International Journal of Electronic Finance (29 papers in press)

Regular Issues

• Unveiling the Intention to Use E-Money: From Merchant Perspective  
  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
   
  
• Digital Currency-Role of Cryptocurrency in New Financial Era  
  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  
  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
   
  
• Role of Artificial Intelligence in Knowledge Management: An Empirical Study of Industry Experts using Stepwise Multiple Regression  
  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  
  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
   
  
• On the Effects of Misspellings on Lender Demand in Peer-to-Peer Lending  
  by Randall Hucks 
  Abstract: I analyse borrower submitted free-form descriptions of anonymous peer-to-peer (P2P) loans from the US-based P2P lending website LendingClub.com and find that borrower misspellings predict lower funding rates, and longer times to fund. Prior empirical studies suggest that poor spelling in peer-to-peer lending disclosures is used as a substitute for hard credit information; my findings show that poor spelling is perceived as a signal of the communicator’s quality regardless of the quality of the information environment. Further, I demonstrate that the negative relation between misspelling and lender demand holds generally, regardless of borrower or loan characteristics, confirming prior experimental research.
  Keywords: peer to peer lending; P2P lending; LendingClub; lending club; spelling; misspelling; lender demand; textual analysis; time-to-fund.
  DOI: 10.1504/IJEF.2023.10054057
   
  
• Analysing the Capital Structure Tactics Used by The Chosen Indian Renewable Energy Firms  
  by VIDHYADEVI B, P.Uma Swarupa 
  Abstract: The study’s goal was to investigate the capital structuring tactics used by the corporations INDOWIND and KARMAENG. Finding a model to forecast they’re authorised, issued, and paid-up capital over time is another goal. An analytical research design was used for the investigation. Yahoo Finance and Money Control websites provided secondary data from 2008 to 2021. Only the top 2 NSE-listed firms with the biggest market capitalisation that have only dealt with renewable energy over the previous ten years were taken into consideration for the study. It was determined from the investigation that just a small percentage of the authorised capital is being used by INDOWIND for issuing. Additionally, it was discovered that there is a strong positive correlation between KARMAENG and INDOWIND’s authorised, issued, and paid-up capital. The Pearson correlation value for KARMAENG was 1, suggesting that the firm is issuing all its authorised and issued capital, which shareholders have paid for. Authorised capital significantly influenced the INDOWIND Company’s issued and paid-up capital structure.
  Keywords: renewable energy; investment; capital structuring; accomplishment; simultaneous comparability; heteroskedasticity; regularity; business statements; hazard concerns; carbon fuels.
  DOI: 10.1504/IJEF.2024.10054416
   
  
• Growth of Mobile Applications and The Rise of Privacy Issues  
  by Ayush Goel, Gurudev Sahil 
  Abstract: Mobile apps are used by more and more internet users for daily chores, but processing personal data with them poses a major security risk. The wide range of data and sensors in mobile devices, the use of different types of identifiers and the increased ability to monitor consumers, the complex mobile application ecosystem and application developer limitations, and the extensive use of third-party technologies and services are the main risks. Privacy concerns extend beyond mobile users. Corporate executives need fast, global access to their database. White goods/smart building equipment suppliers offer mobile apps for remote use. This research study will integrate these concerns. Due to these factors, smartphone applications have struggled to enforce the General Data Protection Regulation’s (GDPR) data protection rules. Mobile app designers and service providers may struggle to meet GDPR rules for data disclosure and permission, data protection by design and default, and operational secrecy.
  Keywords: privacy of data; confidentiality in mobile applications; websites; Amazon; GDPR; application; aggregators.
  DOI: 10.1504/IJEF.2024.10054417
   
  
• FINTECH EMERGENCE - AN OPPORTUNITY OR THREAT TO BANKING  
  by ARVINDER KAUR, PAWAN KUMAR, Sanjay Taneja, Ercan Özen 
  Abstract: Fintech introduced contemporary payment, lending, investment, and fund exchange methods through digital currency, crowd funding, Peer- to peer (P2P) lending, and blockchain. The study aims to describe how Fintech products revolutionize banking and lending services. It sheds insight on the evolution of Fintech throughout the previous 170 years and its rate of adoption level across the world. Quantitative research is undertaken by collecting and analyzing data from secondary sources on the adoption level of Fintech. The study's outcome reveals that the Fintech industry garnered the attention of all sectors of the economy. Banks are partnering with Fintech start-ups to enable cost and time-effective financial services and reduce financial exclusion. Fintechs are complementing traditional banking services. The global Fintech adoption rate increased manifold in the case of payment services as compared to other services like insurance, lending, and investment management. P2p lending exhibits the potential to include unbanked areas.
  Keywords: FinTech; Bigtech; Financial intermediation; P2P lending; Crowdfunding; Banking; Digital Finance.
  DOI: 10.1504/IJEF.2024.10054469
   
  
• Innovation Performance Through Interaction and Importance of Cross Performance Appraisals  
  by E. Sheela, D. Jesura Pauline 
  Abstract: This research aims to uncover the primary factors affecting employees’ learning cross performance appraisals. HR’s organisation-focused activities and procedures. The report helps analyse essential components of performance reviews to boost an organisation’s profit and acquires critical information on employee abilities, expertise, and overall work performance. The research also identifies why organisational profitability and HRM practices must understand the link between performance assessments and enhancing corporate earnings. Findings include the importance of job assessment and its function in improving organisational profitability, how a rise in performance evaluation implementation influences employee performance, and the goal of employee performance appraisal inside a corporation. The research also answers questions crucial to the report’s admission. The study addressed traits, issues, and solutions. The only constraints were time and budget. According to research, performance appraisal is now integral to many organisations. The strategy helps HR determine how to develop an employee’s weaknesses and strengths. The report highlights the necessity and influence of performance appraisals on employee and organisational learning cross performance.
  Keywords: innovation performance through interaction; performance management; performance appraisal; learning cross performance; entrepreneurship; attitude; manager positions; reward systems.
  DOI: 10.1504/IJEF.2024.10054617
   
  
• Financial Determinants of Equity Share Pricing: Evidence from BSE 100 Index  
  by Sarita Yadav, Pankaj Kumar 
  Abstract: The aim of the study is to examine the impact of financial explanatory variables on the equity share price of companies listed on the Standard and Poor (S&P) BSE 100 Index. A secondary dataset of 16 financial variables is considered for 14 financial years from 2005-2006 to 2018-2019. Panel data regression analysis has been employed, and Hausman results indicated that the fixed effect model is appropriate over the random effect of seeing the impact. Further diagnostic testing revealed that panel data assumptions are violated hence cluster robust standard error test has been employed to correct the assumptions. Results revealed that among 16 financial variables, earning per share, price to book value, book value per share, and dividend per share have a significant positive impact on market price of equity shares, whereas the size of the firm, return on net worth, and dividend yield have shown significant negative impact.
  Keywords: stock market; financial variables; equity market price; S&P BSE 100 Index.
  DOI: 10.1504/IJEF.2024.10054618
   
  
• Company online presence and its effect on stock returns  
  by Raghad Jamalallail, Tahar Tayachi, Ahmed BenSaïda 
  Abstract: This paper investigates the relationship between stock prices and the online presence of companies. Mainly, we study the effect of the online presence of a company on its subsequent stock returns. Moreover, we examine the impact of companies’ engagement efforts and the popularity of their search-engine keywords on their stock returns. Based on the companies listed on the Dow Jones industrial average index, results suggest that stock returns are impacted by a change in online presence, as measured by search volumes. Nevertheless, the online engagement efforts show no significant relationship with the stock returns.
  Keywords: online presence; engagement efforts; stock returns; VAR model.
  DOI: 10.1504/IJEF.2024.10054619
   
  
• Goods-Services Continuum and Servitization in the Context of Customer Service Management  
  by J.MICHAEL KENNEDY, Rabbiraj C 
  Abstract: The writers of this article examine two well-known marketing concepts, compare and contrast them with servitisation, and then analyse them in light of customer service management. Servitisation, unlike the goods-services continuum, is new marketing. Servitisation, on the other hand, structured products from ' pure goods' to ' pure services, ' questioning the existence of such things. A product that wants to succeed must offer some kind of service, and a service that prioritises customer satisfaction must offer some kind of product. In a world where servitisation is the norm and products are increasingly being created to embed characteristics of service into their essential structure, is it feasible that the notion of pure commodities and pure services no longer bears any significance? After doing research, the authors conclude that pure commodities and services are no longer relevant outside of theoretical study and are obsolete in marketing practise. They conclude this after investigating. Qualitative case studies show the end of continuity, the move from continuum to servitisation, and the effects of different digitalisation methods.
  Keywords: customer relations; digital servitisation; e-commerce; goods-services continuum; servitisation; operations management; service administration.
  DOI: 10.1504/IJEF.2024.10054929
   
  
• Influence of Private Consumption and Public Spending on Economic Growth in Peru  
  by Rosario Huerta-Soto, Carlos Fernandez-Lopez, Hober Huaranga Toledo, Miguel Silva-Zapata, Julio Valera-Aredo 
  Abstract: This article examines the sources of economic growth in Peru from 2007 to 2018, integrating the analysis of private consumption and public spending, then analysing the macroeconomic adjustment and structural change that has characterized the Peruvian economy in the stage of economic openness. The study’s main goal was to identify the factors contributing to home-level poverty in Peru during a specific period. The data sources matched the institute’s survey, which obtained and managed bad variables. Semi-studies and a quantitative methodology made the descriptive research informative and statistically significant. The macroeconomic theory presents debt’s pros and cons on output. A theory that fiscal expansion raises debt but boosts consumer spending and job growth supports beneficial outcomes. How positive the multiplier effect depends on its strength? It also examines endogenous economic growth models with public institutions and those for the Peruvian economy; then, the model is estimated using contemporary structural econometrics. The research’s findings indicate that public investment, particularly in infrastructure and the rule of law, has not had a favorable impact on Peru’s economic growth in recent years.
  Keywords: Economic Growth; Private Consumption; Public Spending; Ramsey Test; Macroeconomic Theory; Rule of Law; Labor Productivity; Human Capital.
  DOI: 10.1504/IJEF.2024.10055099
   
  
• Financial Articulacy Accelerates Economic Growth Related to GST Transition  
  by T. Shenbagavalli, S. Piradeep, Priyadharshini B, Ramya S, Y. Fathima 
  Abstract: Financial literacy is used to assess both individual and national financial health. Financial articulacy teaches analytical financial decision-making and problem-solving. Real estate, insurance, investment, savings, tax preparation, and retirement are just a few areas where this insight may be useful. Lack of financial articulacy may result in bad financial decisions that harm a country’s economy’s financial stability. Improper funding causes most national financial issues. Goods and services tax spirals 17 indirect taxes and 22 cesses into one tax. GST is a basic tax with a five-tiered taxation slab for different items. Luxury goods cost more, and mass-consumed goods cost less. It’s nothing new; most nations have already adopted GST to make their products more competitive on the global market. The highest rate applies to luxury items and stands at 28%. To benefit from GST rather than indirect taxes, it is necessary to have a firm grasp on a wide range of concepts, since the highest tax rate in the globe is 28%. This study simplifies the GST transition and boosts economic growth through inclusivity.
  Keywords: financial articulacy; goods and services tax; sustainability; planning of tax; articulacy; indirect taxes; economic growth.
  DOI: 10.1504/IJEF.2024.10055127
   
  
• Analyzing Consumer behavior by integrating Digital payment awareness into the UTAUT model  
  by HARISH KUMAR, Rajni Sofat 
  Abstract: Currently, the market is flooded with internet-based services, including digital payment. The study examines the impact of performance expectancy, effort expectancy, social influence, facilitating conditions, and digital payment awareness on behavioural intention and consumer buying behaviour. It also investigates mediating role of behavioural intention between independent and dependent variables. Surveys were used to learn about digital payment patterns in Uttarakhand, India. We used SmartPLS-3.0 to test hypotheses. Overall, performance expectancy, effort expectancy, social influence, facilitating conditions, and digital payment awareness favourably affected customer buying behaviour. However, behavioural intention partially mediated the link between performance expectancy, social influence, facilitating conditions, and consumer buying behaviour, and fully mediated the relationship between effort expectancies, digital payment awareness, and consumer buying behaviour. The results of this study could help fintech companies, banks, payment gateways, and governments build user-friendly technological improvements, regulatory rules, and frameworks to make digital payments better and more accessible for everyone.
  Keywords: digital payment; UTAUT model; digital payment awareness; DPAW; buyer intention; consumer buying behaviour; CBB.
  DOI: 10.1504/IJEF.2024.10055194
   
  
• An Application of ADCC-GARCH and Wavelet Coherence to Explore Connectedness between Stock Markets and Cryptocurrencies  
  by Susovon Jana, Krishna Pandey, Tarak Nath Sahu 
  Abstract: The current study aims to explore the dynamic connectedness between stock and cryptocurrency markets and to determine the role of cryptocurrencies in the stock market as a hedge, diversifier, or safe haven. The study uses daily data of four stock indices and six cryptocurrencies, covering a period of January 2016 to December 2022. The analysis is conducted using the ADCC-GARC method with the Wavelet Coherency. The results indicate both stock and cryptocurrency markets exhibit long-run volatility persistence. The properties of Bitcoin, Ethereum, Binance Coin, Dogecoin, and Ripple vary between a range of hedges and diversifiers in different stock markets, which can change depending on market circumstances. However, only Tether has shown that it can act as a safe haven investment in all studied stock markets over time.
  Keywords: Cryptocurrency; Diversification; Hedge; Safe Haven; Wavelet Coherence; ADCC-GARCH.
  DOI: 10.1504/IJEF.2024.10055286
   
  
• Review on Impact of Corporate Social Responsibility on Employee Motivation, Job Satisfaction and Organizational Commitment  
  by Ankita Singh, Nirupa Lakshmi 
  Abstract: Corporate social responsibility (CSR) is one of the most significant social elements that could affect an employee’s commitment, engagement, and job happiness. It also serves as a foundation for shaping the attitudes and behaviours of employees. Corporate social responsibility is revolutionary because firms now realise they can grow by focusing on social issues and financial investments. Many companies have started to consider CSR principles to increase their competitiveness in the global market and market their products and services. CSR initiatives are regarded as crucial since they encourage and satiate employees. The review study results show that the relationship between organisational commitment, job satisfaction, and employee satisfaction can be effectively mediated by trust. Internal CSR was a second-order concept that included employment security, work environment, skill development, workforce diversity, work-life balance, concrete employee involvement, and empowerment. The study contributed a lot of essential knowledge and practical implementations, which should motivate firms and organisations to create programs that promote employee welfare and productivity.
  Keywords: corporate social responsibility; CSR; employee commitment; employee satisfaction; financial investment; job happiness; job satisfaction; organisational commitment.
  DOI: 10.1504/IJEF.2024.10055530
   
  
• Russia-Ukraine war: Impacts on major stocks and oil markets  
  by Mohit Saini, Mahender Yadav, Vaibhav Aggarwal 
  Abstract: This study examines the impact of the Russia-Ukraine war on the top 10 stock markets, along with Russian markets and oil markets. The event study methodology is employed to examine the abnormal returns, and later results’ robustness is tested by non-parametric tests. The first finding is that European markets are worst hit by war. Second, US markets generated significant upside abnormal returns. Third, Asian markets are the least affected. Interestingly despite sanctions, Russian markets gave maximum positive cumulative abnormal returns for ten days post the event day. Further, oil markets acted as an effective hedge on expected lines. This study implies that the investors may consider the southern nations to diversify the war risk since most wars that happened in the past were in the Middle East or European region. The southern hemisphere has less proximity and dependency on the Middle East and Europe.
  Keywords: arm conflicts; war; stock markets; oil markets; Russia-Ukraine; top 10 countries.
  DOI: 10.1504/IJEF.2024.10055531
   
  
• The Consequences of Efficient Communication on Operational Efficiency  
  by Mohammed Al-Abyadh, Iskandar Muda, Budhi Sagar Mishra, Aram Jawhar Mohammad, Bestoon Othman, Arup Roy Chowdhury 
  Abstract: Conversation is a crucial and essential part of the organisation since it successfully promotes managers, which impacts organisational administration and outcomes. The systems theory is used in this important study to evaluate how communication firm outcomes. In meeting its goals, the study’s objectives were to determine the theory-based network characteristics that impact effective interaction and then design a communication model that considers these aspects. In the study, the organisational culture serves as a facilitator as it evaluates the effect of efficient communication on firm success. The information was gathered from a few people employed by businesses in a country’s IT and telecom sectors. The study’s findings indicate that good communication favours organisational performance, but if an organisation’s culture is not supportive, performance will suffer. The findings of this study suggest that management should support and develop a culture of good communication both within and between enterprises to boost performance.
  Keywords: effective communication; performance; knowledge management; organisational; performance; organisational culture.
  DOI: 10.1504/IJEF.2024.10055898
   
  
• Consumer Awareness About Road Sector in India And Suggested Approach for Improved Involvement of Citizens in Road Development Programs  
  by Kedar Bhagwat, Dhiraj Prakash Sethi, Anand Venkatesh, Yogesh Mahajan 
  Abstract: With the success of road development programs in terms of the availability of quality road networks across the country and acceptance of roads as a primary mode of transportation amongst road users, in this study, we have conducted road user awareness regarding road transportation system and related road safety aspects through a comprehensively designed web-based objective type questionnaire. This questionnaire was distributed online to road users nationwide, mainly passenger car drivers. All the satisfactory responses have been analysed using descriptive analysis and regression analysis. According to the survey, road users think they comprehend traffic laws, road networks, and toll policies. The average awareness score was 16 out of 31 items (approximately 50%), which is poor considering that 47% of respondents were from the civil/infrastructure industry, contributing heavily to India’s road-building program. This study examined user awareness across programs, not just safety. Policymakers can utilise the study’s findings to comprehend passenger car users’ awareness of the road network, driving behaviours, road safety, toll policy, and technological initiatives.
  Keywords: road user awareness; road safety initiatives; road development programs; civil/infrastructure industry.
  DOI: 10.1504/IJEF.2024.10055791
   
  
• Application of the UTAUT Model Toward Individual Acceptance: Emerging Trends in Artificial Intelligence-based Banking Services  
  by Preeti Sharma, Sanjay Taneja, PAWAN KUMAR, Ercan Özen, Amandeep Singh 
  Abstract: In the business world, acceptance of new technologies, in particular internet banking is becoming more crucial. Numerous researches on internet banking have discovered that the opinions and experiences of customers are crucial to the service’s effectiveness. To determine factors influencing internet banking adoption, the study may employ the use of technology and unified theory of acceptance anxiety, and security risk. For the data collection, 116 replies were received, and factor analysis was performed using PLS-SEM. The SEM found that roughly 55.66% of the variation in intention of users to use digital banking was explained by predictors. The integrated UTAUT model had the biggest impact on consumers’ intents to utilise digital banking. Additionally, use of the UTAUT model can help academics to gain an updated knowledge on ways to encourage internet banking acceptability for clients of public and private banks, thereby assisting in the expansion of internet banking acceptance. In this paper, commercial bank customers offer a fresh viewpoint on technology-based banking services. In order to increase trust of banking clients, the RBI as well as bank officials shall concentrate on technological and factor driving customer satisfaction.
  Keywords: UTAUT model; internet/digital banking; anxiety; security risk; PLS-SEM.
  DOI: 10.1504/IJEF.2024.10056287
   
  
• E-bidding adoption among SMEs: Evidence from an African emerging market  
  by Youssef Chetioui, Tahar Harkat, Fatimazahra Rais, Hind Lebdaoui, Imane Lebdaoui, Souad Nassir 
  Abstract: While digitalisation reforms aiming to enhance the quality of public services were made in place, most stakeholders in developing countries still use paper-based-tendering processes, which are associated with increased costs. To overcome these problems, calls to adopt e-bidding have recently emerged. This study aims to explore the readiness of Moroccan SMEs to adopt e-bidding. To achieve this goal, we proposed an integrated framework combining the TAM and UTAUT models to examine the predictors of SMEs intention to adopt e-bidding. We empirically tested the conceptual model using a partial least squares (PLS) estimation based on data from 210 SMEs. Our results suggest that effort expectancy, facilitating conditions, and social influence as the key factors influencing SMEs intention to adopt e-bidding. We also suggest firm size as a significant moderator. This will help in improving SMEs’ user experience and will also allow a better implementation of e-bidding in Morocco and similar contexts.
  Keywords: electronic bidding; UTAUT; TAM; emerging markets; Morocco; digitalisation.
  DOI: 10.1504/IJEF.2024.10056312
   
  
• Composite Financial Performance Score - A new performance measure for evaluating the impact of working capital efficiency of firms  
  by Shiv Shankar Kumar, N. Sivasankaran, Subrata Roy, Naresh Gopal 
  Abstract: Working capital management is vital to the functioning of a healthy and successful commercial firm. A major portion of working capital literature has empirically examined the impact of working capital efficiency (WCE) on the firm’s profitability. In literature, profitability is often used as a proxy for a company’s financial performance. However, the drawback of these studies is that the outcome measure used by them does not reflect the full/aggregate impact of WCE because these measures (ROA, ROCE, ROE, NOI and GOI) only account for the impact of WCE on business profitability and ignore the impact of WCE on other sub-metrics of financial performance. In this research, we present a new performance measure of WCE, namely, composite financial performance score (CFPS) by considering the most important performance indicators such as profitability, liquidity, solvency, cash flow management, and leverage. Borrowing from Piotroski’s F-score framework, we have developed a discrete binary scoring system using scores of 0 or 1 on 22 sub-parameters that form part of the above stated performance indicators of a firm. The study is useful for academicians and industry practitioners as it provides new insights and implications for them in the performance assessment of firms.
  Keywords: profitability; liquidity; solvency; cash flow management; leverage; composite financial performance score; working capital efficiency.
  DOI: 10.1504/IJEF.2024.10056394
   
  
• The trilogy of micro-finance, FinTech and women-empowerment: an empirical investigation based in rural Himalayas  
  by Insha Ahad 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
   
  
• The role of cryptocurrencies in business  
  by Somayya Madakam, Shlomo Mark, Yotam Lurie, Rajeev K. 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 describes the cryptocurrencies practices in India as well as worldwide.
  Keywords: blockchain; cryptocurrency; hash; mining; money laundering.
  DOI: 10.1504/IJEF.2023.10052613
   
  
• Bibliometric analysis: a comparative overview of the literature on commodity market for the period 2006-2021  
  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
   
  
• Performance analysis of crypto coins and crypto tokens using data envelopment analysis and propensity score matching  
  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 matching (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
   
  
• Exploring the barriers in adoption of blockchain technology: a study of cryptocurrency  
  by Raman Preet Singh, Gaurav Sarin, Nawal Kishor 
  Abstract: The speed of adoption of a new technology is one the most challenging questions we face when looking into the rewards of innovation. The article explores the barriers in a 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 impacts 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