Asian Journal of Economics, Business and Accounting

Awareness Towards Stock Market among College Students

D. Rajasekaran — 2026-04-25

The stock market enables companies to raise capital and investors to earn returns, playing a vital role in economic development and financial growth. In India, regulated exchanges like BSE and NSE ensure transparent trading, while growing student interest highlights the need for better financial awareness and literacy. The study aims to examine the level of awareness of the stock market among college students and to analyze the relationship between selected socio-economic variables and awareness levels. The study is based on both primary and secondary data. Primary data were collected from 45 undergraduate students through a structured questionnaire using a random sampling technique. Statistical tools such as simple percentage analysis, chi-square test, and paired t-test were applied for data analysis. The results reveal that students possess basic knowledge of the stock market; however, awareness regarding risk factors, regulatory bodies, and technical and fundamental analysis is relatively low. The chi-square analysis indicates that socio economic factors such as area of residence, family income, family savings, and source of information significantly influence awareness levels. The paired t-test confirms that participation in a stock market awareness program significantly improved students’ knowledge. The study concluded that there is a need for structured financial education and practical exposure to enhance stock market awareness among college students.

Vocational Training for Women Gig Workers: A Review

Vicky Raaz — 2026-04-30

Vocational training helps bridge skill gaps and improve employability in the evolving gig economy, particularly empowering women with flexible work opportunities, though challenges such as job instability and lack of benefits remain. The aims of this study are reviewing previous study findings on women who working as a gig worker in India and develop specific job expertise through vocational training and the way these effects their jobs in gig economy. This investigation attempts to identify their benefits and drawbacks. Furthermore, the research will assess the findings from existing studies Published between 2015 to 2026 were analysis the how well they work in various vocational training programmes and seek to provide idea to improve female change for jobs and skill development. Also, a comprehensive and structured review on female gig workers in context of vocational training, an organised review has been performed and data was collected from google scholar and Scopus. Additionally, the finding shows that vocational training enhances the efficiency and confidence of women gig workers and increase earning potential, work efficiency by providing technical and digital literacy. The review also highlights the problems that women gig workers face because of limited access, unstable earning, safety concerns and gender bias. It shows how open and freely accessible vocational training programs, promotes women achievements and improves equality of workplace for all. This paper addresses the important of supportive measures to tackle fundamental and specific-gender challenges and promoting vocational training as a vital tool for empower women in the gig economy.

Human Capital and SME Internationalization: The Mediating Role of Digital Capability in Teak Wood Craft SMEs

Ryan Basith Fasih Khan — 2026-04-24

Background and Aims: Despite growing interest in SME internationalization, limited attention has been paid to the mediating mechanisms that convert human capital into global outcomes, particularly in traditional manufacturing sectors. This study examines human capital's role in the internationalization of MSMEs in the teak craft sector, investigating its direct impact on international outcomes and the mediating role of digital capability in transforming resources into global competitiveness.

Study Design: This research employs a quantitative explanatory survey design to test the structural relationships among human capital, digital capability, and internationalization.

Place and Duration of Study: The study was conducted in Bojonegoro Regency, East Java, Indonesia, an area recognized for its local resource endowments and teak woodcraft production. Data collection was carried out over several months.

Methodology: Data were collected from 150 owners or managers of teak woodcraft MSMEs using a five-point Likert scale. The constructs were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate measurement validity and reliability, and to test direct and mediating effects.

Results: Human capital exerts a strong, positive, and significant effect on digital capability, which in turn significantly influences internationalization. While human capital also directly affects internationalization, its direct effect is smaller than the indirect pathway. Crucially, digital capability serves as a significant partial mediator in the relationship between human capital and internationalization.

Conclusion: Human capital alone is insufficient for optimal international success; firms must strategically develop digital capability. Theoretically, this study extends the Resource-Based View by positioning digital capability as a dynamic conversion mechanism that operationalizes human capital into international competitiveness. Practically, these findings guide policymakers and SME practitioners in designing targeted digital training programs. Socially, enhancing digital skills among artisans supports cultural heritage preservation while fostering sustainable economic empowerment.

Effect of Gender Diversity in the Board of Directors on Financial Performance of Commercial Bank: A Panel Econometric Approach

Nusrat Jahan Sadia — 2026-04-24

Board gender diversity has increased globally, driven by evidence that women bring unique perspectives and prudent decision-making that enhance firm performance and governance. Despite growing recognition of its importance, countries like Bangladesh still face challenges due to traditional gender roles limiting women’s participation in corporate leadership. The study examines the increasing presence of both genders on the boards of directors of commercial banks in Bangladesh. The independent variables are board size, board independence, gender diversity, and the audit committee’s independence. The dependent variable, Return on Assets (ROA), is a ratio that has been used to measure bank performance. This analysis uses the methods of descriptive statistics and correlation analysis, where applicable, multicollinearity tests, the Hausman test, and panel regression analysis to examine the link between a Bank’s Performance and the Gender Diversity of the Board of Directors. The method of moments (GMM) procedure is order to obtain a more strong regression result. The analysis demonstrates that board gender diversity is negatively associated with the financial performance of commercial banks, suggesting that increased female representation on boards corresponds with lower returns on assets. Board independence appears to exert minimal influence on bank performance, indicating a limited effect on overall institutional outcomes. Furthermore, the independence of the audit committee is found to negatively affect bank performance, highlighting its potential implications for the governance and financial effectiveness of commercial banks in Bangladesh. These results call for further investigation into the underlying factors, such as lack of industry-specific experience, the hostile work environment in the male-dominated banking sector, limited decision-making authority, etc.

The Impact of Health Marketing Strategies in Developed, Developing and Underdeveloped Countries

P. Hanumantharao — 2026-04-24

This study examines how health marketing strategies differ across developed, developing, and underdeveloped countries, with particular attention to the roles of technology, infrastructure, socio-economic conditions, and cultural context. Using a comparative secondary-data approach, the study synthesizes evidence from international reports, case-based evidence, and published literature to evaluate patterns in government investment, digital health penetration, campaign reach, public trust, health behavior change, and cultural influences on campaign effectiveness. The findings indicate that developed countries benefit from stronger digital infrastructure, higher health and digital literacy, broader telemedicine adoption, and greater public-sector funding, which together enhance the reach and effectiveness of health marketing interventions. In contrast, developing and underdeveloped countries continue to depend more heavily on radio, community outreach, mobile messaging, and externally supported campaigns because of infrastructural limitations, affordability barriers, and lower literacy levels. The analysis also shows that cultural and religious institutions may act not only as barriers but also as enablers when campaigns are adapted to local values and trusted intermediaries. The study concludes that health marketing cannot be standardized across all contexts; rather, it must be tailored to country conditions, especially in the post-COVID era, where digital health adoption has accelerated unevenly across regions. The paper offers practical implications for policymakers, public health institutions, and health communicators seeking to design more context-sensitive and effective health marketing strategies.

Reward Management and Employee Quality of Work Life in Public Health Facilities: Evidence from Machakos County Government, Kenya

John Manesa Mule — 2026-04-27

Reward management is a key HRM practice that influences employee satisfaction, motivation, and performance by shaping how valued employees feel within an organization. In Kenya’s public health sector, inadequate rewards and poor HR implementation lower morale and negatively impact quality of work life and service delivery. This study examined the influence of reward management on employee Quality of Work Life (QWL) in public health facilities under Machakos County Government, Kenya. A descriptive survey research design was adopted, and data were collected from 195 healthcare workers using structured questionnaires measured on a five-point Likert scale. Reliability of the instrument was confirmed using Cronbach’s Alpha, with reward management (α = 0.81) and Quality of Work Life (α = 0.84) indicating good internal consistency. Ethical standards were upheld through informed consent, voluntary participation, and assurance of confidentiality and anonymity of respondents. Data were analyzed using descriptive statistics, analysis of variance (ANOVA), and ordinal logistic regression. The findings indicated that reward management was moderately rated (M = 3.74, SD = 1.12), reflecting a generally positive but varied perception among employees. ANOVA results showed significant differences in perceptions of reward management across employee categories, indicating variability in how reward practices are experienced within public health facilities (p < 0.05). Further, ordinal logistic regression analysis revealed that reward management had a statistically significant positive influence on employee Quality of Work Life (OR = 1.68, 95% CI [1.36, 2.59], p < .001), implying that a one-unit increase in reward management increases the odds of higher QWL by 68%. The results demonstrate that fair compensation, promotion opportunities, recognition, and allowances significantly enhance employee satisfaction, motivation, and commitment. The study concludes that strengthening reward management practices is essential for improving employee well-being and service delivery in public health institutions. It recommends the implementation of fair, transparent, and timely reward systems within county governments to enhance workforce performance and overall healthcare outcomes.

Socioeconomic Determinants of Household Solar Energy Adoption in Trans-Nzoia County, Kenya

Karani Oliver Ray — 2026-04-28

The solar energy systems adoption constitutes an important integration to Kenya’s transition towards sustainable economic development and the realization of Vision 2030. However, rural adoption remains low, largely due to a knowledge gap regarding the socioeconomic factors that influence uptake. This study investigated the effects of household income, access to credit facilities, awareness of the benefits of solar energy, and education level on the adoption of solar energy in Trans-Nzoia County. The study was anchored on four theoretical frameworks: the Diffusion of Innovations Theory, the Theory of Planned Behavior, the Economic Theory of Consumer Choice, and the Social Cognitive Theory. A cross-sectional research design was adopted, targeting a stratified random sample of 385 households in the county. Primary data were collected through structured questionnaires and analyzed using descriptive statistics and binary logistic regression to estimate the probability of solar energy adoption based on the identified socioeconomic factors. The regression analysis results revealed that education level (β = 0.035, p < 0.05), access to credit facilities (β = 0.272, p < 0.05), and awareness of solar energy benefits (β = 0.213, p < 0.05) were statistically significant predictors of the likelihood of adoption of solar energy. In contrast, household income (β = 0.024, p > 0.05) was not a statistically significant predictor of adoption. These findings suggest that the decision to use solar energy is influenced by factors other than income, such as educational attainment, financial inclusion, and access to information. Households with higher levels of education, better access to credit, and increased awareness were more likely to adopt solar technology, indicating that non-income factors, particularly financial accessibility and information dissemination, play an important role in shaping energy decisions in rural areas. The robustness of the model was affirmed through diagnostic tests, including the Hosmer-Lemeshow goodness-of-fit test. County governments and energy stakeholders implement public awareness campaigns on solar energy in selected wards on an annual basis, with measurable indicators such as the number of households reached and changes in solar adoption rates. Financial institutions should introduce tailored solar financing such as pay-as-you-go credit for low- and middle-income households before 2030, with success measured by loan uptake and repayment rates. Also, the Ministry of Education, should integrate basic renewable energy modules into primary and secondary school curricula before 2030, with monitoring based on curriculum rollout and student participation. Future research, should conduct multi-county comparative studies involving at least three counties within the next 3-5 years to examine regional variations in solar adoption. They also should systematically assess cultural attitudes, grid and off-grid infrastructure readiness, and county-level policy and regulatory frameworks, using standardized indicators to enable comparability across diverse Kenyan contexts.

Flexible Work Programs and Employee Performance in Tier 1 Commercial Banks in Nairobi City County, Kenya

Gladys N. Ogaro — 2026-04-28

Flexible work programs, including flexible hours, teleworking, compressed workweeks, and job sharing, are increasingly adopted to enhance work–life balance, employee satisfaction, and productivity. This study examined the influence of flexible work programs on employee performance in Tier 1 commercial banks in Nairobi City County, Kenya, using Kenya Commercial Bank as a representative institution. A cross-sectional research design was employed, targeting 96 employees across multiple departments, with data collected through structured questionnaires. Descriptive and inferential statistical analyses were conducted using SPSS. The findings indicated moderate implementation of flexible work arrangements, with employees appreciating the ability to adjust working hours, though teleworking was less practised. Inferential statistics revealed a very weak and statistically insignificant relationship between flexible work programs and employee performance (r = .036, p = .745; β = .085, p = .149). These results suggest that while flexible work programs may enhance employee satisfaction and time management, their direct impact on performance is limited in the banking context due to operational, regulatory, and supervision constraints. The study concludes that for flexible work programs to effectively enhance performance, they must be supported by clear policies, technological infrastructure, and management oversight. Recommendations include policy development, investment in digital systems, managerial training, and continuous evaluation to optimize the benefits of flexibility on employee productivity and organizational outcomes.

Monetary Policy and Nigeria’s Economic Growth: Causality and Impact Analyses

Ndubuisi N. Udemezue — 2026-05-01

Monetary policy plays a crucial role in shaping macroeconomic stability and growth in developing economies like Nigeria, though its effectiveness remains challenged by persistent economic volatility. This study examines the nexus between monetary policy and economic growth in Nigeria over the period 1981–2025. Real Gross Domestic Product growth rate (RGDP) is adopted as the dependent variable, while monetary policy rate (MPR), liquidity ratio (LQR), and cash reserve ratio (CRR) serve as the explanatory variables. The study applies the Vector Error Correction Model (VECM) alongside Granger causality techniques. Empirical findings confirm the presence of a stable long-run equilibrium relationship among the variables. Specifically, CRR and LQR show negative effects on economic growth in the long run, whereas MPR indicates a marginal positive contribution. In the short run, none of the monetary policy instruments demonstrates statistical significance. Causality analysis showed an absence of causality between the CRR, LQR, INF and TOP on one side and RGDP on the other side, however MPR granger caused RGDP. The study concludes that while monetary policy has the potential to stimulate growth, its effectiveness is constrained by structural bottlenecks in the economy and the financial system.

Rewriting Value: How Digital Transformation Is Reshaping Risk Operations and Financial Reality

Damilola Abidemi Akinwunmi — 2026-05-01

The global financial system is being transformed by the integration of digital technologies such as artificial intelligence, big data, blockchain, and cloud computing, reshaping financial services, risk management, and market dynamics. This study examines how digital transformation is reshaping financial value creation and risk operations within contemporary financial systems. Despite rapid digitalisation, existing financial frameworks remain largely grounded in traditional valuation and risk assumptions, creating a gap in understanding the interaction between digital value, emerging risks, and governance. To address this, the study adopts a multi-method quantitative approach, combining fixed effects panel regression, Difference-in-Differences, Vector Autoregression, and Structural Equation Modelling on a balanced panel of eight countries (four developed and four emerging economies) over the period 2020–2024. The results show that digital transformation significantly enhances financial value, with R&D expenditure exerting a strong positive effect (β = 1.736), while digital adoption reduces non-performing loans (β = −0.967) and operational costs (β = −2.483). However, fintech adoption increases cyber risk (β = 0.341) and contributes to systemic financial stress. Structural modelling further reveals that digital value intensifies risk exposure (β = 0.534), whereas governance mitigates it (β = −0.418). The study advances financial theory by integrating value creation, risk dynamics, and governance into a unified framework. It recommends adaptive regulatory frameworks, strengthened institutional governance, and revised valuation models to ensure stability in digitally transformed financial systems.

Influence of Project Planning Practices on Cost Overruns in The Construction of Trunk Roads in Kenya

Joachim Aloo — 2026-05-01

In ideal situation, road infrastructure projects should be completed within the planned budget, schedule, and scope to ensure efficient utilization of public resources and timely delivery of transport services that support economic growth and social development. Currently, cost overruns are a persistent challenge in Kenya’s road construction sector, particularly in national trunk road projects, where final expenditures frequently exceed planned budgets. These overruns undermine timely project delivery, strain public finances, and reduce value for money, hindering the achievement of Vision 2030. This study examined the influence of project planning practices that is scope definition, design planning, and funding allocation on cost overruns in national trunk road construction. The study was guided by the Systems Theory, Design Structure Theory, and Contingency Theory, the study adopted a retrospective design using secondary data from 46 KENHA projects implemented between 2005 and 2023. Data were extracted from KENHA and Kenya Roads Board. Document reviews were done on parliamentary reports, audit reports, and financiers including the World Bank and African Development Bank. Descriptive and inferential statistics were applied, with multiple linear regression determining relationships between planning practices and cost overruns. Results showed that scope definition, design planning changes, and funding allocation were significant drivers of cost overrun. The study concludes that strengthening feasibility studies, integrating modern design technologies, enhancing stakeholder engagement, and ensuring predictable funding flows are critical to minimizing budget deviations. The findings would offer actionable insights for policymakers, project managers, development partners, and scholars to improve planning frameworks, emphasizing efficiency, accountability, and sustainable infrastructure development. This underscores the need for well-structured project planning practices that minimize cost overruns and enhance the long-term performance of Kenya’s road infrastructure sector.