Template-Type: ReDIF-Article 1.0 Author-Name: Paridhi Author-X-Name-First: Author-X-Name-Last: Paridhi Author-Name: Ritika Author-X-Name-First: Author-X-Name-Last: Ritika Title: Unveiling key factors influencing corporate ESG reporting adoption: a TISM and MICMAC analysis Abstract: Environmental, social, and governance (ESG) reporting, which goes beyond a mere compliance tool, can potentially become an effective instrument for driving sustainable business practices. This study explores the factors and their complexities utilising the total interpretive structural modelling (TISM) systematic method. It constructs an empirical model revealing hierarchical interrelatedness among critical factors. Further, Matrice d'Impacts Croisés Multiplication Appliquée à un Classement (MICMAC) analysis is used to study the driving and dependence connection. The study categorises key factors at three levels, strategic factors that affect policy formulation, operational factors that strengthen the adoption process, and performance factors that impact the compliance management of corporate ESG reporting. The study provides methodological advancements by using robust measurement tools, allowing for more accurate assessment and communication of results. Study recommendations align with institutional theory and normative values. The study presents a comprehensive hierarchical model for navigating and enhancing global ESG reporting adoption sustainably. Journal: Afro-Asian J. of Finance and Accounting Pages: 1-28 Issue: 1 Volume: 16 Year: 2026 Keywords: corporate ESG reporting adoption; sustainability reporting; ESG disclosures; total interpretative structural modelling; TISM; MICMAC analysis; corporate sustainable practices. File-URL: http://www.inderscience.com/link.php?id=150614 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:1-28 Template-Type: ReDIF-Article 1.0 Author-Name: Olayinka Erin Author-X-Name-First: Olayinka Author-X-Name-Last: Erin Author-Name: Oluwafunmilayo Ajibola Author-X-Name-First: Oluwafunmilayo Author-X-Name-Last: Ajibola Author-Name: Olajide Dahunsi Author-X-Name-First: Olajide Author-X-Name-Last: Dahunsi Title: Whistleblowing framework and financial statement fraud: empirical evidence Abstract: Whistleblowing activities have increased globally due to corporate fraud in recent times. The study examined the impact of whistleblowing framework on financial statement fraud of listed firms in Nigeria. We adopted the following to measure whistleblowing framework: size of audit committee, independence of audit committee, risk committee independence, size of external audit, international ownership and firm size. In the same vein, financial statement fraud was measured through Beneish M-score model, taking into consideration the eight parameters of the model. We analysed the data using weighted exogenous sample maximum likelihood (WESML), content analysis and fixed effect regression model. The findings reveal that most Nigerian listed firms have increased the pace toward transparent disclosure of whistleblowing practices which has significant effect on financial statement fraud. These empirical findings place a new direction for inclusive corporate disclosure of whistleblowing in Nigeria, and also for best practices in emerging economies. Journal: Afro-Asian J. of Finance and Accounting Pages: 54-79 Issue: 1 Volume: 16 Year: 2026 Keywords: Beneish M-score; financial statement fraud; legitimacy theory; Nigerian listed firms; whistleblowing framework; whistleblowing index; WBI. File-URL: http://www.inderscience.com/link.php?id=150615 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:54-79 Template-Type: ReDIF-Article 1.0 Author-Name: Olan Naz Author-X-Name-First: Olan Author-X-Name-Last: Naz Author-Name: Muhammad Zubair Mumtaz Author-X-Name-First: Muhammad Zubair Author-X-Name-Last: Mumtaz Title: ESG and Pakistan: the good and the bad Abstract: The world is more susceptible to extreme natural disasters and environmental issues; therefore, the business landscape in Pakistan must evolve while remaining environmentally conscious. Firms must incorporate sustainability strategies into their planning and instil actions that make them more economically and environmentally resilient. This study aims to conduct a sector-wise analysis of the environmental, social, and governance (ESG) measures and their effect on the stock performance of 101 firms listed on the Pakistan Stock Exchange from 2009 to 2019. For this purpose, the study constructs an ESG index and employs the GMM technique to examine the effect of ESG factors on the firm's stock performance. Using profitability measures, ESG combined and separate scores with a period lag show a positive but weak significant coefficient. Considering the firm value, the ESG combined and separate scores with a period lag positively influence Tobin's Q, except for environmental factors. Considering the weighted average cost of capital (WACC) and ESG linkages, the ESG combined and separate scores with a period lag influence WACC negatively except for social factors. The study's findings are consistent with the previous literature, which supports the catalyst effect of ESG compliance on the performance of firms. Journal: Afro-Asian J. of Finance and Accounting Pages: 29-53 Issue: 1 Volume: 16 Year: 2026 Keywords: sustainability; environmental, social, and governance measures; ESG; Tobin's Q; GHG emissions; Pakistan. File-URL: http://www.inderscience.com/link.php?id=150616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:29-53 Template-Type: ReDIF-Article 1.0 Author-Name: Ishwar Sharma Author-X-Name-First: Ishwar Author-X-Name-Last: Sharma Author-Name: Meera Bamba Author-X-Name-First: Meera Author-X-Name-Last: Bamba Author-Name: Bhawana Verma Author-X-Name-First: Bhawana Author-X-Name-Last: Verma Author-Name: Bharti Verma Author-X-Name-First: Bharti Author-X-Name-Last: Verma Title: Portfolio diversification opportunities in Indian stock and commodity markets using TVP VAR extended joint connectedness approach Abstract: The study investigates the connectedness in stock and commodity markets of India and its implication for portfolio diversification using the TVP-VAR extended joint connectedness approach. According to the study's findings, there is low spillover between the stock and commodity markets, suggesting that diversification benefits can be taken by building a stock-commodity portfolio. The study discovers a time-varying relationship between stocks and the commodity market. Total connectedness was high during covid and the Russia-Ukraine war, but the connectedness during the Russia-Ukraine war was lower than during covid. Most of the time, however, all commodities are negatively connected with stocks. Still, because the magnitude of the negative connectedness of gold and crude oil with stock is substantial, it can be concluded that a portfolio of stocks with gold and crude oil may provide better diversification benefits than other commodities. This research provides valuable information for portfolio managers, investors, financial advisors, policymakers and regulators. Journal: Afro-Asian J. of Finance and Accounting Pages: 80-101 Issue: 1 Volume: 16 Year: 2026 Keywords: stock market; commodity market; time-varying parameters vector autoregression; TVP VAR extended joint connectedness approach; portfolio diversification; Nifty; MCX. File-URL: http://www.inderscience.com/link.php?id=150617 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:80-101 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Niaz Khan Author-X-Name-First: Muhammad Niaz Author-X-Name-Last: Khan Title: The impact of COVID-19 pandemic on the stock market volatility in Pakistan: evidence from sectoral indices analysis Abstract: This paper aims to investigate the volatility and asymmetric behaviour across 13 sectors of the Pakistani economy during the COVID-19 pandemic. Using asymmetric GARCH models, including EGARCH and TGARCH, the study analysed daily time series returns data from 1 January 2016 to 30 December 2021. The sample period was divided into pre-COVID-19 and during COVID-19 sub-periods. The empirical findings revealed the presence of volatility clustering, leverage effect, and fat-tailed phenomena across all sectors, with increased asymmetric volatility during the pandemic compared to the pre-pandemic period. Negative returns dominated during the COVID-19 health crisis, indicating significant asymmetric transmissions. Both models confirmed high volatility persistence and asymmetric effects across all sectors during the pandemic. Consumer services, food and beverages, and telecom sectors emerged as key risk transmitters, while energy, financial, and consumer staples sectors acted as net recipients of volatility. Sectors with limited connections offer potential diversification benefits. The TGARCH model demonstrated superior fit over the EGARCH model. These findings provide valuable insights for investors, aiding in asset allocation decisions during market turbulence. Directional volatility patterns among sectors offer essential information for effective trading strategies, benefiting both investors and policymakers in portfolio construction and risk management amid potential crises in the Pakistani market. Journal: Afro-Asian J. of Finance and Accounting Pages: 119-142 Issue: 1 Volume: 16 Year: 2026 Keywords: COVID-19; Pakistan; asymmetric volatility; GARCH models; portfolio diversification. File-URL: http://www.inderscience.com/link.php?id=150618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:119-142 Template-Type: ReDIF-Article 1.0 Author-Name: R.L. Manogna Author-X-Name-First: R.L. Author-X-Name-Last: Manogna Author-Name: Aditya Anil Singh Author-X-Name-First: Aditya Anil Author-X-Name-Last: Singh Title: Empirical analysis of lead-lag relationship in the Indian stock market amid the COVID-19 pandemic Abstract: The markets often need to be more efficient during significant events, which enables investors to earn atypical returns. This study seeks to determine whether there was a lead or lag relationship between the Sensex and the Nifty from 2012 to 2023, including the COVID-19 pandemic period. This study uses the Granger causality test and two-step regression process to determine the existence and direction of causality along with cross-residual impact between Nifty and Sensex during the announcement of lockdowns and unlocks. We examine the responses of the indexes in the presence of an exogenous information shock (the lockdown and unlock announcement). The two-step regression model results show a cross-residual impact from Sensex to Nifty, suggesting that Sensex has a leading relationship with Nifty. Thus, Nifty and Sensex were inefficient during the pandemic. The findings provide evidence against the efficient market hypothesis and establish a lead-lag relationship between Nifty and Sensex. Journal: Afro-Asian J. of Finance and Accounting Pages: 102-118 Issue: 1 Volume: 16 Year: 2026 Keywords: efficient market hypothesis; E.M.H.; causality; cross-residual impact; two-step regression; Nifty; Sensex; India. File-URL: http://www.inderscience.com/link.php?id=150627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:1:p:102-118 Template-Type: ReDIF-Article 1.0 Author-Name: Kajal Mittal Author-X-Name-First: Kajal Author-X-Name-Last: Mittal Author-Name: Sandeep Singh Virdi Author-X-Name-First: Sandeep Singh Author-X-Name-Last: Virdi Author-Name: Inu Kumari Author-X-Name-First: Inu Author-X-Name-Last: Kumari Title: Effect of merger announcements on stock prices: evidence from Indian public sector banks Abstract: This study examined the stock market reactions of acquirer public sector banks in India to merger announcements. All merger deals announced related to public sector banks from January 2016 to December 2022 were covered in the study. Stock prices were collected from the Bombay Stock Exchange website. The analysis observed positive returns on announcement day for all the acquirer banks except for Canara Bank. It can be noted from the upward and downward movement of AAR surrounding the event day that the market reacted quickly to the merger announcements in the Indian banking sector. The cumulative average abnormal returns results reported negative returns through the entire 21 days event window except for one day. These findings indicated that merger announcements created market turbulence and generated lower wealth for acquirer banks in India. These results may help bank managers and investors to formulate investment policies and strategies accordingly. Journal: Afro-Asian J. of Finance and Accounting Pages: 207-220 Issue: 2 Volume: 16 Year: 2026 Keywords: merger announcements; public sector banks; acquirer banks; stock prices; event study. File-URL: http://www.inderscience.com/link.php?id=152387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:207-220 Template-Type: ReDIF-Article 1.0 Author-Name: Manoj Panda Author-X-Name-First: Manoj Author-X-Name-Last: Panda Author-Name: Pankaj Sharma Author-X-Name-First: Pankaj Author-X-Name-Last: Sharma Author-Name: Dipasha Sharma Author-X-Name-First: Dipasha Author-X-Name-Last: Sharma Title: Financial implications of fintech acquisitions in India: a study on shareholder returns and acquisition dynamics Abstract: While there has been a rapid growth in acquisitions of fintech firms in India, limited studies have explored the impact of these acquisitions for investors. Therefore, this research examines the impact of fintech acquisition on short-term gain to shareholders of acquiring firms in India. The study employs event study method using a sample of 155 listed acquiring firms taken from Bloomberg for the period 2010 to 2023.The research findings reveals that while there is a marginal gain on the event day, the cumulative return is predominantly negative throughout event window. The multivariate analysis shows favourable return for 61 days event window, with cash payment in acquisition of domestic unlisted firms. These findings offer valuable insights for stakeholders involved in acquisition decisions, emphasising the need for thorough evaluation and strategic planning to maximise shareholder value. Despite these valuable insights, the ever-evolving nature of fintech acquisitions in India and the constraints imposed by the sample size may limit the study's broader applicability. Journal: Afro-Asian J. of Finance and Accounting Pages: 245-276 Issue: 2 Volume: 16 Year: 2026 Keywords: fintech; mergers and acquisitions; M%A; event study; market efficiency; India. File-URL: http://www.inderscience.com/link.php?id=152388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:245-276 Template-Type: ReDIF-Article 1.0 Author-Name: Jaswadi Jaswadi Author-X-Name-First: Jaswadi Author-X-Name-Last: Jaswadi Author-Name: Hari Purnomo Author-X-Name-First: Hari Author-X-Name-Last: Purnomo Author-Name: Sumiadji Sumiadji Author-X-Name-First: Sumiadji Author-X-Name-Last: Sumiadji Author-Name: Anin Dyah Luthfiani Author-X-Name-First: Anin Dyah Author-X-Name-Last: Luthfiani Title: Audit of less-complex entities: challenges and opportunities in increasing good corporate governance in Indonesian SMEs Abstract: This study aims to explore the readiness of public accountants' resources, especially in terms of micro, small and medium enterprises (SMEs) audits, on the adoption of international standard on auditing for less complex entities (ISA for LCEs). This research was conducted at public accounting firms (PAFs) throughout Indonesia, which consisted of 85 auditors registered as members of the public accounting firms. These findings provide a new research direction regarding the opportunities and challenges in preparing for the adoption of ISAs for LCE through empirical evidence and documentary studies. The regression results show that the availability of intellectual capital resources, financial resources, and organisational resources simultaneously affect the governance of SMEs in Indonesia and the implementation of the ISA for LCEs. This is important because the complexity of the industry can affect the process of adopting new audit standards, both theoretically and empirically. This paper is, to the best of the authors' knowledge, the first to examine the readiness of auditors in developing countries in implementing new auditing standards. Journal: Afro-Asian J. of Finance and Accounting Pages: 156-179 Issue: 2 Volume: 16 Year: 2026 Keywords: corporate governance; international standard on auditing for less complex entities; ISA-LCE; small and medium enterprises; SME. File-URL: http://www.inderscience.com/link.php?id=152389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:156-179 Template-Type: ReDIF-Article 1.0 Author-Name: Laith Alsheyab Author-X-Name-First: Laith Author-X-Name-Last: Alsheyab Author-Name: Mohd Rizuan Abdul Kadir Author-X-Name-First: Mohd Rizuan Abdul Author-X-Name-Last: Kadir Author-Name: Khairul Anuar Kamarudin Author-X-Name-First: Khairul Anuar Author-X-Name-Last: Kamarudin Author-Name: Raedah Sapingi Author-X-Name-First: Raedah Author-X-Name-Last: Sapingi Title: The moderating role of overlapping audit committee on the relationship between firm profitability and accounting conservatism in Jordan Abstract: This research investigated how firm profitability influences conservatism in accounting and how audit committee overlap and its chair overlap can impact this relationship. The study was conducted on Jordanian companies listed on the Amman Stock Exchange from 2018 to 2022. This research discovered a positive impact of profitability related to accounting conservatism in Jordanian companies. The study found a moderating role of audit committee overlap and its chair overlap on the association between firm profitability and accounting conservatism. The study findings hold significant relevance for decision-making and regulatory entities in Jordan and neighbouring nations regarding the development of corporate governance, particularly in relation to the overlapping audit committees. The novelty of this study lies in that it is the only study that examines the moderating role of audit committee overlap and its chair overlap on the association between firm profitability and accounting conservatism. Journal: Afro-Asian J. of Finance and Accounting Pages: 221-244 Issue: 2 Volume: 16 Year: 2026 Keywords: accounting conservatism; firm profitability; overlapping audit committee; audit committee chair; Jordanian companies. File-URL: http://www.inderscience.com/link.php?id=152390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:221-244 Template-Type: ReDIF-Article 1.0 Author-Name: Nivya Unni Author-X-Name-First: Nivya Author-X-Name-Last: Unni Author-Name: S. Santhosh Kumar Author-X-Name-First: S. Santhosh Author-X-Name-Last: Kumar Title: Do Indian companies' debt structures reflect debt specialisation? Abstract: This study seeks to examine the debt composition of non-financial companies in India. The study conducts a panel data analysis of 1,915 non-financial firms listed on the National Stock Exchange (NSE) from 2010 to 2023. Debt specialisation is measured using the Herfindahl-Hirschman Index (HHI), Excl 90, cluster analysis, threshold analysis and conditional debt structure. The data are collected from the ProwessIQ-Centre for Monitoring Indian Economy (CMIE) database and the companies' annual reports. The study finds clear evidence of debt specialisation among Indian firms; most companies focus their borrowing on a single type of debt. Cluster analysis results reported that 89% of the sample firms primarily specialise in one kind of debt. Journal: Afro-Asian J. of Finance and Accounting Pages: 143-155 Issue: 2 Volume: 16 Year: 2026 Keywords: debt structure; debt specialisation; Herfindahl-Hirschman Index; HHI; cluster analysis. File-URL: http://www.inderscience.com/link.php?id=152391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:143-155 Template-Type: ReDIF-Article 1.0 Author-Name: Makram Nouaili Author-X-Name-First: Makram Author-X-Name-Last: Nouaili Title: The dynamic effects of privatisation on the performance of privatised banks and the role of economic, political, and institutional factors: empirical evidence from OECD and MENA countries Abstract: This study examines the post-privatisation performance of 87 banks in OECD and MENA countries, while identifying the various factors that may influence the privatisation-performance relationship. By using the seemingly unrelated regressions (SUR) model, the results show that in the post-privatisation period, performance slightly decreases in the MENA region. However, over time, privatisation yields significant improvements in the performance of privatised banks in OECD countries. The results also show that the economic and organisational circumstances and the political and institutional environment in which privatised banks operate affect the privatisation-performance relationship. Our results support, therefore, that the factor of private-public ownership must be differentiated from the other factors that also influence the effect of privatisation on the performance of privatised banks. Journal: Afro-Asian J. of Finance and Accounting Pages: 180-206 Issue: 2 Volume: 16 Year: 2026 Keywords: bank performance; privatisation; seemingly unrelated regressions model; SUR. File-URL: http://www.inderscience.com/link.php?id=152396 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:afasfa:v:16:y:2026:i:2:p:180-206