Asian Journal of Economics, Business and Accounting

An Assessment of Financial Performance among Integrated Reporting Adopters Versus Non-Adopters on the Nairobi Securities Exchange

Dominic Abuga Omare — 2026-01-31

This study assesses whether financial performance differs between Nairobi Securities Exchange listed firms that adopt integrated reporting and those that do not, and whether any differences emerge over time. Using a panel dataset of NSE-listed firms observed across multiple years with 2015 as the baseline, the study applies a year fixed-effects regression framework to control for time effects while testing whether IR adoption status explains variation in firm performance. Integrated reporting is operationalized as a binary indicator (adopter = 1; non-adopter = 0). Financial performance is captured using both accounting-based measures (return on assets, return on equity, net profit margin, and return on investment) and a market-based measure (firm value). The regression results show that IR adoption status is not a statistically significant predictor of firm value, net profit margin, return on equity, return on assets, or return on investment in the short run, indicating that adopters do not immediately outperform non-adopters. However, the year fixed effects reveal that several performance indicators improve progressively over time relative to the baseline year, suggesting that performance gains may accumulate gradually as firms gain experience with IR and strengthen internal alignment of strategy, risk management, governance, and reporting processes. The findings imply that integrated reporting is unlikely to deliver immediate financial benefits but may support longer-term improvements in performance trajectories. The study recommends that NSE firms focus on sustained and high-quality IR implementation and that regulators promote credibility and comparability to enhance value relevance.

Determinants of Environmental, Social and Governance (ESG) Disclosure and Its Effects on Financial Performance: Evidence from Agroindustry and Environmentally Sensitive Firms in Indonesia

Ririn Irmadariyani — 2026-02-02

Background: Companies with higher levels of Environmental, Social, and Governance (ESG) disclosure tend to exhibit better financial performance due to their ability to manage environmental and social risks effectively while enhancing their reputation among investors and consumers.

Aims: This study examines the determinants of ESG disclosure and analyses its impact on financial performance in companies operating in Indonesia’s agroindustry and high-pollution sectors.

Study Design: This research uses a quantitative explanatory research design.

Place and Duration of Study: The study covers companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022, using secondary data from financial reports, annual reports, and sustainability reports published through company websites. The observation period follows the availability of ESG and financial disclosure data during the study timeframe.

Methodology: The study applies a quantitative approach using secondary data. The sample consists of 234 companies from agroindustry and other high-pollution sectors, including mining, fossil fuels, fashion, food retail, transportation, and construction. ESG disclosure is measured using an ESG Score. Three regression models are estimated. The first model analyses determinants of ESG disclosure. The second and third models test the impact of ESG disclosure on financial performance. Multiple linear regression is used to examine the relationships between ESG disclosure, company age, sales growth, and financial performance measured by Return on Assets (ROA).

Results: The results show that ESG disclosure has a significant positive effect on ROA. Company age also shows a significant positive relationship with ROA, indicating that firms with longer operational histories tend to have better financial performance. Sales growth does not have a statistically significant effect on ROA. Overall, the findings indicate that higher ESG disclosure is associated with stronger financial performance, particularly among firms in high-pollution sectors.

Conclusion: The study concludes that ESG disclosure plays an important role in enhancing financial performance in Indonesian agroindustry and high-pollution companies. Integrating ESG considerations into corporate strategy can support both sustainability objectives and financial outcomes. These findings highlight the relevance of ESG practices for companies facing higher environmental and social risks.

Strategic Management Practices and Entrepreneurial Orientation among Medium Scale Enterprises in Akure, Ondo State, Nigeria

Faloye, D.O. — 2026-02-02

Strategic management is a top-level activity focused on decision-making regarding an organisation’s mission, vision, philosophy, objectives, strategies, and policies. This study scrutinized the relationship between strategic management and entrepreneurial orientation among medium-scale enterprises (MSEs) in Akure, Ondo State. A survey research design was employed, targeting a population of 2,160 registered enterprises. A sample of 200 enterprises was selected using Smith’s (1984) sampling formula, and simple random sampling was used to ensure fair representation. A structured and validated questionnaire served as the primary data collection instrument. Of the 200 questionnaires distributed, 191 were returned, yielding a high response rate of 96%. The reliability of the instrument was confirmed using Cronbach’s Alpha, with a coefficient of 0.836, indicating strong internal consistency. Descriptive and regression analyses were employed to address the research questions and test the study hypotheses. The findings revealed a significant positive relationship between strategic management practices and entrepreneurial orientation among MSEs in Akure. Socio-Economic Characteristics had a regression coefficient of 0.007004 (t=3.439912>2), suggesting that a one-unit increase in these characteristics is associated with a 0.007004 unit increase in entrepreneurial orientation, holding other variables constant. Performance control attributes yielded a coefficient of 0.027098 (t= 3.645051>2), indicating a stronger predictive relationship with entrepreneurial orientation, implying a strong significant relationship between socio-economic characteristic and entrepreneurial orientation. In light of these findings, the study recommends the development and implementation of robust entrepreneurship education programs tailored to the unique needs of MSEs in Akure. These programs should focus on equipping entrepreneurs with essential skills for strategic planning, innovation, and sustainable growth. These efforts are essential to bridge existing gaps in entrepreneurial capacity, especially among youth and first-time business owners. They align with the study's theoretical framework, which emphasizes the critical role of education and systemic support in fostering effective entrepreneurial orientation and long-term business success.

Digital Payment Trends and Institutional Financial Implications: Global Evidence and a Case Study of a Philippine Higher Education Institution

Leo Santiago III Arrabaca — 2026-02-02

This study looks at global and national trends in digital payment adoption and explores what these mean for institutions, using a case study from a higher education institution in Northern Mindanao, Philippines. Most research so far has focused on consumer behavior, fintech innovation, or financial inclusion, but few have examined how digital payment reforms affect financial practices within institutions, especially in higher education and developing countries. This study fills that gap by connecting broader digital payment trends to how institutions respond, using publicly available data.

The study uses a descriptive, document-based research design along with a case study of one institution. Data come from international datasets, national policy reports, and public documents from 2020 to 2024. Payment Choice Theory is the main framework to explain changes in payment adoption based on convenience, cost, and access. The Financial Inclusion Framework and Institutional Theory help place these changes in the context of policy and how organizations adapt.

The findings show that digital payment use has steadily increased worldwide and in the Philippines since 2020. By 2024, most retail payments are digital. At the university studied, several digital payment options were adopted to match national systems, showing gradual changes in operations rather than major structural shifts.

The study concludes that national digital payment reforms influence how institutions manage their finances, but the effects depend on local policies, available infrastructure, and organizational habits. By showing how to use public data to study these responses, this research adds new evidence to a less-studied area and provides a method that others can use to study institutional finance in higher education in developing countries.

Audit 5.0 and the Digital Transformation of Auditing: The Role of Big Data Analytics and Artificial Intelligence in Enhancing Audit Quality and Decision-Making

Isaiah Osemudiamen Okogun — 2026-02-03

Background: The rapid adoption of digital business models has led to an exponential increase in the volume, velocity, and complexity of data exchanged across interconnected organizational ecosystems. This transformation presents both opportunities and challenges for the auditing profession, as traditional audit approaches struggle to cope with real-time data flows and technologically driven risks. Advances in digitalization—particularly Big Data Analytics (BDA), artificial intelligence (AI), and intelligent automation—are redefining audit processes by enabling continuous assurance, enhanced accuracy, and improved reliability. Within this context, the emerging Audit 5.0 framework emphasizes real-time auditing, intelligent systems, and effective human–AI collaboration as core pillars of modern assurance practices.

Objective: The objective of this study is to examine how digitalization, specifically through the adoption of BDA and AI, influences internal and external auditing within the Audit 5.0 paradigm. The study aims to assess the impact of these technologies on audit quality, risk management, and decision-making, while also examining their implications for auditor roles, competencies, and professional standards, practitioners and regulators within contemporary institutional frameworks. Audit 5.0 presents key challenges related to data quality and integration, the complexity and explainability of advanced technologies, regulatory and ethical uncertainty, and skills shortages combined with cultural resistance within the profession. However, big data analytics and artificial intelligence offer significant opportunities by enabling real-time and predictive risk assessment, expanding audit coverage through full-population testing, improving accuracy, reducing costs and increasing efficiency. Ultimately, Audit 5.0 represents a paradigm shift in auditing, where the effective and responsible use of digital technologies enhances audit quality, strengthens professional judgement, and delivers greater strategic value to stakeholders.

Research Method: The study employs a mixed-method research design combining a systematic literature review with empirical analysis, analytical approach, synthesizing prior academic literature, professional standards and regulatory perspectives to assess the role of BDA and AI in audit processes, including risk assessment, anomaly detection and continuous auditing. The literature review synthesizes prior theoretical and empirical studies on digital auditing, Audit 5.0, BDA, and AI. Empirical data are analyzed using structural equation modeling and relevant statistical tests to assess relationships among digitalization, audit processes, and audit outcomes, with particular focus on organizations in the finance and technology sectors.

Research Result: The findings indicate that audits supported by BDA and AI significantly outperform traditional audit approaches. The results further reveal that digitalization improves audit productivity, facilitates continuous auditing, strengthens data security, and enhances stakeholder trust. With consistent empirical evidence that AI investment correlates with reductions in audit restatements and improved efficiency, these technologies can transform audit practices by enabling real-time and predictive risk assessment and enhanced fraud detection, thereby expanding audit coverage and accuracy beyond traditional sampling method. There are need for stronger governance, ethical frameworks and targeted training to fully realize the benefits of digital auditing. Overall, the evidence confirms that integrating BDA and AI within the Audit 5.0 framework represents a fundamental shift toward intelligent, adaptive, and value-driven auditing, while underscoring the need for enhanced auditor competencies and alignment with evolving regulatory and professional requirements.

Leadership and Skills Development Trends in Global Business Schools

Leo Santiago III Arrabaca — 2026-02-04

This study looked at leadership and skill development trends highlighted by top global business schools, using publicly available documents. It also explored how these trends connect to a local School of Business and Management in Northern Mindanao, Philippines. The research used a qualitative comparative document analysis, reviewing official materials from ten internationally recognized business schools chosen based on the 2025 Financial Times Global MBA Ranking, international accreditation, and document availability. Data were analyzed using a mix of deductive and inductive content analysis, guided by Institutional Theory and Human Capital Theory.

The study found eight main leadership and skill categories: ethical leadership, strategic and critical thinking, global and cultural competence, innovation and entrepreneurship, digital and technological skills, communication and collaboration, sustainability and social impact, and career and professional skills. Global institutions show strong similarities, but differences in focus reflect their unique positions and local needs. When compared to the local institution, there is strong alignment in ethical leadership and career readiness, local adaptation in global competence and entrepreneurship, and a growing need to better define digital and technological skills.

The study shows that global business education trends balance the need for institutional legitimacy and employability, while still allowing for local adaptation. These results provide a starting point for strategic planning and suggest areas for future research on curriculum design and digital skill development in business education.

Emotional Consumer Engagement in the Loneliness Economy: The Role of AI Companions, Virtual Influencers and Nostalgia

Jakia Sultana Keya — 2026-02-06

The study explores the role of AI companions, virtual influencers, and nostalgia in shaping Emotional Consumer Engagement (ECE) within the loneliness economy, with Nostalgic Sentiment (NS) as a mediating factor. The growing issue of loneliness has led to the rise of digital technologies aimed at offering emotional support, such as AI companions and virtual influencers. These technologies provide companionship yet raise concerns about emotional dependence and vulnerability. The research adopts a deductive approach, using primary data from 170 respondents, collected through convenient sampling and analyzed using Structural Equation Modeling (SEM). Findings show that AI companions, virtual influencers, and nostalgia positively influence ECE, with nostalgic sentiment playing a significant mediating role. The study is grounded in Parasocial Interaction Theory, which explains one-way relationships where consumers feel emotional connections with AI and virtual influencers. Additionally, Conservation of Resources Theory helps explain how nostalgia, as a coping mechanism, can alleviate feelings of loneliness, while Social Identity Theory highlights how collective nostalgia fosters group identification and belonging. The study underscores the power of nostalgia-driven content in fostering emotional bonds and increasing consumer engagement, while raising ethical concerns regarding the commodification of emotional experiences. Managers can leverage nostalgic content to enhance consumer engagement, though they must carefully consider the ethical implications of exploiting emotional vulnerabilities.

The Role of Tax Revenues in Stimulating Economic Growth in Emerging Economies and their Impact on the Development of the Financial Sector

Arshed Makki Rashed — 2026-02-06

The research explores the complicated and dynamic link between tax revenues, financial development (FD), and economic growth (EG) in rising countries like the BRICS. The research uses second-generation panel econometric techniques using a sample from 2010 to 2024. The BRICS nations show high CSD and slope heterogeneity, according to the preliminary dataset. Panel unit root tests show that most variables are I(1) while economic growth (EG) is I(0). Panel co-integration experiments (Kao, Pedroni, and Westerlund) showed a strong long-run connection between these variables. Regression analysis (Fixed Effect and FGLS) shows that tax income positively and statistically significantly affects financial development. Tax revenue boosts economic development. Positive control elements were FDI and trade openness, whereas negative control elements were inflation in financial development and economic growth. BRICS policymakers need these findings to understand that an effective and strong tax framework boosts government revenue and financial sector stability and depth, which are necessary for long-term economic success. The research adds to the field by examining taxes and financial growth in developing countries.

Investment and Economic Growth: Panel Evidence from Selected West African Countries

A. A. Igwemma — 2026-02-07

This study investigated the effect of investment on economic growth: panel evidence from selected West African countries. The period of study covered 1990 – 2024. The dependent variable was gross domestic product while domestic investment, inward foreign direct investment, outward foreign direct investment and insecurity index were the independent variables. The data were sourced from the World Development Indicator and Central Banks of the respective countries. The selected West African countries in focus included Nigeria, Ghana, Liberia, The Gambia and Sierra Leone. Panel random effect model was used in analysing the data. The result obtained revealed that domestic investment increased economic growth of the selected countries significantly while FDI inflow and insecurity index exerted negative effects on economic growth of the selected countries. However, outward flow of foreign direct investment showed positive but insignificant effect on economic growth of the of the countries of interest. The study concluded that domestic investments in the selected countries have been appreciable and has increased the economy of the countries but foreign direct investment inflow and outflow have not had the desired effect on growth of the countries’ economies. Insecurity remained a problem for FDI inflows and outwards in the region. It was recommended that governments in the West African region should make their domestic economies attractive to foreign investors by improving common infrastructure, accelerating industrialization and leveraging on regional trade agreements in order to facilitate cross-border investments.

A Secure Framework for Strengthening Fraud and Error Detection in IT Audit Systems in U.S. Banks

Natasha Mwanandimayi — 2026-02-09

Background: The US banking sector is continually becoming more dependent on complex IT infrastructure, which exposes it to greater risks of sophisticated fraud and transactional errors. The heavy reliance on technology has rendered traditional audit mechanisms obsolete and unable to track evolving threats. Consequently, this failure puts both financial transaction integrity and regulatory compliance at risk.

Objective: The main goal of this paper is to create a complete framework to improve the detection of fraud and errors in IT audit systems. To achieve this, the limitations of current audit systems and real-world implementation challenges were examined. The proposed framework was then validated using actual data, while advanced analytics were explored to enhance detection accuracy.

Method: The study used a mixed-methods approach to cover the audit landscape in a comprehensive manner. The study combined a theoretical integration of standards like COBIT, COSO, and TAM with semi-structured interviews of industry professionals. Besides that, real-world and simulated data scenarios were utilised in the study to both apply and corroborate the framework, thus conducting a thorough testing of its effectiveness, accuracy, and efficiency in a realistic banking environment.

Result and Conclusion: Findings reveal that current IT audit systems are limited by their reliance on static, rule-based procedures, which often fail to detect complex fraud schemes due to poor data integration. However, the research demonstrates that deploying advanced analytics—specifically big data and machine learning—significantly expands the capability to process massive datasets and uncover concealed irregularities.

Results of the validation experiments showed that a significant factor in successful uptake was the reliance on very specific control components featuring stringent access restrictions, proper segregation of tasks and automated monitoring on a continual basis. The current research has confirmed that a transition to a continuous, data- driven audit framework gives the U.S. banking sector an opportunity to change its mode from being reactive in compliance to being proactive in risk management.

Assessing Predictors of Entrepreneurial Intentions among STEM Students of Punjab, India

Naresh Sachdev — 2026-02-09

Research on college students’ entrepreneurial intentions remains fragmented, with limited integrated analysis of influencing mechanisms. This study examines social, psychological, entrepreneurial, and financial factors shaping entrepreneurial intention among STEM students, drawing on emotional theory, the Theory of Planned Behaviour, and cognitive entrepreneurship theory. Survey data were collected from STEM students in major cities of Punjab India, yielding 345 valid responses. Using variance-based Structural Equation Modelling (SEM), the results show that economic and psychological motives and the need for achievement significantly mediate entrepreneurial intention, while entrepreneurial and psychological motives have moderate effects and social motives show mixed influences. These findings highlight key drivers of entrepreneurial intention and support the need for policies and educational strategies that promote entrepreneurship among STEM students in developing countries.

Exploring Marketing System and Margins of Rose in Jessore and Dhaka, Bangladesh

Tahmina Mostafa Konica — 2026-02-11

Flowers are universally appreciated and are considered one of the most beloved natural objects worldwide. The flowers become economically and culturally an important horticultural crop in Bangladesh. The study was undertaken to examine the marketing system and margins of rose. The data were collected from Gadkhali, Jessore and Dhaka city. Primary data were collected from 20 farmers from Gadkhali union of Jhikargachha Upazila of Jessore district and 25 intermediaries (5 local traders from Gadkhali, 15 retailers from Gadkhali, Jessore and Dhaka city, 5 wholesaler-cum-retailers from Dhaka city) through face-to-face interview. Convenience sampling was employed to choose dealers, while the purposeful sampling technique was employed to choose the rose growers. Smaller number of marketing channels (2) of rose were found in producing area (surplus area) whereas 10 marketing channels were found in Dhaka city (largest using areas). Total marketing cost per hundred rose was highest for retailers and lowest for wholesaler-cum-retailers (Tk. 4.54). Marketing margins of retailers varied from one place to another. The marketing costs of retailers per hundred roses were Tk. 12.82, Tk. 27.48 and Tk. 90.68 in Gadkhali, Jessore and Dhaka city. Because they altered the product and sold it to consumers, retailers had the largest net marketing margin, whereas wholesalers and retailers had the lowest (Tk. 25.31). Retailers of Dhaka city always got more profits than that of Gadkhali or Jessore city. The study also identified some problems of rose marketing, such as: inadequate space in rose shop, fluctuation of demand, strike and hartal, social problems, etc.

Compensation Equity and Promotion Practices on Faculty Motivation: A Moderated Mediation Model Testing Organizational Justice and Leadership Communication Effects

Nicholas Andoh — 2026-02-13

Background and Aims: Faculty motivation is an important factor in influencing teaching quality, research productivity, and overall institutional effectiveness in higher education. This study examines the effects of compensation equity and promotion practices on faculty motivation, investigating the mediating role of perceived organizational justice and the moderating role of leadership communication in Ghanaian public universities.

Methodology: A quantitative cross-sectional design was employed to collect data from 412 faculty members across six public universities in Ghana using structured questionnaires. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test hypothesized relationships, including mediation and moderation effects.

Findings: The results revealed that compensation equity (β = 0.187, p < 0.01) and promotion practices (β = 0.162, p < 0.05) significantly influenced faculty motivation. The findings further showed that perceived organizational justice fully mediated the relationship between compensation equity and faculty motivation (indirect effect = 0.284, p < 0.001) and partially mediated the promotion-motivation relationship (indirect effect = 0.251, p < 0.001). The finding also established that Leadership communication significantly moderated the justice-motivation relationship (β = 0.143, p < 0.01), with the positive effect being stronger when leadership communication was high. The model explained 68.4% of variance in faculty motivation.

Research Limitations: Cross-sectional design limits causal inference; future longitudinal studies could strengthen causal claims. The study context (Ghanaian public universities) may limit generalizability to other contexts.

Practical Implications: University administrators should prioritize transparent compensation systems, merit-based promotion criteria, and effective leadership communication to enhance faculty motivation. Justice perceptions serve as critical psychological mechanisms requiring attention beyond mere policy implementation.

Value: This study is among the first to simultaneously examine compensation equity, promotion practices, organizational justice, and leadership communication in a comprehensive moderated mediation model within African higher education, providing valuable insights for resource-constrained contexts.

Transaction Costs in Financing Knowledge-based Firms: Empirical Evidence from Iran’s Innovation and Prosperity Fund

Seyedeh Fatemeh Hosseini — 2026-02-14

Transaction costs are critical in shaping financing accessibility and efficiency for knowledge-based companies. This study investigates the transaction costs associated with financing via Iran’s Innovation and Prosperity Fund. In order to better analyse the transaction cost dimensions of knowledge-based companies, after calculating the transaction cost, the factors affecting it can be investigated in the framework of econometric analysis. A multi-stage random sampling method was employed to extract a sample of 123 knowledge-based companies from nearly 2000 facilities granted by the fund, for in-depth interviews and analysis. Data from 123 companies reveals that documentation, multi-stage payments, and collateral requirements are primary cost drivers. On average, transaction costs constitute 3.33% of the borrowed amount, adding 15.66% to overall financing costs. Smaller loans face higher transaction costs, and delays in financing increase costs due to opportunity losses. Indirect costs, such as document preparation, make up a significant portion of expenses. Econometric modelling highlights the impact of loan size, payment structure, and delays on transaction costs. The study recommends measures to optimise the process, including streamlining documentation, reducing payment stages, implementing credit ratings to minimise collateral costs, and speeding up loan approvals, which could improve the fund's competitiveness and financial accessibility for knowledge-based firms.

Board Independence and Profitability of Listed Service Firms in Nigeria

Obumneme Obiora Okafor — 2026-02-14

This study examined the effect of board independence on the profitability of listed service firms in Nigeria, with the specific aim of determining how the proportion of independent directors to total board members influenced net profit after tax. An ex post facto research design was adopted because the work relied on historical financial data that had already been published. The population comprised twenty two listed service firms, from which a purposive sample of sixteen firms was drawn based on the availability of complete annual reports from 2014 to 2024. Data were obtained from audited annual reports, and the hypothesis was tested using panel data regression. The results showed that board independence had a significant positive effect on firm profitability during the study period (β = 2,899,897; p = 0.0000). The study concluded that the composition of the board, particularly the presence of independent directors, played an important role in shaping the financial outcomes of listed service firms in Nigeria. Thus, it was recommended that boards of listed service firms in Nigeria need to strengthen the role and presence of independent directors. The corporate governance committees and shareholders should ensure that a higher proportion of independent directors are appointed and actively involved in oversight and strategic decision-making.

Millennials’ Willingness to Adopt Robo-Advisory Services: Role of Financial Knowledge, Usefulness and Trust

Rutu Padhiyar — 2026-02-14

Robo-advisors have emerged as a modern approach to personal financial management and investing, but their acceptance among millennials—a tech-savvy generation—is uneven. Robo-advisors are recognized as a disruptive trend in wealth and asset management worldwide. Globally, their use is growing rapidly, and their adoption increased during the COVID-19 pandemic as more people opened accounts for digital investment services. This study uses the Technology Acceptance Model (TAM) to examine millennial acceptance of robo-advisors, paying particular attention to financial Knowledge, perceived usability, and trust. 78 Gujarati millennials, born between 1981 and 1996, participated in a quantitative survey. The results show that while perceived usability was not a significant factor, financial knowledge and trust had a substantial impact on millennials' propensity to accept robo-advisors, suggesting that this generation might not be motivated to adopt based solely on ease of use. As robo-advisors continue to evolve, they face challenges such as navigating complex regulatory landscapes and addressing consumer concerns about data privacy and algorithmic transparency. Despite these hurdles, their role in modern financial planning is poised to expand, driven by growing consumer trust in digital solutions and the increasing sophistication of AI technologies. The millennials value reliable platforms and sufficient financial knowledge more than usability when it comes to digital wealth management tools. Overall, focusing on strategies that foster knowledge and trust can empower Indian millennials to make informed financial decisions, driving greater engagement with robo-advice platforms and fostering a more digitally inclusive financial ecosystem.

Forecasting Wheat Prices in the United States Using an ARIMA Model

Bonny Amin — 2026-02-14

Backgrounds and Aims: Wheat is the third most produced field crops in the United States after corn and soybeans with an estimated 1.9 billion bushels produced in 2024/2025. As a leading global exporter, the U.S. exports approximately 50% of its total wheat production to international markets, making wheat price stability crucial for both domestic and global food security. This study aims to forecast future wheat prices in the United States using time-series ARIMA modelling to support farmers and traders in decision-making. The forecasts are intended to guide sowing, land allocation, and marketing decisions by providing price expectations ahead of planting seasons in the USA.

Study Design: Econometric time-series forecasting study using an Autoregressive Integrated Moving Average (ARIMA) model (Box–Jenkins methodology).

Place and Duration of Study: United States; the analysis covers annual wheat price data from 1991 to 2022.

Methodology: Yearly wheat price data were analyzed following the Box–Jenkins ARIMA framework. Stationarity was evaluated with graphical analysis and unit root tests, and the series was differenced to achieve stationarity. Autocorrelation and partial autocorrelation functions guided model identification. Competing ARIMA specifications were assessed based on log-likelihood, SigmaSQ (error variance), Akaike and Bayesian information criteria, and 95% confidence intervals. Model parameters were estimated using STATA software.

Results: The ARIMA (2,2,2) model provided the best fit for the data. Forecasts indicate a steady upward trend in U.S. wheat prices from 2024 through 2032. Predicted prices rise from 322.39 USD/ton in 2024 to 338.46 USD/ton in 2025 (+0.5% from 2024), reaching 455.44 USD/ton by 2032 (approximately 41% higher than the 2024 value).

Conclusion: Wheat prices in the United States are projected to increase consistently over the next decade. These projections offer valuable insights for farmers and distributors, aiding in informed sowing, land allocation, and marketing strategies.

Public Sector Financial Performance in Sudan (1990–2018): Sanctions and Economic Openness

Mohammed Hussain Yousif Izzeddin — 2026-02-16

Public sector financial performance is a critical determinant of development outcomes in low-income and fragile states. This study examines the financial performance of Sudan’s public sector over the period 1990–2018, with a particular focus on the effects of international economic sanctions and opportunities arising from economic openness. Using secondary time-series data from the Central Bank of Sudan, the Central Bureau of Statistics, and the Ministry of Finance and National Planning, the study analyzes fiscal trends, debt dynamics, inflationary pressures, and foreign direct investment (FDI) inflows. Descriptive and comparative trend analysis is employed to contrast periods of strict sanctions with episodes of partial normalization. The findings indicate that sanctions significantly weakened public sector finances through reduced revenues, constrained access to external finance, and heightened macroeconomic instability. However, the 2006–2010 period demonstrates that even limited normalization and external engagement can yield improvements in fiscal performance and investment inflows. The study further argues that economic openness—through trade integration, FDI attraction, and human capital development—offers a viable pathway for structural transformation and long-term fiscal sustainability. Policy recommendations emphasize governance reform, institutional strengthening, investment climate enhancement, and macroeconomic stabilization.

Human Resource Capabilities and Business Performance of Microfinance Institutions (MFIs)

Jason B. Cercado — 2026-02-18

Background and Aims: MFI growth depends on human resource capabilities, which are characterized by knowledge, skills, attitudes, and values. This study investigates the financial sustainability challenges and high employee turnover negatively impacting the performance of microfinance institutions (MFIs). It focuses on the relationship between human resource capabilities and business performance in these institutions.

Study Design: This study used a descriptive-correlational research design. The descriptive approach assessed human resource capabilities in terms of skilled personnel, innovation, and training and development, as well as business performance based on financial and learning and growth perspectives of microfinance institutions. The correlational approach examined the relationship between human resource capabilities and business performance and determined whether human resource capabilities and business profiles predict business performance.

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

Methodology: The study utilized both adapted and researcher-made questionnaires to gather data from 73 MFI managers selected through systematic random sampling. Statistical analyses included frequency, mean, standard deviation, ANOVA, T-test, Mann-Whitney U test, Kruskal- Wallis test, Pearson Correlation, Simple Linear regression and Multiple linear regression.

Results: Findings revealed well-established human resource capabilities across all indicators. However, MFIs showed gaps in aligning employees’ job responsibilities and providing sufficient training. MFIs demonstrated strong financial performance in revenue generation, although costs remained high, largely due to expenditures on skilled personnel. In the learning and growth perspective, information sharing among employees was rated highly. No significant differences in human resource capabilities or business performance emerged when MFIs were grouped by profile variables. Results indicated a positive relationship, with human resource capabilities predicting business performance, unlike profile characteristics.

Conclusion: In conclusion, although MFIs demonstrate strong human resource capabilities, inconsistent application and deficiencies in specific areas, such as job-role alignment and training, hinder optimal business performance. These findings underscore the importance of strengthening human resource capabilities to enhance overall organizational outcomes.

An Integrative Perspective on Behavioral Biases, Investors’ Behavior and Investment Decision

Nancy Minz — 2026-02-18

Behavioral finance is an emerging approach that challenges the traditional view of investors’ rational decision-making ability. Behavioral biases are the core idea of behavioral finance, which constitutes emotional and cognitive biases that distort investors’ rational judgment and lead them to suboptimal outcomes. The present study offers an integrative perspective of behavioral biases, investors’ behavior, and investment decisions by demonstrating the presence of behavioral biases in investors’ behavior and their influence on investment decisions. By adopting a qualitative approach, this study investigates the presence psychological factors in investors’ behavior and explores various biases. Additionally, the study investigates behavioral biases in relation to prospect theory and market anomalies, and analyzes their influence on decision-making. Further, it suggests mitigating strategies of behavioral biases, such as adhering to predetermined financial plans, diversification techniques, and getting professional assistance for improving financial decision-making. Overall, the present study offers a conceptual and theoretical understanding of investors’ behavior by comprehending behavioral biases and their influence on investment decisions. Based on the findings, policymakers and regulatory bodies can formulate policies to safeguard investors' interests, and financial advisors can design portfolios considering investors’ behavioral tendencies.

Socio-Cultural Environment and Performance of Small and Medium Scale Enterprises (Fashion Designers) in Owo Metropolis, Ondo State

Adedoyin, I.S. — 2026-02-18

Small and Medium Enterprises (SMEs) do not operate in isolation but within an environment shaped by both opportunities and threats. Given the challenges of low performance and high failure rates among SMEs, this study examined the influence of the socio-cultural environment on the performance of SMEs in Owo Metropolis, Ondo State. Specifically, it focused on the impact of religious beliefs and social attitudes on Fashion designing performance, with revenue growth used as the key performance indicator. The study adopted a quantitative survey research design. The population consisted of all registered SMEs in Owo Metropolis, from which a convenience sample of 261 SMEs was selected. Data was collected using a structured questionnaire, administered in person. Analysis was conducted using multiple regression, revealing that 6.3% of the variance in SME performance could be explained by the independent variables. The model parameters were estimated using the Ordinary Least Squares (OLS) method. Religious beliefs showed a moderate impact on SME performance with a coefficient value of 2.307 (>2), while social attitude demonstrated the highest variability and potential for influence, with a coefficient of 3.446 (>2). The overall model is statistically significant (F = 5.781, p = 0.001) which confirms that, collectively, Religion Beliefs and Social Attitude have a significant impact on performance of SMEs, even if their individual impacts vary. Based on these findings, the study concluded that the socio-cultural environment has a significant positive impact on the performance of SMEs in Owo Metropolis. It was recommended that SME owners and managers in the region align their business strategies with prevailing socio-cultural realities to enhance revenue growth and ensure sustainable performance. Finally, the government should constantly utilize the Social Attitude of consumers towards time, quality products and safety in formulating business strategies.

Adoption of Improved Maize Seeds among Smallholder Maize Farmers in Southern Highland Regions in Tanzania

Marandu, Anne — 2026-02-19

Background and Aims: Maize is the most common grain crop, and it provides farmers with the majority of their food and revenue. The use of modified maize seeds has been shown to increase production and agricultural income. Aims of this study to identify factors that influence the adoption of the improved maize seeds among maize smallholder farmers in southern highland regions in Tanzania.

Study Design: Cross sectional study design was used together with secondary data from Tanzania National Panel Survey (2020/21) with a total of 159 maize farmers in the Southern Highland zone of Tanzania.

Place and Duration of Study: This study covers Southern Highlands zone, regions of Mbeya, Songwe, Njombe, Rukwa and Iringa in Tanzania.

Methodology: Descriptive statistics were used to produce a summary of the variables under the study. For continuous variables, the mean and standard deviation values were calculated for adopter of improved maize seeds, non- adopter and the combined sample. A chi-square test was used to evaluate significant relationships between enhanced maize seed adopters and non-adopters for categorical variables. The factors influencing farmers in Tanzania's Southern Highlands to adopt better maize seeds were examined using a logit model because the dependent variable is a binary variable.

Results: The results indicate that education level, harvest yield, membership in a farm-based organization, and market participation significantly positively affect adoption of improved maize seeds.

Conclusion: This study investigated the factors that influence the adoption of improved maize seeds in the Southern Highlands zone of Tanzania, used secondary data from the TZNPS (2020/21), where 159 maize farmer household heads were extracted for analysis. This study employed descriptive statistics and a logit model. The results showed that factors that influence the adoption of improved maize seeds in the Southern Highlands Zone of Tanzania include education levels, harvest yield, membership in farm-based organizations, and market participation. This study has shown that factors for adoption of the improved maize seeds in the Southern Highlands zone differ from the previous studies that have been conducted in the northern and eastern zones.

Recommendation: It is recommended that, enhancing the level of formal education among maize farmers is a crucial factor that would have a beneficial impact on the adoption of the improved maize seeds. In addition to that, farmers should be encouraged to be in farm-based organizations, and ensured accessibility to markets in all seasons would increase the adoption of the improved maize seeds among farmers in the Southern Highlands zone of Tanzania.

Sociocultural Factors Influencing Adoption of Succession Planning Among Family-Owned Businesses: A Study of Dodoma City Council, Tanzania

Theophil Lucius Kayombo — 2026-02-20

Family-owned businesses are the most important source of employment and revenue worldwide. Family firms make up between 80% and 90% of private companies globally. The study examines the socio-cultural factors influencing the adoption of succession planning in family-owned businesses in Dodoma City Council. The study employed mixed-methods structured interviews, observation, and documentary methods to collect data. A cross-sectional design was used in the study, and 60 respondents were chosen from a list of registered family companies that were registered. IBM-SPSS software version 26 was used to evaluate the gathered data. Binary logistic regression showed that the chance of adopting succession planning was significantly influenced by gender, age, education level, business experience, and family size (<0.05). The study revealed that most family business owners knew a lot about succession planning. Regarding social and cultural factors. At the beginning of a business, it is determined that socio-cultural elements have a substantial impact on the adoption of succession planning for family-owned businesses. Include sex, age, education level, business experience, and family size. The study concludes that sociocultural factors have an impact on succession planning adoption. Finds that family size, sex, age, education, and business experience all significantly affect family-owned businesses (<0.05). The survey finds that although firm owners are aware of succession planning and have a favorable attitude about it, they have not put it into practice. The study recommends that the government should make sure that family business owners can learn about succession planning and receive training on how to use it. To reach a larger area, municipal governments could hire additional trainers and trade officers.

Psychometric Evaluation of Networking and Marketing Work Skills as Predictors of Entrepreneurial Capabilities among Technical College Graduates in South-South Nigeria

Morrison O. Jessa — 2026-02-21

The study investigated the influence of possessed work skills on entrepreneurial capabilities among technical college graduates in South-South Nigeria. Two research questions were raised, and two hypotheses were formulated and tested at the 0.05 level of significance. A causal comparative research design was adopted for the study. The population of this study comprises a total of 1,837 graduates (Vocational III students) from all government-owned technical colleges in the six states of South-South Nigeria during the 2022/2023 academic session. The sample size of the study consists of 340 technical college graduates and 26 principals from 12 technical colleges selected from the six states in South-South Nigeria. A multistage sampling procedure was used in the study. Data for this study were collected using a questionnaire. The validity and reliability of the instrument were determined using the internal consistency method, and the reliability coefficients obtained were: 0.74 for the Networking Skills scale, 0.81 for the Marketing Skills scale, and 0.87 for the Entrepreneurial capabilities Scale. Copies of the instruments were administered to 370 technical college graduates and principals, retrieved and used for data analysis. Pearson’s coefficient of determination was used to answer the research questions, and the hypotheses were tested using the linear and multiple regression statistics at a 0.05 level of significance. The findings of the study revealed that there was a significant relationship between networking work skills and the entrepreneurial capabilities of technical college graduates in South-South Nigeria, and that there was a significant relationship between marketing work skills and the entrepreneurial capabilities of technical college graduates in South-South Nigeria. It was recommended on the basis of the findings that technical college curricula in South-South Nigeria be systematically restructured to place greater emphasis on the psychometric development and instructional strengthening of marketing competencies.

Impact of Financial Planning Strategies on Business Growth among Women Entrepreneurs in Small Businesses in Cameroon

Virginie Feudjio Takoutio — 2026-02-21

Effective financial planning enables businesses to navigate risks, seize opportunities, and achieve long-term success. But in developing economies, women-led businesses face unique obstacles, such as limited access to finance, inadequate financial literacy, and socio-cultural barriers. This study investigated the impact of financial planning strategies on business growth among women entrepreneurs in small businesses in Cameroon. The objective was to identify the factors that influence business growth. A survey of 30 women entrepreneurs was conducted, and robust linear regression analysis was employed to analyse the data. The ordinary least squares (OLS) method was used to estimate the model parameters, and the reliability test was conducted to ensure the consistency and reliability of the data collection instrument. The study found that the scale reliability coefficient is 0.6006, indicating moderate reliability of the measurement scale. The findings revealed that a one-unit increase in budgeting practices leads to a 0.408 increase in business growth, indicating that effective budgeting is crucial for business success. Similarly, a one-unit increase in investment strategy results in a 0.407 increase in business growth, highlighting the importance of sound investment decisions. The study concluded that financial planning strategies are better aligned with regression p-values, indicating business growth among women entrepreneurs in Cameroon. Policymakers are recommended to provide training and support programmes to enhance the financial planning skills of women entrepreneurs and to develop tailored financial products that meet the needs of women-owned businesses. Effective budgeting practices and investment strategies are crucial for women entrepreneurs to achieve their business objectives and contribute to the country's economic development.

Microfinance Framework Development for Women Entrepreneurs in Zimbabwe’s Sweet Potato Sector: A Case Study of Bomba, Gokwe, Midlands Province

Gerald Munyoro — 2026-02-21

Microfinance has evolved as a strong tool for economic development, particularly in boosting female entrepreneurs in developing nations. This study investigated the persistent financing constraints faced by women entrepreneurs in Zimbabwe’s agricultural sector, with a specific focus on sweet potato farmers in Bomba, Gokwe District, Midlands Province. The objectives were to examine the current status of women’s entrepreneurship in sweet potato farming, identify primary financial barriers, develop a gender-responsive microfinance framework, and evaluate its potential impact on women’s empowerment and rural economic development. The target population comprised women engaged in sweet potato production and marketing within Midlands Province, with 100 participants purposively sampled for quantitative data collection through structured questionnaires. These data were complemented by qualitative insights from interviews and focus group discussions involving farmers, extension officers, and microfinance stakeholders. Descriptive and inferential statistical analyses were employed to assess patterns of financial access and enterprise performance, while thematic analysis captured lived experiences and institutional barriers. Results revealed that, despite improvements in basic financial inclusion, access to diversified financial services such as credit, insurance, and savings remains limited, primarily due to collateral requirements, land tenure insecurity, socio-cultural norms, inadequate extension support, and weak market infrastructure. The study concluded that existing financing models are misaligned with the realities of women agripreneurs. In response, a context-specific, value-chain-embedded microfinancing framework was proposed, integrating flexible collateral options, financial literacy training, and non-financial support. The framework demonstrates potential to enhance women’s economic empowerment, increase agricultural productivity, and promote inclusive rural development in Zimbabwe. By addressing both structural and contextual constraints, the study provides evidence-based recommendations for policymakers and practitioners aiming to strengthen gender-responsive microfinance interventions for rural women entrepreneurs.

A Proposed Quantitative Model for Cost Reduction through the Technical Bargaining between the Alliances of Production and Design Cells

Mohamed M. El-Gibaly — 2026-02-21

The main objective of this work is to balance value analysis and value engineering to achieve cost reduction. This work investigates cost reduction efforts through production and design cells. A quantitative model is formed to investigate the operative and non-operative integration of value analysis and value engineering approaches. The first part investigates variance analysis for controlling cost and cost reduction. The second part relates to value analysis and cost reduction within production cells. Regarding value engineering, which aims at reducing costs generally without reducing quality or effectiveness, and the value analysis approach, the former is important in the design phase, while the latter is necessary before implementation. The model was initially designed using the game theory to identify negotiating parties from production and design cells during negotiations on the proposed cost of new or existing products. However, the discussion showed it is difficult to end the negotiation at a certain point using only game theory. Accordingly, search theory models were used as complementary models, helping to reach an appropriate strategy to reduce cost and determine a point of abstention. Various recommendations were suggested at the end of the work.

The Role of Work Autonomy in Moderating the Effects of Ethical Leadership and Organizational Climate on Employees’ Creative Performance

Yupiter Gulo — 2026-02-23

Background and Objective: Work autonomy, which is defined as freedom in planning work procedures, is also regarded as significant since it can boost employees' courage to try new things. This study aims to examine the effects of work engagement, ethical leadership, and organizational climate on employees’ creative performance, as well as to investigate the moderating role of work autonomy.

Research Design: This study employs a quantitative approach using a cross-sectional survey design. Research Setting and Period: The research was conducted in Indonesia between June and September 2025, involving employees from various industrial sectors.

Methodology: A total of 310 respondents participated through an online questionnaire. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS software. The analysis included assessment of the measurement model, structural model, and moderation effects.

Results: The findings past that organizational climate, ethical leadership, and work autonomy have significant positive effects on employees’ creative performance. In contrast, work engagement pasts no significant effect. Furthermore, work autonomy does not significantly moderate the relationships between work engagement, organizational climate, ethical leadership, and creative performance.

Conclusion: These results highlight the importance of ethical leadership, a supportive organizational climate, and job autonomy in fostering employee creativity. This study contributes empirical evidence to the human resource management literature, particularly within the context of an emerging economy.

An Empirical Assessment of Permanent Income Hypothesis: Evidence from Households Consumption Patterns in North-East Senatorial District of Akwa Ibom State

Anietie E. Ekang — 2026-02-23

This study empirically investigates the applicability of the Permanent Income Hypothesis (PIH) to household consumption expenditure in Akwa Ibom State, Nigeria, using primary data from 403 households. Data were collected on household income, consumption expenditure, savings, and socio-demographic characteristics through structured questionnaires. Descriptive and inferential analyses, including correlation and multiple regression with log-transformed income, were employed to examine the relationship between household income and consumption patterns. Findings reveal a strong and significant positive association between household income and consumption expenditure, supporting the PIH prediction that household smooth consumption based on expected permanent income. Non-linear analysis further indicates that higher-income households tend to spend proportionally more, while increased savings reduce current consumption, reflecting forward-looking behavior. Demographic factors such as age, household size, and education exhibit minimal influence on consumption. The study provides robust micro-level evidence of the PIH in a sub-national context and highlights the importance of income stability and savings for consumption planning. Policy interventions aimed at stabilizing household income and promoting savings are recommended to enhance economic well-being.

The Effect of Selected Financial Ratios on Stock Prices in the Transportation Sub-sector of the Indonesian Stock Exchange

Irpan Tripani — 2026-02-23

Objective: This study aims to analyze and examine the effect of Total Asset Turnover (TATO), Sales Growth, and Return on Assets (ROA) on stock prices of transportation subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. In addition, the study seeks to identify which variable has the most dominant influence on stock price movements, thereby providing insights for investors in evaluating the financial performance of transportation companies and its implications for investment decision-making in the capital market.

Research Design: This study employs a quantitative research design with an associative causal approach, aiming to explain the cause-and-effect relationships between independent variables (TATO, Sales Growth, and ROA) and the dependent variable (stock prices).

Methodology: The study uses secondary data in the form of audited annual financial reports and year-end closing stock prices of transportation subsector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. The research sample consists of 27 companies, resulting in a total of 135 observations (27 companies × 5 years). The independent variables include Total Asset Turnover, Sales Growth, and Return on Assets, while the dependent variable is stock price. Data analysis was conducted using multiple linear regression with IBM SPSS Statistics. The analysis procedure includes classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation), followed by regression analysis, partial testing (t-test), simultaneous testing (F-test), and coefficient of determination (R²) to evaluate the influence of the independent variables on stock prices.

Results: The results show that, partially, Total Asset Turnover has a positive and significant effect on stock prices (t = 5.076; sig. = 0.000 < 0.05). Sales Growth also has a positive and significant influence on stock prices (t = 2.160; sig. = 0.033 < 0.05), while Return on Assets exhibits a positive and significant effect as well (t = 4.699; sig. = 0.000 < 0.05). Simultaneously, the three variables significantly affect stock prices (F = 23.654; sig. = 0.000 < 0.05). The R² value of 0.351 indicates that the regression model explains 35.1% of the variation in stock prices.

Conclusion: The findings confirm that Total Asset Turnover, Sales Growth, and Return on Assets have positive and significant effects on stock prices of transportation subsector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, both partially and simultaneously. These results imply that more efficient asset utilization, stronger sales growth, and higher profitability tend to be associated with higher stock prices. From a practical perspective, the study suggests that corporate management should focus on improving asset efficiency, sustaining revenue growth, and maintaining profitability to enhance firm value in the capital market. For investors, the results provide empirical evidence that these financial ratios can be used as important indicators in evaluating transportation sector stocks. The model demonstrates moderate explanatory power (35.1%), indicating that stock price movements are also influenced by other external factors beyond the scope of this study.

Human Resource Competence, Financial Literacy and Internal Control: Determinants of Financial Management Quality in MSMEs of West Java

Mirda Giantina — 2026-02-23

Background and Objectives: Micro, Small, and Medium-Sized Enterprises (MSMEs) are strategically important to the Indonesian economy because of their role in creating jobs and boosting regional economies. This study aims to analyze and examine the influence of Human Resource Competence, Financial Literacy, and Internal Control on the Quality of Financial Management of MSMEs in West Java Province. Despite the strategic role of MSMEs in supporting economic growth, many MSMEs still face challenges related to financial transparency, weak internal controls, and limited managerial capacity. This study addresses the gap between theoretical standards of financial management and actual practices implemented by MSMEs. The findings are expected to provide insights for MSMEs and local governments in formulating strategies to strengthen financial management capacity and support business sustainability and competitiveness.

Research Design: This study employs a quantitative research design with a causal associative approach to examine the causal relationships between Human Resource Competence, Financial Literacy, and Internal Control and the Quality of MSME Financial Management.

Research Location and Duration: The research was conducted among MSMEs operating in West Java Province during 2025, using primary data collected within a single research period to capture the actual condition of MSME financial management practices.

Methodology: This study uses a quantitative approach with primary data obtained through the distribution of questionnaires to MSMEs in West Java Province. Sampling was determined using the Slovin formula with a 10% margin of error, resulting in 100 respondents. Prior to data analysis, the research instrument was tested using validity and reliability tests to ensure data quality. Data analysis was conducted using SPSS with multiple linear regression methods to examine the effect of Human Resource Competence, Financial Literacy, and Internal Control on the Quality of MSME Financial Management. Model testing includes classical assumption tests, partial hypothesis tests, and coefficient of determination.

Results: The results show that Human Resource Competence, Financial Literacy, and Internal Control have a positive and significant effect on the Quality of Financial Management of MSMEs in West Java Province, as indicated by regression coefficients of 0.517, 0.595, and 0.688, respectively, with a significance value of 0.000. These findings confirm that improvements in managerial competence, financial understanding, and internal control implementation directly enhance MSME financial management quality.

Conclusion: This study concludes that strengthening human resource competencies, improving financial literacy, and implementing effective internal control systems are essential for improving MSME financial management quality. Practically, the findings suggest that local governments and supporting institutions should prioritize internal control training and financial management mentoring programs to achieve greater improvements in MSME governance and long-term sustainability.

The Effect of Inventory Efficiency and Asset Effectiveness on Firm Value as Mediated by Firm Financial Performance

Herna Pandiangan — 2026-02-24

Background and Objectives: Investors use financial statements as a vital tool for evaluating a company's financial position, operational effectiveness, and potential for future growth. This study aim analyze influence efficiency inventory and effectiveness asset to mark company with performance finance as variables mediation in companies subsector trading retail on the Indonesia Stock Exchange, exploring mechanism improvement market valuation through optimization source Power operational and profitability company.

Research Design: Study adopt approach quantitative with design causal comparative for test connection cause and effect between variable.

Location and Duration Study: Study carried out in the company subsector trading retail listed on the Indonesia Stock Exchange during five- year period, from January 2020 to December 2024.

Methodology: Secondary data collected through documentation report finance annual that has been audited from 20 companies retail use purposive sampling technique, resulting in 100 units observation. Variable measured using inventory turnover to efficiency inventory, total asset turnover for effectiveness assets, return on equity for performance finance, and price to earnings ratio for mark company. Data analysis using analysis track with SPSS version 25, including assumption test classical, multiple linear regression, hypothesis testing partial and simultaneous, coefficients determination, as well as the Sobel test for test effect mediation.

Results: Findings show efficiency inventory and effectiveness asset influential positive significant to performance finance with mark significance of 0.000 and 0.024 respectively. Efficiency supply influential direct to mark company with significance of 0.014, while effectiveness asset No influential significant in a way direct with mark significance 0.090. Financial performance proven influential dominant to mark company with significance of 0.000 and coefficient regression highest 196,138. Sobel's mediation test proves performance finance mediate connection efficiency supply to mark company with a p-value of 0.0000 and effectiveness asset to mark company with a p-value of 0.0210. The research model capable explains 67.3 percent variation mark company.

Conclusion: Efficiency inventory and effectiveness asset increase mark company retail through improvement performance finance as mechanism mediation. Optimization management supply give signal positive direct to investors, whereas utilization asset productive need translation become superior profitability for increase market valuation. Research upcoming need explore variables external and expanding coverage sector industry for generalization findings.

Digital Drivers for Financial Efficiency and Sustainability in the Circular Economy: A Systematic Review

Alsufyani S Manal — 2026-02-12

The circular economy paradigm promises simultaneous financial efficiency and environmental sustainability benefits, yet organisations struggle to achieve quantifiable synergistic outcomes due to optimisation challenges and implementation barriers. While digital technologies are increasingly recognised as critical enablers for circular economy transitions, there exists a significant gap in systematic evidence demonstrating how specific digital enablers quantifiably contribute to both enhanced financial efficiency and improved environmental sustainability within circular economy frameworks. This systematic review examines the dual dividend potential of digital technologies in circular economy implementations, analysing synergistic mechanisms and identifying implementation pathways for achieving comprehensive financial and environmental benefits. Following PRISMA guidelines, a systematic literature review of 66 high-quality publications spanning 2016-2025 was conducted. It was sourced from multiple databases using comprehensive search strategies encompassing digital enablers, financial efficiency, environmental sustainability, and circular economy principles. Bibliometric analysis was performed using RStudio's Biblioshiny package to map collaboration patterns and thematic structures. The analysis reveals that specific digital enablers—particularly blockchain technology, artificial intelligence, and IoT-based systems—generate substantial financial returns through 3.6% annual cost reduction and 4.1% revenue enhancement while simultaneously delivering quantifiable environmental benefits, including a 15% reduction in global CO₂ emissions. Digital technologies create synergistic value propositions through sophisticated feedback loops, enabling real-time monitoring, predictive analytics, and automated decision-making processes that optimise circular economy activities. Implementation success requires systematic approaches integrating technological capabilities with human-centric strategies, stakeholder collaboration, and supportive policy frameworks. These findings challenge conventional trade-off assumptions between economic and environmental objectives, establishing digital technologies as strategic enablers that fundamentally alter circular economy value creation logic. The research provides actionable guidance for organisations seeking sustainable competitive advantage while contributing to global sustainability goals.

A Descriptive Review on BRICS Economy and Evolution of BRICS as Common Currency

Sukanya R — 2026-02-04

This study is an attempt for understanding BRICS as a common currency. It is a discussion in world market since 2009 but this study focus on BRICS expansion in 2025 and present context. The significance of BRICS expansion especially in world market is included in this descriptive study. This study also includes BRICS impact on international trade. The data which is included is from IMF for BRICS countries contribution of GDP, PPP, revenue, expenditure and fiscal balance to analysis and comparison of variables for future development. The statement are analyse in positive view of implementation of BRICS. The study is few countries economy measurement scale is describing by using secondary data. The key insights of the study is how significant it is for developing countries after implementation of BRICS currency in trade, import and export. The paper addresses a timely important and policy relevant topic with the proposed BRIC currency and the bloc to expand the economic and political influences. This is of potential interest for scholars and policy makers in international economic and political arena which will discuss on the de-dollarization, global governance reforms, and south-south corporation.

Reliability Measure in Social Science Research: Some Conceptual Issues

S. Sathyanarayana — 2026-02-26

Reliability measurement plays a significant role in making social science study credible. Reliability represents the extent to which the measurement tool provides consistent, stable, and consistent results when the tool is implemented in similar conditions. In social science studies, since it is difficult to measure abstract social phenomena, social science researchers make use of standardized measuring devices such as questionnaires to produce empirical data. In this paper, the concept of reliability in measurement, different types of reliability for social science study, the applicability of reliability for social science study, issues faced by the researcher while conducting a study on reliability in social sciences, and how the reliability could be improved while conducting a study in social science fields will be discussed. The reliability concept of social science study could be in one of the following types: test-re-test reliability, inter-rater reliability, internal consistency reliability, parallel forms reliability, and split-half reliability. The paper further highlights the role of reliability in reducing measurement error, increasing the confidence of theory testing, enhancing the quality of publications, and providing better relevance to policy measures. The applications of reliable measurement in psychology, sociology, management, education, and political science are highlighted field-wise to demonstrate practical utility. In addition to that, the significant challenges that are involved, such as cultural differences, language barriers, biases of the respondents, as well as items that are not well constructed, are discussed critically. The strategies that are used to improve the measure effectively are discussed next. Finally, the paper emphasizes that there is a continuous need for assessing reliability and integrating more advanced approaches toward methodological rigor in research. In this way, this paper underlines reliability as a bedrock for scientifically sound and socially meaningful research.