Forthcoming and Online First Articles

International Journal of Electronic Finance

International Journal of Electronic Finance (IJEF)

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International Journal of Electronic Finance (16 papers in press)

Regular Issues

  • Performance analysis of crypto coins and crypto tokens using data envelopment analysis and propensity score matching   Order a copy of this article
    by Mathew Abraham 
    Abstract: The rise in blockchain technology has given excellent opportunities for investors to diversify their investments in crypto coins and crypto tokens. Using a sample period from 28 April 2013 to 31 December 2020, the present study conducts a performance analysis of crypto coins and tokens using data envelopment analysis (DEA) and propensity score marching (PSM). The evidence from DEA and PSM shows that the DEA efficient crypto coins and the crypto tokens with a whitepaper and expert credit ratings are likely to succeed as a good investment option. Not only does the evidence suggest the importance of benchmarking crypto coins through DEA, but also demonstrates ICOs as an equitable and accessible innovation by start-ups.
    Keywords: data envelopment analysis; propensity score matching; initial coin offerings; crypto tokens; crypto coins; blockchain; whitepaper.
    DOI: 10.1504/IJEF.2023.10051052
  • The Trilogy of Micro-finance, FinTech and Women-Empowerment: An Empirical Investigation based in Rural Himalayas   Order a copy of this article
    by Insha Wani, Megha Agarwal 
    Abstract: The potential synergy of digital finance and development finance is contentious as literature hops between the two extremities on the FinTech axis. While there seems to be an immense scope of FinTech in micro-finance in providing time, cost and space utility services, the in(capability) of users who mainly comprise poor and marginalised, to go digital, questions the scope of FinTech in micro-finance. This paper is a modest attempt to present the reciprocal vision of how micro-finance has the ability to enhance digital adaptability among its clients and how digital finance can reinforce the empowerment of women beneficiaries through micro-finance. Using sample size of 1,210 self-help group women and conducting t-test, ANOVA and chi-square test, this study intends to define the virtuous circular relationship between micro-finance, FinTech and empowerment. The results reflect a positive and reinforcing trilogy between the three variables.
    Keywords: financial technology; FinTech; micro-finance; digital finance; women-empowerment; COVID-19.
    DOI: 10.1504/IJEF.2023.10051539
  • Exploring the Barriers in Adoption of Blockchain Technology: A Study of Cryptocurrency   Order a copy of this article
    by Raman Preet Singh, Gaurav Sarin, Nawal Kishor 
    Abstract: The speed of adoption of a new technology is one the most challenging question we face when looking into the rewards of innovation. The article explores the barriers in buyer’s adoption of bitcoin based on blockchain technology and discusses factors that drive and inhibit their adoption. Our result concentrates only on the barriers to adoption which includes complexity of the system, absence of regulatory authority, trust deficit and speculation in value. In this article, perceived risk structure was proposed based on perceived risk theory, prospect theory, and perceived value theory. Exploratory factor analysis and six regression machine learning techniques were compared and applied on the captured data to examine the degree and direction of relationship among the latent variables used to test the research model. It was found that perceived financial performance risk, perceived trust risk and perceived government risk have major impact on the adoption intention of the investor in India and the result clearly indicates that Kernel Support Vector Regression is the best ML technique to predict bitcoin adoption intentions.
    Keywords: fintech; blockchain; distributed ledger; technology adoption.
    DOI: 10.1504/IJEF.2023.10051938
  • Unveiling the Intention to Use E-Money: From Merchant Perspective   Order a copy of this article
    by Dandy Kurnia, Hotniar Siringoringo, Sudaryanto Sudaryanto 
    Abstract: This study aims to analyse the factors that influence the intention to use electronic money (e-money) from the merchant's side. The population study is the group of merchants who have not used e-money. The questionnaire was deployed as the research instrument. The questionnaire was distributed online using google forms and directly by meeting personally. Data collected was analysed using a structural model equation (SEM). Computer applications SPSS 25 and AMOS 224 were used in this step. There is some evidence provided from this study. First, 'performance expectations', 'social influences', and 'hedonic motivation' affect the 'intention to use' e-money. Secondly, 'effort expectation', 'facilities condition', and 'price value' do not affect the 'intention' to adopt e-money. This paper provides ideas on how the results obtained can be used by decision makers (e-money issuers and central banks) to motivate merchants to use e-money in their selling transactions.
    Keywords: UTAUT2; intention to use; electronic money; financial technology; electronic wallet; merchant; Indonesia.
    DOI: 10.1504/IJEF.2023.10051969
  • Bibliometric Analysis: A comparative overview of the literature on Commodity Market for the period 2006-2021   Order a copy of this article
    by Tanuj Nandan, Rajat Kumar Soni 
    Abstract: This literature-based work seeks to analyse the contribution of literature on the commodity market and also portrays the research framework scenario for nascent researchers. For that purpose, bibliometric metadata has been extracted from the Scopus database between 2006 and 2021, after applying purposive exclusion criteria to identify the recent developments in scholarly work in the area of commodity markets. We analysed the data using biblioshiny function in R and VOSviewer. This study shows the significant trend of literature production over the years and identifies top contributing sources, authors, countries and documents. It also provides an analytical impression of bibliometric coupling, co-citation analysis, collaboration analysis, co-word occurrence analysis and world collaboration map. This study provides a fundamental base and a structured scenario of recent work to the prospective researcher, which ultimately provides a roadmap for future research and also helps to identify further exposure in this area of research.
    Keywords: bibliometric analysis; commodity market; Scopus database; biblioshiny function; VOSviewer.
    DOI: 10.1504/IJEF.2023.10051996
  • Digital Currency-Role of Cryptocurrency in New Financial Era   Order a copy of this article
    by Isha Narula, Kriti Dhingra 
    Abstract: Financial sphere is more digitised and virtualised because of the technological advancements, whereas we are able to dynamically understand the cryptocurrency market in new financial era. The tools used for predicting and modelling the cryptocurrency market need proper improvisation so that the distrust of public for cryptocurrency as a pioneering financial asset can be duly managed. Cryptocurrency market is considered as a volatile market, also a substantial portion of purchase of cryptocurrency are considered as speculations. With the rising number of cryptocurrencies and increase in market capitalisation of the cryptocurrency market, many studies have been conducted to understand the cryptocurrency markets in terms of its volatility. The present study has proposed models to understand volatility of cryptocurrency market to understand its popularity among investors.
    Keywords: cryptocurrency; volatility; GARCH.
    DOI: 10.1504/IJEF.2023.10052383
  • Impact of Board Gender Diversity on Priority Sector Lending and Insolvency Risk: Evidence from Indian Banking Industry   Order a copy of this article
    by Monika Bhatia, Pritpal Singh Bhullar, Dipayan Roy, Pradeep Gupta 
    Abstract: This paper aims to examine the impact of board gender diversity on priority sector lending and insolvency risk of banks. The study takes 28 banks, 14 public and 14 private sectors, into consideration for the period from 2012 to 2020. The panel data regression is employed to measure the impact of board gender diversity on priority sector lending and insolvency risk. The findings of this study show that a higher percentage of female board members have a significant positive impact on the priority sector lending in banks. It means the women directors prefer to strengthen the weaker economic sectors for the economic growth of the country. Further, female directors are able to minimise the insolvency risk and insulate the banking institutions from being bankrupt. It indicates that with a women-led board of directors, banks can maintain their credit risk under the tolerance limit.
    Keywords: gender diversity; insolvency risk; priority sector lending; banking industry; India.
    DOI: 10.1504/IJEF.2023.10052608
  • The Role of Cryptocurrencies in Business   Order a copy of this article
    by Somayya Madakam, Shlomo Mark, Yotam Lurie, Rajeev Kumar Revulagadda 
    Abstract: Cryptocurrency is a type of virtual or digital currency, which relies on a distributed ledger network (DLT) to combine the core ideas of cryptography with a monetary system to create an anonymous, traceable, secure, and potentially stable currency over the world. Cryptocurrency is organic in nature in a way that it is neither issued nor regulated by any central authority, which makes it immune to any interference from banking regulations. It has been credited with creating unprecedented changes in the economic world. This study comes under exploration analysis. The data is collected from the EBSCO database between March 25, 2020 and December 15, 2020. The prime objectives are to understand the system of cryptocurrency, its viability for industry, and try to foresee its future in the current business world. This manuscript elaborates different aspects of cryptocurrencies, starting from the history and their evolution over time, explaining how a cryptocurrency transaction system works, and its impact on our daily life business as well as economy. In addition, the manuscript covers issues related to the practical and technical functions. The article also scribbled the cryptocurrencies practices in India as well as worldwide.
    Keywords: blockchain; cryptocurrency; hash; mining; money laundering.
    DOI: 10.1504/IJEF.2023.10052613
  • Role of Artificial Intelligence in Knowledge Management: An Empirical Study of Industry Experts using Stepwise Multiple Regression   Order a copy of this article
    by Arun Mittal, Sonia Singh, Suman Rajest George 
    Abstract: Knowledge management (KM) is considered the lifeblood of growth and sustainability in modern organisations. The emergence of various information technology-based solutions has thoroughly transformed the KM system by making it efficient, swift, and robust. Artificial intelligence is one such IT evolution. The study has considered experts from different industries like IT and ITEs, research, banking, FinTech, and retail. The data were collected from 217 industry experts through a structured questionnaire containing a five-point Likert scale for measurement, containing 20 items as independent variables and one as the dependent variable. Data analysis was done through 'exploratory factor analysis (EFA) ' and multiple regression analysis. The most important factor contributing to knowledge management was found as'knowledge distribution' with an effect size of standardised beta (.806), followed by 'amplifying efficiency'(0.307), real-time engagement and collaboration (0.108), and AI as an artificial neural network (0.080).
    Keywords: knowledge management; artificial intelligence; knowledge distribution; artificial neural network; ANN; real-time engagement.
    DOI: 10.1504/IJEF.2023.10053587
  • Religious capital and information technology investment   Order a copy of this article
    by Amarjit Gill, John Obradovich, Leo Paul Dana, Neil Mathur 
    Abstract: This empirical study aimed to examine the relationships between religious capital and information technology (IT) investment. We utilised a survey research design to collect data from small and medium enterprises (SMEs) owners in India. In addition, this study also utilised the ordinary least square model to test the hypotheses and a two-stage least square model to reduce endogeneity problems. The empirical analysis shows that religious capital increases internal financing sources (IFS) and IT investment in SMEs in India. IFS, in turn, increases IT investment. Notably, religious capital increases the chances of IT investment by 34.40% and increases the chances of having higher IFS by 10.80%. Empirical results contribute to the literature on the relationships between religious capital and IT investment.
    Keywords: religious capital; internal financing sources; IFS; IT investment; India; small and medium enterprises; SMEs.
    DOI: 10.1504/IJEF.2023.10053630
  • Cryptocurrencies and central banks' monetary policy roles   Order a copy of this article
    by Joshua Adeyemi Afolabi, Blessing Ufuoma Olanrewaju 
    Abstract: The advent of cryptocurrencies has tremendously revolutionised the global financial system, facilitating borderless and seamless financial transactions. However, the high volatility in the value of cryptocurrencies, its decentralised network and lack of formal regulation pose severe threats to the monetary policy role of central banks. Hence, this study explored the dynamics of cryptocurrencies and how it affects the monetary policy roles of central banks. The study showed that cryptocurrencies help foster the actualisation of cashless economies and seamless international transactions but its lack of international coordination has continued to undermine tapping optimally into its inherent benefits. Therefore, this study emphasised the imperativeness of central bank digital currencies (CBDCs) for effective financial sector regulation and protection of users of this financial innovation. This would broaden the central banks' horizon and expand their capacities to harness the potential of this novel financial innovation for the effective administration of conventional and unconventional monetary policies.
    Keywords: cryptocurrency; blockchain technology; central bank; monetary policy; global financial system.
    DOI: 10.1504/IJEF.2023.10049908
  • Brunt of technology in stock trading - empirical evaluation of movement in trading modes   Order a copy of this article
    by Janani Ravinagarajan, Sharon Sophia 
    Abstract: Technical indicators use volume patterns to confirm trends, momentum, return, and volatility of the market. Assessing the conviction behind market advances and declines based on exchange-defined differences in trading mode is a fascinating way to ascertain market insights. In this context, the study is novel and structured to add literature in two aspects - the study evaluates: 1) the relationships between trade movements in seven different stock trading platforms; 2) attempts to gather additional evidence for the mixed distribution hypothesis identifying the relationship between trade movements and index movement, return and volatility. The study recommends the model as a part of surveillance to assess the impact of trade movement generated in specific trading mode. It can also be used by technical traders to ascertain trading signals, and behavioural insights from the other trading modes mutually.
    Keywords: volume of trading; returns; volatility; trading technology; stock market; algorithmic trading; co-location; direct market access.
    DOI: 10.1504/IJEF.2023.10050359
  • Empirical analysis of borrowers' motivation to use online peer-to-peer lending platforms in India   Order a copy of this article
    by Sagar Gupta, Jayant Mahajan, Benny J. Godwin 
    Abstract: Established on the technology acceptance model, this paper puts forward a model to understand the borrowers' motivation to use (MU) peer-to-peer (P2P) lending platforms. Data from 362 Indian users were employed to test the research model by applying structural equation modelling. The results show that perceived intention, ease of use, and usefulness have significant relation in motivating borrowers to use P2P lending platforms. However, borrowers' perceptions of trust had an insignificant impact on MU the P2P lending platform. When compared to the individual technology acceptance model, the integrated model provides further explanation regarding the motivation of borrowers to use P2P lending platforms. The study contributes to the theoretical area by identifying the factors that motivate borrowers to use P2P lending platforms for their short-term financial requirements, from a unified perspective. In addition, this research provides insights about borrowers' MU P2P lending platforms in India.
    Keywords: technology acceptance model; perceived usefulness; perceived ease-of-use; perceived trust; perceived intention; motivation-to-use; peer-to-peer lending platforms; India.
    DOI: 10.1504/IJEF.2023.10050443
  • To analyse the relationship between bank's green financing and environmental performance   Order a copy of this article
    by Sanjay Taneja, Ercan Özen 
    Abstract: Due to the threats posed by environmental and climate changes, there has been an increase in the number of academic publications on green banking and green finance in recent years. This study focused to explore the influence of the green financing activities on bank's performance related to environment protection. Factor analysis with AMOS was applied to identify the relationship between green financing activities on sustainable improvement in environment. As there are six administrative divisions in Haryana-India, 390 candidates were contacted representing all parts of state. The SPSS 22 with AMOS has been applied for analysis. The study represented that environmental supporting strategies and polices posed a major influence the bank's environmental performance. Results of the study recommended the part of banks to encourage the sustainable environmental technologies as significantly important to increase bank's performance and reputation in customers mind for banks.
    Keywords: green financing; green project; environmental training.
    DOI: 10.1504/IJEF.2023.10050554
  • E-banking services and bank performance: perspective from India   Order a copy of this article
    by Shweta Sharma 
    Abstract: Internet technology is being embraced by financial institutions to enhance the reach of their product and services using electronic platforms. Although there is a rapid shift in adopting e-banking services, what impact does it have on the bank's performance? This paper examines these questions in the context of Indian banks. Using an unbalanced panel data of 20 Indian banks over the period 2010 to 2019, this study examines the impact of e-banking services on the performance of Indian banks measured in terms of return on assets, return on equity, and net interest margin. There has been a consistent expansion of e-banking activities over the last decade, but the findings of the study report mixed results on its impact. Possible reasons for these outcomes could be that India is a developing country; the cost of implementing these e-service platforms is high; clients' perspective is quite traditional, and there is a lack of banking infrastructure. However, consumers' perspective is slowly changing, and users of e-banking services are gaining pace.
    Keywords: e-banking; bank performance; emerging economy; internet technology.
    DOI: 10.1504/IJEF.2023.10050756
  • The impact of artificial intelligence in accounting: application in SMEs   Order a copy of this article
    by Vitor Nóbrega, Renato Lopes Da Costa, Rui Gonçalves, Álvaro Dias, Leandro Pereira, Klaus Dorner 
    Abstract: The adoption of artificial intelligence technologies in the accounting services and profession was recently introduced in the market, forcing professionals to work with data management and shift to a new paradigm. The research analyses the capabilities and benefits of artificial intelligence in accounting in SMEs. A qualitative approach was used, with the analysis of 20 interviews. Among the various conclusions of this work, we highlight the premise of replacing the human element in the execution of accounting operations and the lack of capacity of SMEs in being able to incorporate AI systems into their accounting departments due to their reduced financial capacity. However, our recommendations propose to academic institutions and training programs a lot of initiatives to prepare the future of this important field and adopt the AI paradigm.
    Keywords: accounting; artificial intelligence; small and medium-sized enterprise; SMEs.
    DOI: 10.1504/IJEF.2023.10050912