Global Business and Economics Review (56 papers in press)

Regular Issues

• CROSS MARKET HERDING IN CHINESE, US AND CRUDE OIL MARKETS? QUANTILE REGRESSION ANALYSIS  
  by O.O.I. K.O.K. LOANG  
  Abstract: This study examines cross-market herding in Chinese and US markets from 2015 to 2020. It seeks to explore the impact of the crude oil market on Chinese and US. This study adopts cross-sectional absolute deviation to detect herding. This study employs quantile regression rather than OLS method to examine herding in different quantiles. The result shows that NYSE and NASDAQ are herded with each other. For Chinese markets, the bidirectional herding between Shanghai and Shenzhen tends to appear in median (Τ= 50%) and upper quantiles (Τ= 75% and 95%). The herding tendency of Shenzhen is higher than Shanghai and Nasdaq is higher than NYSE. The crude oil market can cause herding in US and Shanghai. The originality of this study contributes to academicians and practitioners in understanding the existence and tendency of cross-market herding. Investors shall aware that herding can be caused by the performance of other markets.
  Keywords: herding; stock market; Chinese market; US market; globalisation.
  DOI: 10.1504/GBER.2022.10044385
   
  
• Spillover Effect of Economic Risks, Globalization and Herding in GCC and Malaysian Islamic Markets during COVID-19  
  by O.O.I. K.O.K. LOANG  
  Abstract: This study examines the impact of economic risks and globalisation on herding in GCC and Malaysian markets before and during the pandemic. This study explores the spillover effect of the Saudi Arabia market over Islamic markets by using panel data and quantile regression. Panel-corrected standard error is adopted to rectify heteroscedasticity, and the data ranged from 2015 to 2021. The result shows that herding exists in Bahrain, Oman, Qatar, UAE and Malaysia during pre-pandemic, except in Kuwait and Saudi Arabia. The tendency of herding is more pronounced with the emergence of the pandemic. Trade freedom, investment freedom, financial freedom and economic freedom indices are significant to herding before and during the pandemic. The spillover effect of Saudi Arabia is shown in GCC markets except for the Malaysian market. This study assists the regulators and policymakers assess the determinants of herding as investors behave differently in a turbulent period. Analysts, individual investors and institutional investors can also benefit from this study to formulate a better investment strategy under the influence of economic risks and globalisation.
  Keywords: economic risks; globalisation; herding; GCC markets; COVID-19.
  DOI: 10.1504/GBER.2023.10048712
   
  
• UNDERSTANDING VALUE IN SOCIAL SCIENCES: A REVIEW AND RESEARCH AGENDA  
  by Renata Klafke, Maik Arnold, Claudia Picinin, Sandra Moreira 
  Abstract: This paper revises some theoretical literature of value in three different, although connected areas: Management (focus in Marketing), Sociology and Economics. This paper also aims to show how value concept unfolds and intersect over time. It also places value in the marketing literature, for its recent field of study, compared to economics. Most Downloaded Papers from 10 Top Journals were browsed. Seminal papers in business, sociology, and economics were read and some articles from SCImago (top 10 Business ?journals). All three sciences share the different meanings of the concept of value. In economics, value is more or less related to the idea of benefit vs. cost. Sociology understands value as something subjective inherently associated with human beings; the self, whereas marketing focuses on value as a strategy towards an end. In marketing literature, we find much evidence of the idea of creating unique experiences of value for customers
  Keywords: Management Sciences; Society; Values; Conceptual Map.
  
  
• The impact of liquidity creation on bankruptcy risk: evidence from banks listed on Vietnam Stock Market  
  by Luu Thu Quang  
  Abstract: This paper investigates the relationship between liquidity creation (LC) and bankruptcy risk (BR) among banks listed on the Vietnam stock market by using alternative regression methods. The study finds a negative relationship between LC, based on both on and off-balance sheet activities, and banks’ bankruptcy. Large banks showed a significant increase in their liquidity generation capacity over the past decade, while small banks remained relatively stationary. The study’s models are robust, using alternative proxies of BR and controlling for potential endogeneity. The analysis also revealed that small banks primarily create liquidity through off-balance sheet activities, whereas large banks focus on on-balance sheet activities. The results also suggest that stock return volatility is positively correlated with the risk of bankruptcy, and bank size has a significant positive relationship with BR. The paper’s findings are significant for various stakeholders. Investors can evaluate the financial distress risk of banks before investing, while partners can assess credit risk before providing capital. Internal managers can also identify issues related to bank default probability.
  Keywords: bankruptcy; liquidity creation; LC; Z score; on-balance sheet liquidity creation; off-balance sheet liquidity creation; LCOFF.
  DOI: 10.1504/GBER.2024.10057539
   
  
• Host country profiles beyond pairwise distances in gravity models of foreign direct investment  
  by Yener Kandogan 
  Abstract: In studying foreign direct investment (FDI) patterns, this article goes beyond simple pairwise distance measures and incorporates host country profiles in socio-economic, political, historical, and cultural dimensions. In addition to supporting the findings in the literature regarding the effect of distances, the comprehensive analysis of 182 countries in this article suggests that host country socio-economic, political, historical and cultural profiles significantly contribute to explaining the FDI stocks from any home country. In particular, irrespective of distances with the home country of multinationals, more democratic host countries that are economically more developed with high educational attainment are more attractive locations for foreign direct investment. FDI stocks are also higher in host countries with larger percentage of English speakers or Christian populations. Controlling for colonial ties, former colonies tend to be less attractive locations for multinationals from all home countries. Lastly, host countries with cultures that are more individualistic, more prone to indulgence, low in masculinity and power distance dimensions, high in uncertainty avoidance and long-term orientation dimensions attract more FDI from multinationals from any country beyond the effects of cultural similarities or differences.
  Keywords: gravity models; foreign direct investment; FDI; country distances.
  DOI: 10.1504/GBER.2024.10057540
   
  
• Financial determinants of outward foreign direct investment: Evidence from India  
  by Mariam Jamaleh, Abha Shukla 
  Abstract: This study tests the impact of firm-level financial factors on the real internationalisation of emerging multinationals. We postulate that market timing strategies which exploit temporarily available low cost capital, along with financial internationalisation strategies employed to overcome the underdeveloped institutional environment in emerging markets, play a positive role in facilitating FDI by emerging multinationals. We apply Pooled Tobit estimates on data of outward FDI by Indian multinationals during the period 2008 to 2019. The empirical evidence does not support a mispricing effect on outward FDI by Indian multinationals. However, attempts to achieve financial internationalisation through foreign independent directors and foreign institutional investors are proven to facilitate their real internationalisation. Both findings resonate with observations from the analysis that indicates heavy dependence on international capital markets as a source of funding for Indian outward FDI.
  Keywords: emerging multinationals; market timing; financial internationalisation; real internationalisation; India.
  DOI: 10.1504/GBER.2024.10058027
   
  
• Performance Analysis of Sustainable Stock Indices against Conventional Ones: An Empirical Investigation of G7 Countries  
  by Neha Seth, Deepti Singh 
  Abstract: The study evaluates the performance of sustainable indices in comparison to conventional indices of G7 countries for the period starting from 1st January 2015 to 30th September 2022. The article employs risk-adjusted measures such as Sharpe, Treynor, Jensen’s alpha, Modified Sharpe, and Sortino, which shows that sustainable indices of most countries like Canada, Japan, Germany, and Italy highlighted superior performance and the investors earned positive rewards for bearing incremental risk. However, the stressed time of crisis is proved to be a penalty for socially ethical investors. The Fama Decomposition model shows that premium rewards earned by sustainable indices helped the superior-performing countries to secure top ranks. The conditional volatility of sustainable index is measured using the GARCH(1,1) model. The study will benefit the investors to diversify their investments in sustainable indices to earn creditable returns and the financial market professionals in framing policies to uplift the investment in sustainable indices.
  Keywords: sustainable stock indices; performance evaluation; risk-adjusted measures; Fama decomposition; G7; GARCH; conventional indices; MSCI.
  DOI: 10.1504/GBER.2024.10058763
   
  
• The impacts of green credit policy and competition on bank profitability in Indonesia
  by Rahmat Siauwijaya, To Jaya Yusanto, Genoveva Cindy Grania 
  Abstract: We are exploring the impacts of green credit policy, bank competition, and bank-specific variables on bank profitability in Indonesia. We found that the green credit policy did not hinder the bank from distributing credit. Instead, it can help banks distribute high-quality credit, improving their profitability and decreasing non-performing loans. We also found that competition can improve bank profitability. Bank-specific variables such as bank size, capitalisation, and cost efficiency correlate to increased bank profitability. Meanwhile, an increase in non-performing loans can reduce bank profitability, and bank profitability is unaffected by liquidity, diversification, and labour productivity.
  Keywords: banking competition; green banking; market power; bank profitability; Indonesia.
  DOI: 10.1504/GBER.2025.10059368
   
  
• Enhancing the Cournot Model by Integrating Risk Events and Attitudes Towards Risk
  by JOSE DIOGO, PEDRO GODINHO, JOÃO PAULO COSTA 
  Abstract: This paper incorporates an operational risk event in the Cournot model. The risk event has impacts on the operational costs, but it is possible to control these costs, after the event, by implementing actions to mitigate those impacts. Naturally, these actions demand higher operational costs before the event. This study considers a common situation where risk neutral company owners hire managers to establish both the production levels and the actions to mitigate the impacts of the risk event. Studying different combinations of risk attitude for managers it is found that the highest expected profit in the equilibrium is reached when the managers present some degree of risk-seeking behaviour.
  Keywords: Game theory; Cournot model; Nash equilibrium; risk modelling; duopoly; risk attitudes.
  DOI: 10.1504/GBER.2025.10061051
   
  
• Place-Based Policies and Capital Structure in the South of Italy
  by Mauro Aliano, Greta Cestari, Salvatore Madonna 
  Abstract: Productivity gaps between northern and southern Italian regions have been widening over recent years. In this paper, we provide some evidence-based suggestions to support and boost the Italian Government’s measures for reducing regional disparities, such as the special economic zone and other place-based fiscal measures to stimulate private investments. We found asymmetrical effects of using equity to increase tangible investment according to company size, and an inverted U-shape pattern for the impact of loans. We argue that the tax rules and benefits of SEZs and other measures should be coupled with a deeper knowledge of companies’ capital structure peculiarities.
  Keywords: capital structure; regional divide; special economic zones; SEZs; equity ownership; place-based policies.
  DOI: 10.1504/GBER.2025.10061052
   
  
• Startup Performance from an Economic Development Perspective: Impact Evaluation after Funding Stage  
  by Mehmet Onur Partal, Feride Gonel 
  Abstract: Startups, which are by nature different than traditional enterprises due to their innovative and technological features, are often defined as SMEs with the potential to grow rapidly. This study intends to explore the performance of startups from an economic development perspective. In this paper, a counterfactual impact evaluation will be implemented for a treatment group, which is funded by investors in Istanbul, Turkey. The results are compared to those of a control group. Employing difference in differences estimation, the comparison is based on a variety of indicators including employment, revenue, and profit generation in the ICT sector. Our results show us that the performance of funded startups positively diverges from the unfunded startups after the intervention period. At the end of this study, it is suggested that governments should motivate startups by acting as investors rather than grant allocators in the entrepreneurship ecosystem.
  Keywords: government grants; subsidy; entrepreneurship; regional development; impact evaluation; financial support; firm performance; SMEs; startup; funds.
  DOI: 10.1504/GBER.2025.10061769
   
  
• ADRs Price Discovery and Transmission Effect to Domestic Market: An Evidence from Indian ADRs  
  by Aditya Keshari, Amit Gautam 
  Abstract: The price discovery of Indian ADRs is being provided for the sample period 2010-2022, using the SUR and FE-LSDV models, which incorporate contemporary factors as well as the dummy variables for their cross-sectional unit. The findings revealed that the underlying prices of shares influence ADR prices with the exchange rate and the stock market index where assets are being cross-listed. But the inclusion of dummy cross-sectional variables in the existing model enhances the predictability of the model and provides for better results. The second part of the study, which focuses on the ADR’s transmission effect to the domestic market, is analysed through a fixed and random effect model, which establishes a significant relationship between the ADR portfolio and the domestic market portfolio. Thus, the study provides implications for investors who can diversify their portfolios to ADRs listed in developed country markets, i.e., the USA, by going beyond the conventional investing channels towards the emerging financial markets, which provide competitive returns over the short to long term.
  Keywords: American depository receipts; ADRs; transmission effect; SUR model; fixed and random effect model; cross-listing.
  DOI: 10.1504/GBER.2025.10062002
   
  
• Determinants of Aggregate and Sectoral Trade between Japan and ASEAN Countries: A Poisson pseudo-maximum-likelihood Estimator Approach  
  by Hoan Quang Truong, Van Chung Dong, Huong Thi Thu Nguyen, Hung Xuan Nguyen 
  Abstract: Our study investigates the determinants of aggregate and sectoral trade between Japan and the Association of Southeast Asian Nations (ASEAN). The estimation results from the gravity model show that the scale of the economy and market development are the main determinants of aggregate trade between the two regions, in which the effect of Japan’s economic size is stronger. Meanwhile, the improvement in logistic performance possibly reduces the disadvantageous impacts of geographical distance on Japan-ASEAN trade flows. By contrast, the formation of trade agreements does not play an important role in Japan-ASEAN trade activities. We find that most determinants of aggregate trade are also factors affecting the trade flows of subsectors between the two sides; however, there are significant differences in the impact magnitudes and the predicted signs. The effects of the considered factors on Japan-ASEAN trade are relatively heterogeneous among the sub-industries. The study also provides implications for enhancing Japan-ASEAN trade in the future.
  Keywords: Japan; ASEAN; aggregate trade; sectoral trade; PPML.
  DOI: 10.1504/GBER.2025.10062003
   
  
• How Do COVID-19 Containment Policies Affect Currency Status?  
  by Juanjuan Zhuo, Masao Kumamoto 
  Abstract: We employed copula-dynamic conditional correlation and threshold approaches to investigate the status of the JPY, CHF, EUR and GBP during the COVID-19 period vis-à-vis various kinds of assets specifically, stocks, government bonds, currencies and commodities. Further, we investigated how containment policies affected currency status. We classified currency status into diversifier, hedge and safe-haven currencies. Our main findings were as follows: first, while currency status behaviours differ in different asset markets, the JPY acted as a hedge in stock, emerging countries' currency and commodity markets in tranquil periods, and acted as a safe haven in times of financial stress. Second, the currency of a country with strict containment policies tended to appreciate when market uncertainty increased, suggesting that the roles of the EUR, CHF and GBP as diversifiers and that of the JPY as a hedge strengthened. Third, vaccination might have contributed in reducing negative investor sentiment and their COVID-19-related concerns.
  Keywords: COVID-19; containment policy; vaccination; diversifier currency; hedge currency; safe-haven currency; global risk; equity market volatility; copula-DCC; threshold.
  DOI: 10.1504/GBER.2025.10062180
   
  
• Entrepreneurial Intent from Crowdfunding Perspective  
  by Shathees Baskaran, Thanabalan Tangaraja, Hairul Rizad Md Sapry, Kesavan Nallaluthan 
  Abstract: The volatile economic condition in Malaysia has shifted the government's focus towards the development of entrepreneurs, especially among Malaysian graduates. Crowdfunding, an online platform to obtain funding through a large pool of people could be an alternative to gain financial capital to embark on entrepreneurship. Given this, crowdfunding has taken centre stage among the upcoming graduate entrepreneurs. Employing a quantitative research method, the purpose of the study is to investigate whether crowdfunding usefulness influences entrepreneurial intention among graduates. A total of 395 graduates participated in the study by responding to an online structured questionnaire. Collected data were analyzed with Structural equation modelling. The findings provided evidence for a significant relationship between crowdfunding usefulness and entrepreneurial intention among Malaysian graduates. Additionally, instrumental readiness was found to partially mediate the relationship between crowdfunding usefulness and entrepreneurial intention. The findings strongly support the notion that awareness of crowdfunding usefulness will increase entrepreneurial intentions among graduates regardless of economic environmental dynamism. Therefore, future research shall discover more salient dimensions of crowdfunding and its usefulness to identify influencing factors within the crowdfunding perspective in the context of entrepreneurship and entrepreneurial intentions
  Keywords: crowdfunding usefulness; entrepreneurial intention; instrumental readiness; Malaysian graduates.
  
  
• Dividend Policy and COVID-19 pandemic: an empirical study of Indian Firms  
  by Prasenjit Roy, Santi Gopal Maji 
  Abstract: This study explores how the COVID-19 pandemic has affected the dividend pay-outs of firms listed in the BSE 500 index from 2014-2015 to 2021-2022, using a panel regression analysis. Empirical findings indicate that the pandemic influenced firms’ dividend policies. Firms with higher return on assets (ROA), total assets (TA), and Tobin’s Q (TBQ) exhibited higher dividend during the pandemic, whereas high-leveraged firms faced challenges in sustaining dividends. The analysis also considers variables such as firm age, size, business affiliation and sector. The study underscores that economic shocks, such as the COVID-19, necessitate adaptive and strategic decision-making. This is particularly important for firms that rely on dividend payouts as a means of returning value to shareholders. For investors, the insights will act as a valuable input in making sound investment choices, with a careful assessment of a firm’s financial health and its ability to withstand unexpected macroeconomic challenges.
  Keywords: COVID-19 pandemic; dividend pay-out policies; BSE 500 index; panel data regression model; firm-level categories; firm age; firm size; business affiliation; financial indicators; economic downturns.
  DOI: 10.1504/GBER.2025.10062265
   
  
• Examining Seasonal Anomalies in Crude Palm Oil Markets  
  by WENHUI LI, Normaziah Mohd Nor, M.H. Yahya 
  Abstract: Crude palm oil (CPO) is a crucial global agricultural commodity, and the efficiency of its market is important for maintaining price stability. This study delves into the assessment of market efficiency in the primary CPO markets, focusing on seasonal anomalies as a key indicator. The research analyses daily, weekly, and monthly data to investigate these anomalies, recognising variations among countries. Our empirical findings reveal significant seasonal anomalies in crude palm oil market. Malaysia and Indonesia exhibit significant day-of-the-week effects, while all four countries demonstrate substantial positive returns during weeks 6 and 52. Notably, Malaysia experiences a significant positive return during October. Furthermore, our research underscores the role of good sentiment around holidays and seasonal export activities as drivers behind these seasonal anomalies. In essence, this study makes a significant contribution to our understanding of market efficiency and the presence of seasonal anomalies in the primary CPO markets. It emphasises the influence of sentiment and export cycles on market returns, providing valuable insights for market participants and policymakers.
  Keywords: seasonal anomalies; market efficiency; holiday effect; crude palm oil market.
  DOI: 10.1504/GBER.2025.10062377
   
  
• Priority Sector Lending by the Indian Public Banks: Impact on Capital Formation and NPAs  
  by Dhananjay Ashri, MUSKAN KAUR, Bibhu Sahoo 
  Abstract: This paper investigates the effect of priority sector lending (PSL) by Indian public sector banks (PSBs) on capital formation and bad loans in India. Nonlinear auto regressive distributive lag (NARDL) model has been proposed to assess PSL contribution to capital formation. Furthermore, a panel data regression model has been employed to investigate the relationship between growing non-performing assets (NPAs) and PSL. The empirical results revealed that PSL contributes towards the growth of capital formation. While a large part of the literature advocates that lending to priority sectors leads to mounting NPAs in the public sector banks (PSBs), the empirical evidence of the study finds an insignificant impact of PSL on NPAs. India is a developing nation, and directed credit program shall be encouraged. The flow of credit to targeted sectors enhances productivity and leads to better utilisation of resources by these sectors, which augments capital growth.
  Keywords: priority sector lending; PSL; public banks; NPAs; capital formation.
  DOI: 10.1504/GBER.2025.10062635
   
  
• Financial contagion across G7 countries during stock market crashes  
  by Arifenur Güngör, Mahmut Sami Güngör 
  Abstract: Globalisation leads to rising stock market exposure to financial contagion during economic crises. Since the importance of short-run linkages between stock markets for international portfolio diversification, this study aims to investigate the existence of financial contagion across G7 stock markets throughout the stock market crashes of 2008 and 2020 using short-run time-varying conditional correlations. To do this, first, this study estimates the DCC-MIDAS model based on the GARCH-MIDAS model to decompose the short- and long-run time-varying conditional correlations among G7 stock markets. Then, it estimates the regression model for each stock market pair to examine the existence of financial contagion across G7 stock markets during the stock market crashes. The empirical findings provide new evidence of financial contagion between developed stock markets during the global crash periods. A noteworthy finding is that the results on financial contagion are mixed and differ by region and the nature of stock market crashes.
  Keywords: global financial crisis; contagion; COVID-19 pandemic; stock markets; developed economies.
  DOI: 10.1504/GBER.2025.10063140
   
  
• The impact of the COVID-19 pandemic and its moderating effect on bank profitability  
  by Phan Dinh Nguyen 
  Abstract: The impact of the COVID-19 has been much studied but the moderating effect of the COVID-19 on bank profitability has been paid little attention. This paper, therefore, examines the impact of the COVID-19 pandemic and its moderating effect on banks’ profit by employing data of 35 banks operating in Vietnam between 2005 and 2022. We use the system generalised method of moment and structural equation modelling to estimate regressions to explain the impacts. We contribute to the existing literature by analysing the impact of the pandemic and its moderating effect on bank’s profit. Our findings show that the pandemic is negatively correlated to banks’ profit and the pandemic has the moderating effect through non-performing loans, bank size, bank equity, and ownership.
  Keywords: COVID-19 pandemic; impact; bank profitability; Vietnam.
  DOI: 10.1504/GBER.2025.10063141
   
  
• Measuring financial inclusion of indigenous women using G20 indicators: empirical evidence from rural India  
  by Jogeswar Mahato, Manish Kumar Jha, Kumar Gaurav 
  Abstract: The study measures the financial inclusion of indigenous women using G20 financial inclusion indicators in India. The samples were gathered from 1,024 indigenous women residing in Sundargarh, Mayurbhanj, Koraput and Rayagada districts in Odisha state in India. The study has used structure equation modelling to measure the financial inclusion of indigenous women using G20 indicators. The results highlighted that access, usage and quality of financial products and services significantly promote financial inclusion among indigenous women in India. However, it is observed that ' usage' appeared to be the most significant indicator of financial inclusion among the other G20 FI indicators. The present study will benefit policymakers and practitioners in promoting financial inclusion among marginalised communities in developing countries. To achieve financial inclusion for marginalised and backward women, the government should strengthen the financial infrastructure to improve the accessibility and use of financial services.
  Keywords: financial inclusion; access; usage; quality; G20; indigenous women; self-help groups; measurement; rural; financial services.
  DOI: 10.1504/GBER.2025.10063178
   
  
• Analysing FinTech equity funding flows and FinTech deals globally  
  by Uttam Golder, Suborna Barua 
  Abstract: This study examines the nature and patterns of FinTech equity funding and agreements globally and on different regional levels. Using 57 countries’ annual data from 2010 to 2020, this study employs descriptive analysis, and uses the independent group t-test, and finds significant differences in the flow of FinTech equity fundings and deals across different income groups and geographical locations of the world. This study finds that FinTech equity financing and agreements in developed economies make up most of the contributions. Besides, it also reveals that North America and Europe are the significant contributors to FinTech equity investment, while Asia, along with North America and Europe, are the leaders in FinTech deals.
  Keywords: FinTech; FinTech deals; FinTech equity funding.
  DOI: 10.1504/GBER.2025.10063217
   
  
• The circular economy in the Portuguese consumer's perspective  
  by Mariana Neto, Ana Pinto Borges, Bruno Miguel Vieira, Elvira Vieira, Victor Tavares, Joana Neto 
  Abstract: Consumer perceptions play a key role in the recent economic paradigm known as circular economy (CE), which involves a more focused position by the business community. This study aims to understand the perceptions of consumers regarding the concept of CE and its acceptance in the involvement in practices that promote the development of new business models through cluster analysis. An exploratory study was conducted, and the sample (N = 254) was composed through surveys available from three different brands positioned in a CE business model. Three qualitatively distinct personal positions were identified among participants: 1) concern about the future; 2) CE importance; 3) new lifestyle habits. The present study has limitations, considering that the sample was centred on the consumer who chooses sustainable organisations, which creates a limitation to assess the knowledge concerning the CE in a global consumer context.
  Keywords: circular economy; consumer behaviour; sustainable development.
  DOI: 10.1504/GBER.2025.10063364
   
  
• The contribution of ICT to labour productivity in manufacturing firms in Cameroon: a re-examination of Solw's paradox
  by Astride Claudel Njiepue Nouffeussie, Fabrice Nzepang, Cosmas Bernard Meka'a, Poelle Davy Bimai 
  Abstract: This paper examines the determinants of firm labour productivity in Cameroon, with particular emphasis on the role of information and communication technologies (ICTs). The study uses an instrumental variables Tobit model applied to data from the Enterprise Survey on a sample of 361 Cameroonian firms. These data have the advantage of providing information on firm characteristics and productivity as well as on the different types of ICTs used by firms. The main results suggest that: 1) the use of a single ICTs tool (mobile money, website or email) has a positive but insignificant effect on workers’ productivity; 2) the use of two or more of these tools (email-mobile money, email-website, mobile money-email-website) positively and significantly affects workers’ productivity, by 5,881, 6,189 and 8,881 points respectively; 3) firm size, sector of activity as well as previous productivity positively and significantly affect labour productivity. This study argues for the use of several ICTs tools combined by firms to significantly increase their productivity.
  Keywords: information and communication technologies; ICTs; labour productivity; Solow’s paradox; Tobit; Cameroon.
  
  
• An analysis of synergy between corporate governance and environmentasustainability disclosure in an emerging economy  
  by Affaf Asghar Butt, Fizza Ashfaq, Aamer Shahzad, Jamshaid Ahmad 
  Abstract: This study aims to examine corporate governance as potential determinant of environmental sustainability disclosure (ESD) in Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. Scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself.
  Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance.
  DOI: 10.1504/GBER.2025.10064459
   
  
• Mapping the knowledge domain of corporate financial distress prediction  
  by Gurmeet Singh, Ravi Singla 
  Abstract: This study attempts to identify current dynamics, prominent contributors, and notable trends in the field of corporate financial distress prediction and to suggest future research possibilities. After final selection, 175 research articles, published between 1985 and July 2023, were used from Scopus database for the current research. According to the findings, corporate financial distress prediction has experienced rapid expansion in the recent years, particularly from 2009 onward. The analysis reveals that Asia (45.32%) and Europe (30.22%) continents account for the majority of research publications. Content analysis reveals the range of research areas that fall under the umbrella of corporate financial distress prediction. These include developing models to predict bankruptcy, applying and re-estimating developed models by including new variables, evaluating the sensitivity and stability of financial ratios and models, contrasting various models and variables, and examining the nature of distress risk and how it relates to stock returns. The current study will be useful for potential researchers who want to study in the field of financial distress or bankruptcy prediction. The study suggests untapped research topics in the field that might be the subject of future studies.
  Keywords: bankruptcy prediction; bankruptcy prediction models; bibliometric analysis; content analysis; corporate failure; default risk; financial distress; financial distress prediction; VOSviewer.
  DOI: 10.1504/GBER.2025.10064541
   
  
• Working Capital, COVID-19 and Firm Performance: empirical evidence from India  
  by Prasenjit Roy  
  Abstract: This study investigates the impact of COVID-19 on working capital and financial performance of Indian firms within the BSE 500 index spanning from 2014-2022. Using a panel regression model, the research analyses various working capital policy dimensions and their links to key performance indicators, such as ROA and TBQ during the pandemic. The findings provide essential insights for policymakers and managers navigating the complexities of the global financial landscape. The study advocates for adaptive working capital management (WCM) policies, emphasising the need for a balanced working capital strategy and caution in short-term debt reliance during pandemics. The positive relationship between the cash conversion cycle and performance indicators challenges conventional wisdom, prompting a revaluation of traditional practices considering dynamic economic conditions. The findings serve as a blueprint, promoting strategic foresight, adaptive policies, and resilient financial management amid the evolving economic landscape.
  Keywords: COVID-19; working capital management; WCM; financial performance; BSE 500 Index; panel regression; economic conditions.
  DOI: 10.1504/GBER.2025.10064570
   
  
• Measuring the impact of ICT labour on the efficiency of Turkish retail businesses: a stochastic frontier analysis  
  by Feride Gonel, Hüseyin Tastan 
  Abstract: This study examines the impact of information and communication technologies (ICTs) on efficiency in the Turkish retail trade sector using firm-level data. We employ a stochastic frontier model to analyse the effect of ICT labour and traditional non-ICT labour on productivity. Results indicate that Turkish retail firms operate with constant returns to scale and a labour-intensive technology. ICT labour has a positive effect on the technical efficiency of retailer firms, with a contribution comparable to that of non-ICT labour. Empirical results also suggest that, compared to large firms, small and medium-sized firms exhibit slightly higher technical efficiency.
  Keywords: information and communication technologies; ICT; productivity; retail trade; wholesale trade; e-commerce; Turkey; small-sized firms.
  DOI: 10.1504/GBER.2025.10064571
   
  
• Unravelling family firms influence on corporate governance mechanisms for long-term performance  
  by Adi Kurniawan Yusup, Muslichah Muslichah, Cicilia Erna Susilawati 
  Abstract: We examine the effect of corporate governance mechanisms of debt, dividend, board size, and board independence on Indonesia’s companies’ long-term performance. There are 451 non-financial companies (3,831 firm-year observations) in Indonesia from 2010-2019 used as samples and analysed using panel data analysis techniques. We use family firms as moderating variables. In addition, this study also uses a new measurement of long-term performance by considering the return and risk aspects in its measurement. The result suggests that dividends are a corporate governance mechanism that can improve long-term performance. On the other hand, board size has negative association with long-term performance. Interestingly, family plays a role as a steward in Indonesia’s company. Family firms can strengthen the effect of dividends and board size to increase long-term performance. Various robustness tests were carried out, and the results were consistent with previous tests.
  Keywords: corporate governance; family firms; long-term performance; LTP; agency theory.
  DOI: 10.1504/GBER.2025.10064892
   
  
• Nexus between corporate governance and bank stability: an empirical study on banking sector in India  
  by Nidhi Garg, Shubham Garg, Sangeeta Mittal, Sanjeev Kumar 
  Abstract: This study endeavours to explore the effect of corporate governance on the stability (measured by capital adequacy ratio) of public and private sector banks in India by covering the dataset from 2012-2013 to 2021-2022 by employing panel regression modelling. The result explicates that out of corporate governance variables, the board composition is inversely related to bank stability (CRAR). In contrast, CEO duality is positively related with bank stability. Moreover, board size, gender diversity and board meeting are insignificantly related to bank stability. Similarly, the result posits a significant association of leverage, bank’s activity level and bank size with the stability of banks. The findings of the study entails that banks should adequately assess the loan risk to maintain enough capital to have more stability and should adequately plan for capital allocation. This may be the first study to explore the capital adequacy ratio as a measure of bank stability in Indian banking context.
  Keywords: board attribute; bank stability; capital adequacy ratio; corporate governance; Indian banks; India.
  DOI: 10.1504/GBER.2025.10065004
   
  
• Assessing the impact of capital market development, income level, and institutional quality on entrepreneurship in Africa  
  by Habila Abel Haruna, Akuraun Shadrach Iyortsuun, Hyeladi Stanley Dibal 
  Abstract: Entrepreneurship development in Africa suffers from numerous challenges among which include lack of access to finance. Over the years efforts by governments of African countries seem not to yield much. Therefore, there is growing attention on the capital market as a potential source of entrepreneurship financing. In this study, we explored whether capital market development, income level, and institutional quality contribute to entrepreneurship development in Africa. The study used panel data from 12 African countries from 20062020. The panel ARDL was employed to investigate the homogenous long-run and short-run, and potentially heterogeneous dynamic effects across countries in the panel. The findings revealed the presence of a long-run relationship between capital market development, income level, and entrepreneurship in Africa. Our study also found an inconsistent outcome in the short-run relationship between income level and entrepreneurship in Africa. The major limitation of the study is the unavailability of data in many African countries which limited the scope of our study. The study contributed to the finance-growth theoretical debate by establishing the role of capital market development on entrepreneurship and also, the predictive role of capital market development, income level, and institutional quality on entrepreneurship development in Africa.
  Keywords: capital market; entrepreneurship; finance-growth; income level; institutional quality; Africa.
  DOI: 10.1504/GBER.2025.10065153
   
  
• The readability-corporate governance nexus: evidence from the Indian listed companies Companies  
  by Nitin Dhir, Balwinder Singh 
  Abstract: We investigate the impact of corporate governance effectiveness on the readability of annual reports in the Indian context. While prior research predominantly focused on structural and quantitative aspects of corporate reporting, the present study pioneers the examination of qualitative aspects of reporting like readability. The dataset consists of 405 companies for five years from 2015 to 2019. Data analysis revealed a positive association between effective governance practices and readability scores in annual reports. This analysis indicates that companies adhering to sound governance standards tend to produce reports that are readily understandable to stakeholders. The empirical evidence fortifies the academic foundation in the emerging field of corporate governance, reporting quality, and narrative disclosures. Our study underscores the importance of effective corporate governance practices for executives, policymakers, investors, and analysts, aiming to enhance transparency and trust in the Indian corporate sector.
  Keywords: readability; FOG; SMOG; obfuscation; corporate governance; governance framework; legitimacy theory; agency theory.
  DOI: 10.1504/GBER.2025.10065431
   
  
• Exploring the socioemotional dimensions of corporate governance in family firms: a systematic and bibliometric review  
  by Manpreet Kaur Khurana, Shweta Sharma, Debidutta Pattnaik 
  Abstract: Motivated by the increasing interest in the unique nature of family firms, this research intends to highlight the potential developments in the financial decisions made by family firms. The study examines the replacement of conventional theories affecting the capital structure with alternative paradigms designed to advance the proprietors’ interests, leading family firms to accumulate socioemotional wealth. Studying 145 significant articles published between 1991 and 2023, we discovered ‘socioemotional wealth’ as a fundamental self-centred construct that originates in the desire to retain family control in the firm. With clusters formed through bibliographic coupling and co-citation, the article presents a knowledge foundation in the research. Additionally, the study highlights trends, thematic content, and future research directions through co-occurrence and post-hoc analysis. Finally, the paper criticises multiple assumptions historically undermined in family firm research and proposes theoretical research that can lead to the distinctive behavioural paradigm in the financial choice of family firms.
  Keywords: capital structure; family firms; socioemotional wealth; SEW; bibliographic coupling; co-citation analysis; co-occurrence.
  DOI: 10.1504/GBER.2025.10065804
   
  
• An empirical investigation of herd behaviour in COVID-19 perspective: evidence from Dhaka stock exchange  
  by Md. Miad Uddin Fahim, Shabnaz Amin 
  Abstract: This paper aims to examine the presence of herding behaviour in the Dhaka stock exchange (DSE), in the light of the COVID-19 perspective with a sample of 351 firms listed with DSE for the period from 2016 to 2021. The study applied cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models to observe the herding behaviour by using both daily and monthly data where the time-frequency of the analysis has been segmented into three phases: pre-COVID, post-COVID, and the full study period (2016-2021). Based on daily observations, the findings document the herding behaviour, under the CSAD model, during the bull market condition in the pre-COVID period and the bearish market condition in the post-COVID period. The monthly data showed the presence of herding during extreme market conditions at a 1% significant level in the pre-COVID period and during the bull market condition in the post-COVID period.
  Keywords: herding behaviour; cross-sectional standard deviation; CSSD; cross-sectional absolute deviation; CSAD; COVID-19 pandemic; DSE; bull market; bearish market.
  DOI: 10.1504/GBER.2025.10066463
   
  
• Signal transfer in symbiotic relations: the mediating effects of interfirm relationships and business-bank relations  
  by Ploypailin Kijkasiwat, Nirosha Hewa Wellalage, Stuart Locke 
  Abstract: This study explores the influence of symbiotic relationships on the performance of micro, small, and medium enterprises (MSMEs) in New Zealand, focusing on signalling theory. Specifically, the research explores the mediating impacts of interfirm relations and business-bank relations. Utilising partial least square structural equation modelling (PLS-SEM), the study analyses data collected through face-to-face interviews. To elucidate interfirm relationships, the study incorporates various indicators from network analysis. The findings reveal a negative association between changes in MSMEs’ net profit and business-bank relations. Notably, interfirm relations do not act as mediators in the effects of business-bank relations on changes in MSMEs’ net profit. This study contributes significantly to the broader literature on MSME performance by extending current theories and addressing key issues. Moreover, it makes a methodological contribution by incorporating networking scores as indicators to elucidate each network relationship.
  Keywords: micro; small and medium enterprises; MSMEs; signalling theory; business performance; interfirm relations; business-bank relations; mediating effects.
  DOI: 10.1504/GBER.2025.10066632
   
  
• Review of share repurchase policy and future research agenda  
  by Aafreen Khan, Ashu Khanna 
  Abstract: The proliferation of literature concerning share repurchases, a fundamental component of payout policy, necessitates a comprehensive overview. The present research aims to synthesise the existing literature to clarify the conceptual and historical background of share repurchases. The dataset comprises 774 academic articles from the Scopus database spanning 56 years (1966-2022). Data analysis was conducted using the bibliometrix R package and VOS viewer software. The findings presented through tabular and network visualisations show the rising trend in publications, important journals, key research papers and authors, and important themes. Notably, research is concentrated in the USA and developed nations, revealing a dearth in developing countries. Subsequent studies may examine the impact of financial constraints and ESG orientation on corporate payout decisions. Further, the impact of repurchases on investment expenditure and corporate innovation can be investigated. The study will assist future researchers in identifying prominent studies, authors, thematic domains, and research gaps identified through this study.
  Keywords: bibliometric; co-citation; co-occurrence; literature review; share repurchase.
  DOI: 10.1504/GBER.2025.10066872
   
  
• Impact of corporate governance and traditional motivations on share buyback decision: a Tobit regression approach  
  by Parul Goyal, Deepa Mangala 
  Abstract: Share buyback has become a buzz in the recent corporate world. Numerous research around the world documented a variety of reasons for share buyback. The current research will extend prior research in the area of share buyback by considering the corporate governance characteristics with the traditional motives of buyback. The present paper covers the share buyback activity in India from the financial year 2016 to 2023. The final sample comprises 324 non-financial firms, listed in either the Bombay Stock Exchange or National Stock Exchange. The current study has employed Tobit regression model to ascertain the factor affecting the buyback decision. The findings re-affirm the significance of the undervaluation of the firm and information asymmetry as key determinants of share buyback decisions. Further, results provide strong empirical evidence that board characteristics have an impact on the share buyback decision. Furthermore, the present study captured the significant impact of the COVID-19 crisis on buyback activity. Moreover, the study reported that drivers of share buyback vary according to the type of share repurchase.
  Keywords: corporate governance; dividend; determinants; factors; hypotheses; India; information asymmetry; leverage; share buyback; share repurchase; signalling; economy; COVID-19; Tobit regression.
  DOI: 10.1504/GBER.2026.10066873
   
  
• Financial management practices and their impact on organisational performance within the accounting information system in Iraq  
  by Hisham Noori Hussain Al-Hashimy, Jinfang Yao 
  Abstract: This study explores the consequences of the financial management models on organisational performance within the accounting information system in Iraq, with special attention to budgeting, financial reporting, and risk management. The research employed partial least squares structural equation modelling (PLS-SEM) based on the data collected from a questionnaire of 500 managers in various business sectors in Iraq to discover how financial strategies affect managers’ level of satisfaction. Execution of budget-making and financial decision-making operates better with precise budgeting and financial reporting. Nevertheless, risk management by a slight margin was considered less direct based on the fact-finding phase of the study. Real implications are concerned with providing funding and further modernisation in the Iraqi corporate sector, with plans and actions aligning with the corporate objectives. This study is distinctive in presenting the importance of financial management’s role, particularly for Iraq, when little research exists. It is likewise presented to cover green management strategies after properly comprehending good financial leads.
  Keywords: Iraq; organisational performance; financial management; budgeting; financial reporting; risk management.
  DOI: 10.1504/GBER.2025.10067093
   
  
• The impact of Reddit user sentiment on bitcoin returns: checking the Reddit phenomenon existence with RedditSI  
  by Valeriia Baklanova 
  Abstract: In recent years, the bitcoin market has witnessed exponential growth in investor activity, coupled with a heightened influence of investor sentiment on BTC market dynamics. This study explores the role of Reddit in shaping user sentiments and influencing investment decisions within the bitcoin market. The research introduces Reddit sentiment index (RedditSI) as a tool to measure sentiment among Reddit users. The index was constructed based on comments from top discussions in the bitcoin-related subreddits that were classified by tonality using the NLP model Flair. The study employs statistical analysis methods, including correlation, cointegration, and causality, as well as event study analysis to examine the relationship between RedditSI and BTC market performance. The results indicate a significant impact of RedditSI on bitcoin returns, revealing both short-term and long-term relationships between them. Notably, the RedditSI outperforms the well-known crypto fear and greed index, underscoring its significance in gauging market mood and influencing trading patterns.
  Keywords: bitcoin; BTC; investor sentiment; natural language processing; NLP; time series analysis; event study; behavioural finance.
  DOI: 10.1504/GBER.2026.10067552
   
  
• The nexus between inward foreign direct investment and trade in creative products: empirical evidence from a developing economy  
  by Hoan Quang Truong, Huong Thu Thi Nguyen 
  Abstract: This study capitalises on the extended gravity model to empirically examine the effects of inward foreign direct investment (FDI), cultural distance, and other relevant elements on the creative goods exports from Vietnam, a developing economy to foreign markets. We find a positive effect of economic size and high-income status on Vietnams creative exports at the aggregate level and nearly all subsectors. At the aggregate level, we detect that FDI advantageously affects Vietnams creative exports, while at the subsector level, a positive effect was found only in the design sector. In the design sector, FDI positively influences the exports of architecture, glassware, interiors, and jewellery. At the aggregate level, cultural distance, trade openness, and logistics performance positively affect creative exports. We find heterogeneous effects of the considered factors on the exports of creative subsectors and subsectors of the design industry. We find that the number of unexploited markets for creative exports outweighs that of overtraded markets. This study suggests that Vietnam should enhance the attraction of FDI flows and apply a dynamic approach to utilise the cultural differences, subsectors of the creative industry, and export markets. Additionally, Vietnam should improve its logistics performance and participation in new-generation trade agreements.
  Keywords: FDI; creative exports; cultural distance; Vietnam.
  DOI: 10.1504/GBER.2026.10067634
   
  
• Measuring systemic risk in the cryptocurrency market: a CoVaR approach  
  by Arvind Awasthi, Mariyam Shaukat 
  Abstract: We estimate the conditional value-at-risk (CoVaR), a measure for systemic risk, in order to assess the risk spillover within the cryptocurrency market and the risk spillover from the cryptocurrency market to traditional stock market. We conduct our analysis in three parts. We analyse: 1) the risk spillover of the largest cryptocurrencies, to the cryptocurrency system as a whole; 2) the risk spillover of the largest cryptocurrencies by, to the traditional stock market; 3) risk spillover amongst the six largest cryptocurrencies. Our results conclude Bitcoin generates the most risk in other cryptocurrencies and that there is no significant risk transfer from the stock market to the cryptocurrency market. The sub-period analysis reveals that the degree of conditional risk has unanimously reduced in the second sub-period for all cryptocurrencies. Amongst the seven largest cryptocurrencies, Ethereum is the largest risk contributor of risk for Bitcoin, followed by Binance coin and XRP.
  Keywords: systemic risk; cryptocurrency; conditional value-at-risk; CoVaR; risk spillover; stock market; Bitcoin; value-at-risk; VaR.
  DOI: 10.1504/GBER.2026.10067690
   
  
• Financial market discipline in stability of Sharia banking: evidence from Indonesia state  
  by Rini Kurnia Sari, Muhammad Alfarizi 
  Abstract: The global banking sector, grappling with the COVID-19 pandemic, faced economic challenges hindering growth. Sharia banking authorities and customers, emphasising financial transparency and consumer protection, recognised market discipline. Islamic banking, aligning with Islamic teachings, bolstered sector stability in Muslim nations. In Indonesia, deposits played a crucial role in enhancing liquidity and trust in Islamic banking. This research in Indonesia explores market discipline elements in Islamic banking, assessing their impact on deposit performance. Variables like returns on deposits, capital adequacy ratio (CAR), return on assets (ROA), BI7DRR, and inflation were considered. The study suggests increasing CAR for deposit growth, incorporating bank size in marketing strategy, and addressing inflation and BI7DRR for competitive rates. Financial authorities could incentivise CAR and support smaller banks.
  Keywords: bank size; BI7DRR; capital adequacy ratio; CAR; deposits performance; financial authorities; inflation; Indonesia; Islamic banks; market discipline; Indonesia.
  DOI: 10.1504/GBER.2026.10067824
   
  
• Why do some people participate or not participate in a Takaful? The case in Malaysia  
  by Nor Syahidah Ishak  
  Abstract: This paper exhibits the factors determining the demand for Takaful that are related to financial protection among households, to understand the demand for Takaful. Probit regression is used to examine why some people participate in Takaful and some do not; this is done through a questionnaire survey. Additionally, this study examines the influence of financial literacy and trust on Takaful demand. The findings reveal variables that are statistically significant for Takaful demand but have a positive or negative impact on explaining why some people join Takaful and some do not.
  Keywords: Takaful; mikroTakaful; Islamic insurance.
  DOI: 10.1504/GBER.2025.10067918
   
  
• Have the anomalies following share buybacks disappeared? Evidence from India  
  by Parul Goyal, Deepa Mangala 
  Abstract: Share buyback programs are viewed as effective tools for signalling undervaluation and are frequently employed by firms reporting negative abnormal returns (Stephens and Weisbach, 1998). The efficacy of these announcements is highlighted by the positive abnormal returns observed post-announcement (Ikenberry et al., 1995). The main objective of this study is to examine the impact of share repurchase announcements on stock returns in the Indian equity market. This paper encompasses the share buyback activities in India spanning from 2016 to 2023. The current study has employed event study methodology (ESM) to capture the price reaction to the buyback announcement. Furthermore, the study also investigates the impact of COVID-19 on the stock returns of buyback firms. The study statistically testifies that share repurchases do not improve shareholders’ value. Additionally, the peculiar finding is that COVID-19 does not have any significant impact on buyback firms’ stock performance. These findings offer valuable insights for investors, firms, policymakers, and researchers as they navigate future economic challenges.
  Keywords: abnormal return; COVID-19; event study methodology; ESM; impact on stock performance; India; share buyback/repurchase; signalling hypotheses; stock market.
  DOI: 10.1504/GBER.2026.10067954
   
  
• Price discovery of commodity markets: bibliometric analysis
  by Supriya Ravichandran, Rajesh Mamilla 
  Abstract: This study aims to conduct a citation-based analysis of academic research on price discovery of commodity markets (PDCM). For this purpose, data is collected using a database such as Web of Science; 200 articles written by 446 authors and published in 114 different journals from 2000 to 2021 were examined using visualisation tools. The collected data are analysed using keyword co-occurrence and scholarly co-citation approaches are used to investigate research areas and development trends. Several studies have investigated the impact of news announcements, analyst forecasts, and other information sources on the efficiency of the commodity market. The results of these studies suggest that information plays a crucial role in price discovery and can significantly impact market outcomes. Another significant theme in the literature was the analysis of market structure and its impact on price discovery. Studies in this area have explored the effect of market concentration, trading volume, and liquidity on price discovery in the commodity market.
  Keywords: price discovery; citation-based analysis; spot and futures; commodity markets.
  DOI: 10.1504/GBER.2025.10059359
   
  
• Impact of behavioural biases on investor's decision
  by Sunny Saha, Md. Humayun Kabir 
  Abstract: This paper examines the issue of whether or not Bangladeshi investors have behavioural biases when making investing decisions. For the first time, a sample of Bangladeshi investors has been chosen to study the influence of behavioural biases on investment choices. Based on other studies in the field, we carefully selected seven behavioural biases, including overconfidence, conservatism, herding, availability, mental accounting, anchoring, and gambler's fallacy. To investigate the effects of biases on investors, we used a sample of 147 Bangladeshi investors who traded on the Bangladesh stock exchange. We used IBM Amos 21 and SPSS 21 to analyse the impact of behavioural biases on investors' assessments. According to the study, only overconfidence and the gambler's fallacy affect investors' decision-making. We believe the researchers will find this study to help assess how much their biased stock market decision-making has reduced rational investing.
  Keywords: behavioural finance; behavioural bias; investor's decision making; bangladesh stock exchange; rational investing; Bangladeshi investors; contemporary finance.
  DOI: 10.1504/GBER.2025.10059528
   
  
• Nexus of investors' sentiments and firm value
  by Sayyed Sadaqat Hussain Shah, Mário Nuno Mata, Rui Miguel Dantas, Warda Javed, Jéssica Nunes Martins 
  Abstract: This study explores how investors' sentiments affected firm value in the non-financial sector of the Pakistan Stock Exchange from 2015 to 2019. Investors' sentiments are measured using a principal component index (PCA), while firm value is assessed through Tobin's Q formula. Control variables include firm size, leverage, and sales growth to enhance internal validity. A generalised method of moments (GMM) is employed for analysis, with Driscoll-Kraay standard error regression for robustness. The findings reveal a statistically significant impact of investors' sentiments on firm value. Consequently, firm managers are advised to actively monitor sentiment, maintain open communication, safeguard their reputation, prioritise financial performance, and engage stakeholders to counteract negative sentiment effects and uphold a positive company outlook.
  Keywords: investors' sentiments; firm value; Tobin's Q; PSX; GMM.
  DOI: 10.1504/GBER.2025.10059369
   
  
• Herding behaviour of stock market in emerging country: insight from Pakistan  
  by Mahnoor Fatima, Zia-ur-Rehman Rao, Wajeeha Baig, Muhammad Sabeeh Iqbal 
  Abstract: The purpose of this research is to investigate herding behaviour on the Pakistani Stock Exchange. It has been claimed in previous research that herding behaviour is driven by basic information, which promotes swift price changes in response to new information and leads to efficient markets. In this study, daily market data from 2011 to 2020 was used. The cross-sectional absolute deviation (CSAD) approach was used. This paper makes a progressive contribution by investigating the herding behaviour which includes the herding of companies toward the marketplace. Additionally, we studied herding in five quintiles which are arranged according to the firm size. This study found that investors in large companies tend to keep a closer eye on the market than investors in smaller companies. This research may assist regulators in conducting a thorough investigation of market abnormalities, which will result in more efficient market processing.
  Keywords: herding behaviour; cross-sectional absolute deviation; CSAD; quintiles; Pakistan Stock Exchange; PSX; emerging markets; Pakistan.
  DOI: 10.1504/GBER.2025.10061299
   
  
• Do social media sentiments affect investment decisions? A moderated mediation analysis of the relationship between social media sentiments, trust, and investment decisions  
  by Deepshi Garg, Prakash Tiwari, Vijay Kumar Jain 
  Abstract: The study explores the effect of social media sentiments on the social media attitude of investors. The objective is to determine whether an investor's trust in social media sentiments influences social media attitudes while making investment decisions. A standardised questionnaire was made to obtain data from Indian retail investors. The data was evaluated and analysed using smart PLS to investigate the association concerning constructs like Twitter, Facebook and YouTube. Here, investor's trust mediates between social media sentiments and social media attitude, while investment choice is a moderator between social media sentiments and trust. The significant result of this study shows how trust factors affect a person's eagerness to take financial risks and participate in risky securities. Trust also affects investment diversification and individual investor perception. The study offers valuable awareness for individual investors, financial experts, opinion formers, educationists, and other shareholders.
  Keywords: social media sentiments; SMSs; social media attitude; SMA; stock market; investor behaviour; investment choice; trust.
  DOI: 10.1504/GBER.2024.10058158
   
  
• Effectiveness analysis of largest financial inclusion schemes in India  
  by Anand Pandey, R. Murugesan 
  Abstract: The present study attempts to evaluate the effectiveness analysis of largest financial inclusion (FI) schemes named as Pradhan Mantri Jan Dhan Yojana (PMJDY) and its impact on FI in India across states. In the paper, a two-dimensional index, Jan Dhan index (JDI), was created using a number of accounts, and deposit parameters for 28 states and 8 union territories¹ from 2015 to 2020 to access the status of FI in India. The index was created using the UNDP's methodology for index and applying the min-max method of normalisation and Euclidean distance method. The JDI is a two-dimensional index that captures standardised values of Jan Dhan account and deposit dimensions on the scale of 0 to 1, where 0 indicates lowest presence of Jan Dhan scheme and 1 indicates highest presence of Jan Dhan scheme in FI. The study's finding suggests that most of the high-income states are low in JDI, except few BJP ruled states such as Gujarat and Haryana. On the other hand, the most populated states, or the low-income states such as Uttar Pradesh, Bihar, Chhattisgarh, Rajasthan, Assam, and Jharkhand are high in JDI. Bhartiya Janata Party (BJP) ruled states and union territories (including Jammu and Kashmir) have positive growth in JDI.
  Keywords: financial inclusion; FI; banking; PMJDY; Pradhan Mantri Jan Dhan yojana; India.
  DOI: 10.1504/GBER.2024.10057608
   
  

Special Issue on: Sustainable Business Practices in Management, Education, Leadership, Accounting and Finance

• Formation of environmental consciousness in pre-school children through the media: a typology of influence axes  
  by Dafni Petkou, Maria Tsiouni, Michael Vitoulis 
  Abstract: Cultivating values in the media leads to the development of an environmental moral. This study examines how mass media affects preschool children’s environmental consciousness. The 'internal cohesion' and the structural relationships of questions that explain the main effects of the media on children’s attitudes and behaviours have been investigated. The questionnaires appeal to 86 preschool parents. Using principal component analysis, a model was derived for interpreting the 'internal cohesion' of parameters and describing the main influences of media on preschool children’s environmental consciousness. The model reveals five significant components. As a result, mass media have a significant impact on preschoolers’ environmental awareness. Among the factors that contribute to forming environmental awareness among children are the information and knowledge they get from the mass media about environmental problems, as well as events, cinema, and video games. In addition, children should be taught about fires and how to prevent them.
  Keywords: mass media; environmental consciousness; preschool age; principal component analysis; environmental education.
  DOI: 10.1504/GBER.2024.10057456
   
  
• Toward cashless payments? The boost of COVID-19 in the Italian context  
  by Elvira Anna Graziano, Flaminia Musella, Gerardo Petroccione 
  Abstract: This article aims to present empirical research to analyse whether the COVID-19 pandemic has affected consumer payment habits in Italy, which is a nation traditionally more inclined to use cash transactions. The survey was conducted through an interview with 836 citizens from November 2021 to February 2022 and revealed a significant increase in digital payments due to the fear of contagion. Using the chi-square test of independence, we can assess that consumers preferred cashless transactions to reduce the risk of infection and that more financially educated people prefer digital payments, reducing financial risk. Related to these findings, our research also analysed whether the pandemic in Italy has also produced a radical transformation in the social and economic spheres. Based on this, further research may focus on the impact that the pandemic has had on other aspects of consumer behaviour, such as savings and investment decisions.
  Keywords: COVID-19; payment behaviour; payment habits; M-payment; survey; quantitative analysis.
  DOI: 10.1504/GBER.2024.10061653
   
  
• Online dating platforms - and their link to responsible leadership and uncertainty avoidance - the key impact of imagination  
  by Ursula Schinzel 
  Abstract: This research investigates how to make online dating platforms more responsible and acceptable as a means of not only romantic dating, but also of friending and networking. Thus, we also investigate the link between ‘responsible leadership’ and ‘online dating platforms’. Following Hofstede’s cultural dimension ‘uncertainty avoidance’ and Santaro’s ‘imagination’ (Santoro et al., 2018), it shows new concepts for the future, new methods of collaboration, friending, networking, and recruiting where everybody and everything is connected and intertwined, allowing for unlimited imagination and creativity, where everything is possible, without any limitations. The author performed 235 interviews about online dating platforms from 2020 until 2022 and 15 interviews about responsible leadership in 2022. Respondents were contacted on online dating platforms first in writing, then by telephone and later in person, asking them mainly what they lie about or not. Data analyses, implications, and discussions are followed by exploring further research opportunities.
  Keywords: online dating platforms; lies; imagination; responsible leadership; Hofstede’s cultural dimension uncertainty avoidance; digitalisation; ICT.
  DOI: 10.1504/GBER.2025.10062214
   
  
• Examining servitisation as a resource-based competitive advantage  
  by Alessandro Augurio, Laura Castaldi, Clelia Mazzoni, Yioula Melanthiou 
  Abstract: This paper deals with the advancement of servitisation in the Italian manufacturing industries, identifying the service offerings, the performances and the dimensions of servitised firms. Data were collected from 7,840 manufacturing firms. The results show that 45.6% of the selected manufacturing firms undertake servitisation. The provision of product-related services supporting the supplier product (SSPs) seems to be advantageous for firms that are not very large, labelled as product-related servitised firms in the context of this work, because they could exploit existing resources and competencies to create the service offering, enhancing the need for following a resource-based approach to create sustainable competitive advantage.
  Keywords: servitisation; manufacturing firms; resource-based view; RBV; competitive advantage.
  DOI: 10.1504/GBER.2025.10062181
   
  
• The application of problem structuring methods as a response to problem complexity  
  by Harry Kogetsidis 
  Abstract: The world around us is full of complexity and all the big problems that organisations and societies face are in many ways interrelated and messy. Problem structuring methods provide a group of highly sophisticated but non-mathematical approaches which can be used in situations of increased complexity, where the existence of multiple stakeholders with different perceptions, views and expectations tends to be the norm. This paper examines the application of problem structuring methods in situations of high complexity within organisations and society. The findings show that the levels of application of problem structuring methods have increased along with the continuous popularity of multi-methodology. The paper concludes that problem structuring methods can provide a mechanism for dialogue and reflection, deal with the complex human and social aspects of problem situations and provide a response to the high levels of complexity that organisations and societies face in todays turbulent and highly unpredictable environment.
  Keywords: problem structuring methods; PSMs; operational research; complexity; interpretivism; methodology.
  DOI: 10.1504/GBER.2025.10065929
   
  
• International public sector accounting standards in Greek public hospitals: an exploration on the ease of implementation  
  by Konstantia Dalla, Petros Lois, Georgios Makrygiannakis 
  Abstract: Greek public hospitals (GPHs) are adopting the International Public Sector Accounting Standards (IPSAS) in 2025. The paper explores the impact of the level of organisational readiness, the perceived value, as well as two factors shaping organisation culture according to Goffee and Jones, namely sociability and solidarity, on the convenience of IPSAS implementation. Questionnaire responses were received by 143 sampling units, in a population of 375 administrative executives for a total of 125 GPHs. A five-factor structural equation model was used to assess the relation of readiness, perceived value, sociability, and solidarity to the convenience of implementation. The interdependence of the level of readiness, the perceived value, and solidarity relations with the ease of implementation of IPSAS was found to be important, while sociability had no strong connections.
  Keywords: IPSAS; Goffee and Jones; readiness; ease of implementation; sociability; solidarity; organisational culture; public sector; hospitals; Greece; new public management; Greek public hospitals; GPHs.
  DOI: 10.1504/GBER.2025.10067691