Asian Journal of Economics, Business and Accounting

Green Marketing and Consumer Purchasing Behavior: A Systematic Literature Review through the Lens of Behavioral Economics

Delia Francesca L. Estropia — 2025-11-26

In today’s world, where environmental awareness and sustainable consumption are becoming global priorities, green marketing plays a vital role in influencing consumer behavior and business strategies. This paper discusses the relationship between green marketing and consumer purchasing behavior using a behavioral economics lens. A systematic literature review was used and followed the PRISMA guidelines in processing peer-reviewed studies published between 2015 and 2025, resulting in a review of 144 studies across 41 countries. Relevant studies were gathered from Google Scholar and Mendeley databases. Results established that altruism, trust, knowledge and socially constructed norms have a stronger impact on the green purchasing decision than price and convenience. Nudge Theory has proven sufficient by recognizing the role of labeling of the environment, default options, and open communication convention to develop sustainable decisions. Generally, eco-branding, eco-packaging, and eco-labeling increase consumer loyalty and reduce the attitude-behavioral gap, indicating that the behavioral information may support the maintenance of sustainable consumption behavior and increase competitiveness of firms. Overall, the findings emphasize that understanding behavioral motivations through green marketing can contribute to achieving sustainable consumer practices and environmental protection worldwide.

FinTech and Institutional Disruption: A Systematic Literature Review on Innovations and Transformation in Finance

Mesud Mohammed — 2025-11-28

The purpose of this systematic literature review is to explore how financial technology innovations are transforming and disrupting the traditional financial industry and remodeling the global finance ecology. Applying the PRISMA 2020 model, we systematically reviewed 24 empirically based and peer-reviewed articles released between 2015 and the year 2025 from Scopus and Google Scholar databases. Findings shows how FinTech advances such as artificial intelligence, blockchain, machine learning and digital payments are reshaping financial transactions by improving efficiency, inclusion and transparency. Yet such technological transformations also bring new challenges, such as cybersecurity risks, data privacy issues and systemic risks. The findings underscore the role, that macroeconomic stability, financial access and technological readiness play in developing FinTech; while overregulation, infrastructural gaps and institutional weaknesses constrain scalability and innovation. Additionally, regulatory regimes that are more adaptable, pro-innovation and innovation friendly like sandboxes and innovation hubs are shown to balance financial innovation with systemic stability. The research suggests that FinTech-led change can only be sustained through joint efforts between regulators, financial institutions and technology providers. Digital and financial literacy, advanced cyber security measures, as well as trust in the consumer are all key to inclusive and resilient digital finance. The review highlights that sustainable growth of FinTech relies on synchronizing technological development with regulatory flexibility and institutional capability. Future studies might investigate how regulatory flexibility, digital literacy and organizational collaboration collectively affect technology adoption.

Storytelling Marketing and Cross-Cultural Branding of Fuliang Tea: A Systematic Review and Global Evidence Synthesis

Huang Qiuyang — 2025-11-28

Aims: This study has conducted a systematic literature review (SLR) to evaluate the effectiveness of brand storytelling in the cross-cultural e-commerce context of Fuliang tea. It synthesizes global empirical evidence on storytelling marketing within the tea industry and introduces the Storytelling–Culture–Performance (SCP) analytical framework to assess how narratives operate across cultural boundaries.

Methods: Following the PRISMA protocol, six major databases (Web of Science, Scopus, CNKI, ProQuest, EBSCO, and Google Scholar) have been searched for studies published between 2010 and 2024. Sixty-three empirical studies have been included and analyzed through content analysis and meta-ethnographic synthesis.

Results: The findings have shown a marked increase in storytelling-related publications in tea marketing, particularly after 2020. On average, storytelling has had a strong positive effect on brand attitude and purchase intention and a moderate influence on actual purchase behavior. Cultural analysis has revealed that high-context cultures (e.g., China, Japan, Korea) favor heritage-oriented narratives, while low-context cultures (e.g., the U.S., U.K., Germany) respond better to sustainability-driven storytelling. Evidence suggests that integrating emotional resonance, credible endorsement, and cultural adaptation can significantly enhance brand equity.

Conclusion: Storytelling marketing has proven effective in cross-cultural e-commerce contexts but remains shaped by cultural norms and values. The SCP framework offers a theoretical and practical tool for evaluating narrative performance across markets. For Fuliang tea and similar heritage brands, culturally adaptive storytelling—rooted in authenticity and ethical communication—can strengthen global competitiveness and consumer trust.

Building Superior Performance through Employee Agility and Engagement: The Mediating Role of Organizational Citizenship Behavior

Nur Laily — 2025-11-20

Aims: This study examines the influence of employee agility and employee engagement on employee performance, with organizational citizenship behavior (OCB) as a mediating variable. Addressing the inconsistent findings in prior studies, this research integrates three complementary perspectives—Job Demands–Resources (JD-R) Theory, Dynamic Capability View (DCV), and Social Exchange Theory (SET)—to develop a multidimensional model of employee behavior and performance.

Study Design: This is a quantitative study using a random sample. Primary data was obtained through questionnaires.

Place and Duration of Study: The population was employees in the private sector in Surabaya. The sample size was 216 respondents. The survey was conducted between January and May 2025.

Methodology: The research method used a quantitative approach. Sampling was conducted using non-probability sampling and purposive sampling techniques. Data analysis was performed using SEM-PLS.

Results: Results reveal that employee agility and engagement significantly and positively affect performance, both directly and indirectly through OCB. The mediation of OCB demonstrates that agile and engaged employees tend to reciprocate organizational support through extra-role behaviors, thereby improving overall performance.

Practical Implications: These insights provide meaningful implications for both scholars and practitioners seeking to strengthen employee adaptability, engagement, and sustainable performance in the digital era.

Conclusion: This study enriches the theoretical discourse by integrating JD-R, DCV, and SET into a single explanatory model. The results confirm that OCB acts not only as a behavioral outcome but also as a strategic mechanism linking employee capabilities and organizational performance.

Re-examining the Validity of the Augmented Phillips Curve in the United States of America

Rosingh Amofa-Adarkwa — 2025-12-04

Aims: This study empirically tests the validity of the augmented Phillips curve hypothesis for the United States using quarterly data from 1982Q1 to 2023Q4. The augmented Phillips curve posits an inverse relationship between the unemployment gap and inflation, with inflationary expectations playing a crucial mediating role.

Study Design: Time series econometric analysis with structural break testing.

Place and Duration of Study: United States economy, from the first quarter of 1982 to the fourth quarter of 2023 (168 quarterly observations).

Methodology: The analysis employs data from the Federal Reserve Economic Data (FRED) database. Inflation is measured by the year-over-year percentage change in the PCEPI. Independent variables include the unemployment gap (actual unemployment rate minus natural rate) and expected inflation from the University of Michigan Survey. April 2009 is selected as a potential structural break point because it corresponds to the trough of the Global Financial Crisis, a period widely documented as having altered U.S. inflation dynamics. Initial estimation uses Ordinary Least Squares (OLS), but diagnostic testing reveals significant autocorrelation. Therefore, the study transitions to Generalized Least Squares (GLS) to obtain more efficient and reliable estimates.

Results: The OLS model produces a theoretically divergent positive unemployment-gap coefficient, reflecting misspecification driven by autocorrelation and crisis-period instability. However, after correcting for autocorrelation through GLS, the unemployment-gap coefficient attains the theoretically consistent negative sign predicted by the augmented Phillips curve. The GLS results confirm a statistically significant negative relationship between the unemployment gap and inflation (β₂ = –0.14, p = .001) and a positive relationship between expected inflation and actual inflation (β₃ = 0.63, p < .001). Structural break analysis further indicates that inflation averaged 0.94 percentage points lower in the post-crisis period (δ₁ = –0.94, p = .03), with the Chow test validating the April 2009 break (F = 5.03, p = .02).

Conclusion: The findings support the augmented Phillips curve once autocorrelation and structural instability are addressed. The results highlight the importance of accounting for crisis-induced regime shifts, properly modeling inflation expectations, and correcting serial correlation when estimating inflation dynamics in advanced economies.

MSME Sector Emerging as a Leading Gateway for Atmanirbhar Bharat

Rintu Nath — 2025-12-06

The MSME (Micro, Small, and Medium Enterprises) sector is a vital pillar of the "Atmanirbhar Bharat" (self-reliant India) effort, which aims to increase economic self-sufficiency and decrease reliance on imports. In order to make India economically resilient and a global manufacturing hub, the initiative supports MSMEs through policy reforms, financial packages like collateral-free loans, and a greater emphasis on infrastructure and technology to promote domestic production, import substitution, and employment generation. The Economy, Infrastructure, System, Vibrant Demography, and Demand are the five pillars of Atmanirbhar Bharat. These pillars serve as the cornerstone for India's goal of economic growth, contemporary infrastructure, effective systems, utilization of its youthful population, and harnessing domestic demand. The MSME sector has a favourable and thriving effect on India’s GDP. Although, researchers, academics, policymakers, and financial organizations can all benefit from the study.

Evaluating AI Influence on Candidate Authenticity: Risks, Ethics and Solutions for Modern Recruitment

Olawale Odunlami — 2025-12-06

Increase in the integration of AI tools into job applications has led to the transformation of hiring processes and job interviews in the modern time. Such a transformation has, however, created advantages and efficiency gains for candidates on the one hand, and major ethical challenges for HR professionals and recruiters on the other hand. This research therefore examines the impact of AI-generated or enhanced resumes and AI-assisted interview processes on candidates’ evaluation authenticity and integrity of recruitment. The article adopted the narrative literature review approach. Published articles and industry anecdotes were gathered and analyzed for this study. Also, analytical reasoning was integrated with signaling theory concepts (Spence, 1973), AI use ethics, and literature on organizational trust. This article also highlights the ability of AI to generate human-like responses, thereby raising concerns about trust erosion, digital privilege and surface-level evaluation and assessments. Relying on evidence from case studies, testimonies from recruiters and academic research, the study presents the analysis of ethical boundaries between acceptable AI use and assistance and deceptive AI use and practices. The study also highlights the limitations of AI-detection tools, while proposing practical solutions, including skills-based assessments and hiring, proctored coding, HR and recruiters’ training, policies on AI use and transparency and organizational/industrial collaborations. The study proposed a pragmatic and sector-sensitive approach to hiring, thereby maintaining an appropriate balance between innovation and integrity as well as protection of fairness, while ensuring continuous adaptation to advancement in technology.

E-Government and Public Procurement: A Scoping Review of Technologies, Institutional Readiness, and Governance Challenges

Fred Siambe Omweri — 2025-12-19

Digital transformation in public procurement is reshaping governance by embedding transparency, efficiency, and accountability into state operations. This scoping review explores the strategic adoption of e-Government tools in procurement systems, guided by Arksey and O’Malley’s framework as refined by Levac et al. It systematically maps 48 peer-reviewed articles and policy documents published between 2000 and 2025. The review identifies key technologies, including eProcurement platforms, blockchain systems, and AI-driven analytics, implemented across procurement procedures such as tendering, contract management, and auditing. Thematic synthesis reveals enabling conditions such as institutional readiness, ICT infrastructure, and policy support, alongside persistent barriers including infrastructural deficits, behavioral resistance, and regulatory fragmentation. While digital systems improve procurement outcomes, the review highlights underexplored issues such as adaptive corruption, digital exclusion, and trust dynamics. It concludes with implications for research and practice, recommending longitudinal studies to assess impact over time, inclusive platform design to mitigate exclusion, and regulatory agility to address evolving governance challenges and ensure sustainable, equitable digital transformation in public procurement.

Transforming Consumers' Choices: The Role of Social Media Influencers in Shaping Purchasing Decision

Neema. S — 2025-12-20

Social media influencers (SMIs) have surpassed traditional marketers in shaping contemporary consumer decision-making, particularly among younger cohorts. By employing advanced celebrity-branding strategies and multimodal narrative techniques, influencers construct persuasive product discourses that effectively stimulate consumer engagement and purchasing behaviour. Elevated engagement metrics on Markomi’s IGT platform demonstrate a measurable influence on the purchasing patterns of younger audiences. Despite this impact, sustaining perceived authenticity while cultivating a coherent brand identity remains a substantive challenge. This paper identifies significant gaps in existing scholarship, especially regarding longitudinal analyses of influencer-branding cycles and interdisciplinary intersections spanning marketing, sociology, and political communication. Empirical evidence indicates that Gen Z and millennial consumers, who are consistently exposed to audiovisual content, exhibit heightened purchase responsiveness to endorsements delivered through IGT, YouTube, and TikTok. The study underscores the necessity for marketers to adopt integrative strategies that reinforce the credibility of influencer personas without undermining consumer trust, supported by rigorous ethical standards to ensure enduring relevance and value.

Impact of Mergers and Amalgamations on the Efficiency of Regional Rural Banks: A Case Study of Jharkhand Rajya Gramin Bank

WAQUAR AHMAD — 2025-11-17

This research examines how mergers and consolidations affect the efficiency and financial performance of Regional Rural Banks (RRBs) in India, with a particular emphasis on the Jharkhand Rajya Gramin Bank (JRGB). RRBs were established in 1975 to fill the gap in formal financial services in rural regions, aiming to counteract the exploitative practices of moneylenders and promote financial inclusion. However, their initial fragmentation and operational inefficiencies raised concerns about their sustainability, leading the Government of India to initiate a phased amalgamation strategy starting in 2005. JRGB was created on April 1, 2019, through the merger of Jharkhand Gramin Bank and Vananchal Gramin Bank, functioning as a unified RRB across all 24 districts of Jharkhand. This study employs a descriptive and analytical methodology, utilizing secondary data from RBI, NABARD, and JRGB’s annual financial statements for the years 2014–15 to 2022–23. It analyzes key performance indicators such as the Credit-Deposit Ratio, Net Profit, Net Non-Performing Assets (NPA) ratio, Business per Employee, and Branch Network for both pre-merger (2014–15 to 2018–19) and post-merger (2019–20 to 2023–24) periods. The results indicate a significant positive impact of the merger on JRGB’s operational and financial performance. There were notable improvements in the Credit-Deposit Ratio, Net Profit and Business per Employee, along with a significant decrease in the Net NPA ratio. Although the Branch Network experienced only slight growth suggesting a strategy of consolidation rather than expansion, the overall findings confirm enhanced profitability, productivity, credit delivery efficiency, and asset quality. This supports the policy goal of creating a more robust, efficient, and inclusive rural banking system through mergers, thereby aiding regional economic development and financial inclusion in Jharkhand.

The Power of Finance in a Warming World: A Bibliometric Analysis of Climate Finance and Its Role in Shaping a Sustainable Future (2015-2024)

Babu P. Mathew — 2025-11-20

Climate finance has become a key enabler of global climate action, playing a pivotal role in mitigating greenhouse gas (GHG) emissions and enhancing resilience to climate impacts. Despite its growing importance, the field of climate finance remains complex and fragmented, with limited efforts to systematically map its intellectual structure and evolution. This study conducts a comprehensive bibliometric analysis of climate finance research from 2015 to 2024, analysing a total of 921 articles from the Scopus database. The study examines publication trends, influential authors and institutions, collaborative networks, and thematic evolution using performance analysis, science mapping, and network analysis. The findings reveal significant growth in climate finance research, driven by key milestones, including the Paris Agreement. Dominant research themes include the role of public and private finance, innovative financial instruments, and barriers to scaling up investments. Emerging topics such as blended finance, climate risk integration, and alignment with the Sustainable Development Goals (SDGs) are also identified. The study highlights the contributions of climate finance research to shaping a sustainable future while underscoring gaps in equity, transparency, and policy impact. By providing a holistic understanding of the field, this analysis offers valuable insights for researchers, policymakers, and practitioners seeking to advance climate finance and achieve global sustainability goals.

Environmental Performance Index and Economic Development: Evidence from Panel Data Analysis in India’s EAG States

Karuna Shanker Kanaujiya — 2025-11-22

This study analyzes the link between economic development (NSDP) and environmental degradation (EPI) in India’s eight Empowered Action Group (EAG) states, testing the Environmental Kuznets Curve (EKC) hypothesis. The EKC posits that environmental degradation first worsens with economic growth before improving. Using panel data, our model includes NSDP and its squared term (NSDP²) to test for this non-linear relationship. We employed Pooled Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE) estimation techniques. A rigorous set of model selection tests (Breusch-Pagan LM, F-test, and Hausman) decisively identified the Random Effects (RE) model as the most statistically appropriate and efficient specification, as it properly accounts for state-specific heterogeneity. Our primary finding, based on the preferred RE model, is that no statistically significant relationship exists between NSDP and the EPI. This result, also supported by the FE model, indicates that the EKC hypothesis is not supported for the EAG states. Although a simpler Pooled OLS estimation does show a significant inverted U-shaped curve, we demonstrate this finding is spurious. It is an artifact of model misspecification that fails to control for the significant differences between states. We conclude that economic growth alone does not guarantee environmental improvement. This highlights the critical need for direct, state-specific policy interventions to achieve sustainability.

Exploring the Impact of Omnichannel Experience and Integration Quality on Customer Satisfaction: The Mediating Role of Perceived Value

Azzahra Lulu Alifiyah — 2025-11-24

Aims: This study aims to examine the effects of omnichannel customer experience and integration quality on customer satisfaction, with perceived value as a mediating variable, within the café service context in a developing economy. The research is conceptually grounded in customer value and satisfaction theories, emphasizing how integrated service experiences shape perceived value and satisfaction in omnichannel settings.

Study Design: A quantitative cross-sectional study using a causal relationship approach.

Place and Duration of Study: Data were collected from café customers in Indonesia between January and March 2025.

Methodology: A total of 210 respondents participated through purposive sampling. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to test measurement and structural models. Constructs included customer experience, integration quality, perceived value, and customer satisfaction.

Results: The findings reveal that customer experience and integration quality have a positive and significant effect on perceived value and customer satisfaction. Moreover, perceived value significantly mediates the relationship between integration quality and customer satisfaction, indicating that seamless omnichannel integration enhances perceived value and leads to higher satisfaction.

Conclusion: The study concludes that successful omnichannel implementation in café services depends on consistent integration quality and positive customer experiences that enhance perceived value. These results provide managerial insights for service providers to design coherent and enjoyable cross-channel experiences that increase customer satisfaction and loyalty.

Quality Education, Skill Development and Entrepreneurship in Jammu and Kashmir

Anchal Kumar — 2025-11-24

The study examines the interrelationship between entrepreneurship, skill development and quality education in the socio-economic context of Jammu and Kashmir- a region endowed with natural beauty yet challenged by political instability, unemployment and infrastructural limitations. The research emphasizes that Jammu and Kashmir having over 54 percent of its population below 25 years of age, possesses immense human resource potential. But only 2 percent skill workforce highlights the urgency for targeted interventions in education and vocational training.

Through a mixed methods approach combining literature review, surveys, interviews and case studies, the study explores how quality education lays the foundation for skill enhancement and how skill development, in turn strengthens employability and fosters entrepreneurship.

Government initiatives such as Sher-e-Kashmir Employment and welfare program, Himayat, Udaan are assessed for their roles in bridging skill gaps and promoting youth empowerment. Furthermore, the national education policy (NEP)2020 is analyzed for its transformative potential in advancing inclusive, technology-integrated and regionally relevant education in Jammu and Kashmir. The findings reveal that despite notable efforts, mismatches between education, skills, and employment opportunities persist, constraining economic growth. The research concludes that the synergistic integration of education, skills and entrepreneurship can transform Jammu and Kashmir’s socioeconomic landscape-empowering youth, reducing unemployment and fostering sustainable development.

How does Farmer’s Preference for Seed Attributes and Support Service from Grain Traders Influence the Adoption of Improved Varieties in Tanzania?

Hemed A. Kihimba — 2025-11-24

This study examined the joint association of grain traders’ support services and seed attribute preferences on the adoption of improved sorghum, beans, and groundnut seed varieties in Tanzania. While previous studies have typically examined farmers’ seed preferences or institutional support separately, little is known about how market-based trader support services interact with seed attribute preferences to influence farmers’ adoption. The study employed a cross-sectional research design and involved 961 farmers selected through a multistage random sampling approach from major production districts of beans, sorghum and groundnuts. 315 bean, 317 sorghum, and 329 groundnut farmers from 12 districts (4 districts per crop) in Tanzania. Data collection was conducted using a household survey via Survey CTO, and data analysis was analyzed using descriptive and inferential statistical methods. Results show that credit on improved seed such as sorghum and groundnuts significantly enhances adoption when paired with key traits such as high yield, grain price, grain size, drought tolerance, and pest-disease resistance. Market-based supports like market guarantee and market linkage also demonstrate strong joint effects with traits like attractive price, grain color, and maturity time, particularly in common beans and groundnuts. These findings underscore the importance of aligning traders’ support services with farmers’ preferred seed traits to enhance adoption of improved varieties. Strengthening grain trader-farmer partnerships and embedding credit access, market linkages, and price assurance within seed delivery systems would help accelerate technology uptake and improve smallholder productivity.

CSR and Women’s Empowerment in Odisha, India: A Case Study of Business and Social Equity Initiatives

Soumya Subham Mallick — 2025-11-25

Corporate Social Responsibility (CSR) is a term, which has attracted the attention of academics institutions and industries very recently. In India, especially Tata has been implementing CSR activities since 1912. It is the beginning of the 19th century transformed this concept of philanthropy and encouraged the industrialists to empower communities through different capacity building program towards women development and thereby making the community as its stakeholder. The business strategies varies from company to companies, where it is observed that few companies give importance to health care, educational initiatives, environment sustainability, livelihood generation etc. The intervention of micro finance has brought in tremendous changes in the life of woman at the grass root level. The self-help groups (SHGs) are the instrumental in empowering rural women with affordable banking, insurance and entrepreneurial approaches.

Keeping this as backdrop, the present study focuses on CSR and women‘s socio-economic empowerment through livelihood generation in Indian Metals and Ferro Alloys Ltd (IMFA) located in Tangi, Cuttack. The study is carried by both primary and secondary sources of data collection. The secondary sources have been utilized by the reported information of the companies in their annual sustainability reports. For the primary data collection, the study utilizes descriptive and exploratory research design with a sample size of 60 women respondents from six different villages to capture the diverse experience and perspective. Interview schedule is used as a tool for data collection and purposive sampling technique is used to fulfil the objectives of the study. The present study attempts to depict the objective to examine the CSR initiatives of SHG and livelihood generation of the rural women under the CSR of IMFA in Cuttack.

The major findings shows CSR of IMFA carry out their CSR programs through these SHG groups where they get women folks in collectives. Not only do these corporate indulge in training programs but also give the women, placement assistance and handholding support to start off with their own entrepreneurial ventures, ensure banking and market linkages. The lives of women therefore changed for the better. This present research therefore endeavors to unfurl the aforementioned dimensions of women empowerment. The study would change the very outlook of the thinking of the future researchers for more deliberations and thoughtful contemplation in the similar path.

Low-carbon City Pilot and Urban Green Innovation: From the Perspective of Ecological Attention

Xiangyi Li — 2025-11-26

In response to global climate challenges and the pursuit of sustainable development, low-carbon city pilots (LCCP) have become a critical instrument for China to achieve its carbon peaking and neutrality goals. This study empirically investigates the impact of the LCCP policy on urban green innovation and its underlying mechanisms from the novel perspective of ecological attention. Utilizing a multi-period difference-in-differences (DID) model and panel data from 283 prefecture-level cities in China from 2007 to 2017, we find robust evidence that the LCCP policy significantly promotes green innovation, measured by green patent applications per 10,000 residents. The results withstand a series of robustness checks, including parallel trends validation, alternative explanatory variable specifications, sample period adjustments, and exclusion of major municipalities. Furthermore, heterogeneity analyses reveal that the policy effects are more pronounced in eastern coastal cities, areas with higher financial development, and cities with lower resource dependence. Mechanism analysis reveals that ecological attention serves as a crucial transmission channel. Specifically, the policy elevates both governmental ecological attention, measured by the frequency of environmental keywords in the work reports, and public ecological attention, captured by the Baidu search index. Notably, public ecological attention demonstrates a stronger driving effect on green innovation compared to its governmental counterpart, suggesting that bottom-up engagement plays a vital role in fostering green technological advances. This research provides theoretical and empirical support for evaluating city-level environmental policies and offers valuable insights for policymakers. We propose expanding the coverage of low-carbon pilot programs, tailoring policy design to account for regional heterogeneity, and strengthening policy enforcement to enhance public participation. These findings underscore the importance of integrating ecological attention into environmental governance frameworks to accelerate the transition toward greener and more resilient urban development.

Adhocracy Culture and Organizational Adaptability: Insights into Strategic Plan Implementation in Kenya’s Insurance Sector

Mung’athia Samson — 2025-11-26

This study explores the impact of organizational culture on execution of strategic plans within the Kenyan insurance industry, with a strong emphasis on adhocracy culture, a culture type under Competing Values Framework (CVF). Adhocracy culture underpins innovation, flexibility, and adaptability; traits necessary for firms operating in highly evolving and dynamic environments. While much of the existing body of knowledge acknowledges the impact of organizational culture on strategic plan implementation, rarely has any empirical study tested this correlation in an African context, especially in a dynamic and highly regulated environment such as the Kenyan Insurance sector. Employing a descriptive survey design, data was collected from 30 insurance firms and analyzed through inferential and regression methods. The findings reveal that adhocracy culture is a statistically significant forecaster of strategic plan implementation ( ). These results underpin the importance of adaptive and innovation-driven organizational environments in converting strategic plans into actionable outcomes, particularly in rapidly-evolving and highly-dynamic markets where traditional and highly structured approaches are insufficient. The research progresses the knowledge in the areas of corporate culture and organizational strategy by offering empirical evidence from a highly-regulated and dynamic industry in an understudied developing economy. The research emphasizes the idea that adaptive organizational cultures underpinned by innovation are essential for effective strategic plan implementation. The research offers practical lessons for leaders and policymakers tasked with implementation of strategic plans. It supposes that vibrant cultural characteristics largely enhance strategy execution in highly-evolving business set-ups. The study recommends that organizations entrench innovation processes, encourage cross-functional collaboration, and set up flexible decision-making models to enhance effective strategic plan implementation.

Investigating Corporate Governance and Firms Performance Nexus in Nigeria: Evidence from Panel ARDL and GMM

Chinwe Ada Olelewe — 2025-11-29

This study investigates corporate governance and firm performance nexus of 30 selected firms Listed on the Nigerian stock exchange (NSE) – 15 blue-chip firms and 15 penny firms using panel dynamic autoregressive distributed lag (ARDL) model and differenced and system generalized method of moment (GMM). Data ranging from 1990 to 2020 extracted from annual financial fact sheets of the sampled firms. In this study, corporate governance measures include board size (BSZ), board governance and remuneration committee (BGRC), number of meetings held (NMH), number of shareholders committee (NSHC), number of remuneration committee (NRMC), and number of audit committee (NAC); while firms performance measures include return on assets (ROA) and return on equity (ROE). The study also controlled for the influence of shareholders fund (SHF) and gross earning (GRE). Findings from the Pedroni cointegration test shows that there are cointegration between corporate governance and firms’ performance which was confirmed by Kao cointegration test as robustness check. Evidence from the results of panel dynamic ARDL models of MG, DFE and PMG shows that there is existence of long-run relationships between corporate governance and firms’ performance in Nigeria. Also, the results of the error correction model shows that speeds of adjustments from the short-run to the long-run exist in various degrees for MG, DFE and PMG for models 1 and 2. Findings from GMM models confirmed the existence of long-run relationships between corporate governance and firms’ performance in Nigeria. However, policies such as enhancement of the corporate governance and institutional qualities in Nigeria were recommended.

Mandatory Retirement of High-Performing Staff and Organizational Sustainability

Funke SARAKI — 2025-12-01

This study examined the consequences of mandatory retirement of high-performing staff on organizational sustainability and overall organizational success. A descriptive correlational research design was adopted to assess the effects of such policies on knowledge retention and innovation, employee morale and motivation, organizational performance, and long-term sustainability. Quantitative data were collected through an online questionnaire administered to 451 respondents from academia, religious institutions, government parastatals, and private organizations in Nigeria and internationally. Descriptive statistics and Pearson’s correlation analysis were used to evaluate the relationships between mandatory retirement and indicators of organizational sustainability and success. The findings revealed significant negative correlations between mandatory retirement and all dimensions assessed. Specifically, mandatory retirement undermined organizational knowledge retention (r = –0.656, p < 0.01), reduced innovation, weakened employee morale and motivation (r = –0.694, p < 0.01), and adversely affected productivity, profitability, and efficiency (r = –0.419, p < 0.01). It also negatively influenced long-term competitiveness and sustainability (r = –0.098, p < 0.05). The study recommended phased retirement programmes, robust knowledge management systems, and structured mentorship initiatives to safeguard institutional memory. Overall, the findings underscore the need for organizations to adopt flexible and experience-inclusive workforce policies to mitigate the adverse effects of mandatory retirement on performance and sustainable long-term growth.

Global Spillover Effects: Indonesia’s Stock Market Response to U.S. Monetary Policy Shifts

Yuvi Putri Septiana — 2025-12-02

Global economic developments, especially monetary policy in the United States (US), have a significant impact on the Indonesian economy. Shifts in US monetary policy can trigger changes in macroeconomic conditions and the dynamics of the Indonesian capital market, both conventional and sharia. This study aims to analyze how changes in US monetary policy affect the Indonesian economy and how US stock market movements impact the domestic stock market. Using the Structural Vector Autoregression (SVAR) model, this study finds that changes in US monetary policy have a substantial long-term effect on Indonesia's economic stability. In addition, Indonesia's conventional and Sharia stock indices show a high dependence on the movement of the US stock index, which acts as the main reference in the global financial market. These findings underscore the importance of risk mitigation strategies for investors and policymakers in dealing with global market dynamics.

From Fields to Futures: The Economic and Occupational Impact of the Rice Tariffication Law

Cyril Jes S. Aureada — 2025-12-02

Aims: This study examines the economic and occupational effects of the Rice Tariffication Law (RTL) on rice farmers in the Philippines, estimating its impact on income, occupational mobility, and income distribution between beneficiaries and non-beneficiaries using microsimulation and logistic regression.

Study Design: A quantitative econometric analysis employing microsimulation modeling and multinomial logistic regression to assess the ex-ante effects of RTL on farmers’ income, expenditures, and occupational decisions.

Place and Duration of Study: The analysis uses nationally representative data from the 2018 Family Income and Expenditure Survey (FIES) and simulates income and occupational changes from 2018 to 2021.

Methodology: The study applies microsimulation techniques and logistic regression models to estimate RTL’s impact on household income and occupational shifts among wage workers, rice farmers, non-rice farmers, and the unemployed. A Heckman two-step model addresses selection bias. The simulation incorporates Rice Competitiveness Enhancement Fund (RCEF) provisions on mechanization, seed distribution, and credit support.

Results: Beneficiary rice farmers experienced an estimated 52% increase in income, while non-recipients saw a 19% decline. Regions II, VI, CARAGA, III, and IV-B recorded the highest gains (16%–60%). Occupational analysis shows that about 3,000 non-rice farmers shifted into rice farming after RTL implementation. Income, education, marital status, and number of children were significant predictors of occupational choice.

Conclusion: RTL substantially improved the income of beneficiary rice farmers but negatively affected non-recipients. Strengthening and localizing RCEF implementation, alongside expanding microfinancing programs through LBP and DBP, is recommended to ensure equitable support. Continued policy refinement and broader rural investment are essential for sustaining farmer welfare and promoting inclusive agricultural growth.

Analysis of Profit Growth with Firm Size as a Moderating Variable in Transportation and Logistics Companies on the Indonesian Stock Exchange from 2021 to 2024

Farchan Candra Utama — 2025-12-02

This study aims to analyze the effect of liquidity, leverage, and activity on profit growth with firm size as a moderating variable in transportation and logistics companies listed on the Indonesia Stock Exchange for the period 2021-2024. The phenomenon in this study is that the transportation and logistics sector contributed to Indonesia's economic growth in 2022 and 2023, but firm profit growth tended to decline. The dependent variable used is profit growth. The independent variables consist of liquidity, leverage, and activity, as well as firm size as a moderating variable. This study uses a quantitative method with purposive sampling and 28 companies as the research population, with a final sample that meets the criteria. Data analysis was performed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that liquidity and activity have a significant positive effect on profit growth, while leverage has a negative effect on profit growth. In addition, firm size is able to moderate the relationship between liquidity, leverage, and activity on profit growth. Based on these findings, companies are recommended to maintain adequate liquidity, optimize asset utilization, control debt levels, and leverage firm size strategically

Price Risk Management through NCDEX Futures: Evidence from the Indian Coriander Market

MULA SRAVANSAI — 2025-12-03

Aim: This study explores the effectiveness of NCDEX futures contracts in reducing price risks for coriander crops (stakeholders). NCDEX (National Commodity and Derivatives Exchange) offers futures contracts to manage risks, hedging practices, and price discovery mechanisms.

Study Design: Non-probability and purposive sampling techniques are used for the study area, sample size selection, and selection of stakeholders as they are selected based on language, time duration, some telephonic interviews, etc, and convenience sampling is used for the preparation of the questionnaire through Google form .Analysis the all phases using technical indicators like Candle stick chart, Bollinger bands, %B, ADX-Average Directional Index, Moving Average Exponential (EMA) and Relative Strength Index (RSI),MACD- Moving Average Convergence and Divergence, CCI-Commodity Channel Index, and Stochastic RSI provides more valuable insights for anticipating future trends. Econometric models like VAR (Vector Auto-Regression) was used especially in monthly prices of Coriander crop.

Methodology: In this study, data was collected from primary and secondary sources such as farmers in major coriander cultivating areas, and NCDEX data respectively. The research is conducted incoriander-producing regions such as Rajasthan, Madhya Pradesh, Gujarat, Andhra Pradesh, and Assam. Hence, purposively the regions have been selected to know their perception towards coriander crop, some important information gathered for my research. The total sample size is 300.

Findings and Results: Price volatility is a significant challenge for coriander farmers and traders due to seasonal production patterns, unpredictable weather, and fluctuations in demand. The study found key barriers, along with scarce resources like awareness, infrastructure, and less number of participants in cultivation. This research includes suggestions to improve the adoption of future contracts, focus on policy support, quality education, and enhanced market access. Over the last 10 years, Madhya Pradesh and Rajasthan have remained the top producers of coriander, with consistent growth in both area and production because of favorable conditions and better farming practices. India consistently contributes over 60% of the global coriander production, Turkey remains the 2^nd largest producer. The ‘r’ value is 0.924428969, ‘p’ value is 0.00013, so there is a significant relation between Area’ (thousand hectares) and ‘Production’ (thousand metric tons). ‘t-value’ is 6.856, which indicates that the observed correlation is very far from expected under the null hypothesis. The F- value is 0.0000529183 so there is a significant impact of the Production in thousand metric tons and Productivity in kg/ha. The adjusted R-square value is 86.892; therefore, 87 % of this variance of the dependent variable is explained by the independent variable, it has a positive impact on output. So there is a linear relationship between Production in thousand metric tons and Productivity in kg/ha.

Policy Recommendations: Strengthen farmer awareness & particiation in future markets, improve market infrastructure at spot market, enhance contract design and delivery mehanisams, strengthen price discovery & transparency, facilitate PPP (public-private –partnership) in commodity markets, and policy support for FPO- based collective hedging.

Human Capital, Connectivity and FDI Inflows in the Philippines: A Two-stage Least Squares Analysis

Cyril Jes S. Aureada — 2025-12-03

Aims: To examine the influence of local road infrastructure and educational attainment on Foreign Direct Investment (FDI) inflows in the Philippines. Specifically, the study aims to assess how human capital and connectivity interact to attract foreign investment, while addressing endogeneity and simultaneity bias among the variables through a Two-Stage Least Squares (2SLS) regression approach.

Study Design: A quantitative econometric study utilizing the Two-Stage Least Squares (2SLS) regression model to establish causal relationships among education, infrastructure, and FDI.

Place and Duration of Study: Conducted in the Philippines using national and regional macroeconomic data derived from the Philippine Statistics Authority (PSA), Department of Public Works and Highways (DPWH), and World Bank databases covering multiple fiscal years.

Methodology: The study employed a 2SLS regression technique to estimate the effects of educational attainment (proxy for human capital) and local road infrastructure (proxy for connectivity) on FDI inflows. The first stage modeled educational attainment as a function of FDI and regional GDP, while the second stage regressed FDI on the predicted values of education and road infrastructure. Statistical analyses included t-tests, p-values, and R² measures to determine significance and model fit.

Results: Findings revealed that educational attainment has a strong, positive, and statistically significant effect on FDI (p < 0.001), indicating that a more educated workforce enhances the country’s attractiveness to foreign investors. Local road infrastructure also demonstrated a positive relationship with FDI (p < 0.05), emphasizing the importance of connectivity in facilitating trade and investment. The model explained 40.20% of the variation in FDI (R² = 0.4020) in the OLS regression and 74.77% in the second-stage 2SLS model, confirming robustness. Prob > F values (0.000) further indicated high overall significance.

Conclusion: Educational attainment and infrastructure quality are critical determinants of FDI inflows in the Philippines. A skilled labor force and efficient transport networks collectively strengthen the country’s investment climate. Policymakers are urged to prioritize education reform, vocational training, and regional road development to sustain inclusive economic growth. The study validates the 2SLS approach as a reliable framework for examining causal relationships in FDI determinants and recommends expanding future research to include political stability, digital infrastructure, and innovation capacity.

From Local to Global: The Role of Regional Products in Strengthening India’s Position in the Emerging World Trade Order

Shreya Pragati Kumari — 2025-12-05

This study looks at how India's regional products with Geographical Indication (GI) certification might improve the nation's standing in the new global trade order. The study assesses how the potential of origin-linked products, including Basmati rice, Darjeeling tea, Banarasi sarees, and Pashmina shawls, supports trade competitiveness, rural development, and identity-based branding. Methodologically, the study uses secondary data and a SWOT-based analytical framework, complemented by comparative export-performance indicators for selected GI-tagged products. The analysis highlights the strategic role of GI protection in enabling quality differentiation, cultural value addition, and market trust, while also identifying challenges related to weak enforcement, inadequate producer awareness, and limited marketing capabilities. Opportunities brought up by digital globalisation, e-commerce, and changing trade agreements are also covered. Overall, the results show that GI products may become globally competitive brands with the help of more robust certification mechanisms, organised digital marketing, and successful producer-cluster development. To fully realise their impact on commerce and rural development, a concentrated policy drive towards global quality alignment and sustainability norms is essential. Taken together, the findings suggest that strengthening GI enforcement, export facilitation, and digital and global branding is critical for transforming India’s regional products into durable competitive advantages in the emerging world trade order.

Corporate Governance Mechanisms and Sustainability Reporting of Listed Insurance Firms in Nigeria

FATOUNDE Adebimpe Christiana — 2025-12-11

Aims: This study investigated the effect of corporate governance mechanisms on sustainability reporting among listed insurance firms in Nigeria.

Methodology: The study employed correlational and causal research design. The population of the study covered twenty-two (22) listed insurance firms in Nigeria. The study utilized secondary data obtained from firms’ annual reports for the period of 2013 – 2023, yielding 220 firm-year observations. The System Generalized Method of Moments (GMM) estimation technique was applied to address potential endogeneity, heteroscedasticity, and firm-specific effects.

Results: Descriptive analysis revealed a low mean level of sustainability reporting (mean = .7272), indicating limited disclosure practices across Nigerian insurance firms. The correlation analysis showed weak but positive associations between board director’s reputational capital (BDRC) and sustainability reporting, and a weak negative relationship with board director’s nationality (BNAT). The regression results indicated that lagged sustainability reporting (SR–1) was positive and significant (P < .001), suggesting persistence in disclosure behaviour. BDRC had a strong and significant positive effect on sustainability reporting (P < .001), while BNAT had a negative and significant impact (P < .001). Among the environmental control variables, total greenhouse gas emissions (TGHGS) showed a significant positive relationship (P = .003), whereas renewable energy consumption (RENG) was negative and insignificant (P = .674).

Conclusion: The study concluded that board reputational quality significantly enhances sustainability disclosure, while foreign board representation may not translate into improved reporting within the Nigerian context. The study recommends that Nigerian insurance firms strengthen their governance structures by appointing directors with high reputational standing and proven records of integrity, as such individuals positively influence sustainability reporting and enhance stakeholder trust.

Threshold Effects of Inflation on Economic Growth in Indonesia: A Nonlinear Analysis

Mohamad Egi Destiartono — 2025-12-11

Aims: This empirical study aims to examine the non-linear dynamics between inflation and economic growth in the context of Indonesia by estimating the relevant threshold effects, while simultaneously controlling the role of capital formation and working aging population growth.

Place and Duration of Study: This study employs annual data spanning the period 1991–2024, resulting in a total of 34 observations. All variables investigated, i.e, Gross Domestick Product (GDP) growth, inflation as measured by the GDP deflator, and gross fixed capital formation growth, were obtained from the World Bank.

Methodology: This study utilizes two principal econometric approaches, specifically the unit root test and a robust threshold regression technique, to investigate the inflation threshold in relation to economic growth. Furthermore, the Fully Modified Ordinary Least Squares (FMOLS) estimator is applied as a robustness check to substantiate the reliability and consistency of the results.

Results: The empirical findings reveal that the estimated inflation threshold is 3.82 percent, effectively separating the observations into low-inflation and high-inflation regimes. When inflation remains below this threshold, its effect on GDP growth is negative but statistically insignificant, thereby supporting the neutrality hypothesis. Conversely, once the inflation rate exceeds the threshold, it exerts a significant negative impact on economic growth. In addition, growth in gross fixed capital formation and the working-age population are validated as key drivers of economic growth across both regimes.

Conclusion: The non-linear inflation–growth relationship is confirmed, with an estimated threshold of 3.82 percent. Beyond this threshold, inflation becomes detrimental to economic growth, while capital formation and population growth continue to serve as drivers of long-run economic growth. Policymakers should maintain inflation below the estimated threshold while simultaneously promoting capital formation and enhancing the productivity of the working-age population to sustain long-term economic growth.

Exploring the Role of Business Model Innovation in Driving Entrepreneurial Success: Evidence from Sub-Saharan Africa

Adebimpe Aderemi — 2025-12-13

This study examined the role of business model innovation in driving entrepreneurial success in Sub-Saharan Africa. The specific objective was to assess the effect of value proposition innovation and process innovation on entrepreneurial success. A survey research design was employed, involving 200 small business operators drawn from Nigeria, Ghana, Kenya, and South Africa. Data were collected through structured questionnaires administered via Google Forms, using a five-point Likert scale to measure key variables. The research questions were analyzed using frequency distribution, while hypotheses were tested through multiple regression analysis to determine the nexus between business model innovation and entrepreneurial success. Findings revealed that: value proposition innovation positively affects entrepreneurial success (β = 0.364; p = 0.000); process innovation positively affects entrepreneurial success (β = 0.471; p = 0.000). In conclusion, innovative business models play a crucial role in improving the performance and sustainability of small ventures in Sub-Saharan Africa. It was recommended that small business owners in Sub-Saharan Africa should focus on continuously improving the value they offer to customers by understanding changing consumer needs and trends. By investing in unique products and services that set them apart from competitors, entrepreneurs can build stronger customer loyalty and increase long-term profitability.

A Study on Public Health Care Expenditure in India

Dhanya. S — 2025-12-13

Good health is both an intrinsic human right and a catalyst for economic development. Increased Public health expenditure is essential to reduce catastrophic out-of-pocket expenses (OOPE), improve poor health outcomes, build critical infrastructure, and achieve Universal Health Coverage (UHC). India's current public health spending, while increasing, remains low compared to global averages and national targets, creating significant gaps in quality and access. This paper examines public healthcare expenditure of India and their implications for economic growth. The study also provides a comprehensive overview of trends in public health expenditure relative to population and Gross Domestic Product (GDP), central state share in public health expenditure, and key health financing indicators. The study is based on secondary data of public expenditure for the year 2010 to 2022 collected from various government publications like Economic survey, National Health Accounts, NITI Aaayog reports, Census data, World Bank database, ministry of health and family welfare etc. Patterns and trends in time series data were analyzed using line graphs. Macroeconomic links with Gross Domestic Product (GDP), per capita public expenditure, and related variables were examined using Compound Annual Growth Rate (CAGR) and correlation analysis. The study found a dramatic increase in public health expenditure and per capita public expenditure on health over the period, as well as a strong positive correlation between public health expenditure and GDP, population, and per capita public expenditure. Although India's public health spending is rising, it remains low compared to global averages and national targets, resulting in significant gaps in quality and access. The study emphasizes the need for collaborative government efforts to increase public healthcare spending, given the low share of government expenditure relative to GDP, the high rate of out-of-pocket expenses, inadequate infrastructure such as doctor shortages, and disparities in access between urban and rural areas.

Government Policy and Digital Financial Literacy as Drivers of Digital Financial Inclusion: Evidence from Gen Z MSMEs in East Java, Indonesia

Nabiilah Indah Nur Rahiimah — 2025-12-13

Aims: This study aims to analyze the influence of government policy and digital financial literacy, both partially and simultaneously, on digital financial inclusion among Generation Z Micro, Small, and Medium Enterprises (MSMEs) actors in East Java.

Study Design: This study uses a quantitative method with a descriptive framework to examine hypotheses and clarify the cause-and-effect links among different factors.

Place and Duration of Study: The research was conducted in East Java Province, Indonesia, concentrating on small and medium-sized enterprises operated by Generation Z. Data collection was collected from September to November 2025.

Methodology: The group under consideration consists of all Gen Z MSMEs participants in East Java, creating an unbounded population. A total of 385 participants was identified using the Cochran formula and chosen through purposive sampling (requirements: aged between 18 and 28, residing in East Java, and utilizing digital financial services). Information was gathered through an online survey employing a 5-point Likert scale. The analysis of the data was conducted using Structural Equation Modeling grounded in Partial Least Square (PLS-SEM) with the aid of SmartPLS software, assessing both the measurement model (outer model) and the structural model (inner model).

Results: The results indicate that Government Policy has a beneficial effect on Digital Financial Inclusion. Additionally, Digital Financial Literacy plays a crucial role in enhancing inclusion, showing a greater influence than policy initiatives by themselves. At the same time, both elements both factors effectively drive digital financial inclusion, accounting for a moderate portion of the variance (Adjusted R-Square = 0.246)

Conclusion: The research supports the fundamental idea of Human Capital Theory, establishing that even though government policies create the essential framework, the real catalyst for inclusion is 'human capital' represented by digital financial literacy. These results fill an important void in comprehending the actions of young entrepreneurs and suggest that those in charge of policy should redirect their attention from methods reliant on infrastructure to strategies that enhance skills, promoting a lasting digital economy.

Financial Feasibility of Rooftop Solar Energy Households in Mysuru City: A Perceptual Study

MANJESHGOWDA D B — 2025-12-15

The financial feasibility of rooftop solar energy for urban households is a significant driver of its adoption. This study investigates the financial viability of rooftop solar energy systems for urban households in Mysuru, focusing on awareness of government subsidies, demographic influences, long-term financial perceptions, and adoption barriers. A quantitative descriptive research design with a sample size of 80 households was employed, using structured questionnaires and statistical analyses like one-sample t-test and regression. Findings reveal that awareness of financial incentives significantly boosts adoption, while high upfront costs remain a key deterrent. Household income strongly influences perceived viability, whereas other demographic factors show limited impact. Perceptions of long-term savings and ROI motivate adoption, with assurance of payback within 7–10 years being pivotal. The study emphasizes the need for targeted awareness programs, streamlined subsidy access, innovative financial models, and cost reductions to enhance adoption rates. These insights underscore the importance of addressing financial barriers and promoting informed decision-making to accelerate the adoption of rooftop solar energy in urban households.

Role of Women in Indonesian Banking Governance and Its Impact on Financial Metrics and Risk

Arif Pratama Marpaung — 2025-12-15

Over time, the representation of women on boards of directors has gradually increased, although significant gaps still remain. The representation of women on bank boards varies significantly by region. Women are often more thorough in their decision-making analyses compared to men, which can enhance the quality of problem assessment and the development of alternative solutions. This study aims to analyse the impact of female board directors, female executives, and female audit committees on company performance and risk-taking within the banking sector. The research is conducted on 47 banking companies listed in Indonesia over the 2018–2022 period, yielding 235 firm-year observations. Panel data regression is employed to examine the relationship between gender representation in governance roles and firm performance, measured by return on equity (ROE) and return on assets (ROA), as well as risk-taking behaviour. The empirical results show that the presence of women on boards, in executive roles, and on audit committees has no statistically significant effect on either firm performance or risk-taking. Furthermore, control variables such as loan levels, board size, and capital also exhibit no significant influence. These findings suggest that internal company dynamics and structural factors may have a greater influence on performance outcomes than gender diversity alone. The study is limited to the banking sector in Indonesia, which may affect the generalizability of the results. Future research could explore other sectors or include qualitative assessments to further understand the role of gender in corporate governance. The findings imply that increasing gender diversity in corporate leadership alone may not be sufficient to enhance firm performance or mitigate risk. Organisations and regulators may need to consider complementary strategies that address deeper structural and operational factors. This paper provides empirical evidence from an emerging market context on the role of women in corporate governance, contributing to ongoing discussions about gender diversity and its real impact on firm outcomes. The study offers value to academics, policymakers, and practitioners interested in inclusive governance and performance management.

Strengthening Domestic Revenue Mobilisation Beyond Aid: The Willingness of Informal Sector to Pay Taxes in Ghana

Adaletey, Jennifer E. — 2025-12-15

Aims: This study examines the willingness of informal sector workers in Ghana to pay taxes within the context of the Ghana Beyond Aid (GBA) agenda. It further assesses how interpretations of the GBA policy, perceptions of tax fairness, and tax education influence tax compliance behaviour within the informal economy.

Study Design: A descriptive, quantitative cross-sectional survey design was employed.

Place and Duration of Study: The study was carried out among informal sector workers in the Ho Municipality between January 2024 and June 2024.

Methodology: A structured questionnaire was administered to a sample of 100 informal sector workers, selected through convenience sampling. Items were measured using five-point Likert scales. Data were coded and analysed using SPSS to generate descriptive statistics, Pearson correlation coefficients, and multiple linear regression results.

Results: Respondents demonstrated a high willingness to pay tax (M = 4.20, SD = 0.85) and strong positive perceptions of tax fairness (M = 4.51, SD = 0.921). Awareness of the GBA policy was moderately high (M = 3.96, SD = 1.24), while tax education recorded a mean of 3.20 (SD = 1.39). Correlation coefficients showed weak associations between the independent variables and willingness to pay tax (R-values from –0.080 to 0.064). Regression analysis revealed that the model accounted for 2.1% of the variance in willingness to pay (R² = 0.021), and none of the predictors GBA awareness (β = 0.106, p = 0.257), tax fairness (β = –0.150, p = 0.287), or tax education (β = –0.038, p = 0.519) were statistically significant. However, descriptive trends showed higher willingness to pay tax when respondents perceived fairness and received adequate tax education.

Conclusion: Informal sector workers are willing to comply with tax obligations when they understand national policy objectives and perceive the tax system as fair.

Implications: Strengthening transparency, fairness, and public communication around tax revenue use is essential for broadening Ghana’s tax base and supporting the Ghana Beyond Aid agenda.

Recommendations: The study recommends intensified tax education targeted at the informal sector, improved fairness in tax administration, and enhanced visibility of how tax revenues are utilized to foster trust and voluntary compliance.

The Fiscal–Growth Nexus in India: Fiscal Deficit, Revenue Deficit and Capital Expenditure (1980–2023)

Dipankar Pradhan — 2025-12-16

This study examines the contested fiscal–growth nexus in India (1980–2023), motivated by persistent empirical divergence and major fiscal regime shifts. Using ARDL bounds testing with unit-root and Bai–Perron structural-break analyses, and disaggregating fiscal indicators, the paper shows fiscal deficits boost GDP in the short run while revenue deficits depress growth; capital expenditure produces short-run adjustment costs likely due to implementation lags. No stable long-run cointegration is found, largely because structural breaks (notably 2004 and 2016) alter fiscal dynamics. Novelty lies in combining ARDL with break tests and separate deficit measures over an extended data. Policy implications stress minimizing revenue deficits, improving capital expenditure productivity, and preserving countercyclical fiscal space.

Psychological Capital, Financial Literacy and Innovative Behavior among Fintech Lending Employees in Bandung, Indonesia

Novi Susyani — 2025-12-16

Aims: This study investigates the moderating role of financial literacy in the relationship between psychological capital (PsyCap) and innovative behavior among employees of fintech lending companies in Bandung, Indonesia. The research explores whether financial literacy strengthens or weakens the influence of hope, efficacy, resilience and optimism on employees ability to generate and implement innovative ideas.

Study Design: This quantitative causal study used a cross-sectional survey design to test the hypotheses empirically through statistical modeling.

Place and Duration of Study: The research was carried out among employees of fintech lending companies in Bandung, West Java, Indonesia, between May and October 2025.

Methodology: A quantitative cross-sectional survey was conducted with employees from several fintech lending companies. Data were collected through an online questionnaire measuring psychological capital, financial literacy, and innovative behavior using validated Likert scale instruments. The relationships among the variables were examined using structural equation modeling.

Results: The study finds that both psychological capital and financial literacy independently enhance employee behavior. However, financial literacy does not intensify the effect of psychological capital as initially expected. Instead, it slightly reduces the strength of this relationship, suggesting shifting focus toward analytical or technical considerations.

Conclusion: Both psychological capital and financial literacy independently enhance innovative behavior among fintech employees. However, the interaction suggests that excessive technical focus may reduce creative risk-taking, thereby weakening the role of psychological capital in fostering innovation. These findings imply that fintech companies should balance the development of employees’ psychological and financial competencies to cultivate sustainable innovation.

Environmental Accounting Disclosures and Profitability in Nigerian Listed Oil and Gas Companies: A Dynamic Analysis

Junaidu Bawa — 2025-12-17

This study investigates the effect of Environmental Accounting Disclosures (EAD) on the profitability of listed oil and gas companies in Nigeria over the period 2015–2024. Using panel data from six sampled firms, the research employs a dynamic panel data approach with the Generalized Method of Moments (GMM) to account for the persistence of profitability and potential endogeneity between financial performance and environmental disclosures. The findings reveal that environmental policy disclosures have a strong and positive effect on profitability (β = 1.081, p = 0.001). Conversely, waste management practices negatively affect profitability in the short term (β = –0.298, p < 0.001). Greenhouse gas emissions disclosures exhibit a positive but statistically insignificant effect (β = 0.347, p = 0.225). Additionally, firm size positively influences profitability (β = 0.246, p < 0.001), while leverage exerts a negative effect (β = –0.266, p = 0.005). The study concludes that strategic environmental transparency, particularly through policy-level disclosures, can enhance firm performance. Recommendations include strengthening environmental governance, adopting cost-efficient waste management technologies, and improving the quality of carbon reporting to align with global sustainability standards.

Loan Utilization & Repayment: The Role of Social Networks and Household Characteristics in Shaping Debt Repayment Behavior

George Kasule — 2025-12-18

This study examines the relationship between household loan utilization and repayment performance in an emerging economy context (Uganda). Applying 2 waves of the Uganda National Household Survey (Wave 1 and Wave 2 for years 2021/2022 and 2022/23 respectively, N = 3,173 households), a static panel probit model augmented with marginal effects and correlation analysis, the study explores how loan utilization, demographic, financial, and behavioral factors shape credit repayment outcomes. Correlation and marginal effect analyses reveal that productive loan utilization significantly reduces the likelihood of loan default. Similarly, findings suggest a complex association between social networks and loan utilization. Additionally, financial inclusion and socioeconomic characteristics enhance productive loan use. Conversely, employment status, dwelling type, and worry about failure to pay debt are negatively correlated with repayment outcomes, signaling vulnerability among informal or low-income households. These findings are interpreted through the lens of Financial Capability Theory, which emphasizes the interaction of individual abilities, opportunities, and external networks in shaping financial decisions, and family financial resilience, which underscores the capacity of households to manage debt and withstand shocks. The results advance the discourse on household financial behavior by highlighting how financial capability—shaped by education, inclusion, and social context—translates into more resilience, responsible loan use and effective repayment. Among others, the study identifies a need for policymakers to integrate financial education and behavioral interventions into community-based programs to promote informed borrowing and effective loan use.

Adaptive Entrepreneurial Leadership and Innovative Behavior in Madura Grocery Store MSMEs

Ryan Basith Fasih Khan — 2025-12-19

Aims: This study aims to test five hypotheses focusing on the role of Adaptive Entrepreneurial Leadership in encouraging Employee Innovative Behavior. Specifically, it examines the direct effects on Employee Innovative Behavior and Psychological Empowerment, the effect of Psychological Empowerment on innovative behavior, its mediating role, and the moderating role of Socio-Cultural Adaptability.

Study Design: This study uses a quantitative approach with an explanatory research method to test causal relationships among variables.

Place and Duration of Study: The research was conducted on Madurese ethnic grocery store MSMEs in Malang City.

Methodology: Data were collected from 101 MSME owners and analyzed using structural model testing to assess direct, mediating, and moderating effects.

Results: Results indicate that adaptive entrepreneurial leadership significantly influences employee innovative behavior and psychological empowerment. Psychological empowerment affects innovative behavior and partially mediates this relationship. Socio-cultural adaptability moderates the link, strengthening the impact of adaptive entrepreneurial leadership on innovative behavior MSMEs.

Conclusion: Employee innovative behavior in MSMEs is shaped by the synergy between adaptive leadership, psychological empowerment, and socio-cultural adaptability. Future research is recommended to employ longitudinal or mixed-method designs and to examine broader MSME contexts to enhance the generalizability of these findings.

More Than a Strategy: Leveraging Social Media for SMEs’ Performance

Mega Noerman Ningtyas — 2025-12-19

Aims: This study examines the effect of social media usage on the performance of SME. Social media usage is conceptualized as an ordered construct: marketing, relationship service, information service, cost effectiveness, and compatibility.

Study design: A quantitative study.

Place and Duration of Study: SME’s owner and manager in Malang, Indonesia.

Methodology: A quantitative study with SEM-PLS. The two-stage approach was used in assessing the higher-order construct of social media usage and its influence on SMEs’ performance. Social media usage consist of 5 indicators: marketing, relation services, information search, cost effectiveness and compatibility. Total respondents is 230 SMEs in East Java, Indonesia.

Results: The results highlight that social media is not only a communication tool but also a strategic resource that enhances both financial and non-financial aspects of SME performance.

Conclusion: This study contributes to how the digital is understood in SMEs. By providing a complex perspective on various ways social media can be utilized in business operations. It gives practical guidance for SME managers and policymakers on how to leverage social media as a driver of business performance.

Revenue Generation and Sustainable Development of the Local Government of Bayugan City, Agusan del Sur: An Adequacy and Responsiveness

Marecon C. Viray — 2025-12-19

Local governments worldwide face the persistent challenge of providing essential services amidst tightening budgets, necessitating effective strategies for cost reduction and revenue enhancement without overburdening residents. This study investigates the efficacy and responsiveness of revenue generation strategies in Bayugan City, Agusan del Sur, and their impact on sustainable development. Framed by the Local Government Code (LGC) of 1991, which promotes local government unit (LGU) self-reliance, the research explores the LGU’s efforts to bolster its fiscal capacity despite escalating population and expenditure demands. Employing a cross-sectional design, the study assesses the implementation of local revenue generation and taxation. Data were collected through questionnaires and interviews to address the research premises. Bayugan City, recognized for its advancements in peace and economic development, confronts the dual challenge of sustaining growth while navigating financial limitations. The research critically analyzes initiatives undertaken by the city's LGU, particularly at the barangay level, to heighten tax awareness, enforce compliance, and optimize revenue collection. Strategies adopted by the local treasury to encourage taxpayers and fortify the city’s revenue base are also examined. This research highlights how these fiscal policies and practices contribute to the city’s infrastructure development and overall economic growth, fostering a balanced and sustainable development trajectory. By evaluating the alignment of Bayugan City’s revenue generation strategies with decentralization principles and sustainable development goals, this study offers valuable insights into the complexities of local governance in resource mobilization. It emphasizes the significance of responsive fiscal policies in bridging development disparities, promoting equitable progress, and ensuring that local communities can flourish economically and socially. The findings are intended to serve as a practical model for other LGUs striving to enhance their fiscal resilience and long-term sustainability.

Impact of Financial Literacy and Risk Tolerance on Investment Behaviour among College Students: Evidence from Jakhama, Kohima, India

Imtipong Longkumer — 2025-12-20

The research examined the extent to which financial literacy and risk tolerance influence the investment behavior of college students in Jakhama, Kohima when considered together. Using primary survey data of 415 respondents, the analysis applied logistic and ordered logit models to actual investment participation and hypothetical allocation preferences for a Rs.10,000 windfall to study expressions. The students imparts to a moderate level of financial literacy (mean score = 3.24/5) and risk tolerance (mean = 3.06/5). The financial literacy was only marginally associated with actual investment participation (p = 0.060), whereas it had a significant impact on hypothetical investment preferences (p = 0.008). The risk tolerance hence is the main behavioral driver, which shows the effect of approximately 1.4 times larger than that of literacy.

The findings signify that traits of a behavioral and cognitive nature have a greater influence than those of demographic characteristics in determining the investment behavior of youth. This research points to the necessity of more effective financial education programs that not only broaden the conceptual understanding but also encourage the practice of responsible and well-calibrated risk-taking among young adults.

Farmers' Perception Towards KCC Scheme in Mysore Division: An Empirical Analysis

Sheela. B — 2025-12-23

The present study investigated farmers’ perceptions of the Kisan Credit Card (KCC) scheme and assessed the challenges encountered by farmers in the Mysore division. The research relied exclusively on primary data, which was collected using a pre-tested questionnaire administered to the selected respondents through multi-stage random sampling. As an inferential examination, the study employed cross-tabulation with Chi-square and ANOVA analysis to interpret and evaluate the data. The statistical results indicate that there are significant differences in how farmers from different districts of the Mysore division perceive the impact of the KCC scheme in terms of access to better quality inputs, growing commercial crops, and improvements in annual income, as evidenced by p-values less than 0.05. Conversely, p-values greater than 0.05 suggest uniformity in the challenges experienced by farmers throughout the division, indicating no significant inter-district variation in this regard. The authors suggested that farmers must take proactive steps to become more engaged with the financial mechanisms, and at the policy level, it is also imperative to strengthen the integration of technology and data analytics in scheme implementation and monitoring, thereby ensuring greater efficiency, transparency, and inclusiveness.