Asian Journal of Economics, Finance and Management

Adaptability, Scalability and Sustainability of Mhealth Projects Performance in Low and Medium-Income Countries: A Systematic Review

2026-03-27T11:18:06+00:00

Mobile health (mHealth) initiatives have immense potential to revolutionize healthcare service delivery in terms of accessibility, quality, and outcomes in low- and middle-income countries (LMICs). However, the progress of mHealth initiatives in LMICs is often marred by the challenge of "pilotitis," wherein successful pilots do not result in scalable or sustainable mHealth initiatives. This independent study paper is an attempt at conducting an in-depth systematic review of recent literature (2020-2025) to explore the various interrelated factors that affect the adaptability, scalability, and sustainability of mHealth initiatives in LMICs. The overall objective is to explore the various barriers and facilitators that affect the long-term performance and institutionalization of mHealth initiatives. For the systematic review, a desktop systematic review methodology was conducted by searching various prominent databases like PubMed, Scopus, and Web of Science to retrieve relevant peer-reviewed articles and systematic reviews on mHealth initiatives, scalability, and sustainability in LMICs. The results have identified a number of key challenges that can affect the scalability and sustainability of mHealth projects. These include a lack of infrastructure such as a stable electricity supply and a lack of good internet connectivity, the cost of mobile data communication, a lack of digital literacy among healthcare professionals, and a lack of compatibility with existing healthcare information systems. The study thus underscores the need to move beyond technology-focused strategies to health systems strategies in the design and implementation of mHealth interventions. Flexibility in accommodating local contexts has thus been identified as a key factor that influences the sustainability of mHealth interventions. As a result, the study has made several recommendations, including the use of context-sensitive evaluation approaches, such as the HOT-FIT-BR model, to move beyond pilot interventions to sustainable mHealth in LMICs.

Strategic Risk Mitigation Capabilities and Their Role in Road Safety Projects: An Integrative Review

2026-03-28T12:32:46+00:00

Road traffic injuries constitute one of the most significant yet preventable global public health crises, demanding systematic, evidence-based approaches to project planning and implementation. Strategic risk mitigation capabilities—encompassing hazard identification, risk assessment, stakeholder engagement, safety-by-design philosophies, and institutional governance frameworks—have emerged as indispensable instruments in the effective delivery of road safety projects. This review article synthesises the current body of literature on how strategic risk mitigation capabilities are conceptualised, operationalised, and evaluated within the context of road safety initiatives, drawing on evidence from peer-reviewed journals, international agency reports, and governmental policy documents published between 1996 and 2026. The review reveals that integrated risk management frameworks, when systematically embedded into project lifecycle processes, substantially reduce accident frequencies, fatality rates, and project cost overruns. Critical capabilities examined include proactive risk identification methodologies, quantitative and qualitative risk assessment tools, road safety audits, safe system approaches, data-driven decision-making, and organisational resilience mechanisms. The evidence further demonstrates that contextual, institutional, and socio-technical factors mediate the effectiveness of risk mitigation in low- and middle-income countries (LMICs) compared to high-income countries (HICs). The article concludes by identifying critical research gaps and offering recommendations for strengthening risk mitigation capacity in road safety project management globally.

Mobile Banking Solutions and Profitability of Five-star Hotels in Nairobi City County, Kenya

2026-01-05T12:40:01+00:00

The hotel industry remains a vital contributor to Kenya’s economy, with Nairobi City County hosting the highest number of five-star hotel establishments. Despite their prominence, these hotels experienced declining profitability between 2020 and 2024, prompting an investigation into the role of mobile banking solutions in enhancing financial performance. The study aimed to assess the effect of mobile banking solutions on the profitability of five-star hotels in Nairobi City County, Kenya. Anchored on Transaction Cost Theory, Innovation Diffusion Theory, and the Technology Acceptance Model, the study adopted a descriptive research design targeting 62 respondents from Finance, IT, and Customer Service departments across eleven five-star hotels. Data were collected through structured questionnaires and analyzed using SPSS version 25.0. Reliability was confirmed through a Cronbach Alpha threshold of 0.7, while multiple regression analysis examined the relationship between mobile banking and profitability. Findings revealed that mobile banking solutions (β = 1.333, p < 0.05) had a statistically significant and positive effect on hotel profitability. This indicates that efficient mobile banking systems enhance customer convenience, accelerate transactions, and reduce operational costs, thereby improving financial performance. The study concluded that adoption of mobile banking technologies is crucial for boosting profitability in the hospitality sector. It recommends that five-star hotels invest more in secure, user-friendly, and integrated mobile payment systems to support seamless financial transactions and customer satisfaction.

Capital Structure Choices and Shareholder Value Creation in High-Cost Borrowing Environments: Evidence from Listed Manufacturing Firms in Nigeria

2026-01-06T10:33:06+00:00

This paper examines how capital structure choices relate to shareholders’ wealth in a high-cost borrowing environment, using panel data for 43 listed Nigerian manufacturing firms over 2013 to 2023 (473 firm-year observations). Shareholders’ wealth is proxied by market capitalisation, with short-term and long-term interest-bearing debt as the principal regressors, cost of debt as a conditioning variable, and profitability and firm size as controls. The empirical strategy relies on pooled Ordinary Least Squares with year effects and firm fixed effects with year effects, with standard errors clustered at the firm level. Interaction terms are constructed from mean-centred debt ratios to aid interpretation and reduce collinearity. The results show that short-term debt is positively and significantly associated with shareholders’ wealth in both estimators, whereas long-term debt is negatively and significantly associated with shareholders’ wealth. The direct effect of the cost of debt is negative and statistically significant in the pooled specification but not in fixed effects. In the fixed-effects framework, the cost of debt significantly moderates the debt–wealth relationship, with a positive interaction with short-term debt and a negative interaction with long-term debt. Overall explanatory power is high in OLS with year effects and, as expected, more modest for within-firm variation. The findings highlight the joint importance of tenor mix and borrowing costs for value creation, with practical implications for treasury policy, investor screening, and credit-market interventions in emerging economies.

Microfinance Interventions and Financial Empowerment of Women Entrepreneurs in Eldama Ravine, Kenya

2026-01-06T13:03:11+00:00

Women’s financial empowerment (microcredit, microsavings, business development services, advisory/consultancy) is a vital pillar of sustainable and inclusive development, as women contribute significantly to household welfare, community advancement, and national productivity. Despite the growth of microfinance operations in Kenya, women entrepreneurs in Eldama Ravine Sub-County continue to face restricted access to credit, inadequate savings facilities, and limited advisory and business development services. This study examined the effect of microfinance interventions, specifically microcredit, microsavings, business development services (BDS), and advisory and consultancy (AC) services, on the financial empowerment of women entrepreneurs in Eldama Ravine Sub-County, Baringo County, Kenya. The study adopted a survey research design. Data were collected using a drop-and-pick method. Data analysis involved editing, coding, classification, and tabulation to prepare for statistical evaluation. Anchored on the Social Learning, Resource-Based, and Financial Systems theories, the study adopted an explanatory research design targeting 735 registered women-owned enterprises. A sample of 144 respondents was determined using Slovin’s formula and selected through stratified random sampling. Data were collected through pre-tested structured questionnaires and analysed using descriptive and inferential statistics. Diagnostic tests confirmed model adequacy (Durbin–Watson = 2.110; VIF within acceptable range). Results revealed that microcredit (p=0.044), microsavings (p=0.018), BDS (p=0.023), and AC services (p<0.001) had significant positive effects on women’s financial empowerment, jointly explaining 51.8% of the variation (R²=0.518). Advisory and consultancy services emerged as the strongest determinant of empowerment. The study concludes that microfinance interventions substantially enhance women’s financial autonomy. Business sustainability recommends the expansion of advisory services, enhanced savings mobilisation, and tailored business development programs to strengthen the economic position of rural women entrepreneurs. Overall, microfinance has evolved beyond credit provision to encompass holistic empowerment tools that enable women to build financial capability, overcome structural barriers, and achieve sustainable entrepreneurial success.

AI-Powered Credit Scoring Models for Inclusive Finance: Evaluating the Role of AI in Bridging Nigeria’s Credit Gap

2026-01-12T08:18:16+00:00

In spite of advancements in financial technology across many developing economies, a large segment of Nigeria’s population, particularly low-income earners and informal sector participants, remains excluded from formal credit systems. However, the evolution of Artificial Intelligence (AI) presents new opportunities to bridge these gaps through data-driven credit assessment and inclusive financial innovation. This study, therefore, examines the role of AI in expanding credit access and promoting financial inclusion in Nigeria. The study adopts a cross-sectional survey research design, using primary data collected through structured questionnaires using a Likert scale. Based on a survey of 312 unbanked and low-income respondents across Nigeria, descriptive statistics, correlation analysis and Ordinary Least Squares (OLS) regression were employed to evaluate the relationships among the variables. The results revealed that the use of alternative data (β = 0.312, p < 0.05), trust and transparency (β = 0.284, p < 0.05), and awareness and usability (β = 0.261, p < 0.05) have positive and significant effects on financial inclusion, while perceived risks (β = -0.194, p < 0.05) exert a negative influence. The model explains 71.8% of the variations (R² = 0.718) in financial inclusion, suggesting a strong explanatory power of the independent variables. The study concludes that AI-driven credit systems serve as transformative mechanisms for inclusive finance effectively reducing information asymmetry and improving access for unbanked individuals in Nigeria. The study recommends the implementation of ethical AI governance frameworks, capacity-building initiatives in digital literacy, and regulatory policies that promote equitable and responsible AI deployment to achieve sustainable financial inclusion.

Human Capital Investment and Value Relevance in Nigeria’s Financial Sector: The Moderating Role of Firm Size

2026-01-13T11:56:05+00:00

This study examines the influence of human capital investment on firm value in the Nigerian financial services sector while assessing whether firm size strengthens or weakens this relationship. Grounded in Human Capital Theory and the Resource Based View, the study employs an ex post facto research design using panel data from 28 listed financial institutions covering the period 2014 to 2023. Tobin’s Q serves as the proxy for market-based value relevance, while human capital investment is measured as training expenditure relative to revenue. The analysis applies fixed effects panel regression supported by heteroskedasticity-robust standard errors to control for unobservable firm-specific effects. Further robustness checks are conducted using Driscoll–Kraay standard errors and quantile regression to address cross-sectional dependence and heterogeneity along the valuation distribution. The findings demonstrate that human capital investment exerts a significant positive effect on firm value, confirming its role as a strategic resource capable of generating market-recognised performance outcomes. In contrast, firm size exhibits a negative main effect and weakens the value-enhancing impact of human capital investment. These results suggest that the monetisation of workforce capabilities in Nigeria depends on organisational agility and structural efficiency. The study provides evidence-based implications for managers, investors, and regulators regarding resource allocation, workforce development, and valuation practices.

Firm Characteristics and Growth of General Insurance Companies in Kenya: The Moderating Role of GDP

2026-01-14T13:23:19+00:00

Insurance plays a central role in supporting business investment, infrastructure development, and financial sector stability, all of which contribute to economic growth. Despite this importance, Kenya’s general insurance industry continues to experience slow expansion, largely attributed to intense competition and weak firm-level characteristics. This study examined how selected firm-specific factors, equity, leverage, liquidity, and operational efficiency, influence the growth of general insurance companies in Kenya. The study targeted all 36 insurance companies regulated by the Insurance Regulatory Authority and applied a quantitative longitudinal research design. Financial data from 2016 to 2024 were extracted from audited annual reports and analysed using panel regression, supported by diagnostic tests to validate model robustness. Results were presented through tables, charts, and graphs. Findings indicated that equity and operational efficiency exerted strong and positive effects on firm growth, highlighting the importance of adequate capitalisation and streamlined operations. Leverage demonstrated a moderate influence, while liquidity emerged as an essential determinant of growth. The study further established that Gross Domestic Product (GDP) significantly moderated the relationship between firm characteristics and growth, amplifying positive effects during periods of economic expansion and constraining growth during economic downturns. Correlation analysis showed positive associations between firm growth and equity (r = 0.612), liquidity (r = 0.395), operational efficiency (r = 0.544), and GDP (r = 0.486), while leverage was negatively related (r = –0.428). All coefficients were below 0.80, confirming the absence of multicollinearity. The study recommends strengthening capital structures, prudent debt management, maintaining adequate liquidity levels, and enhancing operational efficiency. Aligning strategic growth initiatives with prevailing macroeconomic conditions is also emphasised. Future studies should broaden the scope of firm-level determinants, incorporate economic cycle variations, and undertake sectoral or cross-country comparisons to enrich the understanding of growth dynamics in the insurance industry.

Green Human Resource Management (GHRM) Practices and Environmental Sustainability in North African Public Sector

2026-01-20T12:49:20+00:00

This study examined the influence of Green Human Resource Management (GHRM) practices on environmental sustainability outcomes within the North African public sector, focusing on Egypt, Morocco, Algeria, Tunisia, and Libya. Grounded in the Ability–Motivation–Opportunity (AMO) theoretical framework, the research explored how green recruitment and selection, green training and development, and green performance management contribute to employees’ pro-environmental behaviour and institutional sustainability performance. A quantitative survey design was adopted, involving 600 public sector employees across five North African countries. Data were collected through structured questionnaires and analysed using descriptive statistics, Pearson correlation, and multiple regression analysis. The findings revealed that the overall implementation of GHRM practices in the North African public sector is moderate (M = 3.10), with green training and development showing the highest adoption rate. A significant and positive correlation (r = 0.53, p < 0.001) was found between GHRM practices and employees’ pro-environmental behaviour, while regression analysis confirmed that GHRM significantly predicts environmental sustainability outcomes (R² = 0.39, p < 0.001). These results provide empirical evidence that green HRM practices play a pivotal role in promoting environmental awareness, reducing ecological footprints, and institutionalising sustainability values within the civil service. The findings affirm that green recruitment fosters environmentally conscious hiring, green training enhances employees’ ecological competence, and green performance management drives sustainable organisational outcomes. Theoretically, the study reinforces the relevance of the AMO framework in explaining how employees’ environmental abilities, motivation, and opportunities collectively influence sustainability outcomes. Practically, the study underscores the need for North African governments to institutionalise GHRM policies, embed environmental competencies in civil service recruitment, provide continuous green training, and integrate sustainability indicators into performance management systems. The study concludes that mainstreaming GHRM in the public service will significantly enhance the region’s contribution to achieving the United Nations Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063 on sustainable governance. Future research is recommended to explore the mediating role of organisational culture and leadership support in strengthening the GHRM–sustainability nexus in African public administration.

Artificial Intelligence-based Asset Pricing and Systematic Risk Analysis in Nigeria’s Frontier Market

2026-01-27T12:54:56+00:00

Frontier markets such as Nigeria typically experience a range of problems, among them high volatility, currency pressure, inflation shocks, thin trading, and weak market efficiency. In such situations, it is very challenging for traditional asset-pricing models like CAPM and the Fama-French model to accurately quantify systematic risk and forecast stock returns. This paper employs AI techniques to improve asset pricing and risk estimation in Nigeria, spanning from 2010 to 2024. The study juxtaposes contemporary AI models such as XGBoost, Random Forest, and Long Short-Term Memory (LSTM) networks with their classical counterparts. To figure out which risk factors are the most significant, the paper deploys explainable AI (SHAP). The findings indicate that AI models offer far superior predictive accuracy and are able to capture non-linear market behavior to a much greater extent than traditional models. The SHAP analysis indicates that the factors causing the greatest systematic risk in Nigeria are exchange-rate volatility, inflation, oil prices, liquidity, and trading volume. The research determines that AI-enabled models provide a more dependable and transparent asset-pricing framework for frontier markets and, thus, can be of great help to investors, regulators, and policymakers in their financial ‍‌decisions.

The Impact of Exchange Rates and Inflation on Agricultural Output: Compelling Evidence from Nigeria

2026-01-29T11:27:50+00:00

Nigeria’s agricultural subsectors are highly sensitive to macroeconomic instability, yet there is limited research examining how exchange rate fluctuations and inflation affect each subsector individually. This study examined the effects of exchange rate and inflation on agricultural output in Nigeria between 1981 and 2022. The data for the study were obtained from the Central Bank of Nigeria Statistical Bulletin (2022) and analyzed using the Fully Modified Ordinary Least Squares (FMOLS) estimation. Empirical results revealed that inflation had a direct and statistically significant effect on crop, livestock, and fishery output. Specifically, a 1 percent increase in consumer prices raises crop output by 6 percent, livestock output by 9 percent, and fishery output by 6 percent, while its effect on forestry output was insignificant. The result also shows that a 10 percent increase in exchange rate reduced crop output by about 5 percent. Interest rates also inversely affected forestry output, though their impact on other subsectors is weak and mostly insignificant. The findings show the sensitivity of Nigeria’s agricultural sector to macroeconomic instability, particularly exchange rate volatility. Based on these results, the study recommends stabilizing the naira through effective exchange rate management, providing targeted support to farmers to cushion the effects of inflation, and ensuring access to affordable credit for agricultural producers.

The Analytical Examination of the Impacts of Time – Varying Parameters on Call Option Prices for Capital Market Using Black-Scholes Model

2026-01-30T12:23:33+00:00

This study adopted the Black-Scholes option pricing framework as a comparative benchmark to capture forward-looking market expectations of bank risk while recognizing its backward-looking nature of accounting-based performance measures.

The effects of variables whose values change over time were examined using the Black -Scholes framework as a benchmark pricing model to compare the market-implied risk and valuation of two banks; First City Monument Bank (FCMB) and Stanbic Investment Banking & Trust Company (IBTC) Bank across two years; 2019 and 2025.

Daily opening and closing share prices of these two banks were obtained from Market Screener Website; spanning from 2019 to 2025.

Visual inspection of the time plot in Fig. 1 showed that FCMB’s shares exhibited no strong long – upward or downward trend. The share prices appeared relatively stable and rose up towards the end of 2025. The stability implied that the shares entered a phase of price consolidation.

The 2025-time plot of STANBIC IBTC (Fig. 2) started the year at a relatively low level and increased steadily, indicating general upward movement and improved market valuation. The mean daily returns for these two banks were calculated alongside their annual volatilities for 2019 and 2025.

The result revealed that FCMB outperformed Stanbic IBTC in 2019 due to its positive average return (0.00067) with a 53% annual volatility indicating a high but investors were compensated with higher returns while Stanbic IBTC recorded a negative average return (-0.0004098) indicating a decline in bank share price despite a lower volatility of 43% compared to FCMB. By the year 2025, Stanbic IBTC showed a superior performance achieving a higher average return (0.002428) with a lower volatility of 41%, indicating improved efficiency and stronger risk-adjusted performance. FCMB on the other hand had a lower but positive average daily return (0.0008) with a higher volatility of 43% indicating stability but not accompanied with much return. The Black-Scholes model provided a theoretical benchmark against which observed prices or risk measures were compared.

Firm Characteristics and Profitability of Savings and Credit Cooperative Societies in Laikipia County, Kenya

2026-02-02T13:18:27+00:00

The profitability of Savings and Credit Cooperative Societies (SACCOs) in Kenya has exhibited fluctuating trends despite their pivotal role in fostering financial inclusion and economic empowerment. Across Africa, SACCOs have experienced remarkable expansion as vehicles for mobilizing savings and providing affordable credit to low and middle-income populations. More than seven percent of Africa’s population is affiliated with cooperative organizations. In Laikipia County, several SACCOs have experienced profit declines or closure, largely due to competition, financial limitations, and weak management practices. Although numerous studies have explored the relationship between firm characteristics and profitability across different sectors, limited empirical evidence exists regarding SACCOs in Kenya. This study aimed to examine the effect of firm characteristics specifically firm age, liquidity, capital structure, and firm size on the profitability of SACCOs in Laikipia County. Anchored on the pecking order, agency, and information signalling theories, the study employed a causal research design utilizing secondary panel data from SACCO financial reports covering 2018–2022. A stratified random sample of 43 SACCOs was drawn from the 150 registered under the County Government of Laikipia. Data analysis involved descriptive statistics and panel regression techniques, complemented by diagnostic tests for multicollinearity, heteroskedasticity, and random effects. The regression model explained 71.8% of the variation in profitability (R² = 0.718). Results revealed that firm size (p = 0.005), liquidity (p = 0.011), capital structure (p = 0.037), and firm age (p = 0.026) significantly influenced profitability. The study concludes that larger and older SACCOs leverage economies of scale and institutional experience, while sound liquidity management and balanced capital structures enhance performance. The study recommends policy reviews to incorporate firm age and size in SACCO evaluation, alongside strategic asset expansion and prudent liquidity management. SACCO leaders and policymakers should promote capacity building and adopt technology-driven systems for financial planning and reporting. Regulatory bodies such as SASRA should revise policies to enhance profitability ratios, compliance, and risk management.

The Mediating Role of Brand Equity in Social Media Marketing, Brand Trust, and Purchase Intention: Evidence from Bangladesh

2026-02-09T12:23:49+00:00

Purpose: This study investigates the role of brand equity (BE) in bridging the gap between social media marketing (SMM) and consumer purchase intention (PI) in Bangladesh. It further examines the direct and indirect relationships among SMM, brand trust (BT), BE, and PI.

Design/Methodology/Approach: A total of 500 questionnaires were distributed among active users of social media platforms in Bangladesh, and 460 valid responses were collected for analysis. The proposed model was validated using structural equation modeling (SEM). Additionally, demographic and behavioral characteristics of respondents were examined to ensure representativeness of the sample.

Findings: The findings indicate that the relationship between social media marketing (SMM) and purchase intention (PI) is significantly positive, with brand equity (BE) serving as a partial mediator. Consistent with this result, social media (SM) plays an important role in influencing consumers’ buying decisions. The results further show that brand trust (BT) has a positive and significant effect on brand equity; however, its direct relationship with purchase intention is negative and statistically insignificant, suggesting that BT contributes to PI only indirectly through brand equity rather than through a direct influence.

Originality/Value: This study highlights how brand equity mediates the impact of social media marketing on purchase intention, offering insights for organizations to refine online strategies. It also contributes to the literature on consumer behavior in emerging markets like Bangladesh.

Sustainable Reverse Logistics Practices and End-of-Life Ecological Performance of Mobile Phones in a Growing Economy

2026-02-12T11:21:38+00:00

This study investigates the relationship between sustainable reverse logistics (SRL) practices, specifically repair, refurbishment, and recycling and end-of-life ecological performance (EoL-EP) in a growing economy. A descriptive survey research design was adopted. It focused on two prominent mobile phone service hubs in Port Harcourt, Nigeria: Garrison and the MTN Zone. A purposive sampling approach was employed to capture insights from 138 participants, including repairers, recyclers, and scavengers engaged in EoL phone handling. Data were collected using structured questionnaires developed from established literature, translated into Pidgin English to enhance clarity and reliability. Reliability and validity were confirmed through Cronbach’s Alpha, exploratory factor analysis (EFA), and expert review. Data were analyzed using descriptive statistics and multiple regression with the help of SPSS version 25. Additionally, Structural Equation Modeling (SEM-PLS) was employed to assess the relationships between sustainable reverse logistics practices (repair, refurbishment, recycling) and end-of-life ecological performance (EoL-EP). Results demonstrate a significant positive relationship between SRL practices and EoL-EP. Repair practices minimized premature waste generation, refurbishment extended product lifespans and consumer utility, and recycling provided direct ecological benefits through resource recovery, waste diversion, and reduced emissions. Collectively, these practices improved ecological efficiency while generating operational benefits such as cost savings, enhanced sustainability positioning, and customer loyalty. Firms should integrate structured SRL practices into their reverse logistics strategies, while policymakers are encouraged to reinforce extended producer responsibility regulations and invest in recovery infrastructure to maximize ecological benefits.

Effect of Bank Lending on Economic Growth in Nigeria

2026-02-16T12:58:32+00:00

The study examined the impact of bank lending on economic growth in Nigeria from 1990 to 2023. In exploring the relationship between bank lending and economic growth, the study used annual data series sourced from the National Bureau of Statistics and Central Bank of Nigeria (CBN) Statistical Bulletin. Economic growth was measured using real gross domestic product, and bank lending and bank credit rate was used as independent variables, while controlling for the effect of money supply and inflation. In analyzing the data, the study used econometrics method, which include, unit root test, cointegration, and the autoregressive distributed lag (ARDL) method. The bounds test revealed that there is long run relationship between bank lending and economic growth. The ARDL results revealed that bank lending had positive and significant impact on economic growth in the long run. Bank credit rate had insignificant negative impact on economic growth in the long run. The study found that, money supply is positively related to economic growth, with the impact found to be significant. Additionally, the study found that inflation had negative and significant impact on economic growth. The study concludes that, bank lending is a key determinant of economic growth in Nigeria. The study recommends that, the regulatory authority, particularly the Central Bank of Nigeria (CBN), should through conventional and macroprudential means, influence the deposit money banks to increase lending to real sectors, most especially, the agriculture, manufacturing and service sectors of the Nigerian economy.

Ecological Economics Framework for Sustainable Supply Chain Management in Southeast Asian Manufacturing

2026-02-18T13:02:40+00:00

This paper explores the application of ecological economics to sustainable supply chain management (SSCM) in Southeast Asian manufacturing, focusing on Vietnam (electronics), Thailand (textiles), and Malaysia (automotive). Ecological economics, which prioritizes ecological limits and natural capital valuation, offers a robust framework to enhance SSCM by quantifying environmental costs and benefits. Using a mixed-methods approach, including case studies and cost-benefit analysis, the study examines how integrating ecological economics principles—such as ecosystem service valuation and full-cost accounting—can address barriers like high costs and regulatory fragmentation while leveraging opportunities like regional collaboration and digital technologies. Findings aim to provide actionable insights for firms to optimize SSCM practices and for policymakers to align regional policies with the United Nations’ Sustainable Development Goals (SDGs 8, 12, and 13). This research contributes to the ecological economics literature by applying its principles to ASEAN’s manufacturing sector, offering a pathway for sustainable industrial growth in emerging economies.

AI Readiness and Exports of Digitally Deliverable Services: Panel Evidence from 151 Countries (2010–2022)

2026-02-19T10:06:04+00:00

Artificial intelligence (AI) is increasingly viewed as a general-purpose technology that can reshape countries’ trade patterns, especially in services that can be produced and delivered digitally. This study examines whether national AI readiness is associated with greater exports of digitally deliverable services (DDS) and with stronger specialization in DDS. Using a panel of 151 countries over 2010–2022, we combine UNCTAD DDS export data with an AI readiness index (0–100) that captures infrastructure, human capital, innovation capacity, data and governance. We estimate two-way fixed-effects models with country and year fixed effects and clustered standard errors, controlling for income, population, and selected digital regulation indicators. The results show a robust positive association between AI readiness and DDS exports: in the preferred specification, a one-point increase in AI readiness is associated with a 0.032 increase in log DDS exports (about 3.3%), with similar magnitudes across alternative specifications and an instrumental-variable robustness check. Heterogeneity tests indicate that the AI readiness–DDS relationship is stronger for developing economies. Additional specifications using DDS revealed comparative advantage suggest that improvements in AI readiness are also linked to shifts in specialization toward digital services. The findings imply that investments in AI-related capabilities can support participation in high-value digital services trade, particularly for developing countries.

Role of Indian Council for Cultural Relations (ICCR)’ Socio-Economic Scheme in Enhancing International Understanding: A Study among International Students in India

2026-03-02T12:34:29+00:00

In the contemporary globalized world, international understanding and cross-cultural cooperation have become essential for peaceful coexistence among nations. The primary objective of this study was to examine the role of ICCR’s socio-economic schemes in promoting international understanding among international students studying in India. The study aimed to evaluate how ICCR’s support mechanisms, including scholarships, financial assistance, and welfare initiatives, impacted students’ cultural integration, academic experience, and perception of India as a host nation. The researcher employed a mixed-methods approach, adopting a descriptive and explanatory research design to achieve the research objectives. Random sampling was used, and the sample consisted of 373 international students receiving ICCR scholarships in India. The data collection technique employed was a questionnaire, and the data were analyzed and the hypothesis tested using SPSS. The findings demonstrated that the ICCR socio-economic scheme fostered international understanding by providing international students with meaningful cultural exposure, enhancing their intercultural communication skills, and enabling them to appreciate India’s diversity.

Financial Management Practices and Growth of Savings and Credit Cooperative Societies in Kenya

2026-03-12T10:27:23+00:00

Financial management practices remain critical to organizational decision-making and long-term sustainability. Although prior studies have examined financial management in cooperatives, limited empirical evidence exists on how specific practices jointly influence SACCO growth in Kenya over recent periods of economic volatility. This study therefore examined how cash management, capital budgeting, and financing practices influence the growth of Savings and Credit Cooperative Societies (SACCOs) in Kenya for the period 2019 to 2023. Growth was measured using return on assets (ROA). The Kenyan government, through the Ministry of Industrialization, Trade and Cooperatives and guided by Vision 2030, has promoted the cooperative movement to enhance national savings and economic participation. However, despite rapid expansion, many SACCOs continue to experience challenges related to ineffective cash management, inappropriate budgeting techniques, and weak financing strategies. These challenges have contributed to declining profitability and asset growth between 2019 and 2023, raising concerns about the sector’s sustainability and exposing a clear gap in evidence-based financial management interventions for SACCOs. The study was grounded on the funding priority theory, principal–agent theory, and goal attainment theory, with the funding priority theory serving as the anchor due to its relevance in explaining inconsistencies in financial decisions within cooperatives. A descriptive research design was adopted, targeting a population of 144 SACCOs. Data were collected from 42 senior officers, specifically finance and operations managers, using structured questionnaires. Multiple regression analysis was used to determine the relationships between the variables. The findings indicated that cash management practices, capital budgeting practices, and financing practices all positively influence SACCO growth. Capital budgeting was identified as particularly crucial, given its requirement for substantial cash outflows and its potential impact on future financial stability. Practically, the study provides SACCO managers and regulators with actionable insights on strengthening liquidity controls, improving investment appraisal techniques, and optimizing financing structures to enhance ROA and asset growth. The findings further inform policymakers and the SACCO Societies Regulatory Authority (SASRA) on the need to develop capacity-building programs and financial governance guidelines tailored to cooperative institutions. Strengthening these financial management practices is essential for improving market share, sustaining asset growth, and maintaining long-term stakeholder confidence.

Tax Literacy and Tax Yield among Micro, Small, And Medium Enterprises (MSMEs) in Ondo State, Nigeria

2026-03-18T07:19:17+00:00

The Micro, Small, and Medium-Scale Enterprises (MSMEs) constitute a larger part of Nigeria’s economy, yet they are faced with the challenge of limited knowledge of tax administration, which results in their inability to effectively manage and comply with taxes. This study therefore investigated the effect of tax literacy on tax yield among Micro, Small, and Medium-Scale Enterprises (MSMEs) in Ondo State, Nigeria. The study employed a survey research design in sourcing data primarily through the administration of a well-structured questionnaire. The population of the study consists of 7,899 registered MSMEs in Ondo State. A sample size of 381 MSMEs was drawn from the population, using the Taro Yamane (1967) formula. Reliability and validity tests were carried out on the questionnaire drafted using the Cronbach's Alpha. Descriptive statistics was used in analysing the demographic information of respondent while Structural Equation Modelling (SEM) was used explicitly to analyse the collected data and test the hypothesis formulated. Findings indicated that tax management skill, tax planning strategies, and tax timing knowledge have a positive and significant effect on tax yield showing a coefficient of 0.169; t-statistics of 2.843and P-value of 0.005 for (TXMS) and a coefficient of 0.273; t-statistics of 3.885 and P-value of 0.000 for (TXTK) respectively. The study concluded that enhancing tax literacy among MSMEs will aid their capacity to effectively plan and manage tax, as well as improve timely filling and payment of tax in Ondo State, Nigeria. This study, therefore, recommends that the tax authority should develop a comprehensive tax capacity-building framework that will address MSMEs' challenge of strategic planning of tax as well as timely filling and remittance of tax to improve tax yield.

Effect of Monetary Policy on Manufacturing Sector Performance in Nigeria: An ARDL Approach (1981-2023)

2026-03-18T12:21:25+00:00

This study investigated the influence of monetary policy on manufacturing sector performance in Nigeria, the study spanned from 1981 to 2023. Specifically, the study examine the effect of money supply, inflation rate and credit to private sector on manufacturing sector performance (measured using manufacturing sub-sector gross domestic product growth rate). The study utilized secondary data collected from the Central Bank of Nigeria (CBN) Statistical Bulletin (various issues). The study used econometric techniques of Augmented Dickey-Fuller (ADF), bound test and autoregressive distributed lag (ARDL) for empirical analysis. The study found that unit root suggested that inflation is stationary while manufacturing sector output, money supply, and credit to private sector are non-stationary of order one. The bound test result found that there is a long-run equilibrium relationship between the utilized variables in the study the autoregressive distributed lag (ARDL) result revealed that money supply had negative and insignificant influence on manufacturing sector performance in the long run, but it has positive impact on manufacturing sector growth in the short run. while Inflation show a negative and insignificant effect on the Nigerian manufacturing sector in the long run. the ARDL also found that credit to private sector is positive and significant impact on manufacturing sector performance in the long run. This study concluded that monetary policy is a short-term instrument for improving growth in the manufacturing sector in Nigeria. Hence, the study recommended that government should exploit other means of policy that can shed better light on effectiveness of monetary policy in Nigeria to enable manufacturing sector experience increase in output that will engender economic growth.

The Impact of Service Quality Digitalization on Customer Satisfaction in the Nigerian Oil Industry: A Comparative Study of Traditional and Digital Oil Channels

2026-03-21T12:55:05+00:00

This paper critically analyses how the digitalisation of service quality has affected customer satisfaction in the Nigerian oil industry by providing a comparative study between the traditional and the digital oil service channels. Using a descriptive survey design, the research based its sample on 486 oil marketers who had vast experience when it comes to service delivery, both in conventional and digital provision. The analysis was conducted in terms of such important service quality parameters as speed, reliability, responsiveness, transparency, convenience, and general customer satisfaction. The results that have been derived by conducting the statistical analyses demonstrate that the digital oil service channels contribute massively to improving the efficiency and responsive nature of delivering the services and customer interaction as compared to the traditional method. Customers who used online platforms showed a higher level of satisfaction with their experiences and attributed the accelerated delivery of services, increased reliability, and convenience as key turning points. Irrespective of these benefits, the research also revealed the main impediments in the form of data security, the deficiencies of digital infrastructure, and the resistance of customers to the transition between traditional and digital channels. Such issues indicate the extreme necessity of oil companies to invest in highly efficient cybersecurity tools, enhance digital platform stability, and develop a strategic plan of customer sensitisation to boost the digital uptake. Moreover, this research revealed that although the popularity of digital oil services is increasing, a significant percentage of customers are more eager to use hybrid models of services, in which traditional and digital oil channels are combined. This implies that a total transition to online channels is not quite possible unless various customer preferences and levels of digital literacy have been accommodated. The study finds that digitalisation can be transformational in enhancing service quality and customer satisfaction within the oil industry in Nigeria. Nevertheless, to obtain these advantages, it is necessary to have a moderate, customer-oriented strategy that emphasises security, stability, user experiences, and a slow, staged change to the digital environment. The paper provides good guidelines to oil firms to ensure maximum customer satisfaction and to be able to cope with the digital revolution in the oil sector.

Tax Reforms and Compliance among Small and Medium Enterprises in Bungoma County, Kenya

2026-04-04T10:03:04+00:00

This study critically examined the conceptual and theoretical frameworks underpinning tax reforms and their influence on tax compliance among Small and Medium Enterprises (SMEs) in Bungoma County, Kenya. SMEs are vital to economic development through employment creation, innovation, and contributions to government revenue; however, tax compliance among SMEs remains low, particularly in rural areas. A systematic literature review was conducted using peer-reviewed journals, government reports, and policy documents published between 2018 and 2025. The study adopted Economic Deterrence Theory, Institutional Theory, and the Slippery Slope Framework to analyze how enforcement mechanisms, institutional trust, and policy reforms affect SME compliance. Data extraction focused on technological, administrative, policy, and educational reforms affecting SMEs in Bungoma County. Findings indicate that technological reforms enhance efficiency in tax administration but are constrained by poor digital infrastructure and low digital literacy among SME owners. Policy reforms simplify compliance processes and promote voluntary adherence, while administrative reforms improve transparency and accountability. Educational reforms strengthen taxpayer knowledge, recordkeeping, and overall compliance. The study concludes that tax reforms significantly influence SME compliance, but their effectiveness depends on proper implementation, accessibility, and stakeholder support. Future research should empirically evaluate the impact of these reforms on SME behavior using quantitative methods, explore longitudinal compliance trends, and investigate the moderating effects of trust in tax authorities.

Climate Change and Economic Performance: Empirical Evidence from West African Countries (1994-2025)

2026-04-07T13:24:05+00:00

This study examines the macroeconomic consequences of climate change in West African countries. The study covered five West African countries: Nigeria, Ghana, Senegal, Mali, and Niger, over the period 1994–2025. The selection of these countries reflects their diverse ecological zones, including both coastal economies (Nigeria, Ghana, Senegal) and Sahelian economies (Mali, Niger). The study integrates multi-source datasets to capture both climatic and economic variables. Using a balanced panel dataset of 160 observations, the analysis integrates climate indicators (temperature anomalies, rainfall variability, floods, droughts, and heat stress) with macroeconomic variables (GDP, agricultural output, population growth, and government expenditure). The study employs panel unit root tests and a Hausman specification test to determine the appropriate estimation method, with results supporting a fixed-effects model that accounts for country-specific heterogeneity. Descriptive evidence indicates persistent warming, with average temperature anomalies of 0.91°C, alongside substantial rainfall variability and frequent extreme events. Correlation analysis shows that GDP is negatively associated with temperature increases, floods, and droughts, but positively related to rainfall and government expenditure. The regression results reveal that a 1°C rise in temperature reduces GDP by approximately USD 4.85 billion, while each additional flood and drought event lowers GDP by USD 2.31 billion and USD 3.18 billion, respectively. Conversely, favorable rainfall anomalies increase GDP, reflecting the agricultural dependence of these economies. Population growth and government expenditure exert significant positive effects, suggesting that demographic expansion and fiscal policy can partially offset climate-related losses. Sectoral estimates confirm that agriculture is highly climate-sensitive, with droughts and temperature increases exerting the largest adverse impacts. Diagnostic and robustness tests validate the consistency of the findings. Overall, the results demonstrate that climate variability and extreme events impose substantial macroeconomic costs in West Africa, underscoring the need for strengthened adaptation policies and fiscal resilience strategies.

Remittances and Income Growth: Empirical Evidence from Low- and Middle-Income Countries in Sub-Saharan Africa

2026-04-08T11:45:49+00:00

Sub-Saharan Africa (SSA) faces a paradox in which record-high remittance inflows coexist with persistent poverty and stagnant economic growth. Existing research exhibits a significant gap, focusing almost exclusively on inward diaspora flows whilst neglecting the domestic impact of outward remittances and providing contradictory evidence on how these effects vary across different national income tiers. To address this gap, this study examines the bidirectional impact of remittances on per capita income for 30 SSA countries over the period 2000 to 2023, employing an ex-post facto research design and robust econometric techniques, including Pooled OLS, Fixed Effects, and the Driscoll–Kraay estimator, to account for cross-sectional dependence and heteroskedasticity. The findings indicate that both inward and outward remittances significantly enhance per capita income, lending support to the New Economics of Labour Migration (NELM) framework. Notably, inward remittances exert a substantially greater impact in low-income nations ($248.03) compared to middle-income countries ($35.76), supporting the findings of Issahaku et al. (2018). Furthermore, outward remittances unexpectedly exhibit a greater magnitude of impact than inward flows across all models, addressing a significant gap in the literature identified by Aja et al. (2024). The study concludes that whilst remittances are vital strategic resources for overcoming market failures, their benefits are contingent upon macroeconomic stability. Recommendations include prioritising macroeconomic stability and financial development, implementing structural reforms to channel funds into productive investments such as infrastructure, and decisively reducing the region’s high transaction costs. Policymakers should implement structural reforms and trade liberalisation to create an enabling environment for channelling remittances from mere consumption into productive investments such as housing, infrastructure, and human capital development.

Determinants of Sustainable Indigenous Attire Usage in the Era of Modern Fashion among Home Economics Students in Delta State

2026-04-16T12:03:50+00:00

This study investigated the determinants of sustainable indigenous attire usage in the era of modern fashion among Home Economics students in tertiary institutions in Delta State, Nigeria. The study was motivated by the observed decline in the regular use of indigenous clothing among students despite its cultural and educational relevance. Specifically, the study examined socio-cultural, economic, and modern fashion-related factors influencing students’ clothing choices. A descriptive survey research design was adopted, involving a population of 75 students, out of which 70 valid responses were analyzed using mean and standard deviation. Findings revealed that socio-cultural factors such as cultural identity, family influence, peer influence, and participation in cultural events positively influence the use of indigenous attires. Economic factors—including cost of fabrics, income level, and tailoring expenses—were identified as major constraints, limiting regular usage. Additionally, exposure to modern fashion through social media, celebrities, and global trends significantly reduces the frequency of indigenous attire usage, confining it mostly to special occasions. The study is significant as it provides insights for educators, policymakers, and fashion stakeholders on strategies to promote sustainable indigenous fashion. However, the study was limited to a small sample of Home Economics students in two universities in Delta State, which may affect the generalizability of the findings. The study concludes that while positive cultural perceptions exist, economic constraints and the influence of modern fashion hinder the sustainable use of indigenous attires. It recommends curriculum integration, affordability strategies, and modernization of indigenous designs to enhance their adoption.

Effect of ICT-Driven Control Activities on Financial Accountability of Tertiary Institutions in Southwest, Nigeria

2026-04-18T10:43:36+00:00

This study examines the effect of ICT-driven control activities on financial accountability quality within tertiary institutions in South-West Nigeria, with institutional ownership tested as a moderating factor. Grounded in the Technology–Organization–Environment framework, the study conceptualizes ICT-driven control activities through Authorization, Segregation and Access Control Procedures (ASACP), Data Integrity and Transaction Processing Controls (DITPC), and System Maintenance, Integration and Operational Safeguards (SMIOS). Using a cross-sectional survey design, primary data were collected from 386 staff across Federal, State, and Private institutions, and analysed through multiple regression and interaction modelling. The results show that ASACP does not exert a significant direct effect on financial accountability quality (p = .491), while DITPC (p = .005) and SMIOS (p = .006) exhibit negative direct effects under the Federal reference category. Moderation analysis reveals that institutional ownership significantly conditions these relationships: ASACP × Private (p = .013), DITPC × Private (p = .008), and SMIIOS × Private (p = .024) demonstrate positive and significant effects, whereas SMIOS × State (p = .028) shows a negative moderating effect. The findings indicate that technologically embedded control systems do not automatically enhance accountability; their effectiveness depends on governance structure and ownership-driven oversight incentives. The study concludes that ICT-driven control activities improve financial accountability quality only when reinforced by credible institutional monitoring and performance discipline. The study therefore recommends governance alignment as a precondition for ICT- driven control effectiveness, context-sensitive optimization of ICT-driven control systems, development of ownership-sensitive regulatory frameworks, capacity building in ICT-based internal control and digital governance, reinforcing institutional incentives and managerial responsiveness.

Disaster Recovery and Business Continuity after Cyber-Attacks and Natural Disasters: A Review of Threats, Past Lessons, Approaches and Emerging Trends

2026-01-31T12:38:51+00:00

In today's world, digital systems are key to how organizations’ work, and events like cyber-attacks or natural disasters can really mess smooth running of operations. This paper looks at how Business Continuity (BC) and Disaster Recovery (DR) can help manage cyber-security and natural events risks. Using standards like ISO 22301 and NIST SP 800-34, plus current studies, it points out what's needed to keep operations running when problems arise, get digital systems back on track fast, and how to integrate cyber-security in all emergency plans. The paper emphasizes on importance of simulation of disaster and drills to devise the best methods to counter risks once they arise.