Asian Journal of Economics, Business and Accounting

Climate Finance and Renewable Energy: A Bibliometric and Systematic Review, 2000–2026

Nazim Ullah — Sat, 19 Sep 2026 00:00:00 +0000

Background: Climate finance is widely presented as the principal lever for accelerating renewable energy deployment, yet the empirical basis for that claim has not been assembled systematically. Global climate finance reached USD 1.9 trillion in 2023 and renewable energy investment USD 807 billion in 2024, but roughly 90% of that investment remained concentrated in advanced economies and China, and the field has grown so rapidly that its quality is difficult to appraise informally.

Objective: To map the research literature linking climate and green finance to renewable energy, and to synthesise, without statistical pooling, the empirical evidence on whether measured climate or green finance is associated with renewable energy deployment, renewable energy investment or the cost of financing renewable energy.

Methods: Openly accessible sources were searched on 30 June 2026: Europe PMC, PubMed/MEDLINE, the Directory of Open Access Journals, arXiv and Crossref. Scopus, Web of Science, EconLit and other subscription databases were not searched because access and exports were unavailable. Eligible reports were peer-reviewed empirical studies published between 1 January 2000 and 30 June 2026 that estimated a quantitative association between a directly measured climate or green finance exposure and a renewable energy outcome. Records were deduplicated, prescreened with a prespecified rule-based filter, and screened, extracted and appraised by one reviewer. Risk of bias was assessed with a seven-domain instrument adapted for observational econometric designs. Synthesis was structured and narrative, following SWiM principles; no pooled estimate, heterogeneity statistic or summary effect was calculated. Confidence in the body of evidence was assessed with an explicitly labelled structured framework rather than GRADE.

Results: Of 7,469 records identified, 4,894 were unique, 1,407 were screened, 431 were sought for retrieval, 75 were assessed in full text and 12 studies met the eligibility criteria. The screened corpus grew from single-figure annual counts before 2010 to 417 records in 2025, with 270 in the first half of 2026; 846 of 1,407 records had no recorded citations, and 19 retraction-related records were identified. Eleven of the 12 included studies reported an association favourable to renewable energy outcomes and one reported no statistically significant unconditional association. Reported estimates were heterogeneous in metric and scale, ranging from a green bond coefficient of 0.158 for renewable energy investment across 16 emerging Asian economies to an increase of 11.5–15.3 percentage points in the renewable share of final energy consumption following fossil fuel finance restrictions in 128 countries. Seven studies were judged to be at moderate risk and five at serious risk of bias. Seven of the 12 studies concerned China.

Conclusions: Openly accessible empirical evidence is directionally consistent with the proposition that climate and green finance are associated with greater renewable energy deployment and investment, but confidence is low. The evidence is geographically narrow, dominated by aggregate observational designs with limited identification, measured through incommensurable exposure indices, and set within a literature showing detectable integrity problems. The finding that one study reported a null unconditional association that became positive only when conditioned on financial development suggests that absorptive capacity, not finance volume alone, may be decisive. These results should not be read as establishing that climate finance causes renewable energy deployment.

Dynamic Connectedness between Economic Policy Uncertainty and Macroeconomic Performance in Nigeria: Evidence from a TVP-VAR Approach

Mutairu Oyewale Akintunde, Afolabi Ibikunle Joseph — Sat, 22 Aug 2026 00:00:00 +0000

This study examines the time-varying interdependence and shock spillovers between Economic Policy Uncertainty (EPU) and key macroeconomic performance indicators in Nigeria. Specifically, it investigates the transmission of shocks among EPU, GDP growth, exchange rate, inflation, interest rate and unemployment using a Time-Varying Parameter Vector Autoregression (TVP-VAR) connectedness framework based on the generalised forecast error variance decomposition. Descriptive statistics, correlation analysis and pairwise Granger-causality tests are also employed to provide complementary evidence on the strength and direction of the relationships. The results reveal substantial and time-varying interconnectedness among the six variables. GDP growth emerges as the strongest net transmitter of shocks, while EPU is the second-largest net transmitter; interest rate is the strongest net receiver. EPU shocks account for 27.15% of the forecast-error variance of unemployment, 22.83% of GDP growth and 21.02% of interest rate, compared with 13.68% for inflation and 5.18% for the exchange rate. The Granger-causality results indicate predominantly unidirectional predictive relationships: GDP growth, inflation and unemployment significantly predict EPU; unemployment predicts the exchange rate; GDP growth predicts the interest rate; and inflation predicts unemployment. No significant predictive effect of EPU on the other macroeconomic variables is found at the 5% level. Overall, the evidence indicates that Nigeria's macroeconomic system is highly interconnected and that the transmission roles of individual variables change over time. The findings underscore the need for coordinated macroeconomic policy, greater policy credibility and an integrated early-warning framework that monitors EPU alongside key macroeconomic indicators.

Challenges and Prospects of E-banking System for Persons with Visual Impairment in Oyo State, Nigeria

Rasheed Adekunle ABILU, Jamal Abioye ADIO — Tue, 25 Aug 2026 00:00:00 +0000

This study investigated the challenges and prospects of e-banking systems for persons with visual impairment in Oyo State, Nigeria. The study aimed to identify the types of e-banking services commonly used, assess challenges faced, evaluate platform accessibility and user-friendliness, examine coping strategies, and explore strategies for enhancing inclusivity. The literature was reviewed conceptually, theoretically, and empirically. The study was anchored in the Social Model of Disability, which emphasises that societal and technological barriers restrict participation, and the Technology Acceptance Model, which explains how perceived usefulness and ease of use affect technology adoption. Empirical studies highlighted gaps in e-banking accessibility globally and within Nigeria. A descriptive survey design was employed, with 185 visually impaired respondents selected through purposive and snowball sampling. Data were collected using a structured questionnaire administered in accessible formats. Validity was ensured through expert review, and reliability was confirmed via a pilot study yielding a Cronbach’s alpha of 0.87. Data were analysed using frequencies, means, standard deviations, and percentages. Findings revealed that ATM, POS, mobile, and USSD banking services were most commonly used, while internet and voice-enabled services were less accessible. Major challenges included poor network connectivity, lack of audio guidance, difficulty using ATMs independently, and limited compatibility with assistive technologies. Users adopted coping strategies such as seeking assistance, preferring simpler platforms, and relying on bank staff. Respondents recommended strategies including accessible ATMs, assistive technology integration, training programmes, and supportive government policies to enhance financial inclusion. The study concluded that while e-banking offers potential for improving financial access for visually impaired persons, significant barriers remain. Inclusive system design, user training, and supportive policies are essential for enhancing accessibility and independence.

The Impact of Blockchain Technology on Enhancing the Reliability of Financial Data

Ali Ahmed Mohammed — Wed, 26 Aug 2026 00:00:00 +0000

The study aimed to investigate the perceived application of Blockchain technology among accountants, auditors, bankers, and other related professionals in Iraq and the statistical association between this perceived application and financial-information reliability, based on respondents’ perceptions of financial-information reliability. The study was designed as a field study using a five-point Likert scale. The analysis was based on 150 valid responses. Blockchain application was measured using ten items, and financial information reliability was measured using another ten items. Cronbach's alpha coefficient, descriptive statistics, Pearson and Spearman correlation coefficients, and simple linear regression were used. The results of the Blockchain scale showed acceptable internal consistency (α = 0.775), while the financial information reliability scale showed very high internal consistency (α = 0.989). The mean scores were 4.232 and 4.221, respectively. Pearson's correlation coefficient was positive but not statistically significant (r = 0.146, p = 0.076), and the regression model was also not statistically significant (R² = 0.021, F(1, 148) = 3.203, p = 0.076). The results indicate positive perceptions of Blockchain technology and the reliability of financial information. However, the current data do not provide sufficient evidence at the 5% significance level that perceived Blockchain application is statistically significantly associated with financial-information reliability.

The Impact of Digital Transformation on the Breadth of Outward Foreign Direct Investment in Manufacturing Enterprises: A Dual Perspective of Functional and Spatial Dimensions

Hai-Song Liu, Peng Zhang, Qing-bin Wu, Run-Sheng Wang, Yuan Huang — Wed, 26 Aug 2026 00:00:00 +0000

Aims: Previous research predominantly measures OFDI breadth by host-country coverage and lacks a firm-level measure of the functional dimension. This study investigates the impact of digital transformation on the breadth of outward foreign direct investment (OFDI) in manufacturing enterprises, specifically examining the functional and spatial (geographical) dimensions.

Study Design: An empirical quantitative study using firm-level panel data was conducted.

Place and Duration of Study: The study covers Chinese A-share-listed manufacturing companies on the Shanghai and Shenzhen stock exchanges from 2014 to 2024.

Methodology: The degree of corporate digital transformation was measured based on word frequencies in annual report texts. A dual-dimensional index comprising spatial breadth and functional breadth was constructed, and a comprehensive breadth index was subsequently synthesised using the coupling coordination method. A two-way fixed effects model was employed to estimate the baseline relationship.

Results: First, digital transformation is positively and significantly associated with the expansion of OFDI breadth in manufacturing firms, manifested in increased overseas country coverage and the diversification of value chain activities. Second, an examination of specific functional entries reveals that this impact is unevenly distributed; it is primarily concentrated on functional segments such as overseas R&D and marketing, with no significant effect on overseas production. Third, at the firm-year-country level, enterprises with higher degrees of digitalisation exhibit a stronger inclination to enter host countries characterised by high income levels and well-developed digital environments. Fourth, the underlying mechanisms are improvements in total factor productivity (TFP) and enhancements in digital technological innovation capabilities associated with digital transformation.

Conclusion: By integrating functional breadth into the measurement of OFDI breadth and documenting digitalisation's selective promotion of overseas R&D and marketing functions, this study shows that digital transformation is associated not only with a wider spatial scope of manufacturing enterprises "going global," but also with changes in the functional composition and location orientation of their overseas layout. These findings provide empirical evidence for understanding the morphological evolution of Chinese manufacturing firms' internationalisation in the digital era.

The Influence of Leadership and Apparatus Competence on Public Service Effectiveness: The Mediating Role of Apparatus Job Satisfaction in Hatuquessi Suco, Liquiçá Municipality, Timor-Leste

Rosario dos Santos, Dhani Ichsanuddin Nur, Hesty Prima Rini — Thu, 27 Aug 2026 00:00:00 +0000

Aims: This study aims to examine the influence of Suco Head leadership and apparatus competence on public service effectiveness, with apparatus job satisfaction as a mediating variable in Suco Hatuquessi, Município Liquiçá, Timor-Leste.

Study Design: This study employed a quantitative explanatory research design.

Place and Duration of Study: The study was conducted in Suco Hatuquessi, Município Liquiçá, Timor-Leste, during 2026.

Methodology: Data were collected through questionnaires using a Likert scale from respondents involved in the provision and receipt of public services in Suco Hatuquessi. The data were analysed using Partial Least Squares–Structural Equation Modelling (PLS-SEM) with SmartPLS 4. The analysis included the evaluation of the measurement model and structural model, as well as direct and indirect effect testing.

Results: The findings indicate that Suco Head leadership does not have a significant direct influence on public service effectiveness (β = 0.016; P = .906). Apparatus competence also does not have a significant direct influence on public service effectiveness (β = 0.208; P = .157). However, Suco Head leadership has a positive and significant influence on apparatus job satisfaction (β = 0.252; P = .032), while apparatus competence has a positive and significant influence on apparatus job satisfaction (β = 0.411; P < .001). Apparatus job satisfaction has a positive and significant influence on public service effectiveness (β = 0.348; P = .006). The mediation analysis shows that apparatus job satisfaction does not significantly mediate the relationship between Suco Head leadership and public service effectiveness (β = 0.088; P = .096), but significantly mediates the relationship between apparatus competence and public service effectiveness (β = 0.143; P = .032).

Conclusion: The findings demonstrate that leadership and apparatus competence do not directly determine public service effectiveness in Suco Hatuquessi. However, both contribute to apparatus job satisfaction, which plays an important role in strengthening public service effectiveness. In particular, apparatus job satisfaction serves as a significant mediating mechanism in the relationship between apparatus competence and public service effectiveness.

Social Media Fatigue and Psychological Wellbeing: The Roles of Compulsive Use, Fear of Missing Out, Anxiety and Depression

S. Sathyanarayana, Bhoomi Gowda — Thu, 27 Aug 2026 00:00:00 +0000

This study examined the relationships among compulsive social media use, fear of missing out, social media fatigue, anxiety, and depression among college students in Bengaluru. Primary data were collected using a structured questionnaire administered across 15 colleges. Of 1,045 questionnaires distributed, 845 completed responses were received, and 616 valid responses were retained for the final analysis. The questionnaire used a five-point Likert scale and adapted established measures of compulsive social media use, fear of missing out, social media fatigue, anxiety, and depression. Data were analysed using SPSS and AMOS. Reliability and validity were assessed using Cronbach’s alpha, composite reliability, average variance extracted, confirmatory factor analysis, and discriminant validity testing. The measurement model demonstrated an acceptable fit, with CMIN/DF = 2.604, SRMR = 0.047, RMSEA = 0.034, GFI = 0.901, NFI = 0.935, IFI = 0.974, CFI = 0.973 and TLI = 0.937. Structural equation modelling indicated that compulsive social media use and fear of missing out were positively associated with social media fatigue. Social media fatigue was positively associated with anxiety and depression. Bootstrapping results suggested that social media fatigue mediated the relationships between compulsive use and psychological outcomes and between fear of missing out and psychological outcomes. The findings suggest that fatigue may be an important psychological mechanism linking problematic social media engagement to poorer self-reported well-being among college students.

ISO Certification Breadth and Export Scale: Based on Panel Data of Chinese A-share Listed Firms

Run-sheng Wang — Sat, 29 Aug 2026 00:00:00 +0000

Background: International management-system certification may function both as an externally auditable signal and as a basis for internal process standardisation. Existing export studies have focused mainly on a single standard or a limited setting, leaving less evidence on annual coverage across multiple certification categories.

Aims: This study examines whether ISO certification breadth is associated with export scale among Chinese listed firms and whether it is associated with digital technology application and employee communication.

Study Design: An unbalanced firm-year panel is estimated with additive industry and year fixed effects and firm-clustered standard errors.

Place and Duration of Study: Chinese A-share listed firms, 2010–2024.

Methodology: Certification breadth records annual coverage across ISO 9001 quality-management certification, ISO 14001 environmental-management certification, and occupational-health-and-safety (OHS) management-system certification. The outcome is the natural logarithm of positive export revenue. Robustness and selection checks use alternative clustering, sample exclusions, industry-by-year fixed effects, lagged certification breadth, an initially uncertified subsample, and multivalued IPTW.

Results: With eight controls, a one-unit increase in certification breadth is associated with a 0.0682 increase in log export revenue (p≈0.021). Certification breadth is also positively associated with digital technology application and employee communication, while the export-scale association varies with Belt-and-Road exposure and analyst coverage.

Conclusion: ISO certification breadth is robustly associated with export scale among existing exporters, but the observational design does not establish a strict causal or export-entry effect.

Recommendation: Firms and certification-supporting institutions should treat certification as a complement to substantive process integration, employee communication, and information transparency rather than as a stand-alone guarantee of export performance.

Price Discovery and Dynamic Linkage between Crude Spot and Futures Market (Brent): A VECM Approach

S. Sathyanarayana, B. V. Pushpa — Sat, 29 Aug 2026 00:00:00 +0000

This study examines the dynamic relationship between Brent crude oil spot and futures prices using a time-series econometric framework. Daily spot and futures price data from 31 March 2022 to 31 March 2026 are analysed to assess long-run equilibrium, short-run adjustment, information transmission, and shock responses. The Augmented Dickey-Fuller test is used to determine the order of integration. Both series are non-stationary in levels and stationary after first differencing, indicating integration of order one. Johansen cointegration analysis identifies one cointegrating relationship, supporting a stable long-run association between Brent spot and futures prices. The Vector Error Correction Model indicates that deviations from long-run equilibrium are corrected through adjustment in the spot market. Short-run causality testing using the VAR Granger causality/block exogeneity Wald procedure shows bidirectional predictive causality between changes in spot and futures prices. Impulse response analysis indicates that shocks originating in either market are transmitted to the other but diminish over subsequent periods. Variance decomposition shows that spot-price variation is explained predominantly by its own innovations, whereas futures-price variation reflects substantial contributions from both spot- and futures-market shocks. Residual diagnostics indicate no serious serial-correlation or ARCH problem, although the residuals are not normally distributed. Overall, the findings demonstrate close short- and long-run interaction between Brent spot and futures markets and indicate that information transmission operates in both directions.

Human Capital Efficiency and Firm Value of Listed Manufacturing Firms in Nigeria

Onovayen Erus Evelyn, Okolie Agustine Oke, Okoro Edesiri Godsday — Tue, 01 Sep 2026 00:00:00 +0000

This study examines how Human Capital Efficiency shapes the market value of listed manufacturing firms in Nigeria over the 2012–2024 period, a window selected to reflect the post-IFRS reporting era and ensure comparability across firm disclosures. Guided by six research objectives, the study disaggregates human capital efficiency into five measurable dimensions: Earnings per Employee, Value Added per Employee, Human Capital Return on Investment, Staff Compensation to Revenue Ratio, and Value Added to Staff Ratio. Each dimension is tested individually against Tobin’s Q before their joint effect is examined through a composite Human Capital Efficiency Index, with market capitalisation included as a control variable. An ex post facto design was adopted because the underlying data were historical and drawn entirely from firms’ audited annual reports rather than from any experimental intervention. The population comprised all forty-six manufacturing firms listed on the Nigerian Exchange Group; a purposive sampling strategy based on data adequacy yielded an unbalanced panel of 556 firm-year observations. Descriptive statistics and correlation analysis preceded diagnostic checks for multicollinearity, heteroskedasticity, and model specification, the results of which determined the appropriate estimation technique. Because the Breusch-Pagan test confirmed heteroskedasticity in both models, Panel-Corrected Standard Error regression was selected to correct the standard errors without distorting the coefficient estimates. The findings provide limited support for the individual efficiency proxies, with the Staff Compensation to Revenue Ratio showing the clearest association with market value, suggesting that investors may respond more to tangible workforce investment than to computed efficiency measures alone.

International Standardization and Corporate Competitive Breakthrough: Mechanism Identification and Boundary Conditions

Peng Zhang, Hai-Song Liu, Run-Sheng Wang, Qing-Bin Wu — Wed, 02 Sep 2026 00:00:00 +0000

Against the background of global supply-chain restructuring and intensifying homogenised competition, this study examines whether international standardisation is associated with stronger corporate competitive breakthrough capability among Chinese manufacturing firms. Using panel data for China’s A-share listed manufacturing companies from 2011 to 2024, the study constructs a comprehensive Competitive Breakthrough Capability (CBC) index through the entropy method and measures firm-level international standard adoption efficiency by combining the degree and speed of alignment with international standards. Baseline estimations using firm and year fixed effects indicate a statistically significant positive relationship between international standardisation and CBC. The finding remains stable across alternative variable measures, sample exclusions, high-dimensional fixed effects, a one-period lag specification, and Propensity Score Matching. Mechanism tests further show that international standardisation is positively associated with invention patent applications and negatively associated with the absolute value of the SA index, supporting substantive innovation and the mitigation of financing constraints as relevant transmission channels. Heterogeneity analysis indicates that the relationship is more pronounced among high-tech enterprises, state-owned enterprises, and firms operating in highly competitive industries. Overall, the findings suggest that alignment with international standards may support firms in strengthening innovation capacity, easing financing constraints, and improving their ability to move beyond low-end homogeneous competition.

Socio-economic Analysis and Electricity Access in Kitui County Rural Area: Does Poverty Matter?

Alex Kyalo Mwangangi, Elvis Kiano, Thomas Agak, Miyiwa Samuel Adaramola — Thu, 03 Sep 2026 00:00:00 +0000

Electricity access remains a major development concern in rural Kenya because it shapes household welfare, education, health, enterprise activity, security, and the ability of households to move into more productive livelihoods. This manuscript examined socio-economic determinants of electricity access in rural Kitui County, Kenya, and tested whether poverty mediates the relationships between household access to credit, household expenditure, household living conditions, and electricity access. The study was guided by four objectives: to determine the effect of household access to credit on electricity access, to establish the effect of household expenditure on electricity access, to examine the effect of household living conditions on electricity access, and to assess whether poverty matters as a mediating mechanism. The study adopted an explanatory cross-sectional design and used primary data collected from rural households through structured questionnaires. Of the 400 targeted respondents, 380 usable questionnaires were returned, representing a 95.0% response rate. Reliability results showed that all constructs were internally consistent, with Cronbach’s alpha values ranging from 0.842 to 0.876. Multiple regression results showed that household access to credit, household expenditure and household living conditions significantly influenced electricity access. PROCESS Model 4 mediation results showed that poverty significantly mediated the relationship between household access to credit and electricity access (indirect effect = -0.0049; 95% BootCI [-0.0080, -0.0016]) and the relationship between household living conditions and electricity access (indirect effect = -0.0082; 95% BootCI [-0.0149, -0.0017]), but did not significantly mediate the relationship between household expenditure and electricity access (indirect effect = -0.0043; 95% BootCI [-0.0106, 0.0010]). The study concludes that poverty matters selectively: it suppresses the benefits of credit access and better living conditions, while expenditure affects electricity access mainly through a direct affordability pathway. The study recommends energy-specific credit products, poverty-sensitive connection subsidies, housing-readiness support, and integrated rural electrification planning that combines infrastructure expansion with household welfare strengthening.

Public Infrastructure, Trade Liberalization, and Sustainable Development in Cameroon: What Role Does Institutional Quality Play?

Mon, 07 Sep 2026 00:00:00 +0000

Sustainable development in resource-dependent economies depends on how infrastructure expansion and trade integration interact with institutional capacity. This study examines the effects of public infrastructure and trade liberalisation on sustainable development in Cameroon and tests whether institutional quality plays a role in these relationships. Using annual time-series data for the period 1990 to 2023 and the Autoregressive Distributed Lag (ARDL) bounds testing approach, the study finds evidence of a stable long-run relationship among the variables (F = 6.911; p < 0.01). In the baseline model, trade openness has significant negative effects on sustainable development in both the short and long run, with coefficients of -0.3283 and -0.3554, respectively (p < 0.01), while infrastructure has a negative long-run effect (-0.0324; p < 0.10). Institutional quality has a small positive direct effect (0.0126; p < 0.10). The error correction coefficient (-0.9237; p < 0.01) indicates that approximately 92% of short-run disequilibrium is corrected within one year. However, institutional quality does not significantly moderate the effects of trade openness (TRADE × IQ = 0.0006; p = 0.602) or infrastructure (INFRA × IQ = 0.0288; p = 0.113). The findings indicate that trade expansion and infrastructure provision have not translated into improved sustainable development outcomes in Cameroon, while institutional capacity remains insufficient to condition these effects. The study recommends improving infrastructure quality and maintenance, promoting domestic value addition, and strengthening institutions governing public investment, trade, and environmental management. Future research could employ disaggregated sectoral or regional data to capture variations that may be masked by aggregate national-level data, which represents a limitation of the present study.

Capital Adequacy and Financial Performance of Deposit-Taking Saccos in Kirinyaga County, Kenya

Jamleck Mutembei Mbuba, Gideon Mwangi, Francis Chirchir — Mon, 07 Sep 2026 00:00:00 +0000

Deposit-taking savings and credit cooperative societies (DT-SACCOs) in Kirinyaga County have experienced fluctuating financial performance despite prudential regulation. This study assessed the effect of capital adequacy on the financial performance of DT-SACCOs in Kirinyaga County, Kenya. A panel study design was adopted, targeting all seven DT-SACCOs operating in the county between 2015 and 2024. A census approach was used, and secondary data were extracted from audited financial statements. Data were analysed quantitatively using descriptive statistics, correlation analysis, and regression analysis. Data were obtained for six DT-SACCOs, representing an 85.71% response rate and 60 observations. Capital adequacy recorded a mean of 12.65% and a standard deviation of 12.70%, while financial performance recorded a mean of 15.64% and a standard deviation of 5.16%. Correlation analysis indicated a positive and statistically significant association between capital adequacy and financial performance (r = 0.779, p < 0.001). The regression model was statistically significant (F = 89.53, p < 0.001) and explained 60.69% of the variance in financial performance (R² = 0.6069). Capital adequacy had a positive and statistically significant coefficient (β = 0.9990, t = 9.4600, p < 0.001). The study concludes that capital adequacy is an important determinant of financial performance and recommends strengthening capital planning by maintaining buffers above minimum regulatory requirements where feasible.

Performance of Organized Manufacturing Sector of India after the 1991 Economic Reforms

Pawan Kumar Rao, L. C. Mallaiah — Wed, 09 Sep 2026 00:00:00 +0000

This study examines the performance of India’s organised manufacturing sector during the post-reform period from 1991-92 to 2022-23 using secondary data from the Annual Survey of Industries. Growth patterns were assessed for firms, employment, invested capital, input, output, net value added, net income, and profit using compound annual growth rates, annual growth rates, productivity, and employment elasticity. The analysis also applied a Vector Error Correction Model to examine the dynamic relationship among output, labour, and capital. Over the full study period, industrial output grew by 13.33 per cent, while employment grew by 2.61 per cent, indicating weak employment generation relative to output growth. Input grew by 13.65 per cent, broadly alongside output, supporting the study’s finding of constant returns to scale. Overall employment elasticity was 0.20, while productivity declined from a peak of 1.33 in 1996-97 to 1.18 in 2022-23. During 2019-20, output and input growth were -3.22 per cent and -3.18 per cent, respectively, employment growth was 2.11 per cent, and net value added declined by 5 per cent. The VECM results indicate a long-run cointegrating relationship among output, labour, and capital, with adjustment towards long-run equilibrium occurring primarily through capital rather than output or labour. Overall, the findings describe a post-reform manufacturing trajectory characterised by strong output growth, relatively limited employment growth, and increasing dependence on capital.

An Incredible Journey of India Towards the Digital Payment: A Comparative Study of UPI & IMPS Over a Decade

Kalyani Gupta, Amar Kumar Chaudhary — Fri, 11 Sep 2026 00:00:00 +0000

India is moving rapidly towards a digital and cashless or less-cash-dependent economy through the Digital India movement. In this journey, various initiatives have been launched by the Government of India, and the Unified Payment Interface (UPI) is one such initiative. It provides a fast and simplified way of transferring funds instantly from one account to another without visiting a bank. Earlier, the Immediate Payment Service (IMPS) was mainly used to transfer small amounts instantly, but over the last 10 years, the way people transfer money has changed drastically. UPI has become so popular that it has replaced physical cash to a great extent in day-to-day transactions. It has now become so common that almost everyone accepts and makes online payments. UPI has revolutionised online payments in day-to-day life. Both UPI and IMPS are important tools for digital banking and are used to transfer funds (within specified limits) instantly using mobile phones. In this article, a comparative study of UPI and IMPS has been conducted on the basis of their annual transaction volume and transaction value over the last 10 years (from 2016-17 to 2025-26). Various statistical tools have been used to analyse and present the data. The study shows the extent to which UPI has been used and how it has surpassed IMPS in popularity over the last 10 years. The global popularity of UPI is also described. Thus, this study examines the impact of UPI on day-to-day activities and its popularity.

Valuation of Intellectual Property in Tech Startups: Strategies for Securing Venture Capital Funding

Jyoti Kumari — Fri, 11 Sep 2026 00:00:00 +0000

Knowledge-based capital is increasingly important as a source of economic growth worldwide. As startups and innovation-driven enterprises scale up in the domestic economy, their need for access to capital and markets to monetise their intellectual property (IP) and support business growth and expansion is increasing. Given India's position as the world's third-largest startup hub (Panda & Joy, 2021) and the growing recognition of IP assets as growth engines, it is important for India to harness this potential to accelerate inclusive growth. This paper examines how early-stage technology firms measure and capitalise on their IP assets during Series A funding. Although more than 80% of the value of any early-stage technology firm is tied up in IP assets, traditional financial approaches such as discounted cash flow (DCF) and Cost-to-Duplicate methods may be difficult to apply because of market uncertainty, historical losses, and information asymmetry. To address these issues, the paper employs a secondary dataset comprising 120 Series A startup funding deals from 2021 to 2025. Data were gathered from public venture-capital records and institutional sources, including NASSCOM and Inc42, with most startups based in major Indian technology hubs and selected benchmark deals from global technology hubs. Official patent databases in India (IPO), the United States (USPTO), and globally (WIPO) were also used. The authors develop a hybrid model for IP asset valuation that integrates risk-adjusted DCF, Relief from Royalty (RFR), and dynamic TRL probability weighting. The empirical results indicate that formal ownership of IP assets is associated with valuation premiums: 14.2% per patent family and 18.5% for FTO clearance.

Digital Payment Diffusion, Working Capital Asynchrony, and Infrastructure Friction in Grassroots Micro-retail: Empirical Evidence from a Semi-urban Industrial Cluster in Central India

Aditya Raj Gupta, Ravindra Kumar Thawait — Sat, 12 Sep 2026 00:00:00 +0000

Aims: The rapid digitisation of retail settlements through real-time payment (RTP) infrastructures such as the Unified Payments Interface (UPI) is transforming micro-enterprises across developing economies. However, informal micro-merchants in semi-urban industrial nodes often experience structural friction between front-end digital adoption and back-end cash settlement imperatives. This study examines point-of-sale digital adoption patterns, operational infrastructure bottlenecks, and working capital liquidity friction among informal micro-vendors.

Study Design: Cross-sectional empirical survey design.

Place and Duration of Study: Four commercial market corridors (Kosabadi, Transport Nagar, Niharika, Old Bus Stand) in Korba District, Chhattisgarh, India, from March to May 2026.

Methodology: Primary data were gathered from N = 200 informal micro-merchants using a structured, bilingual instrument administered face-to-face. Analytical techniques included non-parametric Likert diagnostics, Friedman's ANOVA with post-hoc Wilcoxon signed-rank tests, Pearson's Chi-Square (χ²), Fisher's exact test, and bivariate binary logistic regression.

Results: Point-of-sale digital adoption reached 81.5% (n = 163). Digital acceptance exhibited a statistically significant positive association with reported customer footfall expansion (χ²(1, N = 200) = 18.461, p < .001, Cramer's V = 0.304; Fisher's Exact Test p < .001; OR = 4.46, 95% CI [1.98, 10.05], p < .001). However, micro-merchants faced working capital liquidity mismatches because upstream wholesale inventory replenishment at Mandis remains strictly cash-dependent. Cellular network congestion during evening windows (Mean = 4.42 ± 0.68, Median = 5.0) and payment verification uncertainty among static QR operators (Mean = 3.85 ± 0.89, Median = 4.0) imposed substantial operational friction.

Conclusion: Front-end retail digitisation without matching upstream wholesale integration creates operational vulnerabilities and working capital friction. Sustainable inclusion requires wholesale digital clearing desks, subsidised verification audio hardware, and telecommunication upgrades.

The Effects of IT Investment and ESG Integration on Firm Value: Evidence from an Emerging Economy

Md Shafayet Shahed Ornob, Md Khairul Islam — Sat, 12 Sep 2026 00:00:00 +0000

This study examines whether IT investment intensity and environmental, social, and governance (ESG) performance jointly affect firm value in a frontier-market setting. The analysis uses an unbalanced panel of 201 non-financial firms listed on the Dhaka Stock Exchange, comprising 875 firm-year observations from 2020 to 2024. Two-way firm and year fixed-effects models are estimated alongside pooled ordinary least squares specifications on identical data to distinguish within-firm dynamics from between-firm differences. In the pooled analysis, ESG performance is positively associated with firm value, with a one-standard-deviation increase corresponding to approximately 12.4 per cent of mean Tobin’s Q. The interaction between IT investment intensity and ESG performance is also positive, increasing the implied ESG valuation premium by about 58 per cent for firms one standard deviation above mean IT intensity. Pillar-level results indicate that this complementarity is concentrated in the environmental and governance dimensions rather than the social dimension. The pooled interaction is more evident among large, mature, and low-leverage firms. Under firm fixed effects, the main IT, ESG, and interaction coefficients become statistically insignificant, except for a positive, marginally significant interaction in technology-intensive sectors. Robustness, endogeneity, placebo, and attrition checks support the distinction between pooled and within-firm results. Overall, the evidence indicates that IT–ESG complementarity is primarily a persistent between-firm valuation pattern rather than a short-run within-firm pricing effect.

Self-Help Group Membership and Reported Changes in Rural Household Income in Gumla District, Jharkhand: A Retrospective Empirical Study

Sandeep Kumar, Fr. Robert Pradeep Kujur S. J., Shaurya Shreyas, Anish Surin — Sat, 12 Sep 2026 00:00:00 +0000

Self-Help Groups (SHGs) are widely used in India as platforms for savings, credit access, livelihood support, and women’s collective action. This retrospective observational study examines reported changes in monthly household income among 535 active female SHG members from five selected blocks of Gumla district, Jharkhand: Sisai, Ghaghra, Basia, Kamdara, and Chainpur. Respondents reported income categories for the period before joining an SHG and for the current/post-membership period. Income brackets were analysed both as ordinal categories and through midpoint values (₹1,000, ₹3,500, ₹7,500, ₹12,500, and ₹17,500). The transition matrix shows that 500 respondents (93.46%) moved to a higher income bracket, 35 (6.54%) remained in the same bracket, and none moved to a lower bracket. The midpoint-based estimated mean monthly household income increased from ₹2,925.23 (SD = ₹1,816.49) to ₹7,649.53 (SD = ₹2,656.36), an estimated difference of ₹4,724.30 (95% CI [₹4,539.14, ₹4,909.46]; paired t(534) = 50.12, p < .001). A Wilcoxon signed-rank analysis also indicated a strong upward shift in the ordinal income distribution (W = 0, |Z| = 20.14, p < .001). Because pre-membership income was recalled retrospectively and the design lacks a non-SHG comparison group, these results should be interpreted as a strong within-sample association rather than a causal estimate of SHG impact. The findings support further longitudinal research using contemporaneous baseline measurement, continuous income data, and an appropriate comparison group.

Bond Market Equity Market and Economic Growth Nexus: Evidence from Nigeria

Abiodun Akanbi — Fri, 18 Sep 2026 00:00:00 +0000

This study investigates the nexus between equity market performance, bond market performance, and economic growth in Nigeria using an ARDL model with annual data from 2009 to 2025. This study offers insights into an underexplored area, i.e., the linkage between equity and bond markets and economic growth in Nigeria. The estimation method used for the study was the Autoregressive Distributed Lag (ARDL) bounds cointegration model. The ARDL results showed that there was a long-run relationship between GDP growth and the independent variables. There was a rapid adjustment from short-run disequilibrium towards the long-run equilibrium at a rate of 121 per cent. The coefficient is statistically significant, as is required for a proper error correction mechanism. Additionally, the parameter stability and robustness checks showed that the estimated parameters of the model were stable. This study provides evidence that in the short run, bond market performance has a positive but not statistically significant impact on growth, while in the long run it has a negative and significant impact on growth in Nigeria. The equity market has a positive but statistically insignificant impact in the short run but a statistically significant positive impact on growth in the long run. Inflation has a positive but insignificant association with growth in the short run and in the long run, while the prime lending rate has a negative and significant impact on growth both in both the short run and the long run. The study recommends that government borrowing should be channelled toward productive uses of the funds raised through bonds rather than merely increasing the volume of bond issuance. Policymakers should promote a lower and more investment-friendly lending-rate environment. Capital market regulators should pursue policies that encourage more firms to list on the Nigerian Exchange. There should be more coordination between market operators, regulators, and relevant institutions on both the monetary and fiscal sides to ensure that the financial market supports productive investment and sustainable economic growth in Nigeria.

Artificial Intelligence as a Tool for Reducing Errors in Financial Budget Preparation

Fadhel Allah Ahmed Abed — Thu, 27 Aug 2026 00:00:00 +0000

Financial budget preparation remains vulnerable to errors arising from data extraction and mapping, spreadsheet manipulation, forecast assumptions, version control, judgemental adjustment and weak reconciliation. Artificial intelligence (AI) is increasingly proposed as a means of reducing these errors, yet the evidence base is fragmented across management accounting, accounting information systems, forecasting, robotic process automation, machine learning, anomaly detection and human-AI decision research. This critical narrative review evaluates how far current evidence supports AI-enabled error reduction in organisational budgeting and where new sources of error emerge. Literature published principally from 2015 to 16 June 2026 was identified through multidisciplinary and business-focused scholarly indexes, supplemented by citation searching and verification against authoritative bibliographic records. The synthesis distinguishes deterministic automation from predictive machine learning, anomaly detection and generative AI because these technologies address different failure modes and carry different assurance requirements. Evidence is strongest for reducing repetitive transfer and processing errors, improving selected accounting estimates and forecasts, and widening exception screening. Direct causal evidence that AI improves end-to-end corporate budget accuracy remains limited, while field evidence increasingly shows that benefits depend on data quality, process standardisation, confidence-aware human intervention and effective internal control. Important countervailing risks include data leakage, model drift, false precision, brittle automation, automation bias and unreliable numerical reasoning by large language models. The review therefore argues that AI should be treated as a layered control and decision-support architecture rather than an autonomous budget preparer. The most defensible design combines governed source data, deterministic calculations, validated forecasting models, exception detection, logged human overrides and continuous performance monitoring. Future research should test these arrangements in real budgeting cycles using common error taxonomies and outcome measures that capture accuracy, rework, reconciliation failures, uncertainty and control effectiveness.