Template-Type: ReDIF-Article 1.0 Author-Name: Anand Pandey Author-X-Name-First: Anand Author-X-Name-Last: Pandey Author-Name: R. Murugesan Author-X-Name-First: R. Author-X-Name-Last: Murugesan Title: Effectiveness analysis of largest financial inclusion schemes in India Abstract: The present study attempts to evaluate the effectiveness analysis of largest financial inclusion (FI) schemes named as Pradhan Mantri Jan Dhan Yojana (PMJDY) and its impact on FI in India across states. In the paper, a two-dimensional index, Jan Dhan index (JDI), was created using a number of accounts, and deposit parameters for 28 states and 8 union territories<SUP align="right"><SMALL>1</SMALL></SUP> from 2015 to 2020 to access the status of FI in India. The index was created using the UNDP's methodology for index and applying the min-max method of normalisation and Euclidean distance method. The JDI is a two-dimensional index that captures standardised values of Jan Dhan account and deposit dimensions on the scale of 0 to 1, where 0 indicates lowest presence of Jan Dhan scheme and 1 indicates highest presence of Jan Dhan scheme in FI. The study's finding suggests that most of the high-income states are low in JDI, except few BJP ruled states such as Gujarat and Haryana. On the other hand, the most populated states, or the low-income states such as Uttar Pradesh, Bihar, Chhattisgarh, Rajasthan, Assam, and Jharkhand are high in JDI. Bhartiya Janata Party (BJP) ruled states and union territories (including Jammu and Kashmir) have positive growth in JDI. Journal: Global Business and Economics Review Pages: 88-108 Issue: 1 Volume: 32 Year: 2025 Keywords: financial inclusion; FI; banking; PMJDY; Pradhan Mantri Jan Dhan yojana; India. File-URL: http://www.inderscience.com/link.php?id=143073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:88-108 Template-Type: ReDIF-Article 1.0 Author-Name: Deepshi Garg Author-X-Name-First: Deepshi Author-X-Name-Last: Garg Author-Name: Prakash Tiwari Author-X-Name-First: Prakash Author-X-Name-Last: Tiwari Author-Name: Vijay Kumar Jain Author-X-Name-First: Vijay Kumar Author-X-Name-Last: Jain Title: Do social media sentiments affect investment decisions? A moderated mediation analysis of the relationship between social media sentiments, trust, and investment decisions Abstract: The study explores the effect of social media sentiments on the social media attitude of investors. The objective is to determine whether an investor's trust in social media sentiments influences social media attitudes while making investment decisions. A standardised questionnaire was made to obtain data from Indian retail investors. The data was evaluated and analysed using smart PLS to investigate the association concerning constructs like Twitter, Facebook and YouTube. Here, investor's trust mediates between social media sentiments and social media attitude, while investment choice is a moderator between social media sentiments and trust. The significant result of this study shows how trust factors affect a person's eagerness to take financial risks and participate in risky securities. Trust also affects investment diversification and individual investor perception. The study offers valuable awareness for individual investors, financial experts, opinion formers, educationists, and other shareholders. Journal: Global Business and Economics Review Pages: 67-87 Issue: 1 Volume: 32 Year: 2025 Keywords: social media sentiments; SMSs; social media attitude; SMA; stock market; investor behaviour; investment choice; trust. File-URL: http://www.inderscience.com/link.php?id=143074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:67-87 Template-Type: ReDIF-Article 1.0 Author-Name: Supriya Ravichandran Author-X-Name-First: Supriya Author-X-Name-Last: Ravichandran Author-Name: Rajesh Mamilla Author-X-Name-First: Rajesh Author-X-Name-Last: Mamilla Title: Price discovery of commodity markets: bibliometric analysis Abstract: This study aims to conduct a citation-based analysis of academic research on price discovery of commodity markets (PDCM). For this purpose, data is collected using a database such as Web of Science; 200 articles written by 446 authors and published in 114 different journals from 2000 to 2021 were examined using visualisation tools. The collected data are analysed using keyword co-occurrence and scholarly co-citation approaches are used to investigate research areas and development trends. Several studies have investigated the impact of news announcements, analyst forecasts, and other information sources on the efficiency of the commodity market. The results of these studies suggest that information plays a crucial role in price discovery and can significantly impact market outcomes. Another significant theme in the literature was the analysis of market structure and its impact on price discovery. Studies in this area have explored the effect of market concentration, trading volume, and liquidity on price discovery in the commodity market. Journal: Global Business and Economics Review Pages: 1-15 Issue: 1 Volume: 32 Year: 2025 Keywords: price discovery; citation-based analysis; spot and futures; commodity markets. File-URL: http://www.inderscience.com/link.php?id=143081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 Author-Name: Sayyed Sadaqat Hussain Shah Author-X-Name-First: Sayyed Sadaqat Hussain Author-X-Name-Last: Shah Author-Name: Mário Nuno Mata Author-X-Name-First: Mário Nuno Author-X-Name-Last: Mata Author-Name: Rui Miguel Dantas Author-X-Name-First: Rui Miguel Author-X-Name-Last: Dantas Author-Name: Warda Javed Author-X-Name-First: Warda Author-X-Name-Last: Javed Author-Name: Jéssica Nunes Martins Author-X-Name-First: Jéssica Nunes Author-X-Name-Last: Martins Title: Nexus of investors' sentiments and firm value Abstract: This study explores how investors' sentiments affected firm value in the non-financial sector of the Pakistan Stock Exchange from 2015 to 2019. Investors' sentiments are measured using a principal component index (PCA), while firm value is assessed through Tobin's Q formula. Control variables include firm size, leverage, and sales growth to enhance internal validity. A generalised method of moments (GMM) is employed for analysis, with Driscoll-Kraay standard error regression for robustness. The findings reveal a statistically significant impact of investors' sentiments on firm value. Consequently, firm managers are advised to actively monitor sentiment, maintain open communication, safeguard their reputation, prioritise financial performance, and engage stakeholders to counteract negative sentiment effects and uphold a positive company outlook. Journal: Global Business and Economics Review Pages: 31-48 Issue: 1 Volume: 32 Year: 2025 Keywords: investors' sentiments; firm value; Tobin's Q; PSX; GMM. File-URL: http://www.inderscience.com/link.php?id=143082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:31-48 Template-Type: ReDIF-Article 1.0 Author-Name: Sunny Saha Author-X-Name-First: Sunny Author-X-Name-Last: Saha Author-Name: Md. Humayun Kabir Author-X-Name-First: Md. Humayun Author-X-Name-Last: Kabir Title: Impact of behavioural biases on investor's decision Abstract: This paper examines the issue of whether or not Bangladeshi investors have behavioural biases when making investing decisions. For the first time, a sample of Bangladeshi investors has been chosen to study the influence of behavioural biases on investment choices. Based on other studies in the field, we carefully selected seven behavioural biases, including overconfidence, conservatism, herding, availability, mental accounting, anchoring, and gambler's fallacy. To investigate the effects of biases on investors, we used a sample of 147 Bangladeshi investors who traded on the Bangladesh stock exchange. We used IBM Amos 21 and SPSS 21 to analyse the impact of behavioural biases on investors' assessments. According to the study, only overconfidence and the gambler's fallacy affect investors' decision-making. We believe the researchers will find this study to help assess how much their biased stock market decision-making has reduced rational investing. Journal: Global Business and Economics Review Pages: 16-30 Issue: 1 Volume: 32 Year: 2025 Keywords: behavioural finance; behavioural bias; investor's decision making; bangladesh stock exchange; rational investing; Bangladeshi investors; contemporary finance. File-URL: http://www.inderscience.com/link.php?id=143086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:16-30 Template-Type: ReDIF-Article 1.0 Author-Name: Mahnoor Fatima Author-X-Name-First: Mahnoor Author-X-Name-Last: Fatima Author-Name: Zia-ur-Rehman Rao Author-X-Name-First: Zia-ur-Rehman Author-X-Name-Last: Rao Author-Name: Wajeeha Baig Author-X-Name-First: Wajeeha Author-X-Name-Last: Baig Author-Name: Muhammad Sabeeh Iqbal Author-X-Name-First: Muhammad Sabeeh Author-X-Name-Last: Iqbal Title: Herding behaviour of stock market in emerging country: insight from Pakistan Abstract: The purpose of this research is to investigate herding behaviour on the Pakistani Stock Exchange. It has been claimed in previous research that herding behaviour is driven by basic information, which promotes swift price changes in response to new information and leads to efficient markets. In this study, daily market data from 2011 to 2020 was used. The cross-sectional absolute deviation (CSAD) approach was used. This paper makes a progressive contribution by investigating the herding behaviour which includes the herding of companies toward the marketplace. Additionally, we studied herding in five quintiles which are arranged according to the firm size. This study found that investors in large companies tend to keep a closer eye on the market than investors in smaller companies. This research may assist regulators in conducting a thorough investigation of market abnormalities, which will result in more efficient market processing. Journal: Global Business and Economics Review Pages: 49-66 Issue: 1 Volume: 32 Year: 2025 Keywords: herding behaviour; cross-sectional absolute deviation; CSAD; quintiles; Pakistan Stock Exchange; PSX; emerging markets; Pakistan. File-URL: http://www.inderscience.com/link.php?id=143096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:1:p:49-66 Template-Type: ReDIF-Article 1.0 Author-Name: Neha Seth Author-X-Name-First: Neha Author-X-Name-Last: Seth Author-Name: Deepti Singh Author-X-Name-First: Deepti Author-X-Name-Last: Singh Title: Performance analysis of sustainable stock indices against conventional ones: an empirical investigation of G7 countries Abstract: The study evaluates the performance of sustainable indices in comparison to conventional indices of G7 countries for the period starting from 1st January 2015 to 30th September 2022. The article employs risk-adjusted measures such as Sharpe, Treynor, Jensen's alpha, Modified Sharpe, and Sortino, which shows that sustainable indices of most countries like Canada, Japan, Germany, and Italy highlighted superior performance and the investors earned positive rewards for bearing incremental risk. However, the stressed time of crisis is proved to be a penalty for socially ethical investors. The Fama Decomposition model shows that premium rewards earned by sustainable indices helped the superior-performing countries to secure top ranks. The conditional volatility of sustainable index is measured using the GARCH(1,1) model. The study will benefit the investors to diversify their investments in sustainable indices to earn creditable returns and the financial market professionals in framing policies to uplift the investment in sustainable indices. Journal: Global Business and Economics Review Pages: 109-133 Issue: 2 Volume: 32 Year: 2025 Keywords: sustainable stock indices; performance evaluation; risk-adjusted measures; Fama decomposition; G7; GARCH; conventional indices; MSCI. File-URL: http://www.inderscience.com/link.php?id=144233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:109-133 Template-Type: ReDIF-Article 1.0 Author-Name: Rahmat Siauwijaya Author-X-Name-First: Rahmat Author-X-Name-Last: Siauwijaya Author-Name: To Jaya Yusanto Author-X-Name-First: To Jaya Author-X-Name-Last: Yusanto Author-Name: Genoveva Cindy Grania Author-X-Name-First: Genoveva Cindy Author-X-Name-Last: Grania Title: The impacts of green credit policy and competition on bank profitability in Indonesia Abstract: We are exploring the impacts of green credit policy, bank competition, and bank-specific variables on bank profitability in Indonesia. We found that the green credit policy did not hinder the bank from distributing credit. Instead, it can help banks distribute high-quality credit, improving their profitability and decreasing non-performing loans. We also found that competition can improve bank profitability. Bank-specific variables such as bank size, capitalisation, and cost efficiency correlate to increased bank profitability. Meanwhile, an increase in non-performing loans can reduce bank profitability, and bank profitability is unaffected by liquidity, diversification, and labour productivity. Journal: Global Business and Economics Review Pages: 134-159 Issue: 2 Volume: 32 Year: 2025 Keywords: banking competition; green banking; market power; bank profitability; Indonesia. File-URL: http://www.inderscience.com/link.php?id=144234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:134-159 Template-Type: ReDIF-Article 1.0 Author-Name: Jogeswar Mahato Author-X-Name-First: Jogeswar Author-X-Name-Last: Mahato Author-Name: Manish Kumar Jha Author-X-Name-First: Manish Kumar Author-X-Name-Last: Jha Author-Name: Kumar Gaurav Author-X-Name-First: Kumar Author-X-Name-Last: Gaurav Title: Measuring financial inclusion of indigenous women using G20 indicators: empirical evidence from rural India Abstract: The study measures the financial inclusion of indigenous women using G20 financial inclusion indicators in India. The samples were gathered from 1,024 indigenous women residing in Sundargarh, Mayurbhanj, Koraput and Rayagada districts in Odisha state in India. The study has used structure equation modelling to measure the financial inclusion of indigenous women using G20 indicators. The results highlighted that access, usage and quality of financial products and services significantly promote financial inclusion among indigenous women in India. However, it is observed that 'usage' appeared to be the most significant indicator of financial inclusion among the other G20 FI indicators. The present study will benefit policymakers and practitioners in promoting financial inclusion among marginalised communities in developing countries. To achieve financial inclusion for marginalised and backward women, the government should strengthen the financial infrastructure to improve the accessibility and use of financial services. Journal: Global Business and Economics Review Pages: 197-214 Issue: 2 Volume: 32 Year: 2025 Keywords: financial inclusion; access; usage; quality; G20; indigenous women; self-help groups; measurement; rural; financial services. File-URL: http://www.inderscience.com/link.php?id=144241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:197-214 Template-Type: ReDIF-Article 1.0 Author-Name: Uttam Golder Author-X-Name-First: Uttam Author-X-Name-Last: Golder Author-Name: Suborna Barua Author-X-Name-First: Suborna Author-X-Name-Last: Barua Title: Analysing FinTech equity funding flows and FinTech deals globally Abstract: This study examines the nature and patterns of FinTech equity funding and agreements globally and on different regional levels. Using 57 countries' annual data from 2010 to 2020, this study employs descriptive analysis, uses the independent group <i>t</i>-test, and finds significant differences in the flow of FinTech equity fundings and deals across different income groups and geographical locations of the world. This study finds that FinTech equity financing and agreements in developed economies make up most of the contributions. Besides, it also reveals that North America and Europe are the significant contributors to FinTech equity investment, while Asia, along with North America and Europe, are the leaders in FinTech deals. Journal: Global Business and Economics Review Pages: 215-232 Issue: 2 Volume: 32 Year: 2025 Keywords: FinTech; FinTech deals; FinTech equity funding. File-URL: http://www.inderscience.com/link.php?id=144242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:215-232 Template-Type: ReDIF-Article 1.0 Author-Name: Mariana Neto Author-X-Name-First: Mariana Author-X-Name-Last: Neto Author-Name: Ana Pinto Borges Author-X-Name-First: Ana Pinto Author-X-Name-Last: Borges Author-Name: Bruno Miguel Vieira Author-X-Name-First: Bruno Miguel Author-X-Name-Last: Vieira Author-Name: Elvira Vieira Author-X-Name-First: Elvira Author-X-Name-Last: Vieira Author-Name: Victor Tavares Author-X-Name-First: Victor Author-X-Name-Last: Tavares Author-Name: Joana Neto Author-X-Name-First: Joana Author-X-Name-Last: Neto Title: The circular economy in the Portuguese consumer's perspective Abstract: Consumer perceptions play a key role in the recent economic paradigm known as circular economy (CE), which involves a more focused position by the business community. This study aims to understand the perceptions of consumers regarding the concept of CE and its acceptance in the involvement in practices that promote the development of new business models through cluster analysis. An exploratory study was conducted, and the sample (N = 254) was composed through surveys available from three different brands positioned in a CE business model. Three qualitatively distinct personal positions were identified among participants: 1) concern about the future; 2) CE importance; 3) new lifestyle habits. The present study has limitations, considering that the sample was centred on the consumer who chooses sustainable organisations, which creates a limitation to assess the knowledge concerning the CE in a global consumer context. Journal: Global Business and Economics Review Pages: 160-176 Issue: 2 Volume: 32 Year: 2025 Keywords: circular economy; consumer behaviour; sustainable development. File-URL: http://www.inderscience.com/link.php?id=144244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:160-176 Template-Type: ReDIF-Article 1.0 Author-Name: Nor Syahidah Ishak Author-X-Name-First: Nor Syahidah Author-X-Name-Last: Ishak Title: Why do some people participate or not participate in a Takaful? The case in Malaysia Abstract: This paper exhibits the factors determining the demand for Takaful that are related to financial protection among households, to understand the demand for Takaful. Probit regression is used to examine why some people participate in Takaful and some do not; this is done through a questionnaire survey. Additionally, this study examines the influence of financial literacy and trust on Takaful demand. The findings reveal variables that are statistically significant for Takaful demand but have a positive or negative impact on explaining why some people join Takaful and some do not. Journal: Global Business and Economics Review Pages: 177-196 Issue: 2 Volume: 32 Year: 2025 Keywords: Takaful; mikroTakaful; Islamic insurance. File-URL: http://www.inderscience.com/link.php?id=144251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:2:p:177-196 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Klafke Author-X-Name-First: Renata Author-X-Name-Last: Klafke Author-Name: Maik Arnold Author-X-Name-First: Maik Author-X-Name-Last: Arnold Author-Name: Claudia Picinin Author-X-Name-First: Claudia Author-X-Name-Last: Picinin Author-Name: Sandra Moreira Author-X-Name-First: Sandra Author-X-Name-Last: Moreira Title: Understanding value in social sciences: a review and research agenda Abstract: This paper revises some theoretical literature of value in three different, although connected, areas: management (focus in marketing), sociology and economics. This paper also aims to show how value concept unfolds and intersected over time. It also places value in the marketing literature, for its recent field of study, compared to economics. Most downloaded papers from ten top journals were browsed. Seminal papers in business, sociology, and economics were read and some articles from SCImago (top ten business journals). All three sciences share the different meanings of the concept of value. In economics, value is more or less related to the idea of benefit vs. cost. Sociology understands value as something subjective inherently associated with human beings; the self, whereas marketing focuses on value as a strategy towards an end. In marketing literature, we find much evidence of the idea of creating unique experiences 'of value' for customers. Journal: Global Business and Economics Review Pages: 298-327 Issue: 3 Volume: 32 Year: 2025 Keywords: management sciences; society; values; conceptual map. File-URL: http://www.inderscience.com/link.php?id=145243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:3:p:298-327 Template-Type: ReDIF-Article 1.0 Author-Name: Luu Thu Quang Author-X-Name-First: Luu Thu Author-X-Name-Last: Quang Title: The impact of liquidity creation on bankruptcy risk: evidence from banks listed on Vietnam stock market Abstract: This paper investigates the relationship between liquidity creation (LC) and bankruptcy risk (BR) among banks listed on the Vietnam stock market by using alternative regression methods. The study finds a negative relationship between LC, based on both on and off-balance sheet activities, and banks' bankruptcy. Large banks showed a significant increase in their liquidity generation capacity over the past decade, while small banks remained relatively stationary. The study's models are robust, using alternative proxies of BR and controlling for potential endogeneity. The analysis also revealed that small banks primarily create liquidity through off-balance sheet activities, whereas large banks focus on on-balance sheet activities. The results also suggest that stock return volatility is positively correlated with the risk of bankruptcy, and bank size has a significant positive relationship with BR. The paper's findings are significant for various stakeholders. Investors can evaluate the financial distress risk of banks before investing, while partners can assess credit risk before providing capital. Internal managers can also identify issues related to bank default probability. Journal: Global Business and Economics Review Pages: 255-281 Issue: 3 Volume: 32 Year: 2025 Keywords: bankruptcy; liquidity creation; LC; Z score; on-balance sheet liquidity creation; off-balance sheet liquidity creation; LCOFF. File-URL: http://www.inderscience.com/link.php?id=145246 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:3:p:255-281 Template-Type: ReDIF-Article 1.0 Author-Name: Yener Kandogan Author-X-Name-First: Yener Author-X-Name-Last: Kandogan Title: Host country profiles beyond pairwise distances in gravity models of foreign direct investment Abstract: In studying foreign direct investment (FDI) patterns, this article goes beyond simple pairwise distance measures and incorporates host country profiles in socio-economic, political, historical, and cultural dimensions. In addition to supporting the findings in the literature regarding the effect of distances, the comprehensive analysis of 182 countries in this article suggests that host country socio-economic, political, historical and cultural profiles significantly contribute to explaining the FDI stocks from any home country. In particular, irrespective of distances with the home country of multinationals, more democratic host countries that are economically more developed with high educational attainment are more attractive locations for foreign direct investment. FDI stocks are also higher in host countries with larger percentage of English speakers or Christian populations. Controlling for colonial ties, former colonies tend to be less attractive locations for multinationals from all home countries. Lastly, host countries with cultures that are more individualistic, more prone to indulgence, low in masculinity and power distance dimensions, high in uncertainty avoidance and long-term orientation dimensions attract more FDI from multinationals from any country beyond the effects of cultural similarities or differences. Journal: Global Business and Economics Review Pages: 233-254 Issue: 3 Volume: 32 Year: 2025 Keywords: gravity models; foreign direct investment; FDI; country distances. File-URL: http://www.inderscience.com/link.php?id=145247 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:3:p:233-254 Template-Type: ReDIF-Article 1.0 Author-Name: Mariam Jamaleh Author-X-Name-First: Mariam Author-X-Name-Last: Jamaleh Author-Name: Abha Shukla Author-X-Name-First: Abha Author-X-Name-Last: Shukla Title: Financial determinants of outward foreign direct investment: evidence from India Abstract: This study tests the impact of firm-level financial factors on the real internationalisation of emerging multinationals. We postulate that market timing strategies which exploit temporarily available low cost capital, along with financial internationalisation strategies employed to overcome the underdeveloped institutional environment in emerging markets, play a positive role in facilitating FDI by emerging multinationals. We apply Pooled Tobit estimates on data of outward FDI by Indian multinationals during the period 2008-2019. The empirical evidence does not support a mispricing effect on outward FDI by Indian multinationals. However, attempts to achieve financial internationalisation through foreign independent directors and foreign institutional investors are proven to facilitate their real internationalisation. Both findings resonate with observations from the analysis that indicates heavy dependence on international capital markets as a source of funding for Indian outward FDI. Journal: Global Business and Economics Review Pages: 282-297 Issue: 3 Volume: 32 Year: 2025 Keywords: emerging multinationals; market timing; financial internationalisation; real internationalisation; India. File-URL: http://www.inderscience.com/link.php?id=145249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:3:p:282-297 Template-Type: ReDIF-Article 1.0 Author-Name: José Diogo Author-X-Name-First: José Author-X-Name-Last: Diogo Author-Name: Pedro Godinho Author-X-Name-First: Pedro Author-X-Name-Last: Godinho Author-Name: João Paulo Costa Author-X-Name-First: João Paulo Author-X-Name-Last: Costa Title: Enhancing the Cournot model by integrating risk events and attitudes towards risk Abstract: This paper incorporates an operational risk event in the Cournot model. The risk event has impacts on the operational costs, but it is possible to control these costs after the event by implementing actions to mitigate those impacts. Naturally, these actions demand higher operational costs before the event. This study considers a common situation where risk-neutral company owners hire managers to establish both the production levels and the actions to mitigate the impacts of the risk event. While studying different combinations of risk attitude for managers, it is found that the highest expected profit in the equilibrium is reached when the managers present some degree of risk-seeking behaviour. Journal: Global Business and Economics Review Pages: 328-356 Issue: 3 Volume: 32 Year: 2025 Keywords: game theory; Cournot model; Nash equilibrium; risk modelling; duopoly; risk attitudes. File-URL: http://www.inderscience.com/link.php?id=145280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:3:p:328-356 Template-Type: ReDIF-Article 1.0 Author-Name: Mehmet Onur Partal Author-X-Name-First: Mehmet Onur Author-X-Name-Last: Partal Author-Name: Feride Gönel Author-X-Name-First: Feride Author-X-Name-Last: Gönel Title: Startup performance from an economic development perspective: impact evaluation after funding stage Abstract: Startups, which are by nature different to traditional enterprises due to their innovative and technological features, are often defined as SMEs with the potential to grow rapidly. This study intends to explore the performance of startups from an economic development perspective. In this paper, a counterfactual impact evaluation will be implemented for a treatment group, which is funded by investors in Istanbul, Turkey. The results are compared to those of a control group. Employing difference in differences estimation, the comparison is based on a variety of indicators including employment, revenue, and profit generation in the ICT sector. Our results show us that the performance of funded startups positively diverges from the unfunded startups after the intervention period. At the end of this study, it is suggested that governments should motivate startups by acting as investors rather than grant allocators in the entrepreneurship ecosystem. Journal: Global Business and Economics Review Pages: 357-376 Issue: 4 Volume: 32 Year: 2025 Keywords: government grants; subsidy; entrepreneurship; regional development; impact evaluation; financial support; firm performance; SMEs; startup; funds. File-URL: http://www.inderscience.com/link.php?id=146493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:357-376 Template-Type: ReDIF-Article 1.0 Author-Name: Aditya Keshari Author-X-Name-First: Aditya Author-X-Name-Last: Keshari Author-Name: Amit Gautam Author-X-Name-First: Amit Author-X-Name-Last: Gautam Title: ADRs price discovery and transmission effect to domestic market: evidence from Indian ADRs Abstract: The price discovery of Indian ADRs is being provided for the sample period 2010-2022, using the SUR and FE-LSDV models, which incorporate contemporary factors as well as the dummy variables for their cross-sectional unit. The findings revealed that the underlying prices of shares influence ADR prices with the exchange rate and the stock market index where assets are being cross-listed. But the inclusion of dummy cross-sectional variables in the existing model enhances the predictability of the model and provides for better results. The second part of the study, which focuses on the ADR's transmission effect to the domestic market, is analysed through a fixed and random effect model, which establishes a significant relationship between the ADR portfolio and the domestic market portfolio. Thus, the study provides implications for investors who can diversify their portfolios to ADRs listed in developed country markets, i.e., the USA, by going beyond the conventional investing channels towards the emerging financial markets, which provide competitive returns over the short to long term. Journal: Global Business and Economics Review Pages: 402-417 Issue: 4 Volume: 32 Year: 2025 Keywords: American depository receipts; ADRs; transmission effect; SUR model; fixed and random effect model; cross-listing. File-URL: http://www.inderscience.com/link.php?id=146495 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:402-417 Template-Type: ReDIF-Article 1.0 Author-Name: Hoan Quang Truong Author-X-Name-First: Hoan Quang Author-X-Name-Last: Truong Author-Name: Chung Van Dong Author-X-Name-First: Chung Van Author-X-Name-Last: Dong Author-Name: Huong Thu Thi Nguyen Author-X-Name-First: Huong Thu Thi Author-X-Name-Last: Nguyen Author-Name: Hung Xuan Nguyen Author-X-Name-First: Hung Xuan Author-X-Name-Last: Nguyen Title: Determinants of aggregate and sectoral trade between Japan and ASEAN countries: a Poisson pseudo-maximum-likelihood estimator approach Abstract: Our study investigates the determinants of aggregate and sectoral trade between Japan and the Association of Southeast Asian Nations (ASEAN). The estimation results from the gravity model show that the scale of the economy and market development are the main determinants of aggregate trade between the two regions, in which the effect of Japan's economic size is stronger. Meanwhile, the improvement in logistic performance possibly reduces the disadvantageous impacts of geographical distance on Japan-ASEAN trade flows. By contrast, the formation of trade agreements does not play an important role in Japan-ASEAN trade activities. We find that most determinants of aggregate trade are also factors affecting the trade flows of subsectors between the two sides; however, there are significant differences in the impact magnitudes and the predicted signs. The effects of the considered factors on Japan-ASEAN trade are relatively heterogeneous among the sub-industries. The study also provides implications for enhancing Japan-ASEAN trade in the future. Journal: Global Business and Economics Review Pages: 418-440 Issue: 4 Volume: 32 Year: 2025 Keywords: Japan; ASEAN; aggregate trade; sectoral trade; PPML. File-URL: http://www.inderscience.com/link.php?id=146496 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:418-440 Template-Type: ReDIF-Article 1.0 Author-Name: Wenhui Li Author-X-Name-First: Wenhui Author-X-Name-Last: Li Author-Name: Normaziah Mohd Nor Author-X-Name-First: Normaziah Mohd Author-X-Name-Last: Nor Author-Name: M. Hisham Author-X-Name-First: M. Author-X-Name-Last: Hisham Title: Examining seasonal anomalies in crude palm oil markets Abstract: Crude palm oil (CPO) is a crucial global agricultural commodity, and the efficiency of its market is important for maintaining price stability. This study delves into the assessment of market efficiency in the primary CPO markets, focusing on seasonal anomalies as a key indicator. The research analyses daily, weekly, and monthly data to investigate these anomalies, recognising variations among countries. Our empirical findings reveal significant seasonal anomalies in crude palm oil market. Malaysia and Indonesia exhibit significant day-of-the-week effects, while all four countries demonstrate substantial positive returns during weeks 6 and 52. Notably, Malaysia experiences a significant positive return during October. Furthermore, our research underscores the role of good sentiment around holidays and seasonal export activities as drivers behind these seasonal anomalies. In essence, this study makes a significant contribution to our understanding of market efficiency and the presence of seasonal anomalies in the primary CPO markets. It emphasises the influence of sentiment and export cycles on market returns, providing valuable insights for market participants and policymakers. Journal: Global Business and Economics Review Pages: 377-401 Issue: 4 Volume: 32 Year: 2025 Keywords: seasonal anomalies; market efficiency; holiday effect; crude palm oil market. File-URL: http://www.inderscience.com/link.php?id=146498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:377-401 Template-Type: ReDIF-Article 1.0 Author-Name: Dhananjay Ashri Author-X-Name-First: Dhananjay Author-X-Name-Last: Ashri Author-Name: Muskan Kaur Author-X-Name-First: Muskan Author-X-Name-Last: Kaur Author-Name: Bibhu Prasad Sahoo Author-X-Name-First: Bibhu Prasad Author-X-Name-Last: Sahoo Title: Priority sector lending by the Indian public banks: impact on capital formation and NPAs Abstract: This paper investigates the effect of priority sector lending (PSL) by Indian public sector banks (PSBs) on capital formation and bad loans in India. Nonlinear auto regressive distributive lag (NARDL) model has been proposed to assess PSL contribution to capital formation. Furthermore, a panel data regression model has been employed to investigate the relationship between growing non-performing assets (NPAs) and PSL. The empirical results revealed that PSL contributes towards the growth of capital formation. While a large part of the literature advocates that lending to priority sectors leads to mounting NPAs in the public sector banks (PSBs), the empirical evidence of the study finds an insignificant impact of PSL on NPAs. India is a developing nation, and directed credit program shall be encouraged. The flow of credit to targeted sectors enhances productivity and leads to better utilisation of resources by these sectors, which augments capital growth. Journal: Global Business and Economics Review Pages: 441-463 Issue: 4 Volume: 32 Year: 2025 Keywords: priority sector lending; PSL; public banks; NPAs; capital formation. File-URL: http://www.inderscience.com/link.php?id=146499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:441-463 Template-Type: ReDIF-Article 1.0 Author-Name: Arifenur Güngör Author-X-Name-First: Arifenur Author-X-Name-Last: Güngör Author-Name: Mahmut Sami Güngör Author-X-Name-First: Mahmut Sami Author-X-Name-Last: Güngör Title: Financial contagion across G7 countries during stock market crashes Abstract: Globalisation leads to rising stock market exposure to financial contagion during economic crises. Since the importance of short-run linkages between stock markets for international portfolio diversification, this study aims to investigate the existence of financial contagion across G7 stock markets throughout the stock market crashes of 2008 and 2020 using short-run time-varying conditional correlations. To do this, first, this study estimates the DCC-MIDAS model based on the GARCH-MIDAS model to decompose the short- and long-run time-varying conditional correlations among G7 stock markets. Then, it estimates the regression model for each stock market pair to examine the existence of financial contagion across G7 stock markets during the stock market crashes. The empirical findings provide new evidence of financial contagion between developed stock markets during the global crash periods. A noteworthy finding is that the results on financial contagion are mixed and differ by region and the nature of stock market crashes. Journal: Global Business and Economics Review Pages: 464-488 Issue: 4 Volume: 32 Year: 2025 Keywords: global financial crisis; contagion; COVID-19 pandemic; stock markets; developed economies. File-URL: http://www.inderscience.com/link.php?id=146502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:32:y:2025:i:4:p:464-488 Template-Type: ReDIF-Article 1.0 Author-Name: Shathees Baskaran Author-X-Name-First: Shathees Author-X-Name-Last: Baskaran Author-Name: Thanabalan Tangaraja Author-X-Name-First: Thanabalan Author-X-Name-Last: Tangaraja Author-Name: Hairul Rizad Md Sapry Author-X-Name-First: Hairul Rizad Md Author-X-Name-Last: Sapry Author-Name: Kesavan Nallaluthan Author-X-Name-First: Kesavan Author-X-Name-Last: Nallaluthan Title: Entrepreneurial intent from a crowdfunding perspective Abstract: The volatile economic condition in Malaysia has shifted the government's focus towards the development of entrepreneurs, especially among Malaysian graduates. Crowdfunding, an online platform to obtain funding through a large pool of people could be an alternative to gain financial capital to embark on entrepreneurship. Given this, crowdfunding has taken centre stage among the upcoming graduate entrepreneurs. Employing a quantitative research method, the purpose of the study is to investigate whether crowdfunding usefulness influences entrepreneurial intention among graduates. A total of 395 graduates participated in the study by responding to an online structured questionnaire. Collected data were analysed with structural equation modelling. The findings provided evidence for a significant relationship between crowdfunding usefulness and entrepreneurial intention among Malaysian graduates. Additionally, instrumental readiness was found to partially mediate the relationship between crowdfunding usefulness and entrepreneurial intention. The findings strongly support the notion that awareness of crowdfunding usefulness will increase entrepreneurial intentions among graduates regardless of economic environmental dynamism. Therefore, future research shall discover more salient dimensions of crowdfunding and its usefulness to identify influencing factors within the crowdfunding perspective in the context of entrepreneurship and entrepreneurial intentions. Journal: Global Business and Economics Review Pages: 61-83 Issue: 1 Volume: 33 Year: 2025 Keywords: crowdfunding usefulness; entrepreneurial intention; instrumental readiness; Malaysian graduates. File-URL: http://www.inderscience.com/link.php?id=147168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:61-83 Template-Type: ReDIF-Article 1.0 Author-Name: Prasenjit Roy Author-X-Name-First: Prasenjit Author-X-Name-Last: Roy Author-Name: Santi Gopal Maji Author-X-Name-First: Santi Gopal Author-X-Name-Last: Maji Title: Dividend policy and COVID-19 pandemic: an empirical study of Indian firms Abstract: This study explores how the COVID-19 pandemic has affected the dividend pay-outs of firms listed in the BSE 500 index from 2014-2015 to 2021-2022, using a panel regression analysis. Empirical findings indicate that the pandemic influenced firms' dividend policies. Firms with higher return on assets (ROA), total assets (TA), and Tobin's Q (TBQ) exhibited higher dividend during the pandemic, whereas high-leveraged firms faced challenges in sustaining dividends. The analysis also considers variables such as firm age, size, business affiliation and sector. The study underscores that economic shocks, such as the COVID-19, necessitate adaptive and strategic decision-making. This is particularly important for firms that rely on dividend payouts as a means of returning value to shareholders. For investors, the insights will act as a valuable input in making sound investment choices, with a careful assessment of a firm's financial health and its ability to withstand unexpected macroeconomic challenges. Journal: Global Business and Economics Review Pages: 1-23 Issue: 1 Volume: 33 Year: 2025 Keywords: COVID-19 pandemic; dividend pay-out policies; BSE 500 index; panel data regression model; firm-level categories; firm age; firm size; business affiliation; financial indicators; economic downturns. File-URL: http://www.inderscience.com/link.php?id=147169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 Author-Name: Phan Dinh Nguyen Author-X-Name-First: Phan Dinh Author-X-Name-Last: Nguyen Title: The impact of the COVID-19 pandemic and its moderating effect on bank profitability Abstract: The impact of the COVID-19 has been greatly studied but the moderating effect of the COVID-19 on bank profitability has been paid little attention. This paper, therefore, examines the impact of the COVID-19 pandemic and its moderating effect on banks' profit by employing data of 35 banks operating in Vietnam between 2005 and 2022. We use the system generalised method of moment and structural equation modelling to estimate regressions to explain the impacts. We contribute to the existing literature by analysing the impact of the pandemic and its moderating effect on banks' profit. Our findings show that the pandemic is negatively correlated to banks' profit and the pandemic has the moderating effect through non-performing loans, bank size, bank equity, and ownership. Journal: Global Business and Economics Review Pages: 24-40 Issue: 1 Volume: 33 Year: 2025 Keywords: COVID-19 pandemic; impact; bank profitability; Vietnam. File-URL: http://www.inderscience.com/link.php?id=147174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:24-40 Template-Type: ReDIF-Article 1.0 Author-Name: Astride Claudel Njiepue Nouffeussie Author-X-Name-First: Astride Claudel Njiepue Author-X-Name-Last: Nouffeussie Author-Name: Fabrice Nzepang Author-X-Name-First: Fabrice Author-X-Name-Last: Nzepang Author-Name: Cosmas Bernard Meka'a Author-X-Name-First: Cosmas Bernard Author-X-Name-Last: Meka'a Author-Name: Poelle Davy Bimai Author-X-Name-First: Poelle Davy Author-X-Name-Last: Bimai Title: The contribution of ICT to labour productivity in manufacturing firms in Cameroon: a re-examination of Solow's paradox Abstract: This paper examines the determinants of firm labour productivity in Cameroon, with particular emphasis on the role of information and communication technologies (ICTs). The study uses an instrumental variables Tobit model applied to data from the Enterprise Survey on a sample of 361 Cameroonian firms. These data have the advantage of providing information on firm characteristics and productivity as well as on the different types of ICTs used by firms. The main results suggest that: 1) the use of a single ICTs tool (mobile money, website or email) has a positive but insignificant effect on workers' productivity; 2) the use of two or more of these tools (email-mobile money, email-website, mobile money-email-website) positively and significantly affects workers' productivity, by 5,881, 6,189 and 8,881 points respectively; 3) firm size, sector of activity as well as previous productivity positively and significantly affect labour productivity. This study argues for the use of several ICTs tools combined by firms to significantly increase their productivity. Journal: Global Business and Economics Review Pages: 41-60 Issue: 1 Volume: 33 Year: 2025 Keywords: information and communication technologies; ICTs; labour productivity; Solow's paradox; Tobit; Cameroon. File-URL: http://www.inderscience.com/link.php?id=147175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:41-60 Template-Type: ReDIF-Article 1.0 Author-Name: Prasenjit Roy Author-X-Name-First: Prasenjit Author-X-Name-Last: Roy Title: Working capital, COVID-19 and firm performance: empirical evidence from India Abstract: This study investigates the impact of COVID-19 on working capital and financial performance of Indian firms within the BSE 500 index spanning from 2014-2022. Using a panel regression model, the research analyses various working capital policy dimensions and their links to key performance indicators, such as ROA and TBQ during the pandemic. The findings provide essential insights for policymakers and managers navigating the complexities of the global financial landscape. The study advocates for adaptive working capital management (WCM) policies, emphasising the need for a balanced working capital strategy and caution in short-term debt reliance during pandemics. The positive relationship between the cash conversion cycle and performance indicators challenges conventional wisdom, prompting a revaluation of traditional practices considering dynamic economic conditions. The findings serve as a blueprint, promoting strategic foresight, adaptive policies, and resilient financial management amid the evolving economic landscape. Journal: Global Business and Economics Review Pages: 108-132 Issue: 1 Volume: 33 Year: 2025 Keywords: COVID-19; working capital management; WCM; financial performance; BSE 500 Index; panel regression; economic conditions. File-URL: http://www.inderscience.com/link.php?id=147179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:108-132 Template-Type: ReDIF-Article 1.0 Author-Name: Feride Gönel Author-X-Name-First: Feride Author-X-Name-Last: Gönel Author-Name: Hüseyin Taştan Author-X-Name-First: Hüseyin Author-X-Name-Last: Taştan Title: Measuring the impact of ICT labour on the efficiency of Turkish retail businesses: a stochastic frontier analysis Abstract: This study examines the impact of information and communication technologies (ICTs) on efficiency in the Turkish retail trade sector using firm-level data. We employ a stochastic frontier model to analyse the effect of ICT labour and traditional non-ICT labour on productivity. Results indicate that Turkish retail firms operate with constant returns to scale and a labour-intensive technology. ICT labour has a positive effect on the technical efficiency of retailer firms, with a contribution comparable to that of non-ICT labour. Empirical results also suggest that, compared to large firms, small and medium-sized firms exhibit slightly higher technical efficiency. Journal: Global Business and Economics Review Pages: 84-107 Issue: 1 Volume: 33 Year: 2025 Keywords: information and communication technologies; ICT; productivity; retail trade; wholesale trade; e-commerce; Turkey; small-sized firms. File-URL: http://www.inderscience.com/link.php?id=147180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:1:p:84-107 Template-Type: ReDIF-Article 1.0 Author-Name: Affaf Asghar Butt Author-X-Name-First: Affaf Asghar Author-X-Name-Last: Butt Author-Name: Fizza Ashfaq Author-X-Name-First: Fizza Author-X-Name-Last: Ashfaq Author-Name: Aamer Shahzad Author-X-Name-First: Aamer Author-X-Name-Last: Shahzad Author-Name: Jamshaid Ahmad Author-X-Name-First: Jamshaid Author-X-Name-Last: Ahmad Title: An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy Abstract: This study aims to examine corporate governance as a potential determinant of environmental sustainability disclosure (ESD) in the Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on the Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion, OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. The scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself. Journal: Global Business and Economics Review Pages: 133-153 Issue: 2 Volume: 33 Year: 2025 Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance. File-URL: http://www.inderscience.com/link.php?id=147990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:2:p:133-153 Template-Type: ReDIF-Article 1.0 Author-Name: Adi Kurniawan Yusup Author-X-Name-First: Adi Kurniawan Author-X-Name-Last: Yusup Author-Name: Muslichah Muslichah Author-X-Name-First: Muslichah Author-X-Name-Last: Muslichah Author-Name: Cicilia Erna Susilawati Author-X-Name-First: Cicilia Erna Author-X-Name-Last: Susilawati Title: Unravelling family firms' influence on corporate governance mechanisms for long-term performance Abstract: We examine the effect of corporate governance mechanisms of debt, dividend, board size, and board independence on Indonesian companies long-term performance. There are 451 non-financial companies (3,831 firm-year observations) in Indonesia from 2010-2019 used as samples and analysed using panel data analysis techniques. We use family firms as moderating variables. In addition, this study also uses a new measurement of long-term performance by considering the return and risk aspects in its measurement. The result suggests that dividends are a corporate governance mechanism that can improve long-term performance. On the other hand, board size has negative association with long-term performance. Interestingly, family plays a role as a steward in Indonesia's companies. Family firms can strengthen the effect of dividends and board size to increase long-term performance. Various robustness tests were carried out, and the results were consistent with previous tests. Journal: Global Business and Economics Review Pages: 202-224 Issue: 2 Volume: 33 Year: 2025 Keywords: corporate governance; family firms; long-term performance; LTP; agency theory. File-URL: http://www.inderscience.com/link.php?id=147991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:2:p:202-224 Template-Type: ReDIF-Article 1.0 Author-Name: Nidhi Garg Author-X-Name-First: Nidhi Author-X-Name-Last: Garg Author-Name: Shubham Garg Author-X-Name-First: Shubham Author-X-Name-Last: Garg Author-Name: Sangeeta Mittal Author-X-Name-First: Sangeeta Author-X-Name-Last: Mittal Author-Name: Sanjeev Kumar Author-X-Name-First: Sanjeev Author-X-Name-Last: Kumar Title: Nexus between corporate governance and bank stability: an empirical study on the banking sector in India Abstract: This study endeavours to explore the effect of corporate governance on the stability (measured by capital adequacy ratio) of public and private sector banks in India by covering the dataset from 2012-2013 to 2021-2022 by employing panel regression modelling. The result explicates that out of corporate governance variables, the board composition is inversely related to bank stability (CRAR). In contrast, CEO duality is positively related with bank stability. Moreover, board size, gender diversity and board meeting are insignificantly related to bank stability. Similarly, the result posits a significant association of leverage, bank's activity level and bank size with the stability of banks. The findings of the study entails that banks should adequately assess the loan risk to maintain enough capital to have more stability and should adequately plan for capital allocation. This may be the first study to explore the capital adequacy ratio as a measure of bank stability in the Indian banking context. Journal: Global Business and Economics Review Pages: 154-175 Issue: 2 Volume: 33 Year: 2025 Keywords: board attribute; bank stability; capital adequacy ratio; corporate governance; Indian banks; India. File-URL: http://www.inderscience.com/link.php?id=147992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:2:p:154-175 Template-Type: ReDIF-Article 1.0 Author-Name: Nitin Dhir Author-X-Name-First: Nitin Author-X-Name-Last: Dhir Author-Name: Balwinder Singh Author-X-Name-First: Balwinder Author-X-Name-Last: Singh Title: The readability-corporate governance nexus: evidence from the Indian listed companies Abstract: We investigate the impact of corporate governance effectiveness on the readability of annual reports in the Indian context. While prior research predominantly focused on structural and quantitative aspects of corporate reporting, the present study pioneers the examination of qualitative aspects of reporting like readability. The dataset consists of 405 companies for five years from 2015 to 2019. Data analysis revealed a positive association between effective governance practices and readability scores in annual reports. This analysis indicates that companies adhering to sound governance standards tend to produce reports that are readily understandable to stakeholders. The empirical evidence fortifies the academic foundation in the emerging field of corporate governance, reporting quality, and narrative disclosures. Our study underscores the importance of effective corporate governance practices for executives, policymakers, investors, and analysts, aiming to enhance transparency and trust in the Indian corporate sector. Journal: Global Business and Economics Review Pages: 225-250 Issue: 2 Volume: 33 Year: 2025 Keywords: readability; FOG; SMOG; obfuscation; corporate governance; governance framework; legitimacy theory; agency theory. File-URL: http://www.inderscience.com/link.php?id=147993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:2:p:225-250 Template-Type: ReDIF-Article 1.0 Author-Name: Manpreet Kaur Khurana Author-X-Name-First: Manpreet Kaur Author-X-Name-Last: Khurana Author-Name: Shweta Sharma Author-X-Name-First: Shweta Author-X-Name-Last: Sharma Author-Name: Debidutta Pattnaik Author-X-Name-First: Debidutta Author-X-Name-Last: Pattnaik Title: Exploring the socio-emotional dimensions of corporate governance in family firms: a systematic and bibliometric review Abstract: Motivated by the increasing interest in the unique nature of family firms, this research intends to highlight the potential developments in the financial decisions made by family firms. The study examines the replacement of conventional theories affecting the capital structure with alternative paradigms designed to advance the proprietors' interests, leading family firms to accumulate socio-emotional wealth. Studying 145 significant articles published between 1991 and 2023, we discovered 'socio-emotional wealth' as a fundamental self-centred construct that originates in the desire to retain family control in the firm. With clusters formed through bibliographic coupling and co-citation, the article presents a knowledge foundation in the research. Additionally, the study highlights trends, thematic content, and future research directions through co-occurrence and post-hoc analysis. Finally, the paper criticises multiple assumptions historically undermined in family firm research and proposes theoretical research that can lead to the distinctive behavioural paradigm in the financial choice of family firms. Journal: Global Business and Economics Review Pages: 176-201 Issue: 2 Volume: 33 Year: 2025 Keywords: capital structure; family firms; socio-emotional wealth; SEW; bibliographic coupling; co-citation analysis; co-occurrence. File-URL: http://www.inderscience.com/link.php?id=147994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:2:p:176-201 Template-Type: ReDIF-Article 1.0 Author-Name: Dafni Petkou Author-X-Name-First: Dafni Author-X-Name-Last: Petkou Author-Name: Maria Tsiouni Author-X-Name-First: Maria Author-X-Name-Last: Tsiouni Author-Name: Michael Vitoulis Author-X-Name-First: Michael Author-X-Name-Last: Vitoulis Title: Formation of environmental consciousness in pre-school children through the media: a typology of influence axes Abstract: Cultivating values in the media leads to the development of an environmental moral. This study examines how mass media affects preschool children's environmental consciousness. The 'internal cohesion' and the structural relationships of questions that explain the main effects of the media on children's attitudes and behaviours have been investigated. The questionnaires appeal to 86 preschool parents. Using principal component analysis, a model was derived for interpreting the 'internal cohesion' of parameters and describing the main influences of media on preschool children's environmental consciousness. The model reveals five significant components. As a result, mass media have a significant impact on preschoolers' environmental awareness. Among the factors that contribute to forming environmental awareness among children are the information and knowledge they get from the mass media about environmental problems, as well as events, cinema, and video games. In addition, children should be taught about fires and how to prevent them. Journal: Global Business and Economics Review Pages: 282-298 Issue: 3/4 Volume: 33 Year: 2025 Keywords: mass media; environmental consciousness; preschool age; principal component analysis; environmental education. File-URL: http://www.inderscience.com/link.php?id=148305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:282-298 Template-Type: ReDIF-Article 1.0 Author-Name: Elvira Anna Graziano Author-X-Name-First: Elvira Anna Author-X-Name-Last: Graziano Author-Name: Flaminia Musella Author-X-Name-First: Flaminia Author-X-Name-Last: Musella Author-Name: Gerardo Petroccione Author-X-Name-First: Gerardo Author-X-Name-Last: Petroccione Title: Toward cashless payments? The boost of COVID-19 in the Italian context Abstract: This article aims to present empirical research to analyse whether the COVID-19 pandemic has affected consumer payment habits in Italy, which is a nation traditionally more inclined to use cash transactions. The survey was conducted through an interview with 836 citizens from November 2021 to February 2022 and revealed a significant increase in digital payments due to the fear of contagion. Using the chi-square test of independence, we can assess that consumers preferred cashless transactions to reduce the risk of infection and that more financially educated people prefer digital payments, reducing financial risk. Related to these findings, our research also analysed whether the pandemic in Italy has also produced a radical transformation in the social and economic spheres. Based on this, further research may focus on the impact that the pandemic has had on other aspects of consumer behaviour, such as savings and investment decisions. Journal: Global Business and Economics Review Pages: 299-320 Issue: 3/4 Volume: 33 Year: 2025 Keywords: COVID-19; payment behaviour; payment habits; M-payment; survey; quantitative analysis. File-URL: http://www.inderscience.com/link.php?id=148313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:299-320 Template-Type: ReDIF-Article 1.0 Author-Name: Ursula Schinzel Author-X-Name-First: Ursula Author-X-Name-Last: Schinzel Title: Online dating platforms - and their link to responsible leadership and uncertainty avoidance - the key impact of imagination Abstract: This research investigates how to make online dating platforms more responsible and acceptable as a means of not only romantic dating, but also of friending and networking. Thus, we also investigate the link between 'responsible leadership' and 'online dating platforms'. Following Hofstede's cultural dimension 'uncertainty avoidance' and Santaro's 'imagination' (Santoro et al., 2018), it shows new concepts for the future, new methods of collaboration, friending, networking, and recruiting where everybody and everything is connected and intertwined, allowing for unlimited imagination and creativity, where everything is possible, without any limitations. The author performed 235 interviews about online dating platforms from 2020 until 2022 and 15 interviews about responsible leadership in 2022. Respondents were contacted on online dating platforms first in writing, then by telephone and later in person, asking them mainly what they lie about or not. Data analyses, implications, and discussions are followed by exploring further research opportunities. Journal: Global Business and Economics Review Pages: 321-338 Issue: 3/4 Volume: 33 Year: 2025 Keywords: online dating platforms; lies; imagination; responsible leadership; Hofstede's cultural dimension uncertainty avoidance; digitalisation; ICT. File-URL: http://www.inderscience.com/link.php?id=148314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:321-338 Template-Type: ReDIF-Article 1.0 Author-Name: Alessandro Augurio Author-X-Name-First: Alessandro Author-X-Name-Last: Augurio Author-Name: Laura Castaldi Author-X-Name-First: Laura Author-X-Name-Last: Castaldi Author-Name: Clelia Mazzoni Author-X-Name-First: Clelia Author-X-Name-Last: Mazzoni Author-Name: Yioula Melanthiou Author-X-Name-First: Yioula Author-X-Name-Last: Melanthiou Title: Examining servitisation as a resource-based competitive advantage Abstract: This paper deals with the advancement of servitisation in the Italian manufacturing industries, identifying the service offerings, the performances and the dimensions of servitised firms. Data were collected from 7,840 manufacturing firms. The results show that 45.6% of the selected manufacturing firms undertake servitisation. The provision of product-related services supporting the supplier product (SSPs) seems to be advantageous for firms that are not very large, labelled as product-related servitised firms in the context of this work, because they could exploit existing resources and competencies to create the service offering, enhancing the need for following a resource-based approach to create sustainable competitive advantage. Journal: Global Business and Economics Review Pages: 339-360 Issue: 3/4 Volume: 33 Year: 2025 Keywords: servitisation; manufacturing firms; resource-based view; RBV; competitive advantage. File-URL: http://www.inderscience.com/link.php?id=148315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:339-360 Template-Type: ReDIF-Article 1.0 Author-Name: Harry Kogetsidis Author-X-Name-First: Harry Author-X-Name-Last: Kogetsidis Title: The application of problem structuring methods as a response to problem complexity Abstract: The world around us is full of complexity and all the big problems that organisations and societies face are in many ways interrelated and 'messy'. Problem structuring methods provide a group of highly sophisticated but non-mathematical approaches, which can be used in situations of increased complexity, where the existence of multiple stakeholders with different perceptions, views and expectations tends to be the norm. This paper examines the application of problem structuring methods in situations of high complexity within organisations and society. The findings show that the levels of application of problem structuring methods have increased along with the continuous popularity of multi-methodology. The paper concludes that problem structuring methods can provide a mechanism for dialogue and reflection, deal with the complex human and social aspects of problem situations and provide a response to the high levels of complexity that organisations and societies face in today's turbulent and highly unpredictable environment. Journal: Global Business and Economics Review Pages: 380-393 Issue: 3/4 Volume: 33 Year: 2025 Keywords: problem structuring methods; PSMs; operational research; complexity; interpretivism; methodology. File-URL: http://www.inderscience.com/link.php?id=148334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:380-393 Template-Type: ReDIF-Article 1.0 Author-Name: Konstantia Dalla Author-X-Name-First: Konstantia Author-X-Name-Last: Dalla Author-Name: Petros Lois Author-X-Name-First: Petros Author-X-Name-Last: Lois Author-Name: Georgios Makrygiannakis Author-X-Name-First: Georgios Author-X-Name-Last: Makrygiannakis Title: International public sector accounting standards in Greek public hospitals: an exploration on the ease of implementation Abstract: Greek public hospitals (GPHs) are adopting the International Public Sector Accounting Standards (IPSAS) in 2025. The paper explores the impact of the level of organisational readiness, the perceived value, as well as two factors shaping organisation culture according to Goffee and Jones, namely sociability and solidarity, on the convenience of IPSAS implementation. Questionnaire responses were received by 143 sampling units, in a population of 375 administrative executives for a total of 125 GPHs. A five-factor structural equation model was used to assess the relation of readiness, perceived value, sociability, and solidarity to the convenience of implementation. The interdependence of the level of readiness, the perceived value, and solidarity relations with the ease of implementation of IPSAS was found to be important, while sociability had no strong connections. Journal: Global Business and Economics Review Pages: 361-379 Issue: 3/4 Volume: 33 Year: 2025 Keywords: IPSAS; Goffee and Jones; readiness; ease of implementation; sociability; solidarity; organisational culture; public sector; hospitals; Greece; new public management; Greek public hospitals; GPHs. File-URL: http://www.inderscience.com/link.php?id=148340 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:361-379 Template-Type: ReDIF-Article 1.0 Author-Name: Mai Dinh Lam Author-X-Name-First: Mai Dinh Author-X-Name-Last: Lam Title: Estimation and backtesting of financial risk measures in the Vietnamese stock market: the debate between value-at-risk and expected shortfall Abstract: This study addresses the critical challenges of accurate risk measurement in financial markets, especially after financial crises. This study aims to enhance risk management in the Vietnamese stock market by focusing on estimating and backtesting value-at-risk (VaR) and expected shortfall (ES) for the VN30 Index. The ARMA-GARCH model is used to forecast VaR and ES, and its effectiveness is compared with that of the historical method. Adhering to the Basel Committee guidelines, this study uses the traffic light approach, Kupiec's proportion of failures test, Christoffersen's interval forecast test, and Acerbi and Szekely's ES tests to validate the models. Results demonstrate that the ARMA-GARCH model offers reliable risk estimates, particularly at the 97.5% and 99% confidence levels, thus surpassing traditional methods. Furthermore, this study provides financial institutions and investors with a practical and robust framework for risk management in emerging markets, thereby supporting a more resilient financial system. Journal: Global Business and Economics Review Pages: 423-443 Issue: 3/4 Volume: 33 Year: 2025 Keywords: value-at-risk; VaR; expected shortfall; backtesting; VN30 index; Vietnam. File-URL: http://www.inderscience.com/link.php?id=148351 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:423-443 Template-Type: ReDIF-Article 1.0 Author-Name: Ranjan Chaudhuri Author-X-Name-First: Ranjan Author-X-Name-Last: Chaudhuri Author-Name: Apoorva Author-X-Name-First: Author-X-Name-Last: Apoorva Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Author-Name: Alkis Thrassou Author-X-Name-First: Alkis Author-X-Name-Last: Thrassou Author-Name: Sheshadri Chatterjee Author-X-Name-First: Sheshadri Author-X-Name-Last: Chatterjee Title: A bibliometric, networked, and density-based content analysis of corporate social responsibility Abstract: Corporate social responsibility (CSR) models, from across the globe, have been constructed using various factors; including CSR dimensions, company credibility, CSR communication, CSR image, brand equity, and brand preference. Despite receiving much attention over the years, however, there lies a paucity of research that identifies paradigm shifts, future trends, emerging fields and prevalent research clusters in the CSR domain; a knowledge gap aimed to be filled by this research. The authors, through a quantitative systematic review, investigated 1,615 research publications in CSR from Scopus and Web of Science from 2000 to 2020. The results have been analysed using bibliometric software tools such as VantagePoint® through outputs such as (autocorrelation maps, bubble charts, and Aduna maps) and VOSviewer® outputs such as (network visualisation, overlay visualisation and density visualisation) to unveil the recent trend of CSR research. Journal: Global Business and Economics Review Pages: 394-422 Issue: 3/4 Volume: 33 Year: 2025 Keywords: CSR literature; bibliographic-network; Aduna map; bubble map; alluvial diagram; governance. File-URL: http://www.inderscience.com/link.php?id=148359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:394-422 Template-Type: ReDIF-Article 1.0 Author-Name: Simona Mihai-Yiannaki Author-X-Name-First: Simona Author-X-Name-Last: Mihai-Yiannaki Author-Name: Georgios Trypidakis Author-X-Name-First: Georgios Author-X-Name-Last: Trypidakis Title: A comparative study in fintech on the financial performance of ICO versus IEO and IDO during a shifting macroeconomic environment Abstract: The study examines ICOs in comparison to alternative models, IEOs and IDOs and analyses their initial price returns during positive and downtrend macroeconomic conditions and market sentiments. We performed a cross sectional multiple case study analysis of blockchain financing models and launchpads, identified the differences and overall performance with focus on ROI% and risk adjusted return (Sharpe ratio). Results confirm that choosing a launchpad influences returns for the project and initial investors, since launchpad procedures are not standardised, their average ROI has fluctuated during a macro-economic shift in the markets, but not to the level of the change in the risk adjusted return. Both investors and issuers can leverage these insights to make data informed decision about the potential impact of future macroeconomic conditions on the token's returns of blockchain crowdfunding models and understand which fits their risk appetite. The study is the only comparison of different ICO models during increase crypto adoption. Journal: Global Business and Economics Review Pages: 253-281 Issue: 3/4 Volume: 33 Year: 2025 Keywords: initial coin offering; ICO; initial exchange offering; IEO; initial DEX offering; IDO; cryptocurrencies; crowdfunding; decentralised finance; fintech; online entrepreneurship; launchpad. File-URL: http://www.inderscience.com/link.php?id=148360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:33:y:2025:i:3/4:p:253-281