Global Business and Economics Review (60 papers in press)

Regular Issues

• CROSS MARKET HERDING IN CHINESE, US AND CRUDE OIL MARKETS? QUANTILE REGRESSION ANALYSIS  
  by O.O.I. K.O.K. LOANG  
  Abstract: This study examines cross-market herding in Chinese and US markets from 2015 to 2020. It seeks to explore the impact of the crude oil market on Chinese and US. This study adopts cross-sectional absolute deviation to detect herding. This study employs quantile regression rather than OLS method to examine herding in different quantiles. The result shows that NYSE and NASDAQ are herded with each other. For Chinese markets, the bidirectional herding between Shanghai and Shenzhen tends to appear in median (Τ= 50%) and upper quantiles (Τ= 75% and 95%). The herding tendency of Shenzhen is higher than Shanghai and Nasdaq is higher than NYSE. The crude oil market can cause herding in US and Shanghai. The originality of this study contributes to academicians and practitioners in understanding the existence and tendency of cross-market herding. Investors shall aware that herding can be caused by the performance of other markets.
  Keywords: herding; stock market; Chinese market; US market; globalisation.
  DOI: 10.1504/GBER.2022.10044385
   
  
• Spillover Effect of Economic Risks, Globalization and Herding in GCC and Malaysian Islamic Markets during COVID-19  
  by O.O.I. K.O.K. LOANG  
  Abstract: This study examines the impact of economic risks and globalisation on herding in GCC and Malaysian markets before and during the pandemic. This study explores the spillover effect of the Saudi Arabia market over Islamic markets by using panel data and quantile regression. Panel-corrected standard error is adopted to rectify heteroscedasticity, and the data ranged from 2015 to 2021. The result shows that herding exists in Bahrain, Oman, Qatar, UAE and Malaysia during pre-pandemic, except in Kuwait and Saudi Arabia. The tendency of herding is more pronounced with the emergence of the pandemic. Trade freedom, investment freedom, financial freedom and economic freedom indices are significant to herding before and during the pandemic. The spillover effect of Saudi Arabia is shown in GCC markets except for the Malaysian market. This study assists the regulators and policymakers assess the determinants of herding as investors behave differently in a turbulent period. Analysts, individual investors and institutional investors can also benefit from this study to formulate a better investment strategy under the influence of economic risks and globalisation.
  Keywords: economic risks; globalisation; herding; GCC markets; COVID-19.
  DOI: 10.1504/GBER.2023.10048712
   
  
• Place-Based Policies and Capital Structure in the South of Italy
  by Mauro Aliano, Greta Cestari, Salvatore Madonna 
  Abstract: Productivity gaps between northern and southern Italian regions have been widening over recent years. In this paper, we provide some evidence-based suggestions to support and boost the Italian Government’s measures for reducing regional disparities, such as the special economic zone and other place-based fiscal measures to stimulate private investments. We found asymmetrical effects of using equity to increase tangible investment according to company size, and an inverted U-shape pattern for the impact of loans. We argue that the tax rules and benefits of SEZs and other measures should be coupled with a deeper knowledge of companies’ capital structure peculiarities.
  Keywords: capital structure; regional divide; special economic zones; SEZs; equity ownership; place-based policies.
  DOI: 10.1504/GBER.2025.10061052
   
  
• How Do COVID-19 Containment Policies Affect Currency Status?  
  by Juanjuan Zhuo, Masao Kumamoto 
  Abstract: We employed copula-dynamic conditional correlation and threshold approaches to investigate the status of the JPY, CHF, EUR and GBP during the COVID-19 period vis-à-vis various kinds of assets specifically, stocks, government bonds, currencies and commodities. Further, we investigated how containment policies affected currency status. We classified currency status into diversifier, hedge and safe-haven currencies. Our main findings were as follows: first, while currency status behaviours differ in different asset markets, the JPY acted as a hedge in stock, emerging countries' currency and commodity markets in tranquil periods, and acted as a safe haven in times of financial stress. Second, the currency of a country with strict containment policies tended to appreciate when market uncertainty increased, suggesting that the roles of the EUR, CHF and GBP as diversifiers and that of the JPY as a hedge strengthened. Third, vaccination might have contributed in reducing negative investor sentiment and their COVID-19-related concerns.
  Keywords: COVID-19; containment policy; vaccination; diversifier currency; hedge currency; safe-haven currency; global risk; equity market volatility; copula-DCC; threshold.
  DOI: 10.1504/GBER.2025.10062180
   
  
• Mapping the knowledge domain of corporate financial distress prediction  
  by Gurmeet Singh, Ravi Singla 
  Abstract: This study attempts to identify current dynamics, prominent contributors, and notable trends in the field of corporate financial distress prediction and to suggest future research possibilities. After final selection, 175 research articles, published between 1985 and July 2023, were used from Scopus database for the current research. According to the findings, corporate financial distress prediction has experienced rapid expansion in the recent years, particularly from 2009 onward. The analysis reveals that Asia (45.32%) and Europe (30.22%) continents account for the majority of research publications. Content analysis reveals the range of research areas that fall under the umbrella of corporate financial distress prediction. These include developing models to predict bankruptcy, applying and re-estimating developed models by including new variables, evaluating the sensitivity and stability of financial ratios and models, contrasting various models and variables, and examining the nature of distress risk and how it relates to stock returns. The current study will be useful for potential researchers who want to study in the field of financial distress or bankruptcy prediction. The study suggests untapped research topics in the field that might be the subject of future studies.
  Keywords: bankruptcy prediction; bankruptcy prediction models; bibliometric analysis; content analysis; corporate failure; default risk; financial distress; financial distress prediction; VOSviewer.
  DOI: 10.1504/GBER.2025.10064541
   
  
• Assessing the impact of capital market development, income level, and institutional quality on entrepreneurship in Africa  
  by Habila Abel Haruna, Akuraun Shadrach Iyortsuun, Hyeladi Stanley Dibal 
  Abstract: Entrepreneurship development in Africa suffers from numerous challenges among which include lack of access to finance. Over the years efforts by governments of African countries seem not to yield much. Therefore, there is growing attention on the capital market as a potential source of entrepreneurship financing. In this study, we explored whether capital market development, income level, and institutional quality contribute to entrepreneurship development in Africa. The study used panel data from 12 African countries from 20062020. The panel ARDL was employed to investigate the homogenous long-run and short-run, and potentially heterogeneous dynamic effects across countries in the panel. The findings revealed the presence of a long-run relationship between capital market development, income level, and entrepreneurship in Africa. Our study also found an inconsistent outcome in the short-run relationship between income level and entrepreneurship in Africa. The major limitation of the study is the unavailability of data in many African countries which limited the scope of our study. The study contributed to the finance-growth theoretical debate by establishing the role of capital market development on entrepreneurship and also, the predictive role of capital market development, income level, and institutional quality on entrepreneurship development in Africa.
  Keywords: capital market; entrepreneurship; finance-growth; income level; institutional quality; Africa.
  DOI: 10.1504/GBER.2025.10065153
   
  
• An empirical investigation of herd behaviour in COVID-19 perspective: evidence from Dhaka stock exchange  
  by Md. Miad Uddin Fahim, Shabnaz Amin 
  Abstract: This paper aims to examine the presence of herding behaviour in the Dhaka stock exchange (DSE), in the light of the COVID-19 perspective with a sample of 351 firms listed with DSE for the period from 2016 to 2021. The study applied cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models to observe the herding behaviour by using both daily and monthly data where the time-frequency of the analysis has been segmented into three phases: pre-COVID, post-COVID, and the full study period (2016-2021). Based on daily observations, the findings document the herding behaviour, under the CSAD model, during the bull market condition in the pre-COVID period and the bearish market condition in the post-COVID period. The monthly data showed the presence of herding during extreme market conditions at a 1% significant level in the pre-COVID period and during the bull market condition in the post-COVID period.
  Keywords: herding behaviour; cross-sectional standard deviation; CSSD; cross-sectional absolute deviation; CSAD; COVID-19 pandemic; DSE; bull market; bearish market.
  DOI: 10.1504/GBER.2025.10066463
   
  
• Signal transfer in symbiotic relations: the mediating effects of interfirm relationships and business-bank relations  
  by Ploypailin Kijkasiwat, Nirosha Hewa Wellalage, Stuart Locke 
  Abstract: This study explores the influence of symbiotic relationships on the performance of micro, small, and medium enterprises (MSMEs) in New Zealand, focusing on signalling theory. Specifically, the research explores the mediating impacts of interfirm relations and business-bank relations. Utilising partial least square structural equation modelling (PLS-SEM), the study analyses data collected through face-to-face interviews. To elucidate interfirm relationships, the study incorporates various indicators from network analysis. The findings reveal a negative association between changes in MSMEs’ net profit and business-bank relations. Notably, interfirm relations do not act as mediators in the effects of business-bank relations on changes in MSMEs’ net profit. This study contributes significantly to the broader literature on MSME performance by extending current theories and addressing key issues. Moreover, it makes a methodological contribution by incorporating networking scores as indicators to elucidate each network relationship.
  Keywords: micro; small and medium enterprises; MSMEs; signalling theory; business performance; interfirm relations; business-bank relations; mediating effects.
  DOI: 10.1504/GBER.2025.10066632
   
  
• Review of share repurchase policy and future research agenda  
  by Aafreen Khan, Ashu Khanna 
  Abstract: The proliferation of literature concerning share repurchases, a fundamental component of payout policy, necessitates a comprehensive overview. The present research aims to synthesise the existing literature to clarify the conceptual and historical background of share repurchases. The dataset comprises 774 academic articles from the Scopus database spanning 56 years (1966-2022). Data analysis was conducted using the bibliometrix R package and VOS viewer software. The findings presented through tabular and network visualisations show the rising trend in publications, important journals, key research papers and authors, and important themes. Notably, research is concentrated in the USA and developed nations, revealing a dearth in developing countries. Subsequent studies may examine the impact of financial constraints and ESG orientation on corporate payout decisions. Further, the impact of repurchases on investment expenditure and corporate innovation can be investigated. The study will assist future researchers in identifying prominent studies, authors, thematic domains, and research gaps identified through this study.
  Keywords: bibliometric; co-citation; co-occurrence; literature review; share repurchase.
  DOI: 10.1504/GBER.2025.10066872
   
  
• Impact of corporate governance and traditional motivations on share buyback decision: a Tobit regression approach  
  by Parul Goyal, Deepa Mangala 
  Abstract: Share buyback has become a buzz in the recent corporate world. Numerous research around the world documented a variety of reasons for share buyback. The current research will extend prior research in the area of share buyback by considering the corporate governance characteristics with the traditional motives of buyback. The present paper covers the share buyback activity in India from the financial year 2016 to 2023. The final sample comprises 324 non-financial firms, listed in either the Bombay Stock Exchange or National Stock Exchange. The current study has employed Tobit regression model to ascertain the factor affecting the buyback decision. The findings re-affirm the significance of the undervaluation of the firm and information asymmetry as key determinants of share buyback decisions. Further, results provide strong empirical evidence that board characteristics have an impact on the share buyback decision. Furthermore, the present study captured the significant impact of the COVID-19 crisis on buyback activity. Moreover, the study reported that drivers of share buyback vary according to the type of share repurchase.
  Keywords: corporate governance; dividend; determinants; factors; hypotheses; India; information asymmetry; leverage; share buyback; share repurchase; signalling; economy; COVID-19; Tobit regression.
  DOI: 10.1504/GBER.2026.10066873
   
  
• Financial management practices and their impact on organisational performance within the accounting information system in Iraq  
  by Hisham Noori Hussain Al-Hashimy, Jinfang Yao 
  Abstract: This study explores the consequences of the financial management models on organisational performance within the accounting information system in Iraq, with special attention to budgeting, financial reporting, and risk management. The research employed partial least squares structural equation modelling (PLS-SEM) based on the data collected from a questionnaire of 500 managers in various business sectors in Iraq to discover how financial strategies affect managers’ level of satisfaction. Execution of budget-making and financial decision-making operates better with precise budgeting and financial reporting. Nevertheless, risk management by a slight margin was considered less direct based on the fact-finding phase of the study. Real implications are concerned with providing funding and further modernisation in the Iraqi corporate sector, with plans and actions aligning with the corporate objectives. This study is distinctive in presenting the importance of financial management’s role, particularly for Iraq, when little research exists. It is likewise presented to cover green management strategies after properly comprehending good financial leads.
  Keywords: Iraq; organisational performance; financial management; budgeting; financial reporting; risk management.
  DOI: 10.1504/GBER.2025.10067093
   
  
• The impact of Reddit user sentiment on bitcoin returns: checking the Reddit phenomenon existence with RedditSI  
  by Valeriia Baklanova 
  Abstract: In recent years, the bitcoin market has witnessed exponential growth in investor activity, coupled with a heightened influence of investor sentiment on BTC market dynamics. This study explores the role of Reddit in shaping user sentiments and influencing investment decisions within the bitcoin market. The research introduces Reddit sentiment index (RedditSI) as a tool to measure sentiment among Reddit users. The index was constructed based on comments from top discussions in the bitcoin-related subreddits that were classified by tonality using the NLP model Flair. The study employs statistical analysis methods, including correlation, cointegration, and causality, as well as event study analysis to examine the relationship between RedditSI and BTC market performance. The results indicate a significant impact of RedditSI on bitcoin returns, revealing both short-term and long-term relationships between them. Notably, the RedditSI outperforms the well-known crypto fear and greed index, underscoring its significance in gauging market mood and influencing trading patterns.
  Keywords: bitcoin; BTC; investor sentiment; natural language processing; NLP; time series analysis; event study; behavioural finance.
  DOI: 10.1504/GBER.2026.10067552
   
  
• The nexus between inward foreign direct investment and trade in creative products: empirical evidence from a developing economy  
  by Hoan Quang Truong, Huong Thu Thi Nguyen 
  Abstract: This study capitalises on the extended gravity model to empirically examine the effects of inward foreign direct investment (FDI), cultural distance, and other relevant elements on the creative goods exports from Vietnam, a developing economy to foreign markets. We find a positive effect of economic size and high-income status on Vietnams creative exports at the aggregate level and nearly all subsectors. At the aggregate level, we detect that FDI advantageously affects Vietnams creative exports, while at the subsector level, a positive effect was found only in the design sector. In the design sector, FDI positively influences the exports of architecture, glassware, interiors, and jewellery. At the aggregate level, cultural distance, trade openness, and logistics performance positively affect creative exports. We find heterogeneous effects of the considered factors on the exports of creative subsectors and subsectors of the design industry. We find that the number of unexploited markets for creative exports outweighs that of overtraded markets. This study suggests that Vietnam should enhance the attraction of FDI flows and apply a dynamic approach to utilise the cultural differences, subsectors of the creative industry, and export markets. Additionally, Vietnam should improve its logistics performance and participation in new-generation trade agreements.
  Keywords: FDI; creative exports; cultural distance; Vietnam.
  DOI: 10.1504/GBER.2026.10067634
   
  
• Measuring systemic risk in the cryptocurrency market: a CoVaR approach  
  by Arvind Awasthi, Mariyam Shaukat 
  Abstract: We estimate the conditional value-at-risk (CoVaR), a measure for systemic risk, in order to assess the risk spillover within the cryptocurrency market and the risk spillover from the cryptocurrency market to traditional stock market. We conduct our analysis in three parts. We analyse: 1) the risk spillover of the largest cryptocurrencies, to the cryptocurrency system as a whole; 2) the risk spillover of the largest cryptocurrencies by, to the traditional stock market; 3) risk spillover amongst the six largest cryptocurrencies. Our results conclude Bitcoin generates the most risk in other cryptocurrencies and that there is no significant risk transfer from the stock market to the cryptocurrency market. The sub-period analysis reveals that the degree of conditional risk has unanimously reduced in the second sub-period for all cryptocurrencies. Amongst the seven largest cryptocurrencies, Ethereum is the largest risk contributor of risk for Bitcoin, followed by Binance coin and XRP.
  Keywords: systemic risk; cryptocurrency; conditional value-at-risk; CoVaR; risk spillover; stock market; Bitcoin; value-at-risk; VaR.
  DOI: 10.1504/GBER.2026.10067690
   
  
• Financial market discipline in stability of Sharia banking: evidence from Indonesia state  
  by Rini Kurnia Sari, Muhammad Alfarizi 
  Abstract: The global banking sector, grappling with the COVID-19 pandemic, faced economic challenges hindering growth. Sharia banking authorities and customers, emphasising financial transparency and consumer protection, recognised market discipline. Islamic banking, aligning with Islamic teachings, bolstered sector stability in Muslim nations. In Indonesia, deposits played a crucial role in enhancing liquidity and trust in Islamic banking. This research in Indonesia explores market discipline elements in Islamic banking, assessing their impact on deposit performance. Variables like returns on deposits, capital adequacy ratio (CAR), return on assets (ROA), BI7DRR, and inflation were considered. The study suggests increasing CAR for deposit growth, incorporating bank size in marketing strategy, and addressing inflation and BI7DRR for competitive rates. Financial authorities could incentivise CAR and support smaller banks.
  Keywords: bank size; BI7DRR; capital adequacy ratio; CAR; deposits performance; financial authorities; inflation; Indonesia; Islamic banks; market discipline; Indonesia.
  DOI: 10.1504/GBER.2026.10067824
   
  
• Have the anomalies following share buybacks disappeared? Evidence from India  
  by Parul Goyal, Deepa Mangala 
  Abstract: Share buyback programs are viewed as effective tools for signalling undervaluation and are frequently employed by firms reporting negative abnormal returns (Stephens and Weisbach, 1998). The efficacy of these announcements is highlighted by the positive abnormal returns observed post-announcement (Ikenberry et al., 1995). The main objective of this study is to examine the impact of share repurchase announcements on stock returns in the Indian equity market. This paper encompasses the share buyback activities in India spanning from 2016 to 2023. The current study has employed event study methodology (ESM) to capture the price reaction to the buyback announcement. Furthermore, the study also investigates the impact of COVID-19 on the stock returns of buyback firms. The study statistically testifies that share repurchases do not improve shareholders’ value. Additionally, the peculiar finding is that COVID-19 does not have any significant impact on buyback firms’ stock performance. These findings offer valuable insights for investors, firms, policymakers, and researchers as they navigate future economic challenges.
  Keywords: abnormal return; COVID-19; event study methodology; ESM; impact on stock performance; India; share buyback/repurchase; signalling hypotheses; stock market.
  DOI: 10.1504/GBER.2026.10067954
   
  
• Predicting mutual fund investor’s continuous investment intention with the integration determinants of behavioural intention  
  by Dhara Padia, Viral Bhatt 
  Abstract: This study examines mutual fund investors’ continuous investment intention to behavioural intention. It isn’t easy to understand the behavioural intention and what keeps mutual fund investors devoted. The survey included 628 mutual fund investors’ responses by applying non-probability convenience sampling. Path analysis was performed on the direct and indirect impacts of influencing factors on intention. Moreover, Necessary condition analysis (NCA) and mediation analysis were used to evaluate hypotheses using partial least structural equation modelling to determine the key factors affecting behavioural intention. The research found that financial knowledge, past behavioural bias, regulatory perception, social impact, financial well-being, hassle factors, and risk avoidance affect investment intention. Our study found that conveying regulatory confidence and operational convenience can reduce risk aversion’s impact on attitudes. This study supports financial literacy treatments using more evidence. Investigative studies may priorities comprehending the ramifications of regulatory modifications and financial advancements on investor conduct within the mutual fund sector, offering significant insights for policy formulation and the creation of financial products.
  Keywords: mutual fund; investment intention; continuous investment intention; hassle factor; HSF; past behavioural bias; financial literacy; FIL; financial well-being; risk avoidance; RSA; social influence.
  DOI: 10.1504/GBER.2026.10068665
   
  
• Do women directors enhance the performance of Bangladeshi firms?  
  by Sumon Kumar Das, Smrite Prava Nath, Nusrat Sultana, Abdullah Al Mamun 
  Abstract: The paper aims to scrutinise the linkage between female directors and financial performance. To achieve this, we conducted ordinary least squares regression analysis using data from 50 registered financial firms on the Dhaka Stock Exchange for the period 2016-2021, highlighting the impact of board gender diversity on performance. The results demonstrated that board gender diversity has a significant positive influence on firm performance. This study uniquely examines how female presence on the board stimulates performance, utilising various measures of female gender diversity and linking both accounting and market measures of performance in listed financial firms in Bangladesh. The findings of this study may encourage market regulators, the investors, and policymakers to implement and promote female participation in corporate boardrooms and suggest setting quotas to enhance performance.
  Keywords: board gender; Blau index; Shannon index; firm’s performance; Dhaka stock exchange; DSE; financial sector; Bangladesh.
  DOI: 10.1504/GBER.2026.10068979
   
  
• The impact of economic globalisation on labour market outcomes in Africa  
  by Parfait Beri, Christopher Sama Molem 
  Abstract: This study examines the impact of economic globalisation (ECONGLO) on labour market outcomes, using ARDL regressions. Among its key results, the study discovered that ECONGLO has a long-term positive causal impact on total employment, employment in industry, and the number of waged and salaried workers. The study also uncovered that ECONGLO has a long-term negative causal effect on total unemployment and employment in the agricultural sector. Because results are robust with an alternative measure of ECONGLO, African countries can leverage globalisation for job creation and sectoral development over the long run. It is also important to consider the short-term costs of ECONGLO, such as job losses in some sectors and income inequality due in part to the decrease in labour share, and develop strategies to mitigate them. The broader implications of our findings for economic development and social stability in African countries underscore the importance of this paper.
  Keywords: economic integration; globalisation; labour market; employment; unemployment; labour share.
  DOI: 10.1504/GBER.2025.10069084
   
  
• Unlocking the path to financial success: exploring the influence of board diversity on firm financial performance and moderated by institutional ownership  
  by Abid Noor, Rohail Hassan 
  Abstract: The paper aims to investigate the effect of board diversity attributes, including gender, education, tenure, board size, and their impacts on firm financial performance, as well as the moderating role of institutional ownership. A sample of 270 non-financial firms is obtained using judgemental sampling from a target population of 470 firms listed on the Pakistan Stock Exchange from 2017 to 2021. The panel data techniques are employed for data analysis. The findings show that board gender diversity has a positive and significant impact on firm financial performance. Also, institutional ownership moderates the relationship between a master’s education and firm financial performance. The paper significantly contributes to the domain of corporate governance under the lens of ‘upper-echelon theory.’ This study will help corporate boards to decide on the inclusion of gender diversity and board members’ education, i.e., to what extent qualified members contribute to the success of the corporate boards.
  Keywords: gender diversity: educational diversity: tenure diversity: board size.
  DOI: 10.1504/GBER.2026.10069085
   
  
• Unlocking FinTech success: an analysis of the economic factors accelerating financing  
  by Adriana Bruscato Bortoluzzo, Andrea Maria Accioly Fonseca Minardi , Matheus Linhares BarrosDe Souza 
  Abstract: Global financial transformation, driven by technology and changing consumer behaviours, supports the growth of FinTechs, which play a disruptive role in the financial market by promoting inclusion and reduction of social inequality. Understanding financing mechanisms and influencing factors is vital for the survivance of these companies, especially during initial years of negative cash flow. We conduct a survival analysis in order to analyse 10,367 companies around 50 countries from 2015 to 2022 aiming to understand how country characteristics and market development contribute to receiving early stage investments from venture capital. We observed that a company founded by more than one founder, in an emerging country, with a high economic development index and less than three years old has higher chances of receiving its first VC funding round. Additionally, in the last three years, investment fund managers had a preference to invest in fewer companies, suggesting larger contributions per round.
  Keywords: FinTech; funding; survival analysis; venture capital; private equity.
  DOI: 10.1504/GBER.2026.10069110
   
  
• The impact of investment in internal control personnel on tax saving activities: evidence from Korea  
  by Inkyung Yoon, Sunae Cho, Hansol Lee, Dongjoon Choi 
  Abstract: This study investigates the impact of investing in internal control personnel on a firm's tax-saving activities. Considering that investments in internal control personnel contribute to creating an efficient information environment, a higher level of investment in internal control system personnel enables a firm to conduct tax-saving activities more effectively. The results of the analysis, using data from Korean listed firms, reveal a significant positive relationship between the level of investment in internal control personnel and tax-saving activities. Furthermore, the path analysis results indicate that the increased tax savings resulting from investments in internal control personnel enhance the level of corporate investment. This study confirms the impact of investing in the human resources of internal control systems on corporate tax-saving activities and verifies that firms are utilising the resources saved through tax-saving activities for further investment. This provides important implications for both corporations and regulatory agencies.
  Keywords: tax saving activities; corporate investment level; internal control systems; investment in internal control personnel.
  DOI: 10.1504/GBER.2026.10069228
   
  
• Estimation and backtesting of financial risk measures in the Vietnamese stock market: the debate between value-at-risk and expected shortfall  
  by Mai Dinh Lam  
  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.
  Keywords: value-at-risk; VaR; expected shortfall; backtesting; VN30 index; Vietnam.
  DOI: 10.1504/GBER.2026.10069363
   
  
• Corporate social responsibility and earning management: evidence from European countries  
  by Feker Mhadhbi, Dorsaf Ben Aissia, Mohamed Gabsi 
  Abstract: This paper studies the relationship between corporate social responsibility and environmental performance and earnings management. We use discretionary accruals to measure earnings management. We also use the IVA scores to calculate the ESG, social and environmental performances. Based on a sample of 3120 observations from 500 European companies from 2012 to 2021, we find that companies with high ESG scores have lower earnings management. Still, we find a negative relationship between earnings management, corporate social responsibility, and environmental performance. This result confirms that sustainable European companies are less likely to engage in earnings management.
  Keywords: corporate social responsibility; environmental performance earnings management; discretionary accruals.
  DOI: 10.1504/GBER.2026.10069590
   
  
• Exchange rate volatility and Vietnam’s green product exports: does financial liberalisation in partner countries matter?  
  by Nguyen Thi Thu Huong  
  Abstract: This study examines the relationship between exchange rate volatility and green product exports of Vietnam using a panel dataset covering Vietnam’s green exports to 178 partners over 2002-2022. Adopting the Poisson Pseudo-Maximum Likelihood (PPML) estimations to a gravity model, this study shows that fluctuations in real exchange rates between Vietnam Dong and partners’ currencies hinder Vietnam’s green exports. Therefore, keeping exchange rates stable is essential for promoting Vietnamese green trade. Moreover, this study discovers that increased financial liberalisation in Vietnam’s partners effectively lowers the adverse effects of exchange rate instability on trade flows. Thus, even with the significant volatility in the foreign exchange market due to global economic turmoil, there are still various chances for Vietnam to boost its green exports to countries with fewer restrictions in financial markets. This outcome provides a crucial implication for identifying potential partners to enhance Vietnam's green trade performance.
  Keywords: exchange rate volatility; green product exports; financial liberalisation;Vietnam.
  DOI: 10.1504/GBER.2026.10069689
   
  
• An empirical study on board independence and capital structure choices in non-financial listed firms in India with a spotlight on institutional investors as moderators  
  by Asha E. Thomas, Amiya Bhaumik 
  Abstract: The research was carried out to fill the gap in different views of how board independence affects listed companies’ capital structures. Researchers have attempted to solve the already available literature discrepancies by studying how an independent board can alter a companys capital structure. This research also studies the impact of institutional investors on the relationship between a companys leverage and board independence. The research examined a balanced panel sample of Indian companies listed on the Bombay Stock Exchange (BSE) and formed part of the BSE 200 Index from 2015 to 2021. The final sample for the research, which included 840 observations including data about 140 companies were obtained after removing missing figures. Financial firms were not included in the final set since they have a different set of regulations regarding their capital structure. The research findings suggest a highly significant negative relationship between board independence and the firm’s capital structure. The research also confirms the advantageous and significant role of institutional investors in the capitalisation decisions made by non-financial listed companies in India. Besides, the findings prove statistically that a larger proportion of institution ownership in firms enhances the role of independent directors on financial strategies shaping for Indian companies.
  Keywords: corporate governance; CG; board independence; capital structure; agency theory; institutional investors; emerging economies; Indian capital market.
  DOI: 10.1504/GBER.2026.10069767
   
  
• Does internationalisation increase value of family firms? Using CEO attributes as moderators and empirical evidence from Indonesia  
  by Muhammad Madyan, Wulan Rahmadani Setiawan, Maryam Bin Abdullah Al Hadar 
  Abstract: This study examines the relationship between internationalisation and family firm values. From 2015-2023, regression tests were conducted on 1,417 observations of Indonesian-listed family firms from all industries except the financial sector. Consistent with the hypothesis development, the results show a positive relationship between internationalisation and firm value as measured by Tobin's Q. We also show that family CEOs and CEO attributes such as education level, international experience, and gender moderate the relationship between internationalisation and firm value. These findings support the upper-echelon theory that CEO attributes play an important role in making critical decisions that affect firm value. Robust tests yield similar results when the independent and dependent variables are separated by 3 years. Moreover, additional findings suggest that internationalisation is positively associated with short-term firm performance, proxied by ROA. This study contributes to the literature on family firm internationalisation and the effect of CEO attributes on firm value.
  Keywords: internationalisation; firm value; FV; CEO attributes; family firm.
  DOI: 10.1504/GBER.2026.10069771
   
  
• Trends and insights in financial literacy and financial planning: a bibliometric perspective  
  by Pooja Rani, Neelam Jain 
  Abstract: This bibliometric paper aims to assess the body of knowledge about financial literacy and financial planning using 375 documents from 1982 to 2024 from Scopus database. Biblioshiny determines quantity and relevance indicators, evaluating publication trends, leading countries, top affiliations, authors, journals, and documents. Furthermore, VOSviewer is utilized to visualize structural indicators, such as bibliographic coupling, co- occurrence, and co-citation networks. The results indicate that the United States and India have made significant contributions to the field. The major themes revolve around financial literacy, financial well-being, financial planning, financial education, inclusion, and retirement planning. Numerous bibliometric papers exist on retirement planning, behavior, inclusion, and financial literacy, but very few have addressed the intersection of financial literacy and comprehensive financial planning. Furthermore, by identifying trend topics, gaps, and influential studies, the paper guides financial institutions in service improvement, aids governments in policy-making, and directs researchers toward impactful future studies.
  Keywords: financial literacy; financial planning; FP; retirement planning; VOSviewer; bibliometric analysis; bibliometrics.
  DOI: 10.1504/GBER.2026.10069932
   
  
• Exploring essential sales skills for entrepreneurial success  
  by Joseph Pitzel, Charles H. Bélanger, Jamil Razmak, Wejdan Farhan 
  Abstract: Using the sales literature as a departure point, this study begins with the identification of broad sales skills and then focuses on their categorisation and measure along the lines of three dimensions, namely conceptual, interpersonal, and technical. A survey was developed around 110 skills representing 28 themes or skills clusters with the guidance of a Canadian division of a multinational company. Management, sales management, sales support and sale personnel were asked to rate the importance of each skill on a five-point Likert scale ranging from ‘not important’ to ‘very important’. A tally of the skills ratings ranged from above ‘somewhat important’ to ‘very important’ with a mean of 4.27 over 5. Thematic scales were developed with the Cronbach alpha to identify robustness and reliability, followed by validity tests of convergent and discriminant analysis. There were 89 skills listed in the range of ‘important’ to ‘very important’ with the other 21 being in the ‘somewhat important’ to ‘important range’. Beyond hard and soft skills needed, the focus on specific skills may vary by market and type of sales. This in itself is key to training.
  Keywords: selling; salespeople; skills; quantitative analysis; scales; entrepreneurship.
  DOI: 10.1504/GBER.2026.10070201
   
  
• The impact of ESG performance on firm value and profitability: moderating role of regulatory quality  
  by Nguyen Thu Ha, Vu Thi Thu Huong 
  Abstract: This paper investigates the impact of ESG performance on firm value (FV) and profitability and explores the moderating effects of regulatory quality in shaping the nexus between ESG performance and both FV and profitability. The authors compile a panel data set of 195 Japanese listed companies from 2007-2022. The hypotheses were examined via the generalized least squares method as an alternative among pooled ordinary least squares, the fixed effects model, and the random effects model after model validity and model issues were detected. The results indicate that (i) ESG performance has a negative effect on FV and profitability, (ii) regulatory quality positively moderates the effects of ESG performance on FV and profitability, (iii) larger companies face hurdles in attaining market value, whereas SMEs encounter obstacles in regard to embracing and implementing ESG practices, and (iv) companies operating in environmentally sensitive sectors exhibit higher FV but face challenges in achieving profitability.
  Keywords: ESG; firm value; regulatory quality; return on assets; ROA; return on equity; ROE; profitability; Tobin’s Q.
  DOI: 10.1504/GBER.2026.10070228
   
  
• Underpricing effect in initial public offerings: explanations through information asymmetry  
  by Gopal Acharya, Dushyant Mahadik 
  Abstract: This study synthesises the corpus of IPO underpricing literature published between 2000 and 2024 by adopting the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) methodology and bibliometric analysis. The data for this study were collected from Scopus and the Web of Science database. The bibliometric analysis highlights essential aspects of existing literature, including leading journals, top-cited articles, research streams, variables, and other elements. Based on this review, it has been found that the ‘information asymmetry’ problem between the key IPO participants is the primary cause behind the high level of underpricing. However, it may not fully capture the complexity of investors' behaviour and IPO pricing. We suggest integrating behavioural finance theories into traditional information asymmetry models, which can provide more competing, complementary, or interactive explanations for the underpricing phenomenon.
  Keywords: initial public offering; IPO; underpricing; systematic review; information asymmetry; signalling.
  DOI: 10.1504/GBER.2026.10070356
   
  
• Analysing the economic effects of computerised accounting information systems on macroeconomic stability and sectoral performance in China  
  by Hisham Noori Hussain Al-Hashimy, Jinfang Yao 
  Abstract: Implementing Computerised Accounting Information Systems (CAIS) helps China achieve macroeconomic stability and sectoral efficiency. The study measures CAIS's impact on economics, focusing on financial report accuracy, resource allocation efficiency, and economic growth in manufacturing, technology, and services. 400 economic and financial specialists participated in a structured survey. Stratified random selection from 2,000 experts selected them. The association between CAIS macroeconomic stability and sector performance was studied using PLS-SEM. CAIS increased financial sector transparency by 30%, reduced economic volatility by 22%, and improved sector performance by 35%. The report emphasises targeted CAIS investments for sustainable growth and provides significant knowledge for government leaders and business executives seeking to enhance China's economic and financial outcomes.
  Keywords: computerised accounting information systems; CAISs; macroeconomic stability; sectoral performance; financial reporting; economic growth; China.
  DOI: 10.1504/GBER.2026.10070357
   
  
• Calibrated performance orientation and financial solidity of microfinance institutions in the West African Economic and Monetary Union  
  by Amon Aniké Deh, Seydi Ababacar Dieng, Modou Dieng, Mohamed Lamine Mbengue 
  Abstract: This article examines the effect of the performance orientation of microfinance institutions (MFIs) on their financial solidity. Based on a dual orientation - social and financial - aggregated for MFIs in the West African Economic and Monetary Union (WAEMU), four performance orientations - social, profitability, balancing and blind - were finally retained. The multivariate analysis of variance on a sample of sixty-six (66) MFIs shows an association between the orientation of the MFI's performance and its financial solidity. As for the results of the binary logistic regression, they reveal that the financial soundness of WAEMU MFIs on the basis of the degree of capitalisation declines when they have a purely social orientation and improves with a profitability or balancing orientation. However, the robustness test shows unequivocally, on the basis of the capitalisation and the Z-Score, that a balancing orientation is the ideal for the financial soundness of these MFIs.
  Keywords: microfinance institution; MFI; social performance; financial performance; financial strength; logistic regression; Z-score; UEMOA.
  DOI: 10.1504/GBER.2026.10070476
   
  
• A bibliometric, networked, and density-based content analysis of corporate social responsibility  
  by Ranjan Chaudhuri, Apoorva , Demetris Vrontis, Alkis Thrassou, Sheshadri Chatterjee 
  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.
  Keywords: CSR literature; bibliographic-network; Aduna map; bubble map; alluvial diagram; governance.
  DOI: 10.1504/GBER.2025.10070557
   
  
• Is bitcoin a substitute for traditional commodity money? A safe haven for Africa’s Forex markets  
  by Maurice Omane-Adjepong, Gloria Kafui Bob-Milliar, Yegandi Imhotep Paul Alagidede 
  Abstract: Bitcoin has been reported by studies as mostly uncorrelated with conventional assets, thereby expounding its mooted safe haven potentials in both normal and crisis periods. However, in-place of these assumptions, the COVID-19 crisis had presented a maiden real global market turbulence period for the re-examination of bitcoin’s safety net features. Using the DCC-GARCH and dynamic wavelet correlation approaches, this paper provides answers as to whether bitcoin overrides traditionally acclaimed store of value commodities to give shelter for currency market investments, particularly in the initial hundred trading days that followed the pandemic announcement. Our results put gold and silver ahead of the other safe haven candidates, and signal that investors can considerably hold them in trust, albeit time-scale varying during intensely stressful crisis periods. Further results show that bitcoin could best be considered as a temporary safety net, which fragilely bow-down its protective shield in heightened crisis periods, hence could least be a substitute to precious metals for now.
  Keywords: Bitcoin; Precious metals; Safe havens; Forex; COVID-19 pandemic; Africa.
  DOI: 10.1504/GBER.2026.10070816
   
  
• Exploring Stock Market Liquidity and its Economic Impact: Insights from a Frontier Market  
  by Md. Shibley Sadique, Aditi Roy 
  Abstract: This paper analyses market liquidity and its time variation in the Dhaka Stock Exchange (DSE) over the 19-year period 2000-2018. Market liquidity is measured by taking the cross-sectional average of all traded stocks. With growing interest in the stock markets liquidity and its economic implications, the paper discusses a relatively new area: liquidity in an emerging economy with varying market structures and institutional environments. Due to data limitations, the study uses only four common liquidity metrics: turnover ratio, trading volume, coefficient of elasticity of trading (CET), and Amihud’s illiquidity. First, the paper identifies key determinants of liquidity based on ARDL regression models as some of the time series variables are not stationary. Regarding market liquidity, this paper finds that market price, market capitalisation, number of shares traded, and return volatility determine DSE liquidity, particularly when liquidity is measured by turnover ratio and trading volume. Second, the paper compares liquidity measures across DSE market cycles and finds that only trading volume and turnover ratio closely follow market movements. Finally, the paper examines the link between market liquidity and economic growth and confirms that liquidity imparts valuable information regarding overall economic performance.
  Keywords: stock market liquidity; liquidity determinants; economic growth; market cycle; frontier markets.
  DOI: 10.1504/GBER.2026.10071109
   
  
• Dividend policy and COVID-19 pandemic: an empirical study of Indian firms  
  by Prasenjit Roy, Santi Gopal Maji 
  Abstract: This study explores how the COVID-19 pandemic has affected the dividend pay-outs of firms listed in the BSE 500 index from 2014-2015 to 2021-2022, using a panel regression analysis. Empirical findings indicate that the pandemic influenced firms' dividend policies. Firms with higher return on assets (ROA), total assets (TA), and Tobin's Q (TBQ) exhibited higher dividend during the pandemic, whereas high-leveraged firms faced challenges in sustaining dividends. The analysis also considers variables such as firm age, size, business affiliation and sector. The study underscores that economic shocks, such as the COVID-19, necessitate adaptive and strategic decision-making. This is particularly important for firms that rely on dividend payouts as a means of returning value to shareholders. For investors, the insights will act as a valuable input in making sound investment choices, with a careful assessment of a firm's financial health and its ability to withstand unexpected macroeconomic challenges.
  Keywords: COVID-19 pandemic; dividend pay-out policies; BSE 500 index; panel data regression model; firm-level categories; firm age; firm size; business affiliation; financial indicators; economic downturns.
  DOI: 10.1504/GBER.2025.10062265
   
  
• The impact of the COVID-19 pandemic and its moderating effect on bank profitability  
  by Phan Dinh Nguyen 
  Abstract: The impact of the COVID-19 has been 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.
  Keywords: COVID-19 pandemic; impact; bank profitability; Vietnam.
  DOI: 10.1504/GBER.2025.10063141
   
  
• The contribution of ICT to labour productivity in manufacturing firms in Cameroon: a re-examination of Solow's paradox
  by Astride Claudel Njiepue Nouffeussie, Fabrice Nzepang, Cosmas Bernard Meka'a, Poelle Davy Bimai 
  Abstract: This paper examines the determinants of firm labour productivity in Cameroon, with particular emphasis on the role of information and communication technologies (ICTs). The study uses an instrumental variables Tobit model applied to data from the Enterprise Survey on a sample of 361 Cameroonian firms. These data have the advantage of providing information on firm characteristics and productivity as well as on the different types of ICTs used by firms. The main results suggest that: 1) the use of a single ICTs tool (mobile money, website or email) has a positive but insignificant effect on workers' productivity; 2) the use of two or more of these tools (email-mobile money, email-website, mobile money-email-website) positively and significantly affects workers' productivity, by 5,881, 6,189 and 8,881 points respectively; 3) firm size, sector of activity as well as previous productivity positively and significantly affect labour productivity. This study argues for the use of several ICTs tools combined by firms to significantly increase their productivity.
  Keywords: information and communication technologies; ICTs; labour productivity; Solow's paradox; Tobit; Cameroon.
  
  
• Entrepreneurial intent from a crowdfunding perspective  
  by Shathees Baskaran, Thanabalan Tangaraja, Hairul Rizad Md Sapry, Kesavan Nallaluthan 
  Abstract: The volatile economic condition in Malaysia has shifted the government's focus towards the development of entrepreneurs, especially among Malaysian graduates. Crowdfunding, an online platform to obtain funding through a large pool of people could be an alternative to gain financial capital to embark on entrepreneurship. Given this, crowdfunding has taken centre stage among the upcoming graduate entrepreneurs. Employing a quantitative research method, the purpose of the study is to investigate whether crowdfunding usefulness influences entrepreneurial intention among graduates. A total of 395 graduates participated in the study by responding to an online structured questionnaire. Collected data were 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.
  Keywords: crowdfunding usefulness; entrepreneurial intention; instrumental readiness; Malaysian graduates.
  DOI: 10.1504/GBER.2025.10070209
   
  
• Measuring the impact of ICT labour on the efficiency of Turkish retail businesses: a stochastic frontier analysis  
  by Feride Gönel, Hüseyin Taştan 
  Abstract: This study examines the impact of information and communication technologies (ICTs) on efficiency in the Turkish retail trade sector using firm-level data. We employ a stochastic frontier model to analyse the effect of ICT labour and traditional non-ICT labour on productivity. Results indicate that Turkish retail firms operate with constant returns to scale and a labour-intensive technology. ICT labour has a positive effect on the technical efficiency of retailer firms, with a contribution comparable to that of non-ICT labour. Empirical results also suggest that, compared to large firms, small and medium-sized firms exhibit slightly higher technical efficiency.
  Keywords: information and communication technologies; ICT; productivity; retail trade; wholesale trade; e-commerce; Turkey; small-sized firms.
  DOI: 10.1504/GBER.2025.10064571
   
  
• Working capital, COVID-19 and firm performance: empirical evidence from India  
  by Prasenjit Roy 
  Abstract: This study investigates the impact of COVID-19 on working capital and financial performance of Indian firms within the BSE 500 index spanning from 2014-2022. Using a panel regression model, the research analyses various working capital policy dimensions and their links to key performance indicators, such as ROA and TBQ during the pandemic. The findings provide essential insights for policymakers and managers navigating the complexities of the global financial landscape. The study advocates for adaptive working capital management (WCM) policies, emphasising the need for a balanced working capital strategy and caution in short-term debt reliance during pandemics. The positive relationship between the cash conversion cycle and performance indicators challenges conventional wisdom, prompting a revaluation of traditional practices considering dynamic economic conditions. The findings serve as a blueprint, promoting strategic foresight, adaptive policies, and resilient financial management amid the evolving economic landscape.
  Keywords: COVID-19; working capital management; WCM; financial performance; BSE 500 Index; panel regression; economic conditions.
  DOI: 10.1504/GBER.2025.10064570
   
  
• An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy  
  by Affaf Asghar Butt, Fizza Ashfaq, Aamer Shahzad, Jamshaid Ahmad 
  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.
  Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance.
  DOI: 10.1504/GBER.2025.10064459
   
  
• Nexus between corporate governance and bank stability: an empirical study on the banking sector in India  
  by Nidhi Garg, Shubham Garg, Sangeeta Mittal, Sanjeev Kumar 
  Abstract: This study endeavours to explore the effect of corporate governance on the stability (measured by capital adequacy ratio) of public and private sector banks in India by covering the dataset from 2012-2013 to 2021-2022 by employing panel regression modelling. The result explicates that out of corporate governance variables, the board composition is inversely related to bank stability (CRAR). In contrast, CEO duality is positively related with bank stability. Moreover, board size, gender diversity and board meeting are insignificantly related to bank stability. Similarly, the result posits a significant association of leverage, bank's activity level and bank size with the stability of banks. The findings of the study entails that banks should adequately assess the loan risk to maintain enough capital to have more stability and should adequately plan for capital allocation. This may be the first study to explore the capital adequacy ratio as a measure of bank stability in the Indian banking context.
  Keywords: board attribute; bank stability; capital adequacy ratio; corporate governance; Indian banks; India.
  DOI: 10.1504/GBER.2025.10065004
   
  
• Exploring the socio-emotional dimensions of corporate governance in family firms: a systematic and bibliometric review  
  by Manpreet Kaur Khurana, Shweta Sharma, Debidutta Pattnaik 
  Abstract: Motivated by the increasing interest in the unique nature of family firms, this research intends to highlight the potential developments in the financial decisions made by family firms. The study examines the replacement of conventional theories affecting the capital structure with alternative paradigms designed to advance the proprietors' interests, leading family firms to accumulate 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.
  Keywords: capital structure; family firms; socio-emotional wealth; SEW; bibliographic coupling; co-citation analysis; co-occurrence.
  DOI: 10.1504/GBER.2025.10065804
   
  
• Unravelling family firms' influence on corporate governance mechanisms for long-term performance  
  by Adi Kurniawan Yusup, Muslichah Muslichah, Cicilia Erna Susilawati 
  Abstract: We examine the effect of corporate governance mechanisms of debt, dividend, board size, and board independence on 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.
  Keywords: corporate governance; family firms; long-term performance; LTP; agency theory.
  DOI: 10.1504/GBER.2025.10064892
   
  
• The readability-corporate governance nexus: evidence from the Indian listed companies  
  by Nitin Dhir, Balwinder Singh 
  Abstract: We investigate the impact of corporate governance effectiveness on the readability of annual reports in the Indian context. While prior research predominantly focused on structural and quantitative aspects of corporate reporting, the present study pioneers the examination of qualitative aspects of reporting like readability. The dataset consists of 405 companies for five years from 2015 to 2019. Data analysis revealed a positive association between effective governance practices and readability scores in annual reports. This analysis indicates that companies adhering to sound governance standards tend to produce reports that are readily understandable to stakeholders. The empirical evidence fortifies the academic foundation in the emerging field of corporate governance, reporting quality, and narrative disclosures. Our study underscores the importance of effective corporate governance practices for executives, policymakers, investors, and analysts, aiming to enhance transparency and trust in the Indian corporate sector.
  Keywords: readability; FOG; SMOG; obfuscation; corporate governance; governance framework; legitimacy theory; agency theory.
  DOI: 10.1504/GBER.2025.10065431
   
  
• Startup performance from an economic development perspective: impact evaluation after funding stage  
  by Mehmet Onur Partal, Feride Gönel 
  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.
  Keywords: government grants; subsidy; entrepreneurship; regional development; impact evaluation; financial support; firm performance; SMEs; startup; funds.
  DOI: 10.1504/GBER.2025.10061769
   
  
• Examining seasonal anomalies in crude palm oil markets  
  by Wenhui Li, Normaziah Mohd Nor, M. Hisham 
  Abstract: Crude palm oil (CPO) is a crucial global agricultural commodity, and the efficiency of its market is important for maintaining price stability. This study delves into the assessment of market efficiency in the primary CPO markets, focusing on seasonal anomalies as a key indicator. The research analyses daily, weekly, and monthly data to investigate these anomalies, recognising variations among countries. Our empirical findings reveal significant seasonal anomalies in crude palm oil market. Malaysia and Indonesia exhibit significant day-of-the-week effects, while all four countries demonstrate substantial positive returns during weeks 6 and 52. Notably, Malaysia experiences a significant positive return during October. Furthermore, our research underscores the role of good sentiment around holidays and seasonal export activities as drivers behind these seasonal anomalies. In essence, this study makes a significant contribution to our understanding of market efficiency and the presence of seasonal anomalies in the primary CPO markets. It emphasises the influence of sentiment and export cycles on market returns, providing valuable insights for market participants and policymakers.
  Keywords: seasonal anomalies; market efficiency; holiday effect; crude palm oil market.
  DOI: 10.1504/GBER.2025.10062377
   
  
• ADRs price discovery and transmission effect to domestic market: evidence from Indian ADRs  
  by Aditya Keshari, Amit Gautam 
  Abstract: The price discovery of Indian ADRs is being provided for the sample period 2010-2022, using the SUR and FE-LSDV models, which incorporate contemporary factors as well as the dummy variables for their cross-sectional unit. The findings revealed that the underlying prices of shares influence ADR prices with the exchange rate and the stock market index where assets are being cross-listed. But the inclusion of dummy cross-sectional variables in the existing model enhances the predictability of the model and provides for better results. The second part of the study, which focuses on the ADR's transmission effect to the domestic market, is analysed through a fixed and random effect model, which establishes a significant relationship between the ADR portfolio and the domestic market portfolio. Thus, the study provides implications for investors who can diversify their portfolios to ADRs listed in developed country markets, i.e., the USA, by going beyond the conventional investing channels towards the emerging financial markets, which provide competitive returns over the short to long term.
  Keywords: American depository receipts; ADRs; transmission effect; SUR model; fixed and random effect model; cross-listing.
  DOI: 10.1504/GBER.2025.10062002
   
  
• Determinants of aggregate and sectoral trade between Japan and ASEAN countries: a Poisson pseudo-maximum-likelihood estimator approach  
  by Hoan Quang Truong, Chung Van Dong, Huong Thu Thi Nguyen, Hung Xuan Nguyen 
  Abstract: Our study investigates the determinants of aggregate and sectoral trade between Japan and the Association of Southeast Asian Nations (ASEAN). The estimation results from the gravity model show that the scale of the economy and market development are the main determinants of aggregate trade between the two regions, in which the effect of Japan's economic size is stronger. Meanwhile, the improvement in logistic performance possibly reduces the disadvantageous impacts of geographical distance on Japan-ASEAN trade flows. By contrast, the formation of trade agreements does not play an important role in Japan-ASEAN trade activities. We find that most determinants of aggregate trade are also factors affecting the trade flows of subsectors between the two sides; however, there are significant differences in the impact magnitudes and the predicted signs. The effects of the considered factors on Japan-ASEAN trade are relatively heterogeneous among the sub-industries. The study also provides implications for enhancing Japan-ASEAN trade in the future.
  Keywords: Japan; ASEAN; aggregate trade; sectoral trade; PPML.
  DOI: 10.1504/GBER.2025.10062003
   
  
• Priority sector lending by the Indian public banks: impact on capital formation and NPAs  
  by Dhananjay Ashri, Muskan Kaur, Bibhu Prasad Sahoo 
  Abstract: This paper investigates the effect of priority sector lending (PSL) by Indian public sector banks (PSBs) on capital formation and bad loans in India. Nonlinear auto regressive distributive lag (NARDL) model has been proposed to assess PSL contribution to capital formation. Furthermore, a panel data regression model has been employed to investigate the relationship between growing non-performing assets (NPAs) and PSL. The empirical results revealed that PSL contributes towards the growth of capital formation. While a large part of the literature advocates that lending to priority sectors leads to mounting NPAs in the public sector banks (PSBs), the empirical evidence of the study finds an insignificant impact of PSL on NPAs. India is a developing nation, and directed credit program shall be encouraged. The flow of credit to targeted sectors enhances productivity and leads to better utilisation of resources by these sectors, which augments capital growth.
  Keywords: priority sector lending; PSL; public banks; NPAs; capital formation.
  DOI: 10.1504/GBER.2025.10062635
   
  
• Financial contagion across G7 countries during stock market crashes  
  by Arifenur Güngör, Mahmut Sami Güngör 
  Abstract: Globalisation leads to rising stock market exposure to financial contagion during economic crises. Since the importance of short-run linkages between stock markets for international portfolio diversification, this study aims to investigate the existence of financial contagion across G7 stock markets throughout the stock market crashes of 2008 and 2020 using short-run time-varying conditional correlations. To do this, first, this study estimates the DCC-MIDAS model based on the GARCH-MIDAS model to decompose the short- and long-run time-varying conditional correlations among G7 stock markets. Then, it estimates the regression model for each stock market pair to examine the existence of financial contagion across G7 stock markets during the stock market crashes. The empirical findings provide new evidence of financial contagion between developed stock markets during the global crash periods. A noteworthy finding is that the results on financial contagion are mixed and differ by region and the nature of stock market crashes.
  Keywords: global financial crisis; contagion; COVID-19 pandemic; stock markets; developed economies.
  DOI: 10.1504/GBER.2025.10063140
   
  

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

• Formation of environmental consciousness in pre-school children through the media: a typology of influence axes  
  by Dafni Petkou, Maria Tsiouni, Michael Vitoulis 
  Abstract: Cultivating values in the media leads to the development of an environmental moral. This study examines how mass media affects preschool children’s environmental consciousness. The 'internal cohesion' and the structural relationships of questions that explain the main effects of the media on children’s attitudes and behaviours have been investigated. The questionnaires appeal to 86 preschool parents. Using principal component analysis, a model was derived for interpreting the 'internal cohesion' of parameters and describing the main influences of media on preschool children’s environmental consciousness. The model reveals five significant components. As a result, mass media have a significant impact on preschoolers’ environmental awareness. Among the factors that contribute to forming environmental awareness among children are the information and knowledge they get from the mass media about environmental problems, as well as events, cinema, and video games. In addition, children should be taught about fires and how to prevent them.
  Keywords: mass media; environmental consciousness; preschool age; principal component analysis; environmental education.
  DOI: 10.1504/GBER.2024.10057456
   
  
• Toward cashless payments? The boost of COVID-19 in the Italian context  
  by Elvira Anna Graziano, Flaminia Musella, Gerardo Petroccione 
  Abstract: This article aims to present empirical research to analyse whether the COVID-19 pandemic has affected consumer payment habits in Italy, which is a nation traditionally more inclined to use cash transactions. The survey was conducted through an interview with 836 citizens from November 2021 to February 2022 and revealed a significant increase in digital payments due to the fear of contagion. Using the chi-square test of independence, we can assess that consumers preferred cashless transactions to reduce the risk of infection and that more financially educated people prefer digital payments, reducing financial risk. Related to these findings, our research also analysed whether the pandemic in Italy has also produced a radical transformation in the social and economic spheres. Based on this, further research may focus on the impact that the pandemic has had on other aspects of consumer behaviour, such as savings and investment decisions.
  Keywords: COVID-19; payment behaviour; payment habits; M-payment; survey; quantitative analysis.
  DOI: 10.1504/GBER.2024.10061653
   
  
• Online dating platforms - and their link to responsible leadership and uncertainty avoidance - the key impact of imagination  
  by Ursula Schinzel 
  Abstract: This research investigates how to make online dating platforms more responsible and acceptable as a means of not only romantic dating, but also of friending and networking. Thus, we also investigate the link between ‘responsible leadership’ and ‘online dating platforms’. Following Hofstede’s cultural dimension ‘uncertainty avoidance’ and Santaro’s ‘imagination’ (Santoro et al., 2018), it shows new concepts for the future, new methods of collaboration, friending, networking, and recruiting where everybody and everything is connected and intertwined, allowing for unlimited imagination and creativity, where everything is possible, without any limitations. The author performed 235 interviews about online dating platforms from 2020 until 2022 and 15 interviews about responsible leadership in 2022. Respondents were contacted on online dating platforms first in writing, then by telephone and later in person, asking them mainly what they lie about or not. Data analyses, implications, and discussions are followed by exploring further research opportunities.
  Keywords: online dating platforms; lies; imagination; responsible leadership; Hofstede’s cultural dimension uncertainty avoidance; digitalisation; ICT.
  DOI: 10.1504/GBER.2025.10062214
   
  
• Examining servitisation as a resource-based competitive advantage  
  by Alessandro Augurio, Laura Castaldi, Clelia Mazzoni, Yioula Melanthiou 
  Abstract: This paper deals with the advancement of servitisation in the Italian manufacturing industries, identifying the service offerings, the performances and the dimensions of servitised firms. Data were collected from 7,840 manufacturing firms. The results show that 45.6% of the selected manufacturing firms undertake servitisation. The provision of product-related services supporting the supplier product (SSPs) seems to be advantageous for firms that are not very large, labelled as product-related servitised firms in the context of this work, because they could exploit existing resources and competencies to create the service offering, enhancing the need for following a resource-based approach to create sustainable competitive advantage.
  Keywords: servitisation; manufacturing firms; resource-based view; RBV; competitive advantage.
  DOI: 10.1504/GBER.2025.10062181
   
  
• The application of problem structuring methods as a response to problem complexity  
  by Harry Kogetsidis 
  Abstract: The world around us is full of complexity and all the big problems that organisations and societies face are in many ways interrelated and messy. Problem structuring methods provide a group of highly sophisticated but non-mathematical approaches which can be used in situations of increased complexity, where the existence of multiple stakeholders with different perceptions, views and expectations tends to be the norm. This paper examines the application of problem structuring methods in situations of high complexity within organisations and society. The findings show that the levels of application of problem structuring methods have increased along with the continuous popularity of multi-methodology. The paper concludes that problem structuring methods can provide a mechanism for dialogue and reflection, deal with the complex human and social aspects of problem situations and provide a response to the high levels of complexity that organisations and societies face in todays turbulent and highly unpredictable environment.
  Keywords: problem structuring methods; PSMs; operational research; complexity; interpretivism; methodology.
  DOI: 10.1504/GBER.2025.10065929
   
  
• International public sector accounting standards in Greek public hospitals: an exploration on the ease of implementation  
  by Konstantia Dalla, Petros Lois, Georgios Makrygiannakis 
  Abstract: Greek public hospitals (GPHs) are adopting the International Public Sector Accounting Standards (IPSAS) in 2025. The paper explores the impact of the level of organisational readiness, the perceived value, as well as two factors shaping organisation culture according to Goffee and Jones, namely sociability and solidarity, on the convenience of IPSAS implementation. Questionnaire responses were received by 143 sampling units, in a population of 375 administrative executives for a total of 125 GPHs. A five-factor structural equation model was used to assess the relation of readiness, perceived value, sociability, and solidarity to the convenience of implementation. The interdependence of the level of readiness, the perceived value, and solidarity relations with the ease of implementation of IPSAS was found to be important, while sociability had no strong connections.
  Keywords: IPSAS; Goffee and Jones; readiness; ease of implementation; sociability; solidarity; organisational culture; public sector; hospitals; Greece; new public management; Greek public hospitals; GPHs.
  DOI: 10.1504/GBER.2025.10067691
   
  
• A comparative study in fintech on the financial performance of ICO versus IEO and IDO during a shifting macroeconomic environment  
  by Simona Mihai-Yiannaki, Georgios Trypidakis 
  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.
  Keywords: initial coin offering; ICO; initial exchange offering; IEO; initial DEX offering; IDO; cryptocurrencies; crowdfunding; decentralised finance; fintech; online entrepreneurship; launchpad.
  DOI: 10.1504/GBER.2025.10070632