International Journal of Electronic Finance (102 papers in press)

Regular Issues

• Artificial Intelligence in Behavioural Finance Using A Sophisticated Decision-Tree Algorithm  
  by Shirley Leo Pereira, Jainambu Gani Abbas, V. Mahalakshmi 
  Abstract: Financial market statistics have been an essential part of the national economy due to their capacity to represent the state of the economy. Due to economic impact, the market failed. This paper introduces an automatic classification approach that detects cyber-bullying without requiring a high-dimensional space. We designed a text classification engine that pre-processes tweets, filters out environmental noise and extraneous information, recovers the chosen features, and classifications without overfitting the data. Due to this limitation, we proposed a sophisticated decision-tree algorithm (SDTA) for analysing the behaviour of financial marketing strategies by employing the artificial intelligence (AI) technique. The Morgan Stanley Capital International (MSCI) World Index-based data is initially gathered. Furthermore, the data is pre-processed using the normalisation technique. Then SDTA is proposed for predicting the behaviour of financial marketing. Moreover, optimisation is employed by utilising the particle swarm optimisation technique (PSO). The proposed method was compared to assess system efficiency. For this goal, feature extraction with the networking model may be suggested.
  Keywords: financial market; national economy; sophisticated decision-tree algorithm; SDTA; artificial intelligence; AI; particle swarm optimisation technique; PSO.
  DOI: 10.1504/IJEF.2025.10057976
   
  
• Factors Affecting the Adoption of E-Payment System in Haryana
  by Arti Gaur, Sanju Verma 
  Abstract: The aim of the research is to discover how different factors and the adoption of e-payments relate to one another. A sample of 200 users was engaged using a developed questionnaire. The analysis of moment structure software was used to do confirmatory factor analysis and structural modelling studies. The data was determined to be internally consistent enough to measure each factor by exploratory factor analysis. Furthermore, confirmatory factor analysis of the data found no problems with convergent or discriminant validity. The research discovered that perceived trust, perceived risk, and attitude had a favourable and significant impact on the adoption of e-payment. However, hedonic motivation was positively but insignificantly correlated with the adoption of e-payment. Surprisingly, there was a negative and insignificant link between social influence and the adoption of e-payments. This study suggests that companies should use more diversified communication channels to promote e-payments among people of all ages. These findings offer significant assistance to service providers, investment firms, and governmental organisations as they develop plans to promote the use of e-payments.
  Keywords: online payment; electronic payment; adoption; digital payment.
  DOI: 10.1504/IJEF.2025.10058388
   
  
• Unearthing The Impact of Service Quality on Customer Satisfaction and Purchase Intention in Online Meal Delivery Services
  by Narinder Kaur, Shamily Jaggi, Harvinder Singh 
  Abstract: This research aims to increase awareness regarding the elements that affect service quality and how they affect the overall quality of service, customer satisfaction, and purchase intentions. The goal is to pinpoint the essential elements in determining how customers perceive and interact with a certain service. This investigation is based on prior work on the quality of service in online meal delivery services. The six service quality attributes framework that is most useful for predicting consumer behaviour is the subject of this study. With various e-service quality features, the outcome is anticipated to increase awareness about varied national cultures. The multiple regression technique was utilised to evaluate the research framework using data gathered from a survey of 313 online meal delivery services in Delhi-NCR. The investigation shows that security, dependability, assurance, application design, and food quality and hygiene greatly impact e-service quality. Traceability does not greatly affect e-service quality. Customer satisfaction, e-service quality, and purchase intention are significantly correlated. To guarantee measurement works across all service industries, future studies should include these criteria. Another online company may need a different scale. Future studies may use focus groups and interviews.
  Keywords: online meal; delivery services; purchase intention; customer satisfaction; e-service quality; consumer behaviour; restaurant business; service industries.
  
  
• Employing Legal Interventions and Policies for the Comprehensive Abolition of Manual Scavenging Practices
  by Satheesh Pushparaj, P.R.L. Rajavenkatesan 
  Abstract: Even after 74 years of independence and the enactment of the constitution of India, which is the highest law of the land and guarantees social justice and fundamental rights to every citizen of India, this is still a distant dream for some subsets of the people who make up society in India. Scavenging is caste-restricted. The Minister of Social Justice and Empowerment reported that 97% of manual scavengers are scheduled caste members, with rare exceptions (Ministry of Social Justice and Empowerment, 2021). Manual scavenging breaches human dignity and ethical employment. Hand-scavenging is one of the most inhumane jobs today and one of the oldest types of caste discrimination. Manual scavenging causes untouchability. This study focused on manual scavengers, who often laboured for life for little pay. Most must work for minimal pay or risk losing their jobs. The running competition says job loss is the worst fear. The Indian Constitution guarantees the right to employment, including decent labour. Everybody can work. No one can stop Indians from working in any legal field. Despite decades of legal and political efforts to stop it, lower-class individuals are exploited and degraded for profit.
  Keywords: discrimination; freedom to work; government; judicial; manual scavengers; untouchability; ethical employment; railway administrations; fundamental sanitary.
  DOI: 10.1504/IJEF.2025.10058655
   
  
• An Empirical Study on the Perception and Satisfaction of the Policyholders towards Health Insurance
  by Kaliyammal Velu, P. Mohanasundaram 
  Abstract: Health insurance generally delivers straight reimbursement to the sanitarium (cashless installation), repays the charges related to ails and grievances, or spends static assistance on the circumstance of an illness. The insurance content was substantially narrowed to life and automobiles. Service quality is judged by comparing consumer expectations with facility recital. The health plan specifies which medical bills will be covered in advance. Life insurance protects your family financially if the insured dies. Health insurance protects tone and family against financial disasters like death. A health guard policy’s principal goal is to provide policyholders with a low-cost cash return in medical emergencies. It reduces emergency hospitalisation costs. Health insurance covers unexpected medical expenses. The demographics of Dharmapuri district health insurance policyholders reveal service quality and perception to investigate the insured’s biggest health insurance business and agent difficulties. Secondary sources augmented primary data. The study used quarterly reports, websites, IRDA publications, periodicals, and journals for secondary data. Propionate stratified slice had 282 of 1,074 individuals. ANOVA, correlation, and descriptive statistics kept the analysis going.
  Keywords: health insurance; sanitarium; quality of services; policyholders; hospitalisation; financial return; perception and satisfaction.
  
  
• Article 282 And Centrally Sponsored Scheme (CSS)-A Spring of Federal Strain
  by Jai Ganesh M, Rabbiraj C 
  Abstract: The financial transfers made by the federal government to the states serve as a major source of funding for Centrally Sponsored Schemes (CSSs). These programs, which were created and received some funding from the federal government, are implemented by the state governments. Budget estimates for 2021-2022 indicate that around 25% of the fiscal transfers to states will go to CSSs. However, it has been questioned whether Article 282’s provisions regarding discretionary grants accord to the structure of the original constitution. The purpose of Article 282 was not to alter the Union’s relationship with the states significantly. If that had been the plan, the complex ties between the shares, grants, and assignments would not have been necessary. It does not seem necessary for the centre to be able to assist the states through two separate articles (Articles 275 and 282), one through the Finance Commission and the other through executive authority. Even parliamentary legislation is not necessary for executive discretion. This empirical analysis reveals how CSSs and Article 282 undermine fiscal federalism in India.
  Keywords: federalism; intergovernmental fiscal transfers; IGFTs; Planning Commission; discretionary grants; Article 282; Centrally Sponsored Schemes; CSSs; state government; fiscal federalism.
  DOI: 10.1504/IJEF.2025.10059116
   
  
• Factors Influencing Internet Banking Adoption during COVID-19: A Comparative Study among the Selected Public and Private Banks in Bangladesh
  by Imtiaz Masroor, Farzana Akther, Md. Noor Un Nabi 
  Abstract: Though it is found that the users are gradually shifting towards adopting internet banking, several factors create a strong barrier against it. This study is conducted to find out the factors that influence Bangladeshi bank users to adopt internet banking. There are seven factors taken and were tested using non-parametric measures as the data collected using structured questionnaire from 150 respondents from six banks are found to be non-normal. This study found a statistically significant difference in all the seven factors among the six banks and between public and private banks taken in this study. This study provides a unique perspective on the factors affecting adoption of internet banking during COVID-19 pandemic. As the worldwide impact of this pandemic resulted in nationwide lockdown, people are induced to satisfy their banking needs online. This study provides unique insight regarding the condition of online services provided by the banks in Bangladesh.
  Keywords: internet banking adoption; emerging economies; Kruskal-Wallis H test; Mann-Whitney U test; Bangladeshi banks in COVID-19.
  DOI: 10.1504/IJEF.2025.10059152
   
  
• Scroll To Success: Unveiling the Impact of Social Media Marketing on Women's Cosmetic Product Purchasing Behavior
  by Shahina Begum, Densingh Joshua Israel 
  Abstract: As women’s social involvement and employment have become more institutionalised, cosmetics have grown significantly as a form of self-expression and self-image projection. With the development of social media, businesses in the beauty industry now have a powerful tool for reaching their target market and promoting their goods. This study examines how social media marketing affects women’s cosmetics purchasing decisions. The study focuses on Tamil Nadu s female internet shoppers who purchase cosmetics through social media or online retail websites. The findings of this study reveal several key insights regarding the impact of the social media platform, attribute (AT), satisfaction (SA), customer intention, and trust (TR) on the buying behaviour of women in the context of cosmetic product purchasing. Customer purchase intention (CPI) strongly predicts actual buying behaviour (BB), suggesting that effective marketing campaigns can stimulate favourable intentions and drive conversions. Customer intention, influenced by social media, was a weak predictor for actual purchasing behaviour. Customer satisfaction and customer intention were found to be significant predictors of actual shopping behaviour, whereas trust was found to play significant roles in shaping female consumers’ purchasing decisions. This study provides valuable insights into how social media influences consumers’ buying behaviour for cosmetic items.
  Keywords: Social media; Consumer Behaviour; Cosmetic Product; Purchasing Behavior; Buying Behaviour; Customer Intention; and Trust; Technology Acceptance Model (TAM).
  DOI: 10.1504/IJEF.2025.10059221
   
  
• Effect of COVID-19 on Migrant Workers' Income in India's Manufacturing Sector
  by Dhirendra Bahadur Singh, RAVI KUMAR GUPTA 
  Abstract: India experienced a COVID-19 pandemic in January 2020, causing a 1.3 billion lockdown, severely impacting the migrant workers of the manufacturing sector, 122 million job losses, and a declining standard of living. This paper examines the economic vulnerability and the impact of COVID-19 on the income of internal migrant workers in manufacturing units in Uttar Pradesh, India. Data from 385 informal workers were collected, with 145 being in internal migration. The economic vulnerability of migrant workers lies in the manufacturing sector. More than 80% of migrant workers are at a high level of economic susceptibility. At the same time, the percentage of inter-state migrants is higher on the high level of the vulnerability index. Unemployment for more than six months was higher in intra-state migrants, and over half of the migrant workers were infected by the virus, resulting in daily wage losses. The study highlights the need for specific interventions to address these issues. Social protection systems, more job possibilities, equitable wages, and improved health and safety should all be priorities for policymakers.
  Keywords: COVID-19; migrant workers; informal workers; income loss; economic vulnerability index; EVI; manufacturing sector.
  DOI: 10.1504/IJEF.2025.10059425
   
  
• An Investigation into The Impact of Human Resource Analytics on Strategic Decision Making in The Financial Services Industry
  by Ahmad Bani Ahmad, Srinivas Kolachina, Prasuna Sankar Kuragayala, E. Hymavathi, Dilmurod Nasimov, Meeta Joshi 
  Abstract: This research study intends to investigate how strategic decision-making in the Indian financial services sector in Guntur is affected by HR analytics. The study employs a quantitative research design and includes 88 HR professionals working in Guntur’s banking and financial services industry as its sample size. Since the dawn of the twenty-first century, information technology, defined by electronation, technological advancement, and networking, has advanced swiftly worldwide. Technological innovation has already touched the economy and society, which has also altered the planet’s political, social, cultural, and economic landscape. Data is collected via a questionnaire on HR analytics, strategic decision-making, and their effects. The study reveals that HR analytics improves financial services strategic decision-making. HR analytics enable data-driven hiring, training, and performance management decisions. HR analytics may also assist companies identify areas for improvement and implement adjustments to improve performance. This study strengthens the case for HR analytics in financial services. The report recommends HR analytics to improve strategic decision-making.
  Keywords: human resources; HR; HR analytics; strategy; decision making; financial services; data management; talent evaluation; analytics in HR; channel management.
  DOI: 10.1504/IJEF.2025.10059426
   
  
• Meta-analysis of Cryptocurrency Adoption Literature: An Investigation of Individual and Contextual Moderators
  by Mohit Verma 
  Abstract: This paper synthesises the fragmented and conflicting findings of 29 quantitative studies on cryptocurrency adoption behaviour using a meta-analysis approach to generalise the hypothesised associations. Accordingly, the most significant antecedents of cryptocurrency adoption behaviour are perceived usefulness, ease of use, social influence, perceived behavioural control, attitude, trust and personal innovativeness. The moderator analysis confirms that the countries’ cultural dimensions, economic development, and innovativeness level, impact conceptual relationships. Furthermore, the COVID-19 pandemic increased the magnitude of association between perceived usefulness, perceived risk, perceived behavioural control and behavioural intention. This study is one of the initial meta-analyses on cryptocurrency literature, aimed to advance the literature by adding a comprehensive understanding of antecedents that influence behavioural intention to adopt cryptocurrencies. The results of these studies have implications for both the academicians and as well as for the practitioners interested in promoting cryptocurrency and theoretical underpinning for future researchers.
  Keywords: cryptocurrencies; technology acceptance model; meta-analysis; COVID-19; investors’ behaviour.
  DOI: 10.1504/IJEF.2025.10059638
   
  
• Assessing the Employment Security of Sri Lankan Tamil Camp Living Refugees in Tamil Nadu, India
  by Maneesh P, SHAMEEM C. C, Muniyandi C 
  Abstract: Sri Lankan Tamil refugees are moping in refugee camps without protection for their fundamental rights, including the opportunity to work and increase financial autonomy, which is crucial to rebuilding their dignity and self-esteem after a terrible experience with their nation. Since India has not ratified any refugee convention or other international instrument, the best way to attribute to it a commitment to refugee rights is to widen universal human rights and worldwide humanitarian law to include refugee law and refugee protection. This study examines livelihood security for Sri Lankan Tamil refugees in India. 1,000 camp-living refugees from Madurai, Tiruvallur, Erode, Tiruvannamalai, and Vellore were surveyed. The study indicated that refugees’ economic conditions had not changed after three decades in the host country. Their refugee status limits their economic progress. Lack of livelihoods and constraints has slowed their development. 76.1% had trouble getting a work, while 23.9% did not. The camp’s remote location affected 28.1% of respondents. The camps’ remoteness and poor educational and skill levels reduce work stability. Refugees’ labour boosts the host nation’s economy. Refugees need improved policies and an unrestricted camp to live better.
  Keywords: statelessness; landlessness; economic security; livelihood sustenance; local integration; refugee status; relief assistance; India.
  DOI: 10.1504/IJEF.2025.10059745
   
  
• Performance Analysis and Forecasting of Selected Large Cap, Mid Cap and Small Cap Mutual Funds
  by Chinta Sam Sundar, Vedala Naga Sailaja 
  Abstract: Mutual funds have risen significantly in the previous two decades. Recently increasing initiatives and finance have boosted Indian mutual fund schemes. Mutual funds have risen rapidly in the last two decades. Mutual funds are relevant in the global economy because of their unique edge over other investments. The Indian mutual fund business has grown due to increased initiatives and money mobilisation. Large-cap funds need more risk tolerance and longer trading horizons. Mid-cap mutual funds are unrestricted equity funds that invest at least 65% in mid-cap firm equities. Mid-cap companies attempt to balance risk and return and have growth potential compared to large caps due to investing in growth-stage firms. Unrestricted bond mutual funds that focus on small-cap equities are called 'small-size mutual fund managers' . Thus, this study employs the ARIMA model to analyse the performance of 15 funds, 5 from each section, using returns (calculated from net asset values) data from December 2017 to December 2022. The funds' returns are expected from January through December 2023. The best big size, mid-cap, and small-cap funds, according to the analysis, have steady and greater returns.
  Keywords: mutual funds; large-cap; mid-cap; small-cap; net asset value; ARIMA; growth-stage firms; Indian mutual fund.
  DOI: 10.1504/IJEF.2025.10059746
   
  
• Dynamics of Human Capital Investment and Firm Performance: MSMEs Context
  by Navjot Kaur, Balwinder Singh 
  Abstract: Given the importance of MSMEs to the Indian economy, this study explores the dynamic interdependency between human capital investment and firm performance in the context of the government of India’s support for these businesses. A dataset of 42 Indian MSMEs from 2006 to 2020 is used in the analysis, which also uses impulse response analysis and panel vector autoregression (VAR). The empirical results show that investments in human capital (HC) have a negative effect on sales but a favourable effect on firm value. The Granger causality test also shows a bidirectional association between HC investment and company performance. The findings are analysed for theoretical, managerial, and policy implications. Human capital development can affect numerous performance indicators, thus organisations should carefully allocate resources for it. This data helps managers choose HC investment strategy. The Indian government should help MSMEs grow human capital to boost business value. MSMEs may benefit from information exchange, skill development, and training policies. The study’s conclusion suggests further research on industry-specific moderators and how human capital investment influences business performance.
  Keywords: human capital; investment; firm performance; micro; small and medium enterprises; endogeneity; panel vector auto regression; Tobin’s Q; economic growth; capitalist accumulation; unification.
  DOI: 10.1504/IJEF.2025.10059747
   
  
• GLOBAL RESEARCH TRENDS ON BLOCKCHAIN TECHNOLOGY IN FINANCE: PAST, PRESENT AND FUTURE
  by Rachana Jaiswal, Shashank Gupta 
  Abstract: The intense interest that blockchain technology has ignited among academia and corporate leaders has spurred keen scrutiny of the finance industry’s current knowledge. Nevertheless, the lack of a comprehensive evaluation of blockchain research in finance creates a void in the scholarly literature. This study utilises bibliometric analysis using VOSviewer, RStudio bibliometrix, and CiteSpace to scrutinise a sample of 1,065 Scopus-indexed publications meticulously. This study uncovers central themes and trends in blockchain research by identifying highly productive authors, influential nations, and impactful publications and utilising sophisticated techniques like burst detection and keyword-based cluster analysis. It underscores the immense potential of blockchain technology to revolutionise the financial industry and advance sustainable development goals. However, blockchain technology’s complex policy and societal implications require collaboration among diverse stakeholders to ensure its benefits to society. Therefore, future research must prioritise exploring blockchain’s potential to promote financial inclusion, innovation, transparency, accountability, and sustainable development.
  Keywords: blockchain technology; finance; sustainable development goals; SDGs; financial inclusion; bibliometric analysis.
  DOI: 10.1504/IJEF.2025.10059748
   
  
• A Combined Deep Learning Approach for Fraudulent Detection in The Financial Sector
  by Nripendra Das, Sivashanmugam C, Sameer Shekhar 
  Abstract: One of the crucial topics in the banking sector is fraud detection (FD). The involvement of fraud has significantly increased as new technologies are introduced daily. The main reason why current algorithms cannot accurately identify fraud is because of ineffective feature learning and prediction methods. Most work only concentrated on a few parameters to identify fraud. In reality, though, fraudsters quickly change their identities and other traits. By integrating the two data mining techniques of optimum feature learning (OFL) and precise classification methodologies, this research finds a solution to the issue. The tri-teaching learning (TTL) optimisation approach is used after the system initially gathers the financial data. Then, the fully recurrent neural network (FRNN) algorithm divides the data into legitimate and fraudulent categories. In trials, the proposed feature learning and deep detection methodology improves accuracy (around 98%), precision (93%), and recall (92%).
  Keywords: fraud detection; data mining; deep learning; financial sector; feature extraction; fully recurrent neural network; FRNN; optimum feature learning.
  DOI: 10.1504/IJEF.2025.10060194
   
  
• Exploring Career Intention of Unemployed Youths to Participate in Skill Development Training
  by S. Lakshmi Devi, Simanchala Das, BISWAJIT ACHARJYA 
  Abstract: The unemployment amongst the rural youths in India remains a critical and significant concern. This urgently requires the stakeholders to address this pertinent issue by designing and implementing various skill development training programs to improve the employability of the educated unemployed youths in India. However, there is a problem with the active participation of the potential beneficiaries in the training due to their differing intentions. The previous models used to assess training participation suffer from self-reporting biases, determining the participant’s actual intention difficult. To address these difficulties, we examined TPB's predictive power in predicting unemployed teenagers' career intentions toward DDUGKY, a government-sponsored plan. PIA-selected convenience sampling was used to present a structured questionnaire to 518 jobless youngsters from three Andhra Pradesh districts. The Smart PLS 3 platform used PLS-SEM for data analysis. Attitude, subjective norm, and perceived behavioural control predicted career intention by 71.4 and training engagement by 88.2%. Our study, which employed TPB as a basic theory, had stronger predictive validity than previous training participation models. Policymakers, government agencies, and stakeholders creating and executing skill development programs to reduce rural unemployment can learn from the study.
  Keywords: heory of planned behaviour; TPB; Deen Dayal Upadhyaya Gramin Kushalya Yojna; DDUGKY; career intention; skill development; program implementation agency; PIA.
  DOI: 10.1504/IJEF.2025.10060338
   
  
• The Effects of The Covid-19 Epidemic on Peruvian Nurses' Occupational Stress and Quality of Performance
  by Vicenta Li-Bardales, Norma Ramirez-Asis, Uvaldo Cuno-Chunga, Edwin Asnate-Salazar, Ursula Lezameta-Blas, Edwin Hernan Asis 
  Abstract: This study examines job stress and nurse performance in the emergency department of the Uldarico Rocca Fernandez Hospital in Villa El Salvador, Peru, during the COVID-19 pandemic. The study populations socio-demographic features and physical, social, and psychological stress levels were identified for this purpose. This was done using a quantitative, descriptive, cross-sectional study. 73 nurses, 42 graduates and 21 assistants completed a 34-item questionnaire. We observed extra dangers for frontline nurses. We observed that personal COVID-19 experiences greatly affect medical status, corroborating earlier research. SPSS 26 statistically analysed data. The Uldarico Rocca Fernandez Hospital in Villa El Salvador, Peru, accommodated 73 participants, 42 nursing graduates, and 21 nursing assistants. Research personnel report moderate stress in the first setting (52.10%), high stress in the second (87.50%), and low stress in the third compared to the physical environment (which generates the most stress) (56.30%). Men 2130 and 4150, married or divorced, auxiliary, and 2630 years in the military have greater mild stress. COVID-19 nurses were less stressed, improving teamwork. All essential staff assured study participants enthusiasm. The Villa El Salvador, Peru, Uldarico Rocca Fernandez Hospital could benefit from similar investigations.
  Keywords: COVID-19; quality of performance; nursing stress scale; job stress; multivariate examination of interaction; various psychological and sleep problems.
  DOI: 10.1504/IJEF.2025.10060468
   
  
• Is Right to Health Include Right to Access to Adequate Clean Water? - A Constitutional Perspective on Quality of Life
  by Mahalakshmi J 
  Abstract: Individual Mother Earth is the greatest gift from the universe since it offers many necessities for human survival, including commodities and services. The future of humanity depends on natural conservation. The priceless resource that sustains life is water. Even great civilisations have formed in Nile, Indus, Tigress, and other river valleys. Rapid urbanisation, industrialisation, and population growth degrade water supplies. The main cause of epidemics and viral fevers is water contamination. Typhoid fever, bacillary dysentery, gastroenteritis, cholera, and others are often caused by water pollution. Due to increasing urbanisation and industrialisation, water source contamination has become a major environmental pollution issue. However, the amount of water supplied is fixed, making water scarcity in quantity and quality serious. This study investigates the origins of water pollution generated by human exploitation in a limitless manner, focusing on hazardous bacteria, pathogens, and chemicals that cause serious health difficulties in drinking water. This article examines the concept of Right to Life under Article 21 and focus Right to Life in the context of the Right to Health, which could be structured to enlarge to cover the Right to Adequate Access to Safe Drinking Water.
  Keywords: health includes right; urbanisation and industrialisation; safe drinking water; population growth; human exploitation; hazardous bacteria; humane living; water and health protocol.
  DOI: 10.1504/IJEF.2025.10060482
   
  
• Compulsory License of Cancer Drugs: Patent Vs. Price
  by Mariya Fatma, P.R.L. Rajavenkatesan 
  Abstract: Cancer is one of the deadliest diseases, progressively affecting global populations and contributing to rising morbidity rates. A significant obstacle in oncology is enhancing patient access to expensive, life-saving cancer drugs unaffordable to their income. One of the reasons for the high price of cancer drugs is that these drugs are patented, allowing the pharmaceutical industry to rule the market for a limited period. Though patent law gives a monopoly to the patent holder, at the same time, it also provides the mechanism of compulsory licensing, which the states can deploy to make the drugs accessible in terms of availability as well as affordability. Though compulsory licensing has been used limitedly and for certain diseases only, it is necessary to utilise the mechanism for providing wider access to cancer drugs. The article aims to analyse the provisions of compulsory licensing under the TRIPS Agreement and the DOHA declaration and their importance in providing access to pharmaceutical drugs. It also aims to analyse the future role of compulsory licensing in providing access to cancer drugs in developing countries, especially India.
  Keywords: cancer drugs; compulsory license; DOHA declaration; patent law; and TRIPS agreement; human immunodeficiency virus; HIV.
  DOI: 10.1504/IJEF.2025.10060641
   
  
• A Study on Unfolding Asymmetric Volatility in Selected IT Stocks in NSE
  by Krishnamurthy Subramanya Suryanarayana, V.S. Prasad Kandi, K. Ravi Kiran Yasaswi 
  Abstract: The day trading of Nifty Index futures uses the generalised autoregressive conditionally heteroscedastic (GARCH) model to determine volatility. Our study aims to assess the asymmetric volatility of historical data and forecast future volatility for a small number of carefully chosen giant IT stocks that have been included in the NIFTY IT Index often over an extended time. Preliminary tests like the Ljung Box Test and the Lagrange Multiplier Test are used to get a clear picture of the volatility. The National Stock Exchange, a stand-in for the NSE, was studied for asymmetries. A prior study examined asset prices and volatility in the Indian stocks market. The investigation assessed volatility using asymmetry GARCH. The model limits volatility. EGARCH also captured asymmetric volatility. After determining volatility, the GARCH technique with the GARCH (1, 1) order is used to test statistically. As a result, the NIFTY IT Index exhibits asymmetric volatility. This study shows that open interest has a smaller impact on volatility than volume and that noise trading occurs when there is a complete lack of bidirectional causality in any one occurrence.
  Keywords: National Stock Exchange of India; Information Technology; Daily Returns Volatility; Casula Relation; Generalised Autoregressive Conditionally Heteroscedastic Model; Asymmetric Volatility,.
  DOI: 10.1504/IJEF.2025.10060812
   
  
• Firms Performance and Cryptocurrencies: A Comparative Study before and after COVID-19
  by Abdullah Alajmi 
  Abstract: The primary objective of this study is to investigate the correlation between firm performance and cryptocurrencies while highlighting the significance of blockchain technology in promoting transparency in financial statements. Our findings demonstrate that the impact of cryptocurrencies on firm performance during a COVID-19 outbreak is varied, with mixed results. Specifically, profitability is partially positively influenced by profit but negatively influenced by stakeholders. Moreover, there is a decrease in cash flow from operating activities. It is important to note that our data is limited to a single country, and the lack of legislation surrounding cryptocurrencies in the accounting field is concerning. Additionally, we observed that the level of knowledge about cryptocurrencies differs between our country and others, potentially influenced by cultural factors. The timeframe of our dataset may also influence the understanding of cryptocurrencies and their relationship with firm performance within Kuwaiti firms. Lastly, to the best of our knowledge, our study is the first to examine the impact of COVID-19 on provincial business performance and the utilisation of cryptocurrencies in Kuwait and the broader Middle East region.
  Keywords: cryptocurrency; firm performance; COVID-19; Bitcoins; cultural factors.
  DOI: 10.1504/IJEF.2025.10060813
   
  
• E-HRM: A New Panorama for Retaining Sustainable Employees and Creating Employer Brand
  by E. Hymavathi, Kalpana Koneru 
  Abstract: In the age of commercial digitisation, nothing is exempt from the incredible achievements of science and technology, and the banking and financial sectors are no exception. The unique idea of online human resources management (E-HRM) is developed by applying information technology concepts to the human resources management process. Ensuring that the HRM process is equitable strengthens organisational devotion and works wonders for creating an employer brand. Office politics may negatively impact employee engagement. Because every microtask is automated and recorded while using E-HRM, there will not be any personal politics. This boosts employee retention and recruiting. E-HRM studies on hospitality must identify cultural qualities and devise tools to measure them. Understanding the organisational climate helps optimise service delivery by identifying administrative strengths and weaknesses. Online companies need an E-HRM department. This study explains e-fundamentals HRM’s and value-based philosophies. Additionally, employee value proposition process transparency improves greatly. Numerous international case studies have shown that computerised human resource planning outperforms traditional human capital management practises, especially in commercial organisations. Four research hypotheses were tested in the suggested work and found valid. When E-HRM is adopted at higher levels, organisational performance improves.
  Keywords: electronic human resources management; E-HRM; organisational commitment; employer branding; employee engagement; employee value proposition; employee attraction and retention; degree of performance.
  DOI: 10.1504/IJEF.2025.10060919
   
  
• Develop A Critical Success Factor Framework for Improving Requirement Elicitation Impacting Software Quality Management
  by Udhayakumar S. P., M. Sivasubramanian 
  Abstract: The requirements engineering (RE) process is not specifically covered in any of the existing software process improvement (SPI) standards, which instead treat it as one of several activities that make up the entire development process. According to research, improving the RE process has to receive more attention if excellent software is to be produced. This research expanded the idea of crucial success elements in order to enhance the RE process (CSFs). Using the quantitative method, the survey has been conducted. Our findings demonstrate that the elements of the requirement elicitation process, like stakeholders’ interest, stakeholder’s knowledge, stakeholder’s role, negotiation capacity, learning capacity, perceived utility factors, and semi-autonomous influence the quality of software development. Additionally, this study finds the moderating impact of communication skills on the relationship between the requirement elicitation process and Software quality development. Our findings also discussed that CSFs across practitioner groups share more characteristics than they do variances. It demonstrates that RE professionals are aware of the perception of IT employees towards the Requirement engineering for process improvement.
  Keywords: requirement elicitation; software quality management; communication skill; quantitative method; stakeholder’s knowledge; impact of communication skill; perception of IT.
  DOI: 10.1504/IJEF.2025.10061046
   
  
• Blockchain Technology in the Investment Domain: A Bibliometric Analysis
  by Shubhangi Gautam, Pardeep Kumar 
  Abstract: Blockchain technology has significant implications for investments and has opened up new opportunities for investors by providing a more secure and decentralised system for financial transactions. Therefore, the study employs bibliometric analysis to assess how blockchain technology growing in the investment domain. A bibliometric analysis of the biographies of articles published in the category of blockchain and investment trends is carried out using the VOSviewer tool and Scopus analysis. A total of 165 publications were taken from the Scopus database to analyse the patterns in this field. We studied the total number of citations, the most-cited papers, authors and journals, notable organisations and country contributions. This study offers insight into the top five renowned journals of investing and blockchain trends in addition to listing the top ten most substantial articles with their years of publication and total citations. In addition, during the past few years, publications and citations in the disciplines of investing and blockchain trends have been most frequently received by Germany, the Netherlands and the USA. This analysis also identifies and critically examines the top five journals in the specialised field with the greatest SNIP, SJR and citation scores.
  Keywords: bibliometric; blockchain; cryptocurrency; investment.
  DOI: 10.1504/IJEF.2025.10061055
   
  
• Contagion Effect of Priority Sector Lending of Banks on Non-Performing Assets: A Special Reference to Loan Disbursement to Self Help Groups
  by MUHAMMED SHAFI M.K, Shaik Saleem, Praveen Kakada 
  Abstract: For the last few years, bad loans and NPAs have been a significant cause of concern within India’s banking sector, with priority lending sectors generally regarded as one of the main factors behind them. This study aimed to analyse the impact of the priority sector lending (PSL) norm of the Reserve Bank of India (RBI) on the banking sector, especially on non-performing assets (NPAs). Since the self-help groups (SHGs) are one of the major lending categories under this norm, the study analysed the overall progress of SHGs and sector-wise banking contribution to the eight PSL categories of the primary economic sectors. For the study, aggregated data on credit deployment to priority sector and NPAs was collected from the RBI database for public, private, and foreign banks. Statistical tools like correlation, structural equation modelling, and ordinary least squares have been incorporated to meet the study’s objectives. The results indicate a negative relationship between the gross NPA of banks and loan disbursement to the SHGs over the years, and all the bank groups continue to attain the 40% prescribed target of PSL, especially private sector banks.
  Keywords: priority sector lending; PSL; self-help groups; SHGs; credit deployment; micro credit; non-performing asset; NPA; bank linkage programs; micro finance institutions.
  DOI: 10.1504/IJEF.2025.10061146
   
  
• An Analysis of Awareness and Understanding of Corporate Social Responsibility among Indian Consumers
  by Santanu Kumar Das  
  Abstract: India was the first country globally to include a CSR compliance obligation into law that included a quantification requirement for enterprises. In addition, the provision institutionalised CSR practice by establishing standards for penalising corporations and the persons in charge of CSR-related activities. Despite growing interest in social responsibility for businesses, we still know relatively little about how perceived CSR works and how it affects how customers behave. Little is known about how brand trust affects brand advocacy. Consumer perceptions of CSR effect brand advocacy directly and indirectly, according to this study. This study examines CSR and consumer loyalty, particularly brand trust, and proposes a structure. This was done alongside the prior point. The study examines the factors that distinguish a CSR effort from its competitors to attract a wider audience, the influence of CSR perception on customers, and consumer knowledge of CSR activities. The questionnaire included closed-ended questions to avoid information bias. Employees of many Indian companies could participate in the election. Women and middle-aged men are more familiar with CSR than other demographic groups, according to empirical studies. In addition, revenue is not expected to predict corporate understanding of environmentally friendly projects.
  Keywords: corporate social responsibility; CSR; consumer awareness; CSR policy; banking survey; support for brands; consumer perceptions; Indian companies; economy’s growth; India.
  DOI: 10.1504/IJEF.2025.10061226
   
  
• The Relationship Between Inclusive Leadership and Employee Green Behavior: The Mediating Role of Perceived Organizational Support  
  by H. Hari Harasudha, Balasubramanian K., S.A.Vignesh Karthik, Baiju P. Samuel, Maya Rathnasabapathy 
  Abstract: This research aims to examine the correlation between inclusive leadership and employee green behaviour, with the mediating influence of perceived organisational support, among employees of chosen home appliances manufacturing companies. The data collection includes a questionnaire survey from 125 employees of various departments of the selected home appliances company. The study used the correlation to examine the connection between the factors. The Hayes process is used to assess the mediating effect. The studies indicate that inclusive leadership, perceived organisational support, and employee green behaviour are highly associated. The result also says that path ‘a’ and path ‘b,’ which is an indirect effect, show a positive effect, which means the full mediation effect prevails. It can be concluded that as the leaders are open, supportive, and sharing their vision with followers, they can foster environmental green behaviour in the organisation and support the environmental policy of the organisation.
  Keywords: inclusive leadership; employee green behaviour; EGB; perceived organisational support; POS; corporate social responsibility; CSR; environmental sustainability; Hayes process.
  DOI: 10.1504/IJEF.2025.10061331
   
  
• A Holistic Framework to Examine the Effects of Women on Profitability and Corporate Social Responsibility  
  by AVANTIKA RAINA 
  Abstract: How do female and independent directors effect social conscience and financial success? Evaluation of the playing surface and executive directors is an effective business management strategy in nations with growing capital markets. Upper-echelon theory was used to create a publicly available index of directors’ qualities to manage gender diversity and the economy. The study adds to knowledge by employing a composite indicator of financial performance created by applying the multiway technique to panel data and by developing ten CSR panel models using five financial indicators and two gender diversity proxies. The results show that gender diversity on boards improves CSR reporting significantly. We see no outside directors affecting CSR reporting. Non-executive directors on a board have minimal influence over CSR reporting decisions; hence, their existence is essentially immaterial nationally. Controlled variables like leverage, board size, and board meeting frequency strongly affect CSR reporting. Our findings provide a new viewpoint on social responsibility reporting, particularly in India. We also get reliable results when other parameters are included. Our study has broad consequences. Our study adds to CSR knowledge. It emphasises the need for autonomous female and director roles in CSR reporting decisions.
  Keywords: sustainability investment; open innovation; independent directors; female managers; CSR reporting; corporate governance; upper-echelon theory; non-executive directors.
  DOI: 10.1504/IJEF.2025.10061444
   
  
• Post-Pandemic Effect of Corporate Social Responsibility on Firms - Enhancement and Upgradation Facts  
  by Sameer Kumar Kolli, Akondi Srikanth 
  Abstract: Corporate social responsibility (CSR) is a private form of self-regulation that aims to contribute to goals of society that are self-motivated and charitable. Organisations take responsibility for society to impact their activities on shareholders and customers, suppliers and employees, environment and community in every aspect of their operational activities. In the field of CSR practice during the pandemic, focusing on the ideas of the future (post-pandemic) attributed to current circumstances. Additionally, to take tangible steps in virology research to address CSR programme organisation factors that can ease technology procurement responsibility. This report covers key CSR contributions and improvements in firms and government policies updated during and after the pandemic. Companies expect revisions and legislation to assist CSR firms comply with government policies. The research also highlighted the opportunity seeker in businesses' shift toward true and genuine CSR that addresses global social and environmental issues. The paper focuses on Indian legal code and conduct facts and potential reach that fruitfully leads research in strategic endeavours.
  Keywords: Corporate social responsibility; organizational identification; COVID; enhancement; operational activities; job embeddedness; promotional activities; ethical customer decisions.
  DOI: 10.1504/IJEF.2025.10061446
   
  
• Are Investors moving towards Robo-Advisory Services?  
  by Parth Shah, Amola Bhatt 
  Abstract: The present research aims to understand the usage intention of investors toward robo-advisory services in the Indian context. The UTAUT model, along with two new variables, risk tolerance and financial literacy, was reviewed to study their effect on the usage intention of investors. Performance expectancy, social influence, and facilitating conditions have a significant positive effect on the usage intention of investors towards robo-advisory services. The study also finds that the level of risk tolerance and financial literacy of the investors negatively affect the usage intention of investors towards robo-advisors. Gender and the education level of the investor significantly moderate the effects of financial literacy and social influence on usage intention, respectively. This study will help the financial service providers understand how to raise awareness and adoption rates of robo-advisory services.
  Keywords: fintech; robo-advisory; digital investment management system; UTAUT; financial literacy; FL; risk tolerance; RT.
  DOI: 10.1504/IJEF.2025.10061755
   
  
• Technophobia and ICT Device Adaptability in Financial Services Workers  
  by Herald M. Dhas, R.Jackulin Ancy, Santhiya Sreejith, R.Kavitha Rani 
  Abstract: As the use of ICT equipment permeates the knowledge workforce, the study of technophobia, as well as the impact of technology on people’s professional and personal lives, becomes increasingly important. This study extracts numerous work-life balance characteristics and links their relationships with workers’ adaption to ICT gadgets. The rapid advancement of technological advances has outpaced society’s expectations. Technical discoveries are frequent and stressful for many workers and students in technology organisations. Working people often experience technological stress. We do not know how much techno-stress affects higher education workers’ physical and emotional health or job performance. Qualitative methods were used. When technology malfunctioned, workers were more concerned about it because they could not regulate it, which negatively affected worker outcomes. This study also examines whether personal variables like gender, age, and geography affect workers’ adaption to technology and their work-life balance. 256 respondents from five financial services sector professionals in the study area provided data for this study. The study found that workers’ location affects their technology adaption and time management, which are critical to work-life balance.
  Keywords: adaptability; ICT devices; work life integration; technophobia; financial services; industry workers; substantial relationship.
  DOI: 10.1504/IJEF.2025.10061766
   
  
• Digital banking as a buffer between adoption, use, and effects on the digital economy  
  by Hasman Hasyim, Sarika Keswani, Nasir Abdul Jalil, Gioia Arnone, Bestoon Othman, Hashem Ali Almashaqbeh 
  Abstract: Banking is one of the most important factors in economic development since banks directly touch the people and the country’s economic concerns. As a result, banking institutions are considered one of the Indian economy’s most significant pillars. The state’s practically entire economy is now covered by the digital banking system as the banking industry’s interactions with the people have become more digital. Massive advances in productivity, service quality, and reach show how digitisation has affected the global economy. The success of e-commerce is largely attributable to the phenomenal growth of numerous digital payment technologies, such as card processing technology solutions like card payments, e-cash, payment gateways, e-payments, smart cards, mobile money, wallets, etc. In this regard, it has been investigated how older banking clients’ use of the service is impacted by their adoption of digital banking. Previous studies found that elderly people resisted digitisation owing to ignorance, a lack of understanding, a poor attitude caused by ignorance, etc. Many studies show that elderly people are more tech-savvy. This study examined how senior banking consumers accept digital banking. Effects of digital banking adoption have also been studied.
  Keywords: digital banking; awareness on informal; computerisation; human resources; digital economy and digitalisation; financial results; COVID-19 epidemic; banking industry; information technology.
  DOI: 10.1504/IJEF.2025.10061767
   
  
• Achieving Inclusive Fintech and Digital Financial Inclusion through Financial Capability  
  by Mark Yama Tampuri Jnr, JOHN GARTCHIE GATSI, Emmanuel Attah Kumah Amponsah 
  Abstract: The study involved 1,080 employees from the public sector in the Bono East Region of Ghana to examine the impact of financial capability on digital financial inclusion using econometrics analysis. The study implores Sen’s capability approach (CA) as an alternative framework with data gathered between July 2021 and November 2022 which was transformed into panel data. Overall, 75.4% of the variation in digital financial inclusion is accounted for by financial literacy, financial skills, financial behaviour and financial attitude. While financial literacy increased digital financial inclusion by 0.029% at the 5% level, financial skills enhanced digital financial inclusion by 2.289% at the 1% level, financial attitude enhanced digital financial inclusion by 1.419% while, financial behaviour contributed to a 0.915% surge in digital financial inclusion. The findings reveal that financial literacy, financial skills, financial attitude, and financial behaviour contribute to digital financial inclusion.
  Keywords: digital financial inclusion; financial capability; financial literacy; financial skills; financial behaviour; financial attitude.
  DOI: 10.1504/IJEF.2025.10061774
   
  
• An Empirical Study on Consumer Attitude and Intention to adopt Digital Payment in India  
  by Neha Mehta, Sweety Shah 
  Abstract: Digital payment has proliferated due to pervasive telecommunications infrastructure, internet connectivity, and technology adoption. With recent government moves, India’s digital payment system might be a success tale for emerging economies. The current study uses the unified theory of acceptance and use of technology (UTAUT) to determine the elements that drive digital payment adoption in India. Primary data were acquired from 412 Indian respondents using a structured questionnaire. The data was analysed using AMOS structural equation modelling (SEM) that indicated that performance expectancy and effort expectancy positively affect the attitude towards technology of an individual, leading to behavioural intention. The facilitating conditions are another important contributor that impacts behavioural intentions. The moderating factors of age and income suggest that younger consumers with higher incomes are more likely to embrace digital financial transactions. This study helps economists, policymakers, and digital payment service providers understand digital payment system usage.
  Keywords: digital payments; UTAUT model; attitude; facilitating condition; behavioural intention; India.
  DOI: 10.1504/IJEF.2025.10061877
   
  
• An Empirical Study on Awareness of Consumer Decision-Making Process in Life Insurance Services  
  by SEKAR S 
  Abstract: This research aimed to analyse data from a survey of life insurance customers in India to determine the factors that most influence their satisfaction with the service they receive from their insurance agents. It is important to note that although the questionnaire was tested on a small sample of respondents to ensure accuracy, their responses were not included in the subsequent examination and interpretation of the data. The results provide empirical evidence to support the multidimensional nature of the linkages between service attributes, perceived value, overall satisfaction, and expected future behaviours. This research found that product knowledge, empathy, dependability, and trust are the most significant antecedents of positive behavioural outcomes associated with agents’ service quality. Recommendation intentions are significantly influenced by agents’ service quality, customer contentment, and perceived value. Overall, providers and consumers can better understand the life insurance consumer decision-making process since it leads to more educated and satisfying choices.
  Keywords: awareness of consumer decision-making; tax benefits; risk protection; consumer decision and quality of service; multidimensional nature; life insurance services.
  DOI: 10.1504/IJEF.2025.10062211
   
  
• Effect of Resource Allocation on Pharmaceutical Firm Profitability in the Indian Market  
  by T. Shenbagavalli, N. Sathyanarayana, S. Suman Rajest, P. Paramasivan, Antonio Huaman-Osorio, Mercedes Huerta-Soto 
  Abstract: This study aims to investigate the impact of capital structure factors on key financial performance indicators, including PAT, ROE, ROA, and EPS, as well as the risk profile of 19 pharmaceutical companies listed on NSE-India. The analysis seeks to elucidate how the combination of debt-equity ratios influences profitability and risk. Statistical analyses, specifically regression and panel regression tools, were conducted using SPSS 27 and STATA 17 over ten years (2012-2013 to 2021-2022). To categorise the companies based on size and risk, the 19 firms were divided into groups A, B, C, D, E, and F, respectively. The study found that random effects models were preferred, as indicated by the Hausman test. It was statistically significant for low-risk companies, while the results were insignificant for the remaining categories. Notably, the study revealed significant fixed effects for EPS in large companies based on size. These findings offer valuable insights for corporate managers when formulating capital structure strategies, particularly concerning firm size and risk management. Moreover, the study’s methodology can be applied to other sectors, contributing to broader socioeconomic development.
  Keywords: capital structure; return on equity; ROE; return on assets; ROA; debt equity ratio; DER; pharmaceutical sector; risk management.
  DOI: 10.1504/IJEF.2025.10062007
   
  
• A Decade of E-Payment Literature: Systematic Review, Synthesis, and Future Research Agenda  
  by Tanu Kathuria, Sahil Gupta, Tapan Kumar Nayak, Amar Kumar Mishra 
  Abstract: The purpose of this study is to synthesise and examine the literature on e-payment methodically and systematically along with summarising the various theories and determinants in the chosen field. For the present review, articles published in Scopus from 2011-2023 have been compiled, examined, and analysed; based on the commonly used theories and the factors affecting the use of e-payment in digital scenarios. The study reveals that e-payment can be considered as a technical measure since the research in the field involves application of theories that plays a key role to discover their determinants. Over a decade of identified research, we have not come across any detailed review in the field, making it notable at present. Further, the present review is unique as it provides a detailed review by exploring the theories, and their determinants along with adding further context and constructs to the chosen field to offer a thorough picture.
  Keywords: e-payment; SLR; bibliometric analysis.
  DOI: 10.1504/IJEF.2025.10062212
   
  
• Use and effect of Fintech awareness by women for sustainable development in the handicraft industry during the COVID-19 pandemic: an empirical analysis  
  by Uma Shankar Yadav, Ravindra Tripathi, Ravinder Rena, Shad Ahmad Khan, Indrajit Ghosal 
  Abstract: At a time when the entire planet is shifting toward digital transactions or mobile payments and the universal application of digital technology, this is a crucial question. A lack of research includes such data from developing countries and India. Fintech’s role in helping small businesses thrive is highlighted in the sustainable development goals (SDG). This is used by developed nations like the Bharat interface money (BHIM) app in India and PayPal in the USA, which ultimately helps in sustainable development. Therefore, a technical research paper was created to connect the use of Fintech during a digital time and pandemic period with the Fintech awareness of the handicraft industry, which aids in accomplishing the goal of sustainable development alongside Generation Y.
  Keywords: small industries; handicraft industry; financial technology; FinTeach; women; COVID-19; UTAUT model; financial awareness; sustainable development.
  DOI: 10.1504/IJEF.2025.10062118
   
  
• Impact of Corporate Social Responsibility (CSR) on Intention to Join an organization: An Empirical Study with Mediating Role Employer Branding  
  by Arun Mittal, Anuradha Jain, Sonia Singh, S. Suman Rajest 
  Abstract: Corporate social responsibility (CSR) has been among the most important contributors to corporate image and employer branding (EB). The main purpose of this study is to measure the impact of CSR on the intention to join (ITJ) an organisation and to find the mediating role between CSR and ITJ. CSR is constituted by philanthropic orientation (PO), clarity and transparency (CT), social concern (SC), and good corporate citizenship (GCC). Similarly, IJT and EB were also measured as latent constructs. The data were collected from 311 young professionals from ‘Generation Y’ who are studying in various universities and institutions in India. ‘Confirmatory factor analysis’ and ‘structural equation modelling’ (SEM) have been applied for data analysis. It was found that all four constituents of CSR, i.e., PO, CT, SC, and GCC, along with EB, have a positive and significant impact on ITJ. EB partially mediates the PO, SC and GCC, and ITJ relationship.
  Keywords: corporate social responsibility; CSR; employer branding; professional students; structural equation modelling; SEM; mediation effect.
  DOI: 10.1504/IJEF.2025.10062183
   
  
• Does P2P Lending Increase Banking Risk in Indonesia?  
  by Fitri Susilowati, Hari Purnama, Suryanto  
  Abstract: Regional banking and peer-to-peer (P2P) lending have contributed to increasing financial inclusion in Indonesia as an archipelagic country. Growing financial inclusion is endorsed by the Information and Communication Technology (ICT) Development Index and Human Development Index (HDI). This research aimed to determine the effect of P2P lending on banking risk and performance and to determine the effect of P2P lending on risk and performance. The sample is banking in 33 provinces in Indonesia from 2020 to 2021. The research analysis applied monthly data with static panels and dynamic panels. The research found that P2P lending had an impact on risk and credit distribution by banks. The influence of P2P lending was greater in areas with high ICT. Meanwhile, the impact of P2P lending on credit distribution in areas of high and low HDI showed a similar trend. P2P lending was able to compete outside Java, such as in Sumatra, Sulawesi, and Kalimantan. Implications of equitable economic development in Indonesia can be achieved by increasing financial inclusion. Financial inclusion can be boosted with technological readiness and financial literacy. A balance between inclusion and financial literacy will stimulate the growth of digital financial services and positively impacts on equitable economic development.
  Keywords: risk; regional; P2P lending; information and communication technology; ICT; Human Development Index; HDI; Indonesia.
  DOI: 10.1504/IJEF.2025.10062251
   
  
• Driving Accounting Transformation: The Interplay of Institutional Logics in Dubai Smart Government's ERP Implementation  
  by Nizar Alsharari, ADEL ALMASARWAH 
  Abstract: This paper investigates the institutional logic involved in implementing ERP systems in the Dubai Smart Government. This paper presents a case study in Dubai Smart City that applies institutional logics to ERP implementation in a public organisation. It argues that ERP has a dual impact, being shaped by institutional forces and regulating human actions. The study finds that the DSG effectively aligned its institutional work processes with the inherent logics of ERP, resulting in a successful implementation of the standard version. The decision to adopt the ERP system was driven by external pressure and drew upon the organisation’s capacity for consensus-building to facilitate change management. However, the findings of this case study may not apply to other organisations, but they suggest that alignment between institutional work and institutional logics is important for the successful implementation of ERP systems. This perspective suggests several areas for future research. Finally, this paper represents one of the few studies available on the implementation of ERP systems in the Middle East. It showcases a case study that explores a highly successful ERP implementation, analysing it through the lens of key factors that influenced the outcome.
  Keywords: ERP implementation; accounting change; public sector management; Dubai Smart Government; DSG.
  DOI: 10.1504/IJEF.2025.10062263
   
  
• Weighted and Aggregated LSTM Model for Improved Credit Card Usage Monitoring and Suspect Transaction Identification  
  by Anbarasu T, Latha Parthiban 
  Abstract: Fraudulent activities are elusive, constantly evolving to escape detection, particularly in online transactions. The advanced variant of recurrent neural networks (RNNs) is known as the long short-term memory (LSTM) model to counteract this unpredictable behaviour. LSTMs are ideal for complex applications like natural language processing, speech recognition, and time series analysis because they can capture long-term dependencies in sequential data better than RNNs. Our innovative solution uses LSTM technology to monitor credit card usage and identify questionable transactions. Specialised gates control data storage, retrieval, and alteration in the LSTM model. The forget gate removes extraneous data, the input gate adds data, and the output gate determines the concealed state. These gates and crucial components like cell and hidden states, activation functions, and backpropagation through time help the model comprehend complicated patterns. Our weighted and aggregated approach improves LSTM predicting accuracy, making our research unique. The innovative model is compared to GRU 2020, SVM 2021, KNN 2021, and ANN 2021 in accuracy, precision, and recall. Compared to conventional solutions, our upgraded LSTM model is strong and adaptable to the ever-changing financial fraud scenario.
  Keywords: long short-term memory; LSTM; recurrent neural networks; RNNs; weighted and aggregated model; accuracy and precision parameters; transaction identification; reliability of credit cards.
  DOI: 10.1504/IJEF.2025.10062264
   
  
• Financial Reporting Influence on the Development of Corporate Investment  
  by Ibrahim Mert 
  Abstract: The study analyses future research potential, reviews the term’s experience literature, and gives a framework for organising this material. A literature review and analysis were included in the study. Different points of view on the subject have been classified to study earlier authors’ opinions. This research is a preliminary conceptual presentation. The study’s findings reveal that, first and foremost, financial statements show readers a company’s financial health through its continuing existence. Second, reporting practices have a substantial impact on a company’s financials. It is decided that financial statements substantially impact a company’s financial health to lessen the dangers connected with placing faith in financial statements. Financial statements are now available in a variety of formats. As a result, comparing financial statements among organisations in the same region for client reports is difficult. Some companies want to give detailed line item information, while others do not. Adopting a uniform standard might strengthen the framework for business decision-makers. A good financial statement should document data in an easy-to-read and understandable manner. Only displaying an accounting record aids organisations in evaluating results and planning for a more profitable future.
  Keywords: financial reporting; financial information; financial investments; corporate investment; capital investments; financial statements substantially; historical evidence.
  DOI: 10.1504/IJEF.2025.10062410
   
  
• Assessing Agility of Safety Practices in Corporate Organizations in India Through Social Sustainability Analysis  
  by Gaurav Mittra, Manmohan Rahul, Gitanjali Mehta 
  Abstract: Social sustainability plays a pivotal role in facilitating growth and advancement within the workplace. It forges a vital link between learning and adaptation, as the work environment significantly influences a majority of employees. In recent years, this concept has gained substantial traction as a focal point of research. It is crucial to recognise that safety practices cannot exist in isolation; they are intricately intertwined with both the internal dynamics and the external influences that shape an organisational framework. These combined elements establish a comprehensive system within the organisation, ultimately impacting its holistic performance, encompassing financial, social, and environmental dimensions. The aim of the research is to investigate how organisational agility in implementing and adopting safety protocols is affected by social sustainability. Our research delves into the influence of social sustainability on employees’ well-being in relation to the efficacy of safety measures in organisational settings. Furthermore, our study delves into the repercussions of employees’ perceptions regarding an organisation, its leadership, safety protocols, and the fairness of HR practices. We analyse how these factors collectively influence safety-related behaviour across various hierarchical levels.
  Keywords: social sustainability; corporate social responsibility; CSR; occupational health and safety; OHS; sustainable development; safety practices.
  DOI: 10.1504/IJEF.2025.10062487
   
  
• ChatGPT in Financial Education: Assessing its Role in Improving Financial Literacy and Investor Knowledge  
  by Shruti Bansal, Rachit Agarwal, Shwetabh Mittal, Ambuj Sharma 
  Abstract: The research aims to assess the role of ChatGPT in financial literacy as level of education can be affected by using such chatbots. The adoption of AI-based technology can have an impact on the intellectual and cognitive abilities of investors. This study employs a combination of descriptive and exploratory research designs. A comprehensive survey instrument consisting of 30 statements pertaining to various aspects, measured on a five-point Likert scale, has been developed for the purpose of gathering primary data from respondents residing in the Delhi-NCR region. The sample size for this study was 392. It has been found that people might have trust on the use of ChatGPT and they recommend it to other but assurance and trust; identification and helpful in finding best financial assistance related to make any investment decision by ChatGPT, not found significant impact on the financial education and financial decision making by investors. This research theme is pioneering research into how AI can catalyse good changes in financial literacy and investor knowledge and ultimately lead to a more financially intelligent and empowered society.
  Keywords: ChatGPT; financial literacy; sustainable finance; artificial intelligence.
  DOI: 10.1504/IJEF.2025.10062488
   
  
• Exploring the Impact of Human Resource Analytics on Employee Engagement Using Neural Networks in Public Sector in India  
  by CA.Kamakshi Mehta, Srinivas Kolachina, Sudha Mavuri, Ajith Kumar Vadakki Veetil, Jayashree Patil, Jithesh Mon Mullool 
  Abstract: In human resource management, the untapped potential of human resource analytics has remained a challenge, resulting in a notable loss of operational efficiency within the public sector. This project uses artificial intelligence to illuminate human resource statistics topics for stakeholders. Human resource analytics, specifically neural networks, can transform public sector human resource departments. Our study covers manufacturing and public-sector employee engagement. Engagement is key to productivity and organisational success, making it a priority for improvement. We show how human resource analytics, especially when combined with neural networks, can transform the game. Human resource analytics is multidimensional and can be used efficiently in the public sector. Our research shows that public enterprises must use human resource analytics to achieve their goals. When used properly, these analytics factors help achieve public sector goals, boosting staff morale and productivity. In conclusion, this study seeks to connect human resource analytics to public sector employee engagement, a crucial topic. We hope to improve human resource operations and create a more engaged and productive public-sector workforce by using neural networks.
  Keywords: human resource management; HRM; human resource operations analytics; artificial intelligence; employee engagement; public sector; digital economy; employing neural networks; India.
  DOI: 10.1504/IJEF.2025.10062632
   
  
• Geographic Location, Finance, and Educational Quality Influence Parents' Private School Choices  
  by VINNARAS NITHYANANTHAM, Madhurima Ganguly, Sukhwinder Sharma, Bestoon Othman, P. Ramesh, TRIBHUWAN KUMAR 
  Abstract: This study delves into the complex process of selecting private schools by city-dwelling parents, focusing on factors such as school quality, prospects, and family income while downplaying the roles of parental education and school popularity. The research in Chittagong, Bangladesh, highlights unique preferences in private school selection, particularly in a global pandemic that has shifted learning to online platforms. This shift raises concerns about student engagement and the development of self-regulated learning (SRL) skills, underscoring the need for further research. The study also investigates how transitioning from elementary to secondary school impacts students’ commitment and identity formation. Utilising a quantitative approach, it employs SPSS for data analysis, exploring multiple and correlation regression. The findings reveal that parents and teachers are crucial in supporting students through this transition. The research examines students’ perceptions of their transition, character development, and motivation, finding no significant gender differences in these aspects. The results suggest that effective teaching strategies can enhance students’ SRL abilities, contributing valuable insights to educational planning and student development.
  Keywords: exposure on inspiration; identity education; transformation of secondary school; COVID-19; finance and geographic location; finance and educational; quality influence parents; private school choices.
  DOI: 10.1504/IJEF.2025.10062633
   
  
• Qualitative analysis of accounting in financial stability and sustainable development of companies  
  by Ibrahim Mert 
  Abstract: Financial accounting is a critical source of financial stability. Traditional accounting practices, such as old rules, could not cover specific problems and facilitate instability. Hence, it is important to identify the role of financial accounting in financial stability. The study implemented a qualitative research method to explore the topic in detail and to have subjective perspectives of people from the finance sector who had experience using financial accounting to maintain stability. Hence, interviews were conducted with the finance managers to understand different aspects linked to financial stability. The results demonstrated that rule-based accounting systems allow manipulation through earnings management and lack openness and accountability. Financial organisations are stable due to capital buffer and liquidity management by preserving current ratio and cash. Besides, bank disclosures, involving financial and non-financial disclosures, are necessary for compliance and transparency that improves the stability position. Lastly, IFRS rules help avoid using earnings management techniques to indicate a strong financial position based on manipulation. It was concluded that effective accounting policies and rules must be aligned with the market and environmental factors to optimise the financial accounting benefits and ensure financial stability.
  Keywords: sustainable accounting; financial accounting; accounting and financial stability; development of companies; principle-based accounting system; exposures to risky assets; earnings management approaches; treatment of financial leases.
  DOI: 10.1504/IJEF.2025.10062957
   
  
• The evolution of human rights protection: a comparative analysis between the technology era and the traditional epoch  
  by M.S. Sharmila, K. Kamban Socretes 
  Abstract: From the age of cave paintings to the age of tweets, humanity has been entangled in an ever-evolving dance with the concept of human rights. These once-hushed rights now echo across the digital cosmos. Sociologists know that change is the only constant in society. Each technological and scientific development has been a stanza in the social and economic revolution ballad. Technology has moved from backdrop to principal character on the global stage recently. It is not just altering the material world; it is rewriting the script for immaterial constructs like rights and freedoms. We have transcended from etching laws on stone tablets to encoding them in algorithms, marking the transition from traditional to modern human rights. This philosophical journey addresses two important questions. First, did human rights exist in the past, and how far did they spread? Second, in this brilliant tech age, are our new digital rights strengthened or fraying? Man, and machine are racing at great speeds, but who is defining who? Can technology protect our rights or degrade the legal sanctuaries we have built? This debate explores technology’s human rights problems and asks for a worldwide framework to manage this complicated new landscape.
  Keywords: digital world; human rights; natural law; traditional epoch; human rights protection; philosophical journey; technology era; the traditional epoch.
  DOI: 10.1504/IJEF.2025.10062958
   
  
• Role of organisational sensemaking in the emergence of a hybrid logic: the case of the National Gallery in London  
  by Nasser AlShawaaf, AbdulWahab Baroun, Ahmad Alqatan, Muhammad Arslan 
  Abstract: This study explores how a micro-level mechanism leads to change in institutional logic by examining the role of sensemaking in emergence of a hybrid logic.Examining the mechanisms that lead to logic emergence is important to improve our understanding of why and how organisations become hybrids.Through a case study analysis, this study illustrates how a top-down process of organisational sensemaking resulted in emergence of a hybrid logic which provides multiple organising principles that are combined in novel ways.The findings reveal dominant logic wasn’t changed but a new logic is combined to assist in coping with the demands from the institutional environment and survive.Institutional pressures represent multiple circumstances that organisational actors identify, assign meaning by interpretation, and take action by configuring activities of multiple logics.The emerged hybridity is a resort by which it is intended to cope with institutional pressures but not optimal for competitiveness and sustainability.
  Keywords: institutional logic; institutional change; sensemaking; hybrid logic; art museums; National Gallery; London.
  DOI: 10.1504/IJEF.2025.10063360
   
  
• Unveiling the psychology of impulse cosmetic purchases in the digital age among youth  
  by Shamini James, S. Karthik, Binu Thomas 
  Abstract: This pioneering study examines digital natives’ impulsive cosmetic purchases and the complex dynamics that drive them online. In an era of rapid e-commerce growth and virtual retail, marketers and consumers must grasp the complex drivers of impulsive buying. Our research examines the complex world of online shopping, including website aesthetics, crowd-sourced user reviews, tantalising price incentives, cutting-edge promotional strategies, marketplace competitiveness, diverse payment options, gender-specific preferences, and social media dynamics. This study examines these stimulation factors to understand the complex consumer behaviour that leads to impulsive online cosmetic purchasing. Through careful investigation, we find that user-generated reviews and social media are the main drivers of impulsive cosmetic purchases online. We show how hedonistic experiences, payment flexibility, and demographics drive online impulsive buying. This research adds to the knowledge base by revealing the causes of impulsive online cosmetic product purchases by young consumers. These novel results provide marketers an edge in creating strategies that appeal to this sensitive consumer group. Consumers can make better educated and intentional digital purchases by recognising the causes of impulsive buying.
  Keywords: online shopping; impulsive buying; stimulus factors; promotion strategies; price off; hedonic shopping consumer group; YouTube beauty Bloggers; online impulsive buying; cosmetic purchases.
  DOI: 10.1504/IJEF.2025.10063530
   
  
• Justice perception and organisational commitment: an empirical study  
  by Arup Roy Chowdhury, Lopamudra Pattanayak, Poulami Chowdhury, M.G. Jomon 
  Abstract: This paper focused on the impact of organisational justice on organisational commitment. The sectors understudy was: 1) the manufacturing sector; 2) the information technology sector; 3) the pharmaceutical sector; 4) the educational sector; and 5) the banking and finance sector. Considerable analysis has been conducted with the help of quantitative tools and surveys. The objective of the research was to determine the influence of the various types of organisational justices on organisational commitment. Workers who believe their employer treats them fairly and acts justly in its operations are more likely to be engaged and productive. Improved employee dedication to the company is one effect of efforts to increase organisational fairness. Managers can utilise distributive and procedural justice to decrease employee turnover by increasing job satisfaction and employee loyalty. According to the concept of ' organisational justice', workers' attitudes regarding whether or not they have been treated fairly are of the utmost importance.
  Keywords: organisational justice perception; organisational commitment; motivated healthcare workforce; enhanced employee loyalty; manufacturing sector; information technology sector.
  DOI: 10.1504/IJEF.2025.10063531
   
  
• Implementation of FinTech In Indian banks for improvement in banking services - a comparative study between private and public-sector banks  
  by Sandhiya Karunakaran, Buvanesh Chandrasekaran 
  Abstract: In the modern business environment, technological advancement is necessary to sustain the increased competition. Banking is the lifeblood of an economy, and technical advances enable a country to compete globally. This study compares Indian public and private sector banks to assess FinTech deployment in the banking industry. For this study, the FinTech scenario of three renowned public-sector banks, namely State Bank of India, Bank of Baroda, and Central Bank of India, along with three renowned private banks, namely ICICI, HDFC and Axis banks in India, have been chosen. Secondary and primary data from all six banks were collected to assess FinTech implementation in both industries. Thus, a mixed methodology was adopted to conduct this research study. These banks study AI, blockchain, big data, and other FinTech fields. The findings show how FinTech has improved these banks’ nationwide offerings. The studies also showed that private banks implement FinTech more than public banks. According to this study, FinTech could change the banking industry. Public sector banks can help urban and rural communities become financially included, even while private sector banks lead this innovation.
  Keywords: artificial intelligence; implementation of FinTech; Indian banks for improvement; banking services; private and public-sector banks; FinTech fields; FinTech industries; financial technology; adoption and bank profitability.
  DOI: 10.1504/IJEF.2025.10063576
   
  
• Volatility spillover effect of Nifty futures returns on Nifty spot returns  
  by Matraju Venkata Ramana Raju , V.S. Prasad Kandi , Naveen Chinni 
  Abstract: This study investigates the relationship between volatility and the returns of Nifty spot and Nifty futures in the Indian stock market. It employs a bivariate generalised autoregressive conditional heteroskedasticity (GARCH) model to forecast the volatility of spot returns based on future returns. Additionally, the research utilises a vector autoregression (VAR) model to examine the effects on the NSE Nifty 50 index. The analysis is grounded in daily Nifty futures, and spot returns data over a specified period. By incorporating lagged conditional variances and covariances, the bivariate GARCH model predicts the conditional volatility of spot returns. Subsequently, the VAR model explores the influence of Nifty futures returns on spot returns and their collective effect on the Nifty 50 index. The findings hold significance for market participants like traders and investors regarding risk management and informed decision making. Regulators and policymakers can also leverage the results to enhance their understanding of volatility transmission and its implications for market stability. This research sheds light on the volatility transmission between Nifty futures and spot returns, offering important perspectives for the Indian stock market.
  Keywords: cross-asset volatility impact; international volatility linkages; equity market volatility spillover; VAR forecasting model; vector autoregressive estimation; impact assessment immediate asset returns; current price return analysis; spot market profitability.
  DOI: 10.1504/IJEF.2025.10063694
   
  
• Marketing strategy analysis for sustainable market access to strengthen agricultural value chains in Salem District  
  by S. Saravanan, K. Maruthamuthu 
  Abstract: In developing nations like India, the expansion and development of agricultural value chains for both domestic and foreign markets can be seen as a potent weapon for combating the problems of food insecurity and poverty. Better agricultural value chains that connect rural and urban areas can offer chances to start development initiatives. It is expected that new technologies, cloud computing, and the internet of things (IoT) will spur development and introduce robotics and AI into farming. Salem District agriculture businesses’ marketing methods will be examined in this study. Each factor’s economic performance was assessed using marketing margins and value chain mapping. It also examines agricultural entrepreneurs’ personalities, marketing strategies, and Salem District rural agricultural entrepreneurs’ obstacles. It promotes innovation to boost rural agriculture enterprises’ competitiveness. The current study sought to establish if farmers and dealers were satisfied with these markets. The study used statistical methods, binary logistic regression, and correlation analysis to determine the underlying characteristics of numerous factors related to farmers’ and sellers’ satisfaction with Salem District’s agricultural marketplaces. Farmers liked the agricultural market sites based on most market performance features and metrics.
  Keywords: agricultural marketing; entrepreneurs in Salem District; farmers and marketing strategy; sustainable market access; strengthen agricultural value chains; digital technology; e-commerce platforms.
  DOI: 10.1504/IJEF.2025.10063824
   
  
• Analysis of behavioural intention to use digital lending: a serial mediation model  
  by Milan Yadav, Subramanian Shanmugam 
  Abstract: The aim of this paper is to investigate the relationship between perceived security (PS) and behavioural intention (BI) through perceived utility (PU) and perceived ease of use (PEOU). The data were congregate from 288 mobile banking users, who are willing to borrow through digital mode. To verify the proposed model, the researcher used Smart PLS. The research findings offered strong evidence in favour of the proposed connections between PS, PEOU, PU, and BI. The findings from our serial mediation model indicate that PS has a considerable impact on the BI of mobile banking customers to use digital lending, both directly and indirectly via proximal cognitive factors. The findings of this paper can be used by the authorities to establish mandatory data security and privacy standards for digital platforms. The article offers some pertinent insights for them. It was proposed that to obtain more in-depth study findings, future studies should use qualitative techniques like interviewing respondents.
  Keywords: digital lending; technology acceptance model; TAM; perceived security; PS; perceived usefulness; PU; perceived ease of use; PEOU.
  DOI: 10.1504/IJEF.2025.10064100
   
  
• Understanding the regional disparity of micro, small and medium enterprises in Uttar Pradesh, India  
  by Aditya Kumar Sharma, Shivani Sinha 
  Abstract: The study intends to evaluate the regional characteristics and disparities in the distribution of Micro, Small, and Medium Enterprises (MSME) in a different region of Uttar Pradesh. The study uses data from UAM registration of the MSMEs from 2016 to 2019. MSMEs’ regional characteristics were evaluated based on the number of enterprises, employment, investment, and ownership through data profiling and regional disparity through concentration analysis such as the Gini coefficient, the Lorenz curve, and the Balassa-Hoover Index. The findings show that micro-enterprises are more than the small and medium enterprises in the regions. The regional disparities analysis results indicate that micro-enterprises are comparatively equally distributed among regions while small and medium enterprises are mainly concentrated in Western UP. The ownership data indicate that ownership of MSMEs is fairly distributed among different social categories compared to the national level, in which half of the MSMEs are owned by the general category.
  Keywords: MSMEs; UAM registrations; ownership type; employment; investment; Uttar Pradesh; India.
  DOI: 10.1504/IJEF.2025.10064223
   
  
• Examining customer adoption of self-service banking technology in selected public and private sector banks  
  by Vanam Sreedevi, I. Mohana Krishna 
  Abstract: This study examines the adoption of self-service banking technology (SSBT) in India, specifically at SBI and HDFC Bank. This study seeks to analyse SSBT adoption determinants and Indian restrictions. The research uses varied methods to attain these goals. Comprehensive sampling, questionnaires, and bank customer and employee interviews collect primary data. This data collection process illuminates stakeholders’ views of SSBT. The data is then analysed using a structural equation model (SEM). This statistical method lets us analyse how different factors affect SSBT adoption. Exploratory factor analysis (EFA) identifies SSBT adoption barriers in India. This study shows that perceived utility and simplicity of use influence SSBT uptake, which is important. These findings advise banks and governments to build user-friendly and efficient self-service banking technologies that meet customer preferences in India’s diversified and dynamic market. This study illuminates the complex dynamics of acceptance variables and identifies obstacles in Indian banking SSBT adoption. It helps banks and policymakers promote self-service banking in India.
  Keywords: self-service banking technologies; SSBT; State Bank of India; SBI; structural equation model; SEM; exploratory factor analysis; EFA; Indian banking sector; technological infrastructure; banking technology adoption.
  DOI: 10.1504/IJEF.2025.10064344
   
  
• A multinomial logistic regression analysis to identify the determinants of digital financial literacy in the State of Kerala  
  by Nechithadayan Puvvath Abdul Azeez , Musliyarakath Nasira Banu , Mohammad Imdadul Haque 
  Abstract: India’s digital financial landscape is experiencing rapid expansion, with digital payment transactions reaching unprecedented levels. This study aims to assess the pivotal role played by financial literacy in facilitating the widespread adoption of digital financial services and to identify the determinants of digital financial literacy in rural Kerala. The study employs a robust multinomial logistic regression model to examine the intricate interplay of socio-economic factors that shape digital financial literacy among the rural populace of the state. The results indicate that age, education, occupation, caste, and marital status significantly influence digital literacy levels. Categorising respondents’ digital financial literacy levels into poor, satisfactory, good, and excellent provides further insights into intergroup differences based on these attributes, leading to suitable recommendations. The novelty of this study lies in identifying the critical need for tailored interventions to address the unique socio-economic dynamics of rural Kerala and bridge the digital divide. The study underscores the importance of fostering digital financial literacy as an integral component of financial inclusion initiatives, advocating for a holistic approach encompassing education, awareness, and accessibility.
  Keywords: digitalisation; financial inclusion; digital financial services; digital financial literacy; multinomial logistic regression.
  DOI: 10.1504/IJEF.2025.10064401
   
  
• The scope of cryptocurrencies as a ‘fiat’ money: an evaluation of the ‘store of value’ function  
  by Abdul Jalil Khan, Hafiz Rizwan Ahmad 
  Abstract: This study evaluates the potential of cryptocurrencies as a ‘fiat’ money to execute international payments. More than a hundred currencies are selected for this study, however based on market capitalization only 31 currencies are analysed in detail. Amongst three main functions of money, the ‘risk’ is mainly associated with the ‘store of value’ function, consequently, both standard deviation of returns and Value at Risk techniques are employed to calculate the magnitude of such risk for holding these currencies by using daily data till 3 February 2022. The dynamic root means square errors have been measured to explore the pattern of errors and forecastability of these currencies. Statistical analysis provides evidence that Bitcoin, Bitcoincash, and Ethereum are highly speculative while Binancecoin, and Litecoin are highly volatile. In contrast, Cronos, Hedera, and Tether are more stable and may be suitable for risk-averse investors alongside USD Coin which preserves optimum forecastability as well.
  Keywords: cryptocurrency; Bitcoin; money; blockchain; risk.
  DOI: 10.1504/IJEF.2025.10064621
   
  
• Study of financial and socio-economic disparities for Nilgiris women workers  
  by R. Swapna Ashmi, P.R.L. Rajavenkatesan 
  Abstract: Women in India, who were formerly recognised primarily for their domestic responsibilities, are currently facing increasing societal expectations to participate in the workforce. They encounter far more challenges in the realm of employment when compared to their male counterparts. In the recent days, they aspire to attain the same opportunities as their male counterparts. Despite the significant contributions, they make across all domains, individuals in this group endure their challenges silently and find themselves situated within a disadvantaged social class due to numerous difficulties and limits. Therefore, this study highlights the diverse challenges encountered by women in the unorganised sector, with particular emphasis on the Nilgiri district, including issues such as inadequate and inconsistent remuneration, exploitative working conditions, etc. It examines the substantial influence of legislation on the lives of unorganised workers. It explores prospective amendments to these legislative measures that may ease the constraints encountered by women in workplace.
  Keywords: deficiency in right to equality; insufficient laws for unorganised workers; inadequate welfare measure; absence of maternity benefit; improper working conditions; wage disparities; gender inequality.
  DOI: 10.1504/IJEF.2025.10064695
   
  
• Discovering the intricate dynamics between immigration and unemployment in ever-evolving economic landscape  
  by K.K. Ramachandran , M. Dhineshkumar , Anjali Chaudhary, Aram Jawhar Mohammad, Bestoon Abdulmaged Othman, Sarika Keswani 
  Abstract: Immigration, with its far-reaching implications, remains a focal point of economic discourse, sparking debates over its effects on labour markets and broader economic health. This study examines the complex relationship between immigration and unemployment. This paper carefully examines the intricate relationship between these two events using modern quantitative methods and economic theories. Immigration’s consequences are mixed, with certain locations showing a clear correlation between immigration and unemployment. However, several intervening variables obscure the association in others. Immigration’s impact on job markets is heavily influenced by labour market flexibility and immigrant integration policies. These findings’ variability enhances our understanding of the immigration-unemployment relationship and has important policy implications. It emphasises the need for region-specific strategies to manage immigration’s economic effects, tailored to local economic and labour market realities. This detailed understanding allows policymakers to maximise immigration’s economic benefits while minimising its drawbacks, encouraging a more balanced and informed approach to immigration and its economic effects.
  Keywords: immigration and unemployment; economic interconnections; data analysis; economic environment; workforce integration; policy implications; labour markets.
  DOI: 10.1504/IJEF.2025.10064889
   
  
• The impact of COVID-19 on India’s retail digital payments  
  by P. Shamshadali , R. Vishnu Vardhan, Phungkha Daimari, C. P. Abdul Gafoor 
  Abstract: The COVID-19 pandemic and rapid technological advancements have brought changes in consumer behaviour across the globe. The spread of this virus forces consumers to shop with minimal physical contact at stores or prefer online. E-commerce and digital payment platforms have become inevitable for retail trade and settlements during this pandemic. India is an emerging cash-based economy that faces the adverse impact of lockdown policies on annual performance indices. This study analyses the utility of digital payment platforms in retail settlements before and during this COVID-19 confining to the Indian scenario. For this purpose, the multiple retail digital payment platform’s data are taken from the National Payment Corporation of India (NPCI). Statistical insights have been drawn after taking care of the normality assumption. The study’s outcomes exposed a significant change in digital payment services in Indian retail settlements throughout the COVID-19 pandemic.
  Keywords: COVID-19; contactless transactions; digital payments; retail payments; electronic transactions; retail market; Indian retail market; retail digital payment; National Payment Corporation of India; NPCI; Digital India; India.
  DOI: 10.1504/IJEF.2027.10065101
   
  
• Optimising credit card retention: unveiling churn drivers via demographic insights  
  by Polimetla Joel Joy , Mohit Verma, Nikshit Gautam, Bhumika Ray 
  Abstract: This study examines the prediction and enhancement of customer retention in the credit card business. The role of customer satisfaction, trust, value, and substituting cost on customer retention has been widely examined. This study further extends the literature by determining the underlying causes of attrition, putting particular emphasis on socioeconomic and demographic characteristics. Further, this study identifies the noteworthy predictors of customer churn in the credit card business. Using the logistic regression model on over 10000 credit card users data, this study identifies age, gender, increased number of dependents, attainment of a doctorate, and specific income brackets as significant predictors of credit card churn. This study highlights the strategic significance of comprehending intricate factors contributing to customer churn within the competitive credit card industry. The study’s findings can be utilised by practitioners to implement targeted retention strategies, thereby enhancing customer satisfaction and positively impacting the bank’s financial performance.
  Keywords: churn prediction; credit card business; demographic factors; logistic regression; credit card industry; banking.
  DOI: 10.1504/IJEF.2027.10065102
   
  
• Experience of COVID-19 lowers innovation adoption barriers: an empirical assessment of digital payment system.  
  by Sweta Lakhaiyar, Mukta Mani 
  Abstract: COVID-19 has increased digital payments in India. This study studies how COVID-19 mediates digital payment hurdles in India. A structured questionnaire acquired 350 Indian primary data points. Mediation analysis utilised PROCESS macro. The finding shows that perceived utility during COVID-19 functions as partial complementary mediation in lowering the image and usage barrier (IUB), technological barrier (TB), and full, indirect-only mediation in reducing the value and risk barrier (VRB). While currency notes were bearers of COVID-19, individuals pondered digital payment technologies. Government-led client education and payment business marketing increased digital payment adoption. Audit trails, two-factor authentication, notification alerts, expenditure analytics, and other features lowered IUBs for payment companies. The coronavirus outbreak forced customers to embrace digital payment methods, which improved their technological abilities and reduced TB. VRB is nearly eliminated as consumers embrace digital payment and data protection. The study found that COVID-19 reduces technology adoption time.
  Keywords: COVID-19; IRT theory; mediation; process-macro; image-usage barrier; value and risk barrier; VRB; technology barrier.
  DOI: 10.1504/IJEF.2027.10065184
   
  
• Advanced deep learning ensemble framework for stock price prediction using variational mode decomposition, bidirectional long short-term memory, and attention mechanism  
  by M. Lavanya, P. Gnanasekaran 
  Abstract: In financial data analysis, particularly in forecasting future stock prices, the challenge of accurately predicting market movements is compounded by many influencing factors, ranging from macroeconomic indicators and investor sentiment to company-specific metrics such as earnings and management changes. This abstract presents a new ensemble strategy that integrates variational mode decomposition (VMD), bidirectional long short-term memory (BiLSTM), and attention mechanism to improve stock price forecasts (AM). This method breaks down time series data into comprehensible components, captures temporal dependencies, and focuses analysis utilising substantial Tesla and Netflix historical data to understand stock market dynamics. VMD-BiLSTM-AM outperforms other forecasting models for Tesla stock predictions with an R2 score of 0.956 and the lowest mistakes, RMSE of 15.236 and MAE of 12.023. This ensemble model outperforms five comparative methods in financial forecasting accuracy after thorough experimentation and analysis. The ensembles results show its ability to help analysts and investors make informed judgments in complicated and volatile financial markets.
  Keywords: financial data analysis; long short-term memory; LSTM; Tesla; Netflix; mean absolute error; MAE; variational mode decomposition; VMD; attention mechanism; root mean squared error; financial stock data; bidirectional long short-term memory; BiLSTM.
  DOI: 10.1504/IJEF.2027.10065389
   
  
• Digital transformation in the banking sector: a bibliometric review  
  by Tin H. Ho  
  Abstract: Our research succinctly summarises the study’s comprehensive examination of the extensive literature on the impact of digitalisation in banking over the last four decades. The paper employs bibliometric and content analysis methods to analyse 226 research papers from 1981 to 2023, providing a systematic, in-depth quantitative and qualitative overview of the field. The study identifies major themes and influential works within the domain, categorises literature into critical research clusters, and highlights influential authors and publications. For instance, the four main research clusters include: 1) financial development/innovation, economic growth, and efficiency in developing countries and regions; 2) the evolution of financial intermediation due to technological advancements; 3) transformation and challenges within banks due to technological advancements and economic changes; 4) the introduction of CBDC and its implications. It notes a significant increase in interest during the COVID-19 pandemic, reflecting the accelerating pace of digital adoption in the sector. This paper contributes to the existing body of knowledge by mapping out the landscape of digital transformation in banking, pointing out gaps, and suggesting directions for future research. The research not only enhances understanding of digital trends in banking but also aids in identifying the evolving roles of technology in financial services.
  Keywords: bibliometrics analysis; digital transformation; technologies; banking sector; VOSviewer.
  DOI: 10.1504/IJEF.2027.10065621
   
  
• Study of customer churn perceptions in smartphone industry netnography approach (qualitative research)  
  by Bharti Shukla, Rishabh Kumar Dwivedi 
  Abstract: Smartphones nowadays have become the one single digital device for humans that are designed and built to perform extra ordinary activities. The central theme of this research is around determining customer churn perceptions. Why people switch devices and change brands. Also, what factors lead them into that direction? Thus, purpose of this project is to discover the factors behind customer churn in the smartphone industry. Netnography is incorporated, as it is a qualitative social media research technique which uses content analysis for data analysis and interpretation. The data collected and analysed for the research is through the process of data triangulation. Research findings comprise of the reasons for churn in smartphone brands, based on the data, thus analysed with camera quality, customer support, battery backup etc., turning out to be foremost causes dominating churn and forming ground for churn perceptions in smartphone industry.
  Keywords: customer churn; smartphone issues; social media; netnography; customer support; customer complaints; quality; etc.
  DOI: 10.1504/IJEF.2026.10065664
   
  
• Investigating the influence of cultural, social and political dynamics, policy integration, and security on tourism magnetic effect and community trust  
  by S. Ramya , Thangaraja Arumugam 
  Abstract: Global travel has affected local communities, especially real estate patterns. This study examines the ‘tourism magnetic effect’ (TME). Real estate near prominent tourist attractions changes, altering community dynamics, which include cultural, social, and political difficulties that hinder development, property attachment, and price appraisal. The hypothesis indicates that residents’ emotional link with their surroundings affects trust and decisions. The study seeks to understand TME elements and aid tourism management and destination development. To determine whether developmental transitions, community dynamics, property attachment, and price affect each other, six hypotheses are proposed. This quantitative study surveyed property developers, tourism professionals, and inhabitants. A compelling sampling method generated 337 respondents. Descriptive statistics were evaluated using Amos, a structural equation model (SEM), to test hypotheses after CFA revealed constructs. A preliminary SEM investigation showed that price valuation increases considerably affect developmental shifts, community dynamics, property attachment, and price valuation. The study synthesises these major hypotheses to explain how TME affects attachment and perception and real estate landscapes. This multidimensional study provides policymakers and people with a sophisticated framework for connecting tourism with community well-being and values to promote holistic growth.
  Keywords: tourism magnetic effect; TME; community dynamics; policy developmental shifts; confirmatory factor analysis; CFA; structural equation model; SEM; high opportunity cost; tourism management.
  DOI: 10.1504/IJEF.2026.10066041
   
  
• A digital banking pathway to financial inclusion: evidence from Bhutan  
  by Purna Prasad Sharma, Shad Ahmad Khan 
  Abstract: Bhutan, a developing economy, has embraced global digitisation, particularly in remittances and banking. Transitioning from branch banking to digital banking, collaborative efforts between commercial banks and the government aim to enhance services and promote financial inclusion (FI). The Royal Monetary Authority (RMA) initiated digitisation in 2007 with the check truncation system, inspired by the King’s vision. The recent launch of RuPay cards has further facilitated transactions. Despite increasing digital banking adoption, regional disparities persist, with financial services and credit allocations concentrated in specific areas. Acknowledging this, the RMA Governor stressed the need for digitisation to promote balance. This research seeks to understand Bhutanese perceptions of digital banking adoption and its impact on enhancing FI across the country. Both descriptive statistics (frequency, mean, and standard deviation) and inferential statistics (ANOVA and multiple regression analysis) were run to achieve the research objectives. The findings of the research did show a direct impact on financial inclusion and the perception of digital banking among Bhutanese residents. Conversely, the higher perception level of digital banking among citizens also helped to decrease certain barriers that come in the way of achieving financial inclusion.
  Keywords: digital banking; financial inclusion; Bhutan; banking pathways; banking sector.
  DOI: 10.1504/IJEF.2027.10066042
   
  
• Determinants of web disclosure of insurance companies in India  
  by Amandeep Kaur, Rajinder Kaur 
  Abstract: Web based disclosure is a modern way of communicating the financial and non-financial information on the websites of companies and it depends upon many factors. The study identifies the determinants of web disclosure of insurance companies in India. The study is based on 52 insurance companies. The time period of the study is 6 years ranging from 2016-17 to 2021-22. The study has selected 5 independent variables namely size, profitability, liquidity, net premium and age of companies; while web disclosure is taken as a dependent variable. The study found that size and age of company have significant effect on web disclosure of insurance companies while profitability, net premium and liquidity did not show any significant effect on web disclosure. The present study provides insight into key factors in relation to web disclosure, which can be helpful to insurance companies and potential investors.
  Keywords: web disclosure; insurance; profitability; size; liquidity; determinants; India.
  DOI: 10.1504/IJEF.2026.10066283
   
  
• Effect of financial inclusion on social and economic well-being: a household survey study in the Gandaki Province of Nepal  
  by Deepesh Ranabhat, Narinder Verma, Devesh Kumar, Hotniar Siringoringo 
  Abstract: Financial inclusion (FI) is considered a critical catalyst for fostering the social and economic prosperity of individuals in numerous ways. This study explores the attributes of FI and its effect on social and economic well-being in the Gandaki province of Nepal. Structural equation modelling (SEM) was deployed to evaluate the relationship of FI indicators with ‘households’ economic well-being’ and ‘households’ social well-being’. For this purpose, data was gathered from 1,000 respondents. The result showed that total FI and its two indicators (availability and utilisation) have a considerable beneficial impact on well-being, whereas accessibility has no meaningful impact on the well-being of the population. Further, it showed increasing the bank quantity and subsidiaries does not improve the well-being of the general population. The availability of necessary financial services and the utilisation of those services are crucial to ensuring the well-being of the population.
  Keywords: financial inclusion; economic well-being; social well-being; Gandaki province; Nepal; structural equation modelling; SEM.
  DOI: 10.1504/IJEF.2027.10066336
   
  
• A novel rule-based min-max classification: application to smart transactional fraud detection  
  by Chandana Gouri Tekkali, Karthika Natarajan 
  Abstract: The article focuses on smart transaction fraud detection, which is a vital problem globally and has escalated due to several factors, like an increased number of users, cashless transactions, usage of devices, user-friendly environments, etc. So, fraudsters make use of these factors as one of their major advantages to hack the details of customers and do the illegal transactions mentioned above. To overcome the problems in digital transactions, this research work proposes a novel technique, minimum-maximum value-based classification (Min-Max-C), for accurate detection of fraud and non-fraud transactions in a smart way. This novel technique gives the best performance for classification by interpreting the minimum and maximum values for each feature in the dataset. The Min-Max-C has worked well and is best suited to discretised datasets. This approach has given good results in various applications when compared to other traditional machine learning techniques. This technique has a greater positive effect on classification performance than other techniques.
  Keywords: classification; synthetic minority oversampling technique; smart transactional fraud detection.
  DOI: 10.1504/IJEF.2027.10066472
   
  
• What determines students’ behavioural intention to adopt cryptocurrencies? Evidence from an emerging country  
  by Pankaj Kumar, Pardeep K. Ahlawat, Vinay Sharma, Sarita Yadav 
  Abstract: In the face of the unforeseen and widespread repercussions of the COVID-19 pandemic, there has been a notable surge in global interest in cryptocurrency. This research investigates the factors influencing students’ inclination to adopt cryptocurrencies, utilising the unified theory of acceptance and use of technology (UTAUT) as the foundational theoretical framework, augmented by the inclusion of perceived risk. The study specifically focuses on an emerging economy, namely India. Using the purposive sampling technique, data was gathered from 437 university students, and hypotheses were evaluated using partial least squares structural equation modelling. The findings indicate that students’ willingness to embrace cryptocurrencies is primarily influenced by performance expectancy (PE), followed by effort expectancy (EE), perceived risk, social influence, and facilitating conditions (FC). Notably, this study is potentially the first of its kind in emerging India, exploring the determinants of students’ behavioural intention to use cryptocurrencies. Furthermore, the research presents practical implications for both cryptocurrency developers and the government.
  Keywords: India; cryptocurrencies; students; university; perceived risk; behavioural intention.
  DOI: 10.1504/IJEF.2027.10066529
   
  
• Developments in regulation of foreign direct investment a bibliometric study  
  by Angshuman Hazarika, Gnana Prasad Jeganathan , Gopal Naresh 
  Abstract: This study covers the extent and type of publications that have taken place on the topic-‘FDI Policy’ through a mixed Bibliometric cum thematic review study of the publications on this subject as covered by the SCOPUS Database as on 5 January, 2023. The study presents in detail the research papers cited over the period and their network, the influential studies, and themes of research in the area of ‘FDI Policy’ and allied areas. The current study is expected to help academicians and policymakers learn about the key publications and development in the field of FDI policy and utilize them in the decision-making process.
  Keywords: FDI policy; regulations; investments; governance; developing country; firm ownership; bibliometric analysis.
  DOI: 10.1504/IJEF.2027.10066648
   
  
• Security enhancing and e-payment systems: a bibliometric review  
  by Pradeep Kumar 
  Abstract: Security is of paramount importance in e-payment systems to protect sensitive financial information, ensure the integrity of transactions, and maintain user trust. This paper presents a bibliometric review of security-enhancing and e-payment systems, offering a comprehensive analysis of the scholarly literature. The paper aims to identify influential papers, leading authors, and emerging research trends, gaps and opportunities for future investigation. This study employs bibliometric analysis using Biblioshiny in R to examine 350 articles published in security in e-payment systems. Database of 350 articles have been collected from Scopus database from 1994 to 2023. Firstly, the analysis indicated a growing interest in security concerns to ensure the integrity, confidentiality, and availability of electronic transactions. It also highlights the most influential authors and key contributors. It revealed the most frequent keywords and concepts, shedding light on the core themes and areas of focus within the domain of security in the e-payment system.
  Keywords: bibliometric analysis; e-payment system; security enhancement; security; bibliometric review; Biblioshiny.
  DOI: 10.1504/IJEF.2027.10066649
   
  
• A research on consumers’ behavioural intentions on the use of digital currencies and cryptocurrencies in online shopping  
  by Zübeyir Çelik, Özge Habiboglu, Yunus Bölükbasi, Asuman Bihter Civelek 
  Abstract: This study aims to test a research model for consumer usage of cryptocurrencies and digital currencies during shopping. Data were collected from individuals in separate surveys for cryptocurrencies and digital currencies. The findings are that trust in cryptocurrencies has a more significant effect on behavioural intention. Besides, the perceived usefulness of digital currencies has a more significant effect on behavioural intention. Trust in digital currencies has a more significant effect than trust in cryptocurrencies on perceived usefulness. The perceived usefulness has an essential mediator role in the effect of trust in digital currencies on behavioural intention. However, the moderator role of trust is more important in the effect of the perceived usefulness of cryptocurrencies on behavioural intention. Finally, the conditional effects of perceived usefulness on behavioural intention at different levels of trust are significant and more outstanding at different levels of trust in digital currencies as opposed to cryptocurrencies.
  Keywords: digital currencies; cryptocurrencies; trust; perceived usefulness; behavioural intention.
  DOI: 10.1504/IJEF.2027.10066796
   
  
• Capturing an impact of pandemic COVID-19 outbreak on stock exchange and volatility of emerging economies  
  by Miklesh Prasad Yadav, Sudhi Sharma, Sangeeta Yadav 
  Abstract: This study examines the impact of the COVID-19 pandemic on stock exchanges and market volatility in China, India, Brazil, Russia, and Indonesia. Analysing data from January 1, 2019, to January 23, 2021, it employs regression with dummy variables, GARCH, and E-GARCH models to understand the pandemic's effects. Findings reveal a significant negative impact on the stock markets of these economies, with the exception of the resilient Chinese stock exchange, which exhibited the least volatility. The GARCH (1, 1) models were effective for capturing volatility in the early period, while E-GARCH (1, 1) models were suitable for the latter period. This study offers valuable insights into how global crises affect emerging economies and their financial markets, providing crucial information for investors, policymakers, and regulators on market behaviour during crises.
  Keywords: COVID-19; emerging countries; structural break; GARCH (1; 1); EGARCH (1; 1).
  DOI: 10.1504/IJEF.2026.10066857
   
  
• An empirical study on consumer online marketing behaviour for electronic goods in the financial sector  
  by Rohin Bhatnagar , Rumna Bhattacharya 
  Abstract: E-commerce has changed consumer buying habits in the recent decade. The paper is essential to understanding financing consumer behaviour in an era of rapid e-commerce growth. The study improves our understanding of electronic product purchase behaviour. The research examines what influences consumers’ decisions from browsing to buying. Online reviews, social media, and shop settings shape online commerce. This study investigates what factors affect electronic products buyers’ decisions. In the study, independent factors describe de-shopping and online shopping behaviour, whereas dependent variables describe online shopping activity. Social media and internet reviews moderate, and retail surroundings mediate. This study surveyed online shopping site customers using quantitative research. Data analysis was done on 405 replies. The questionnaire was tested for reliability using Cronbach’s alpha. Weighted and ranked consumer purchasing intention factors. Purchase obstacles were examined using a 44-item Likert scale questionnaire. Hypotheses and reliability were assessed using SPSS one-way ANOVA and normalcy using skewness and kurtosis. T-tests and mean comparisons helped evaluate study results. The essay suggests managerial changes to improve online commerce marketing to develop consumer trust.
  Keywords: consumer behaviour; e-commerce; electronic goods; social media; online reviews; decision-making processes; multitude of possibilities.
  DOI: 10.1504/IJEF.2027.10066879
   
  
• Examining users' intentions to use cryptocurrency in Turkiye  
  by Zübeyir Çelik, Ibrahim Aydin, Kaan Yigenoglu, Ayhan Cesur 
  Abstract: This study aims to test a research model for cryptocurrencies based on integrated theoretical foundations of the TAM, trust theory and flow theory. Data were obtained from 280 people through an online survey. Structural equation modeling was used to test the research model. Process macro was performed to test mediating roles. According to the findings, perceived trust (PT), perceived enjoyment (PE) and perceived usefulness (PU) directly affect the intention to use (IU). In contrast, the direct effect of perceived ease of use (PEOU) on IU is not significant. However, as expected, PEOU directly affects PT, PE, and PU. PT directly affects PE and PU. PE directly effects PU. In addition, PEOU, PT, and PE have indirect effects on IU. PEOU also has an indirect effect on PE and PU. PT has an indirect effect on PU. Consequently, all mediating roles of PT, PE, and PU are significant. Recommendations are provided.
  Keywords: Cryptocurrency; Consumer Behavior; Technology Acceptance Model; Trust Theory; Flow Theory.
  DOI: 10.1504/IJEF.2027.10066984
   
  
• Initiatives toward sustainability among leading fast fashion industries  
  by Jason Lim Chiu, Jae-Hyeok Choi, Asterio Tenedero Miranda Jr., Evelyn L. Chua 
  Abstract: The fast fashion industry is the leading clothing business globally. Regarding environmental and social concerns, the fast fashion industry needs to stand up and make a difference to minimise and provide a positive impact worldwide. This study explores the growing awareness and promotion of sustainable procedures in the fast fashion industry. This study focuses on the four primary fast fashion industries, including H&M, Uniqlo, Shein, and Zara. Collective research data has been applied and evaluated to explain how the fast fashion industry incorporates different sustainable actions in their company and describes the impact of society and other related interests on the fast fashion industry incorporating sustainable actions. The research shows that the fast fashion industry can garner consumer support and increase income through sustainable supply chains, social support, circular economy, and other corporate social responsibilities.
  Keywords: fast-fashion industry; sustainability; circular economy; social responsibility.
  DOI: 10.1504/IJEF.2027.10067140
   
  
• Examining the determinants of neobank adoption: insights from generation Z population in India  
  by Mintu Adhikary, Soumitra Sarkar 
  Abstract: Neobanks are the new emerging trend in the financial technology industry, transforming the way financial services are provided. Given the importance of this innovation in attracting new consumers, the present study attempts to understand the factors affecting neobank adoption among the Gen Z population. For this, a conceptual model was developed integrating insights from both the TAM and the UTAUT model, along with two additional constructs, to expand and enhance the theoretical prospect of the existing literature. Data were collected from 240 Gen-Z respondents, and the PLS-SEM method was employed to test the hypotheses. The study revealed that the hypothesised direct influences of perceived usefulness, social influence, perceived privacy, and habit are significant in determining the intention to adopt neobanks except for perceived ease of use and perceived risk, which were found insignificant. The results further reveal that habit fully mediates the impact of perceived ease of use on adoption intention.
  Keywords: FinTech; Gen Z; neobank; technology acceptance model; TAM; digital banking; UTAUT.
  DOI: 10.1504/IJEF.2027.10067163
   
  
• E-lending of working women intention, awareness and perception towards the use of electronic scooters  
  by G. Banupriya, V. Sengamalam 
  Abstract: The rapid evolution of urban transportation has witnessed a growing interest in sustainable and convenient alternatives. The study examines employed women’s electric scooter expertise. Mixed-methodologies research combines qualitative and quantitative methods to gain complete insights. A systematic survey examines employed women’s awareness of electric scooters, including environmental impacts, cost, and convenience. The survey results will undergo statistical analysis to ascertain correlations and trends. In contrast, qualitative analysis of interview transcripts will provide a more profound comprehension of the fundamental motives and obstacles that impact the adoption of e-scooters. The results of this research seek to give essential knowledge to legislators, urban planners, and e-scooter service providers to develop policies that especially address the requirements and preferences of employed women. Understanding women’s views on sustainable transport is crucial to creating equitable and efficient urban mobility solutions as their workforce status changes. This study explores the pros and cons of encouraging employed women to utilise electric scooters and offers solutions for enhancing their urban mobility adoption.
  Keywords: consumer awareness; electronic scooter; promotional factor; technological factor; source of finance; charging the battery; brand and price; image service and safety.
  DOI: 10.1504/IJEF.2027.10067174
   
  
• Digital lending initiatives: catalysing financial inclusion for improved economic outcomes  
  by E. Rebekah , Mohd Afjal 
  Abstract: This research delves into the transformative challenges in the technology-driven landscape of the financial sector, with a specific focus on digital lending. It examines how innovations in financial technology have reshaped traditional financial architectures. Using bibliometric analysis, the study reviews research published from 2013 to 2023, exploring the impact of digital financing on economic growth. A total of 765 documents from the Scopus database were analyzed using Biblioshiny and VOS viewer. The findings highlight that Munene has the most significant scholarly contributions in this field, while the United States leads globally in research output. Switzerland emerges as a critical player in sustainability, contributing 31 articles. Keyword analysis shows frequent usage of terms such as "financial inclusion," "fintech," "mobile money," "financial literacy," and "digital finance." This research provides invaluable insights for academics and policymakers, offering a solid foundation for future initiatives aimed at fostering sustainable economic development and deepening understanding of digital lending and financial inclusion.
  Keywords: financial inclusion; economic outcome; VOSViewer; Biblioshiny; digital lending.
  DOI: 10.1504/IJEF.2027.10067175
   
  
• Influence of financial behaviour on investment decision making among women employees in India  
  by Sujatha Pentireddi, Lalitha Nammi 
  Abstract: In the field of financial decision making, financial literacy serves as a pivotal tool for rational choices, according to scientific studies. However, the effect of financial literacy on reducing illogical choices, such as preferring immediate smaller rewards over bigger future gains, is unknown. This study examines whether financial knowledge reduces financial and commercial impulsivity using Andhra Pradesh preference parameter study data. Discounting as a measure of impulsive decision making is used to study how human qualities, notably risk tolerance, affect investing decisions. Financial planning and investing were popular among working women to gain investment returns. Real estate investment preference was another trend. Working women’s disciplined investment of surplus income shows excellent financial literacy, controlling cash flow and emphasising the need for financial planning for effective investing. Financial literacy had a greater impact on women and people above 135 years old. These findings suggest that governments should include financial literacy to change impulsive financial conduct. The findings encourage volunteer groups in Andhra Pradesh, India, to create incentive methods that benefit both them and their volunteers, emphasising the importance of financial literacy in rational decision making.
  Keywords: financial literacy; humanitarian; inspiration; independent initiative and adolescents; volunteer organisations; influence investment decisions; financial planning and investing; decision making; India.
  DOI: 10.1504/IJEF.2026.10067176
   
  
• Antecedents of behavioural intention of retail investors on social media platforms: extending UTAUT 2 with perceived trust  
  by Anantdeep Kaur Maan, Rajni Bala, Atul Shiva 
  Abstract: This research paper investigates the determinants of behavioural intention of retail investors to use social media platforms with extended unified theory of acceptance and use of technology two and perceived trust. The role of perceived trust, a crucial factor in investment decision-making, has not been explicitly considered in the UTAUT2 model. By incorporating perceived trust into the framework, this research aims to explore how trust influences retail investors’ attitudes and intentions towards using social media platforms for investment related activities. Data was collected from 537 retail investors through online mode from the north part of India. The findings will contribute to understanding retail investors’ behaviour on social media platforms, aiding researchers, investment professionals, and platform developers in designing strategies to enhance engagement, satisfaction, and decision-making in the realm of investment activities on social media platforms.
  Keywords: retail investors; social media platforms; behavioural intention; UTAUT2; perceived trust; investment decision-making.
  DOI: 10.1504/IJEF.2027.10067350
   
  
• Socioeconomics influence and financial factors impact on soccer abilities in Indian school communities  
  by Lingappan Mohandass, T. Parasuraman 
  Abstract: This study investigates the impact of financial awards and socio-economic factors on soccer abilities within Indian school communities. We utilised the modified Kuppuswamy scale, categorising individuals into five socio-economic groups based on education, occupation of the family head, and monthly family income. Questionnaires were distributed to 300 soccer players aged 14 to 17 in Indian schools, with 40 participants randomly selected from each socio-economic group. Soccer playing ability, the criterion variable, was assessed using a judges’ rating system for soccer playing ability. Data analysis involved an analysis of variance (ANOVA) to identify significant differences among the socio-economic groups, followed by post-hoc tests to pinpoint the most influenced groups. All analyses were conducted at a significance level of 0.05. The findings reveal substantial disparities in soccer playing abilities among individuals from diverse socio-economic backgrounds. The ANOVA results, with a p-value of < 0.001, indicate significant differences among the groups. In the lower socio-economic group, financial rewards significantly impact soccer abilities, motivating improved sportsmanship. Comparisons highlight that the upper socio-economic group consistently demonstrates the highest scores for soccer playing ability. These results underscore the need for equitable access to resources and opportunities in sports to address socio-economic disparities among Indian school students.
  Keywords: socio-economic status; SES; soccer playing ability; financial factors; family income; financial rewards; financial support.
  DOI: 10.1504/IJEF.2027.10067351
   
  
• Exploring public sentiments toward cryptocurrencies through emotion detection  
  by Jasleen Kaur, Amarjit Gill 
  Abstract: Cryptocurrency (i.e., a digital/virtual currency) has gained popularity across the globe. Collecting 20,690 English tweets from X using various cryptocurrency-related keywords, this research study proposes an efficient hybrid model (i.e., the Bidirectional Encoder Representations from Transformers + Recurrent Neural Network, BERTR model) to detect cryptocurrency-associated emotions. The current study categorizes the collected tweets from X into six emotion classes following Ekman's model. Besides, this study applied eight state-of-the-art models and introduced an efficient hybrid BERTR model to categorize cryptocurrency-related tweets into various emotion labels. Among the existing state-of-the-art models, the recurrent neural network (RNN) stands out as the best-performing model, achieving an accuracy of 80.20% with features based on word embeddings. Our new proposed BERTR hybrid model exhibited a significant 15% increase in accuracy. The results suggest that word embedding-based features surpassed bag-of-words features across all models. This study contributes to the existing literature on public sentiments toward cryptocurrencies.
  Keywords: cryptocurrency; deep learning; emotion detection; large language model; machine learning; sentiment analysis; X.
  DOI: 10.1504/IJEF.2027.10067352
   
  
• Adoption of robo advisors for wealth management in India: using SMART-PLS and NCA analysis  
  by Shruti Bansal, Rachit Agarwal 
  Abstract: Understanding the adoption of robo-advisors for wealth management in India is a dynamic and evolving phenomenon. The aim of the research was to explore the factors influencing the growing acceptance of automated advisory services in India’s wealth management landscape. The sample size of the study was 391 collected through convenience sampling. The data was analysed by using the Smart-PLS 4.0 version. Hypotheses testing was done by using bootstrapping and effect size was analysed by necessary condition analysis (NCA). The findings suggested that perceived trustworthiness, financial literacy, perceived financial performance and ease of use had a significant impact and also a necessary condition on behavioural intention to accept robo advisory, whereas regulatory and security concerns have no significant impact but a necessary condition for adoption of robo advisory.
  Keywords: robo advisors; financial technology; FinTech; investment; wealth management.
  DOI: 10.1504/IJEF.2027.10067373
   
  
• The influence of a multilevel information system and user behavioural attributes on the adaptation of wealthtech platforms  
  by Aysa Siddika, Abdullah Sarwar, Low Jing Hong 
  Abstract: This study examines how behavioural characteristics and information systems influence Fintech intention and adoption in the wealth management sector. An empirical study was conducted among 398 respondents using a questionnaire-based approach among wealthtech users living in Malaysia. For determining the structural relationship between the constructs, PLS-SEM was used. The study found that consumers’ trust in a wealthtech platform depends heavily on the quality of information, service, and the system or platform itself. At the same time, trust affects the ease of use, usefulness, and adoption of the platform. Social influence increases users’ intentions to use it. The study provides an integrated conceptual model based on the information systems success model (ISSM) and technology acceptance model (TAM). The study findings extend a profound understanding of the aspects that would help practitioners increase customer loyalty and develop a sustainable business model.
  Keywords: wealthtech; Fintech adoption; trust; technology acceptance model; TAM; ISSM; PLS-SEM.
  DOI: 10.1504/IJEF.2027.10067553
   
  
• The influence of social media marketing on brand loyalty: exploring the mediating role of brand trust  
  by R. Jeya Rani , M. Deepa, Moli Ghosh, Joel Jebadurai, K. Balasubramanian  
  Abstract: Building and maintaining brand loyalty are the inevitable problems of the social media marketing environment. This study focuses on consumer behaviour and attitudinal traits as it investigates the relationship between social media marketing and brand trust in the online electronics sector. The study helps businesses compete in online electronics sales and modernises brand loyalty methods. Utilising a quantitative technique and exploratory research design, the study focused on consumers between the ages of 18 and 45 who had made online purchases of electronic devices in the preceding year. Measures of social media marketing, brand loyalty, and brand trust were developed using established scales and online questionnaires that were derived from previous research. Firms who use social media marketing strategies including beneficial promos, relevant content, well-liked content, and presence on several platforms are successful. Brand trust partially mediates social media marketing-brand loyalty. This study can help companies build brand loyalty in the fast-paced world of online gadget sales. It pioneered this new marketing field and suggests numerous strategies.
  Keywords: brand loyalty; social media marketing; SMM; brand trust; online purchases; consumer behaviour; electronic gadget.
  DOI: 10.1504/IJEF.2027.10067621
   
  
• Impact of e-service quality on perceived value, customer satisfaction, and loyalty on e-marketing  
  by S. Suguna , Somanchi Hari Krishna , Pravin D. Sawant, Sarabjot Singh 
  Abstract: The study examines the complex relationship between e-service quality, perceived value, customer happiness, and loyalty in e-marketing. As virtual e-marketing grows, electronic service quality becomes crucial to client experiences. The study examines website functionality, responsiveness, security, and reliability as e-service quality parameters. The main goal is to determine how these e-service quality aspects affect customers’ value perceptions, contentment, and loyalty to e-marketing platforms. Understanding customer expectations, technical advances, and the changing e-marketing landscape is essential to understanding e-service quality. Businesses must spend in R&D to stay ahead of the curve and improve their online platforms to exceed user expectations. The study also examined how e-service quality affects consumer happiness and loyalty. Businesses seeking differentiation and long-term success in the fast-changing digital marketplace must understand these relationships. Competition is fierce and consumer expectations are rising. High e-service quality affects client retention by affecting value perception, service satisfaction, and brand loyalty. In a digital economy where customer reviews and online reputations can affect corporate performance, e-service quality is even more important.
  Keywords: perceived usefulness; enjoyment; service quality; perceived value; satisfaction; loyalty; interpersonal dynamics; moderating effect; customer experiences; social value.
  DOI: 10.1504/IJEF.2027.10067622
   
  
• Temporal dynamics in stock market modelling: a comparative analysis across varied data sizes  
  by S. Aruna, L. V. Nandakishore 
  Abstract: This paper applies three distinct models, GARCH, EGARCH, and GJR, to model daily stock market returns, aiming to study the dynamic field of financial modelling through a comparative lens to understand each models unique strengths and limitations. To ensure a comprehensive assessment of model reliability, robustness checks are conducted using various evaluation criteria and metrics. Model selection is guided by the AIC and BIC, which help identify the model that best balances complexity and predictive accuracy. The dataset used for training these models includes daily returns over two specific periods: the full duration, represented by n., and half of this duration, represented by n/2n/2n/2, where N denotes the total data points. MS Excel, SPSS, and Python tools are used for data analysis. Exploring volatility patterns through parameter estimate and model fitting helps comprehend investment risk and optimise portfolio management. This approach lets you test the models prediction power over time. In volatile data situations, EGARCH, which had the lowest AIC and BIC values of the three models, is best for market dynamics forecasting.
  Keywords: volatility data environments; maximum likelihood estimate; conditional variance; Akaike information criterion; AIC; Bayesian information criterion; BIC; across varied data sizes.
  DOI: 10.1504/IJEF.2028.10067998
   
  
• Comparative financial performance of key Indian pharma companies e-cash flow  
  by R. S. Mangayarkarasi , C. Mugunthan 
  Abstract: Indian pharmaceuticals have undergone substantial growth and transformation, solidifying their position as a critical element of global healthcare. E-cash flow is paramount to critical Indian pharmaceutical companies because it provides real-time financial insights, enhancing operational efficiency and liquidity management. By reflecting on recent trends, comparative financial performance analysis guides strategic decisions and reveals strengths and vulnerabilities in the evolving global healthcare market. This promotes competitiveness. The study investigates an empirical analysis to assess the financial performance of selected Indian pharmaceutical companies comprehensively. These organisations are evaluated and assessed systematically using metrics, financial ratios and performance indicators. Financial insights for each company are obtained through meticulously analysing profitability indices, financial statements and e-cash flow patterns. Using secondary data distinguished by nine distinct attributes, the investigation focuses on the 20 most valuable Indian pharmaceutical companies by market value. These companies’ profitability and liquidity ratios are meticulously evaluated and compared to their overall performance from the fiscal years 2018-2019 to 2022-2023. Furthermore, regression analysis, ANOVA, Kruskal-Wallis tests, and measures of skewness and kurtosis are implemented to analyse the financial performance of Indian pharmaceutical enterprises.
  Keywords: Indian pharmaceutical; financial performance; cash flow; liquidity ratios; profitability ratios; financial ratios; performance indicators; substantial growth; transformation.
  DOI: 10.1504/IJEF.2028.10068038
   
  
• Crypto currency and economic growth in Nigeria  
  by Chi Aloysius Ngong 
  Abstract: This study investigates the link between crypto currencies and economic growth from 2012Q1 to 2019Q4. GDP per capita measures economic growth. Bitcoin transactions volume, private sector credit and foreign direct investment measured currency circulation using Engle-Granger residual co-integration, fully modified OLS, dynamic OLS and conical co-integration regression. Results unveil long-term relationship between crypto currencies and economic growth. The findings indicate a negative long-run association between LNBVT and GDP. The Central Bank of Nigeria and government should improve the legal system to regulate crypto currencies transactions. This research suggests implementation of effective laws on crypto currencies transactions to limit crypto currencies' negativities in the global economy. This is possible if the crypto currencies' developers create geographically delimited or encrypted protocols. This study recommends that all economic actors should be open-minded towards technological innovations. The suggested policies would improve crypto currency acceptance in the economies globally. The authorities should regulate crypto currencies' usage and security from illegal activities.
  Keywords: crypto currency; economic growth; fully modified OLS; FMOLS; dynamic OLS; DOLS; conical co-integration regression; CCR; Nigeria.
  DOI: 10.1504/IJEF.2024.10056974
   
  
• Research on the operational efficiency of Chinese fintech companies based on the DEA model  
  by Xiaoling Song, Pei Peng, Xuan Qin 
  Abstract: Fintech is important for China's 'new infrastructure' and for driving strategic innovation at the national level. Measurement systems are constructed considering cost income and company development. The DEA model is used to analyse the operating efficiency and slack variables of 55 listed fintech companies from 2014 to 2019. This paper distinguishes between the establishment years, enterprise attributes, and scale of companies. It concludes that companies with high establishment years are more efficient than those with low establishment years. The average comprehensive technical efficiency changes of non-state-owned enterprises are slightly higher than those with low establishment years. Non-SBM effective enterprises' investment redundancy indicators are total assets, payable employee compensation, and the number of employees, while insufficient output is reflected in net profit's indicator. Based on the research results, suggestions are made to promote the sustainable development of fintech in China, which is significant for the promotion of financial innovation in China.
  Keywords: fintech; corporate operational efficiency; standard DEA model; dynamic DEA model; SBM-DEA model; slack variables; decision-making unit; DMU; establishment years; enterprise attributes; scale of companies.
  DOI: 10.1504/IJEF.2024.10057607
   
  
• A study on customer experience of using chatbots in banking sector with moderating role of age and gender  
  by Shubhangi Agarwal, Bhawna Agarwal, Ruchika Gupta 
  Abstract: The purpose of the study is to propose an analytical framework by combining the ISS model, TAM model and customer experience to examine the impact of using chatbots on customer experience and customer satisfaction. The study also investigates the moderating role of demographics on customer experience. The present study considers chatbot as a form of information system, therefore the study proposes a framework based on information system (IS) success model, technology acceptance model (TAM). The survey method was conducted to collect the data from 325 users of banking chatbot and the proposed model was validated by using partial least square (PLS) techniques. The study concluded that information quality, system quality, service quality and perceived ease of use are significant drivers which influence customer experience and the latter affects customer satisfaction. The study also provided some key theoretical and managerial implications regarding customer experience of using banking chatbots. The study provides insight into a rapidly developing technology in banking industry. The primary value of this paper lies in examining the impact of factors on customer experience and examining moderating role of demographics (age, gender) variables.
  Keywords: chatbots; banking industry; customer experience; customer satisfaction; Smart PLS; India.
  DOI: 10.1504/IJEF.2024.10058571
   
  
• Oil price and profitability: evidence from Southeast Asian countries  
  by Aslan Tleugaliyev, Alimshan Faizulayev, Muhammad Arslan 
  Abstract: The paper explores the influence of macroeconomic variables on the profitability of the aviation sector in the Southeast Asia region. The panel corrected standard errors (PCSE) regression model was employed for the period 2011-2019 on a sample of six countries (i.e., Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam). The results revealed the positive effect of an increase in inflation whereas increases in government expenditure, lending, interest rate, profit tax, and the 2014 year associated with the decline in global oil prices, exert a statistically negative influence on the financial performance of the aviation sector in Southeast Asia region. The effect of changes in oil prices and population growth, 2015-2016 years as the continuation of global oil prices decreases, is statistically insignificant. The paper contributes to the understanding of important economic factors affecting the financial performance of the aviation industry in Southeast Asian countries in light of the COVID-19 outbreak and for further development of the economic sector.
  Keywords: oil prices; airlines; profitability; return on assets; ROA; panel corrected standard error; PCSE; panel data.
  DOI: 10.1504/IJEF.2024.10057784
   
  
• Understanding the trend and GAP of studies related to the banks' financial performance: a review of the literature using bibliometric as well as thematic analysis  
  by Jaspreet Kaur, Nitin Pathak, Sanjay Taneja, Ercan Özen 
  Abstract: The financial performance of banks has been a very eye-catching topic for researchers since the 19th century. This research covers years from 2012 to 2021. This was a period when the pandemic happened and during that period, the functional environment of the banking sector was entirely changed from manual to digital. For extracting the results of this study, 5974 Scopus journals were selected, out of which 4,840 journals are in top-level journals. Then, based on the subject field of finance, business management, accounting, social sciences, and econometrics, 1,917 papers were extracted. Research has been conducted on the 1,917 papers, which are indexed in the Scopus database. Results reflect the countries which primarily did a study on this topic, identify the best journals that publish the research on this topic and even identify the basic keywords used by the various authors related to this topic. The study also identified top researchers associated with this area. Further, Thematic analysis was done to know about the future of the particular topic. Results of thematic analysis depict that profitability, credit risk, and commercial banks are the important themes that are niche covered by the researchers. So these fields required much consideration by the researchers for future research. As per the results, a new area for researchers is to find out the profitability of commercial banks through data envelopment analysis instead of benchmarking.
  Keywords: biometric analysis; business management; finance; service sector; performance assessment.
  DOI: 10.1504/IJEF.2025.10064521
   
  
• Analysis of the specified paint company's financial performance together with the impact on stock liquidity  
  by V. Sadhishkumar, P. Uma Swarupa 
  Abstract: The study examined the paint manufacturer's stock price-liquidity correlation. Choosing the best model and forecasting paint company stock values are financial decisions. Yahoo Finance and Money Control were examined. Demand and supply set prices in open markets. Equilibrium explains stock markets. The top three NSE India-listed paint companies by market cap were examined. Shorting equities reduces market activity, influencing shareholder sentiment and liquidity. This cubic regression model study measures investor sentiment. According to studies, optimistic investors boost market liquidity. Margin trading dampens investor mood and market liquidity. Cognitive data limits market liquidity. Explosive data enhances liquidity in bull markets, decreases it in bear markets, and has no influence when startled. March 2017-February 2022 data was collected monthly. Liquidity does not affect paint makers' stock prices. The cubic regression equation accurately forecasted paint company stock values. The regression equation predicted that AKZOINDIA would trade for 1,912.40, 1,960.45, 1,918.48, 1,872.30, and 1,821.78 Indian rupees in March, April, May, June and July. ASIAN PAINTS may trade for 3,203.00, 3,614.16, 3,714.51, 3,817.38, and 3,922.81 rupees. BERGER PAINT may trade for 736.80, 788.94, 788.67, 787.18, and 784.41 Indian rupees.
  Keywords: liquidity; stock performance; stock market liquidity; investment and expense; microeconomic; global reactions; liquidity traders; financial ratios.
  DOI: 10.1504/IJEF.2024.10057057
   
  
• International Public Sector Accounting Standard adoption and compliance: implications on accounting transparency and quality in Jordan public sector
  by Ahmad Yahiya Ahmad Bani Ahmad 
  Abstract: In order to evaluate the adoption and compliance with worldwide public sector accounting standards as well as their effects on accounting transparency and quality in the Jordanian public sector, research was undertaken. The study's population comprised all 250 Jordan's Ministry of Finance, employees. The research used a survey approach; 152 participants were randomly chosen from the pool. The respondents' responses were elicited using a standard questionnaire. Simple percentages and t-test analysis were used to gather and analyse the data. It was determined that the public sector's adoption of the international public sector accounting system would result in more open data, improve government accountability, and foster a better and more thorough decision-making process. The decision-makers, public sector accountants, the Jordan Ministry of Finance, and the Jordanian public sector are among the many parties to which this research is anticipated to be helpful. It was suggested that the government and authorities ensure that professional accountants have access to training facilities and materials on the idea of international public sector accounting and related concerns.
  Keywords: public sector; accounting; standard; adoption; improvement; transparency and quality; Jordan Ministry of Finance; Jordan.
  DOI: 10.1504/IJEF.2025.10059960