environmental practices and financial performance. The implication of this study is that proactive environmental investments and transparent sustainability reporting can serve as strategic resources that improve competitiveness, strengthen stakeholder confidence, and promote long-term financial sustainability for manufacturing firms. The study therefore recommends that firms integrate environmental strategies into their operational frameworks and that policymakers enforce environmental practice regulations to ensure environmental accountability and sustainable profitability.

Electronic Payment Systems and Non-oil Tax Revenue Performance in Nigeria: A Fiscal Capacity Perspective

Olaoye Clement Olatunji — 2026-03-18

This study examines the impact of electronic payment systems on non-oil tax revenue performance in Nigeria, adopting a fiscal capacity perspective. Using quarterly data from the Federal Inland Revenue Service (FIRS) covering the period from 2011 to 2022, the research employs descriptive statistics, trend analysis, paired sample t-tests, correlation analysis, and ordinary least squares (OLS) regression to evaluate the effect of e-payment adoption on non-oil revenue, company income tax, and value added tax. The results reveal a substantial and statistically significant increase in non-oil tax revenue following the implementation of electronic payment systems, with the mean non-oil revenue rising from ₦452.89 billion in the pre-e-payment era to ₦841.60 billion in the post-e-payment era. The paired sample t-test confirms that this increase is highly significant (p < 0.001), while the regression analysis demonstrates that e-payment adoption, company income tax, and value added tax are all significant positive determinants of non-oil revenue. These findings are consistent with the fiscal capacity framework and support the argument that digital tax reforms enhance revenue mobilization, compliance, and administrative efficiency. The study also addresses gaps in the literature by providing national-level evidence of the effectiveness of electronic payment systems in improving non-oil tax revenue performance in Nigeria. Based on these findings, the study recommends sustained investment in digital tax infrastructure, targeted taxpayer education, and inter-agency collaboration to optimize the benefits of electronic payment systems and strengthen Nigeria’s fiscal sustainability and economic resilience.

Internal Control Management as a Predictor of Financial Reporting Quality: Evidence from Microfinance Institutions in Bacolod City

Jason B. Cercado — 2026-03-19

Background: Microfinance institutions (MFIs) serve as a bridge between the formal financial sector and underserved communities needing economic support. Internal control is a critical foundation for MFIs because it strengthens stability, transparency, and trust while supporting effective service delivery to vulnerable communities.

Aim: The study aimed to assess the extent of implementation of internal control management and its effect on the quality of financial reporting of microfinance institutions (MFIs) in Bacolod City.

Study Design: A descriptive-correlational research design with predictive analysis was employed using a quantitative approach. The respondents were financial managers or accountants of MFIs who were directly involved in internal control implementation and financial reporting processes. Participants were selected through simple random sampling.

Place and Duration of Study: The study was conducted in Bacolod City, Philippines, from October 2025 – December 2025.

Methodology: Data were gathered using a researcher-made questionnaire and analysed using descriptive statistics such as mean and standard deviation, and inferential tools including the Kruskal–Wallis test, Mann-Whitney U test, Spearman’s rho, and simple linear regression.

Results: The findings revealed no significant differences in the extent of internal control management implementation when MFIs were grouped according to length of operation and size of business. Likewise, no significant differences were found in the effect of internal control management on the quality of financial reporting when MFIs were grouped by length of operation and business size. However, the results demonstrated a very strong and statistically significant relationship between the extent of internal control management implementation and the quality of financial reporting, indicating that improved internal control practices are associated with more accurate, reliable, and transparent financial reports. Regression analysis further showed that internal control management is a strong and significant predictor of financial reporting quality, explaining a substantial portion of its variation. Based on these results, it is recommended that MFIs consistently strengthen and periodically review their internal control systems to sustain high-quality financial reporting.

Conclusion: In conclusion, effective implementation of internal control management is a critical determinant of financial reporting quality among MFIs, regardless of organisational size or length of operation.

Economics of Influencer Marketing: Impact on Consumer Satisfaction

Ram Prasad Chandra — 2026-03-20

Influencer marketing has emerged as an important digital marketing strategy due to the rapid expansion of social media platforms and their growing role in shaping consumer behaviour. In this study, the relationship between influencer marketing and consumer satisfaction was examined with particular reference to purchasing behaviour and selected market-related outcomes. The study is based on primary data collected through Google Forms from respondents in Bilaspur district, Chhattisgarh, India. A total of 280 responses were obtained, including 148 males and 132 females. The study used descriptive statistics, Pearson correlation, and chi-square analysis to examine the association between buying goods offered by influencers (BGOI), social media platform used (SMPU), sources of purchasing decision-making (SPDM), following social media influencers (FSMI), increase in demand for goods (IDG), increase in price of goods (IPG), and consumer satisfaction. The findings indicate that influencer marketing is significantly associated with consumer satisfaction and purchasing behaviour. Significant relationships were also found between BGOI and SMPU, SPDM, and FSMI, while a strong association was observed between IDG and IPG. In addition, the results suggest that satisfaction is positively related to the likelihood of purchasing goods promoted by influencers. The study concludes that influencer marketing has become an influential mechanism connecting brands and consumers in the digital marketplace. These findings provide useful insights for marketers, businesses, and researchers seeking to understand how influencer-driven promotion affects consumer responses and broader market behaviour.