Asian Journal of Economics, Finance and Management

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

Mutula Martin Wambua — 2026-03-27

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

George Njoroge Gatambia — 2026-03-28

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.

Operational Risk and Implementation Success in SACCOs: A Structured Review of Developing-country Financial Cooperatives

Patrick Gichuru Muriuki — 2026-04-22

This study investigates the influence of operational risks on the success of ERP implementations in SACCOs within developing countries. Specifically, it seeks to explore the operational risk environments of SACCOs, identify key operational risks that could potentially affect ERP success, develop an empirical model that links operational risk management with ERP outcomes, and provide evidence-based recommendations for mitigating challenges related to ERP implementation.

Data were collected through a qualitative systematic literature review methodology from relevant journal articles and institutional publications accessed via Scopus, Web of Science, ABI/INFORM and Google Scholar. A total of 45 scholarly works published between 2010 and 2024 were analyzed based on Basel II classification of operational risks.

Results indicated four major categories of operational risks impacting the success of ERP in SACCOs: process misalignment risk category under system quality; human resistance risk category under project cost-effectiveness; technology vulnerabilities under user acceptance; and governance instability under organizational performance. All these risks are classified as operational risk categories that directly impact system quality, project cost-effectiveness, user acceptance, and organizational performance.

This study further revealed that ERP implementations in SACCOs are more strongly influenced by organizational readiness, governance stability, and change management rather than technological capabilities alone. It thus proposes a risk-centered ERP implementation framework to support SACCO leaders, policymakers, and development partners toward improved digital transformation outcomes.

Business Model Innovation and Firm Performance among E-Commerce Firms in Kenya: An Empirical Literature Review

Timothy M. Mwangi — 2026-06-23

E-commerce firms in Kenya operate in a dynamic digital environment shaped by rapid technological change, shifting consumer preferences, increasing internet penetration and intense competition. Despite the continued growth of the digital economy, many firms in the sector experience persistent challenges related to profitability, sustainability, customer retention and overall performance. This study reviews empirical literature on the influence of business model innovation on firm performance among e-commerce firms in Kenya. It focuses on three dimensions of business model innovation: value proposition innovation, revenue model innovation and process innovation. The review synthesises evidence from global, African and Kenyan studies and is anchored on the Resource-Based View, Dynamic Capabilities Theory, Knowledge-Based View and Diffusion of Innovation Theory. The reviewed literature indicates that value proposition innovation supports firm performance through customer-centred offerings, product differentiation and improved customer experience. Revenue model innovation contributes to performance by enabling revenue stream diversification, digital payment integration, service bundling and more effective value capture. Process innovation supports performance by improving operational efficiency, service quality, responsiveness and cost management through enhanced systems and technology adoption. The evidence further shows that the performance effects of business model innovation are context-dependent and are influenced by organisational capabilities, technological infrastructure, market conditions and the effectiveness of implementation. Overall, the review suggests that business model innovation dimensions influence firm performance collectively rather than in isolation. E-commerce firms that align customer value creation, revenue optimisation and operational efficiency are more likely to strengthen competitiveness and support sustainable performance in the digital economy. Future studies should consider longitudinal and mixed-method approaches to capture the evolving nature of business model innovation in e-commerce settings.

Organizational Culture and Strategic Leadership Capability in Public Sector Organizations in Kenya

Timothy M. Mwangi — 2026-07-16

Public sector organizations across Africa continue to grapple with the tension between inherited bureaucratic traditions and the demands of modern, results-oriented governance. Kenya offers a particularly instructive setting for examining this tension because the country has, within a single generation, moved from a highly centralised administrative order to a devolved system of forty-seven county governments operating alongside a reformed national civil service. This review synthesises the theoretical and empirical literature on organizational culture and strategic leadership capability as they apply to Kenyan public organizations, drawing on established organizational behaviour theory, public administration scholarship, and empirical studies from Kenya and comparable Sub-Saharan African settings. The review traces how hierarchical, rule-bound administrative cultures inherited from the colonial and early post-independence periods continue to shape managerial behaviour, and it examines how strategic leadership capability, understood as the capacity of senior officials to interpret ambiguous environments, set direction, and mobilise institutional resources, interacts with this cultural substrate to either enable or constrain reform. Particular attention is paid to devolution as a natural experiment in institutional change, to the persistence of political interference in administrative decision-making, and to indigenous relational values that shape leader-follower dynamics in African public organizations. The review finds converging evidence that culture and leadership are mutually reinforcing rather than independent forces: culture shapes what leaders are able to do, while leadership behaviour, sustained over time, reshapes culture. Public organizations that combine adaptive, mission-oriented cultural traits with leaders who possess genuine strategic discretion tend to outperform those trapped in hierarchical, compliance-driven cultures overseen by leaders without such discretion. The review closes by identifying priority areas for future research, drawing overall conclusions for theory and practice, and noting the methodological and contextual limitations of the evidence base.

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

Ann Wambui Huria — 2026-01-05

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

Chika Ugwuodo Celestine — 2026-01-06

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

BEATRICE BUNDOTICH TALLAM — 2026-01-06

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

Stephen Alaba John — 2026-01-12

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

Cynthia Nneka Ibeh — 2026-01-13

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

Gregory Njuguna Kamau — 2026-01-14

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

Nwambuko, Temple C. — 2026-01-20

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

Ofierohor Ufuoma Earnest — 2026-01-27

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

Sanmi, OLUBOKUN — 2026-01-29

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

NNOKA, LOVE CHERUKEI — 2026-01-30

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

GITUMBI JULIET NJOKI — 2026-02-02

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

Mrinal Kanti Das — 2026-02-09

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

BELLO, Binaebi Gloria — 2026-02-12

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

Apinoko Raphael — 2026-02-16

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

Mariyum Khanam — 2026-02-18

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)

AHSAN HABIB — 2026-02-19

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

Sayed Anwar Hussaini — 2026-03-02

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

Kimani Kenneth Ndung’u — 2026-03-12

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

Ayokunle Simon Adebayo — 2026-03-18

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)

Apinoko Raphael — 2026-03-18

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

Oladayo Emmanuel, Oduselu-Hassan — 2026-03-21

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

Kevin Namaswa Kabisa — 2026-04-04

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)

A.O. Oloruntuyi — 2026-04-07

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

Ikpela, Chituru James — 2026-04-08

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

L. A. Agadagba — 2026-04-16

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

Johnson Fisayo Onibonoje — 2026-04-18

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.

Impact of Working Capital Management Practices on Financial Health of Minimarts in Nairobi County, Kenya

Diana Chepkemoi Kiget — 2026-04-28

Financial health reflects a firm’s ability to efficiently manage its financial resources, maintain liquidity, meet obligations, and generate profits while minimising risk. This study examined the effect of working capital management practices on the financial health of minimarts in Nairobi County, Kenya, using sales growth as the primary indicator. Minimarts play a critical role in urban retailing; however, inefficiencies in managing working capital often undermine their financial stability. The study focused on three key practices: inventory management, cash management, and accounts payable management. Grounded in the cash conversion cycle theory, the research employed a stratified random sampling technique to select 375 minimarts from a population of 2,500. Data were collected using structured questionnaires with 5-point Likert scale items and data collection matrices to capture sales growth metrics. Diagnostic tests confirmed the suitability of the data, showing no issues of normality, multicollinearity, or heteroscedasticity. Both descriptive and multiple regression analyses were applied to test the hypotheses. The findings revealed a positive and statistically significant relationship between all three working capital management practices and financial health, leading to the rejection of the null hypotheses. Inventory management exhibited the strongest effect (β = 0.685), followed by cash management (β = 0.207) and accounts payable management (β = 0.118). The model explained 37% of the variation in financial health. The study highlights the critical importance of efficient inventory control, particularly for fast-moving consumer goods. It recommends that minimarts maintain optimal stock levels and closely monitor cash flows to enhance sales growth. Overall, the findings contribute to both academic literature and practical decision-making, emphasizing that effective working capital management is essential for improving financial performance in the retail sector.

Nexus between Monitoring and Evaluation Practices and Performance of Competency-based Curriculum Infrastructure Projects in Nairobi City County, Kenya

Faith Wanja Nthiga — 2026-05-02

This study investigated the impact of Monitoring and Evaluation (M&E) practices on the performance of CBC infrastructure projects in Nairobi City County, Kenya. It specifically focused on M&E planning, baseline studies, stakeholder engagement, and performance reviews. Grounded in Stakeholder Theory, Performance Theory, and Results-Based Management Theory, the research employed a descriptive design targeting 101 CBC classroom projects executed between 2022 and 2023. Data were gathered from school principals and Sub-County Education Directors through semi-structured questionnaires and interview schedules, with a pilot study conducted in Kiambu County to validate the research instruments. Quantitative data were analyzed using descriptive statistics, Pearson correlation, and multiple regression analysis, while qualitative data were examined thematically. The findings indicated that M&E practices have a significant impact on project performance, collectively accounting for 78.8% of the variation in outcomes. In particular, M&E planning (β₁ = 0.345, p = 0.00), baseline studies (β₂ = 0.226, p = 0.01), and stakeholder engagement (β₃ = 0.361, p = 0.00) emerged as statistically significant predictors of enhanced cost efficiency, timeliness, and quality. However, the effect of M&E performance reviews on project performance was not significant (β₄ = 0.059, p = 0.57) suggesting a limited use of feedback in decision-making processes. The study concludes that effective M&E planning, evidence-based baseline assessments, and inclusive stakeholder participation are critical determinants of successful CBC infrastructure delivery, while inadequate integration of performance review findings constrains adaptive management. It is recommended that education authorities strengthen institutional M&E frameworks, standardise planning tools, enhance capacity building, institutionalise regular baseline assessments, and improve feedback utilization systems to promote accountability, efficiency, and sustainability in public school infrastructure projects.

Beyond Market Co-movement: A Seemingly Unrelated Regression (SUR) Based Analysis of Hidden Sectoral Connectedness in Indian Equity Indices

Sohom Majumder — 2026-05-05

Understanding sectoral interdependence in equity markets requires distinguishing between co-movement driven by common macro-financial factors and residual cross-sectoral linkages. This study examines conditional sectoral connectedness in the Indian equity market using a Seemingly Unrelated Regression (SUR) framework. Daily return data for eight major NIFTY sectoral indices over the period 2020–2026 are analyzed. Each sector’s return is modelled as a function of lagged own returns and lagged macro-financial variables, including the NIFTY 50 index, India VIX, USD/INR exchange rate, Brent crude oil prices, S&P 500 index, and gold prices, to mitigate simultaneity effects. The SUR–Feasible Generalized Least Squares (FGLS) approach enables efficient joint estimation while capturing contemporaneous correlations across sectoral residuals. The results indicate that global market movements, particularly the S&P 500, exert a strong and consistent influence across all sectors, highlighting the importance of international spillovers. Commodity-linked sectors such as Energy and Metals exhibit strong positive associations with oil price movements, while exchange-rate sensitivities vary significantly across sectors. Despite controlling for observed drivers, the residual covariance structure reveals a dense network of positive contemporaneous associations, suggesting the presence of latent shared influences across sectors. The strongest residual linkage is observed between Energy and Metals, indicating persistent commodity-cycle effects. Sensitivity analysis confirms that the connectedness network is robust to alternative correlation thresholds. Residual diagnostics indicate limited first-order serial dependence, although some higher-order dependence remains. Overall, the findings suggest that sectoral connectedness in Indian equity markets is conditional in nature, with both global and domestic factors playing a significant role, alongside latent cross-sectoral linkages not captured by observable variables.

Impact of Service Quality on Customers’ Retention in Nigeria Banks

Olaiya, Adeniyi Clement — 2026-05-11

This study examined the impact of service quality on customers’ retention in Nigeria. The study proxied the independent variable with three variables namely; reliability, responsiveness and tangibility while the dependent variable was customer retention. The study employed primary data sourced questionnaire administered online. The study’s population comprised all banks customers who could be reached online. These deposit money banks included those bank that have fewer branch network but with huge online presence like Opay, Palmpay, Moniepoint. The study employed purposive sampling technique because the study wanted to focused on those who made of the aforementioned banks. Descriptive statistics was employed in explaining the socio demographic of the respondents. Data were presented with tables, using percentage and analyzed with chi-square. Findings from the study indicated that service efficiency has significant effect on the customers’ retention by deposit money banks in Nigeria. Also, banks’ tangibility has significant effect on the customers’ retention by deposit money banks in Nigeria and lastly, service responsiveness helps to improve the customers’ retention by deposit money banks in Nigeria significantly. Thus, the study concluded that service quality has significant impact on customer retention by deposit money banks in Nigeria. This implied that Nigerian banks stand a better chance of retaining the loyalty of their customers with better and improved service quality which would improve their overall performance. Therefore, the study recommended that Bank managements are advised to be more efficient and proactive in handling their customer’s challenges and complaints. Customers’ challenges and complaints should be resolved faster and with appropriate compensations.

Tax System Automation and Revenue Yield in Nigeria: A Case Study of Ekiti State Internal Revenue Services

T. S. Adewuyi — 2026-05-22

The tax revenue system serves as the foundation for good financial management and provides the most reliable and important source of government revenue in both developed and developing countries. However, tax revenue has constantly remained low among developing countries, especially in Nigeria, despite the adoption of tax system automation, considering its contribution to the gross domestic product (GDP) over the years. This study examined the effect of tax system automation on revenue yield in Ekiti State, Nigeria. The study employed a survey research design, using a purposive sampling method to select a sample size of eighteen (18) staff of the Federal Inland Revenue Service (FIRS) tax officers and one hundred and thirty-four (134) Ekiti State Internal Revenue officers. The result revealed that electronic tax registration, electronic tax filing of returns and electronic payment have a positive and significant impact on revenue yields in the State. The study concluded that tax authorities need to take crucial steps to maximise tax system automation.

The Effect of Training Investment on Firm Value of Listed Oil and Gas Firms in Nigeria: The Moderating Role of Board Independence

Taiwo Esther Adeniran — 2026-06-11

Background: In knowledge-intensive and highly regulated industries such as oil and gas, investments in employee training and effective corporate governance are increasingly regarded as strategic mechanisms for enhancing organizational performance and shareholder value. However, empirical evidence regarding the value implications of training investments in emerging economies remains inconclusive.

Aim: This study examined the effect of training investment on firm value among listed oil and gas firms in Nigeria and assessed the moderating role of board independence in this relationship.

Methods: An ex post facto research design was employed using panel data from twelve listed oil and gas firms over the period 2015–2024. Data were obtained from audited annual reports and corporate disclosures. Firm value was measured using Tobin’s Q, while training investment was proxied by training expenditure, training intensity, participation rate, and human capital investment ratio. Firm size and firm age were included as control variables. Data were analyzed using random-effects generalized least squares regression with robust standard errors.

Results: The findings revealed that training investment exerted heterogeneous effects on firm value. Training intensity had a positive and statistically significant effect on firm value, whereas training expenditure and participation rate demonstrated significant negative effects. Human capital investment ratio showed no significant relationship with firm value. Furthermore, board independence significantly moderated these relationships by reducing the adverse effects of training expenditure and strengthening the value relevance of participation rate, although it attenuated the positive effect of training intensity.

Conclusion: The study concludes that the contribution of training investment to firm value depends more on the quality, structure, and governance oversight of training initiatives than on the magnitude of expenditure. Strengthening board independence and implementing outcome-oriented training strategies can enhance firm value and improve investor confidence.

Business Model and Market Performance of Listed Firms in Nigeria and South Africa

Isiaka Adesoji Adewole — 2026-06-20

Market performance remains a central indicator of corporate valuation, investor confidence and long-term organisational sustainability, particularly in emerging capital markets exposed to economic uncertainty. This study examined the effect of business model disclosure on the market performance of listed firms in Nigeria and South Africa. The study adopted a longitudinal ex post facto research design and used secondary data obtained from published annual reports covering the period 2013-2024. From the population of firms listed on the Nigerian Exchange Group and the Johannesburg Stock Exchange as at 31 December 2024, 146 Nigerian firms and 260 South African firms met the census sampling criteria and were included in the final sample. Market performance was measured using Tobin's Q, while business model disclosure was assessed through five dimensions: business inputs, business activities, business outputs, business outcomes and business value delivery mechanism. Data were analysed using descriptive statistics, correlation analysis and fixed-effects regression with robust estimation. The results show that the Tobin's Q model is statistically significant, with an F-statistic of 8.72 and a probability value of 0.0000, indicating that business model components jointly influence market performance. Business inputs, business activities and business outcomes exert negative and statistically significant effects on Tobin's Q, while business outputs have a positive and statistically significant effect. Business value delivery shows a negative but statistically insignificant relationship. The study concludes that business model disclosure is relevant to market valuation, although its effect differs across disclosure dimensions. It recommends stronger, more credible and decision-useful business model reporting to improve transparency, investor assessment and market confidence in both countries.

Effects of Tax Incentives on Performance of Firms in Export Processing Zones in Machakos County, Kenya

Rachel Kaleha Nguku — 2026-06-29

This study examined the effects of tax incentives on the performance of firms operating in Export Processing Zones (EPZs) in Machakos County, Kenya. It focused on four incentive categories: corporate tax incentives, government subsidies, export promotion incentives, and capital allowance incentives. A quantitative descriptive correlational and panel-data design was adopted to assess relationships between these incentives and firm performance. The target population comprised EPZ firms across 14 subsectors, and a sample of 272 firms was selected using Yamane’s formula and stratified random sampling. Data were collected through structured questionnaires and firm records. The study obtained 238 completed questionnaires, representing an 87.5% response rate. The data were analysed using descriptive statistics, Pearson correlation, ANOVA, and regression analysis. Reliability testing showed acceptable internal consistency for all constructs, with Cronbach’s alpha values above 0.7. The correlation results indicated positive and statistically significant associations between firm performance and corporate tax incentives, government subsidies, export promotion incentives, and capital allowance incentives. Regression results showed that the model explained 62.7% of the variation in firm performance. Export promotion incentives had the strongest reported effect on firm performance, followed by capital allowance incentives, corporate tax incentives, and government subsidies. The findings suggest that tax incentives contribute to firm performance by supporting profitability, investment capacity, operational efficiency, and competitiveness. However, the relatively lower effect of subsidies indicates that fiscal incentives may be more effective when supported by broader policy measures. The study concludes that a coherent, predictable, and well-implemented incentive framework is important for strengthening the performance of EPZ firms in Machakos County

Financial Risk and Financial Performance of Commercial State Corporations in Kenya

Damballa Jacob Diid — 2026-07-01

Commercial state corporations in Kenya continue to experience financial performance challenges, reflected in persistent weak and negative returns on assets across several entities. This study examined the effect of financial risk on the financial performance of commercial state-owned enterprises in Kenya over the period 2019-2024. Specifically, it assessed the influence of default risk, interest rate risk, foreign exchange rate risk, and liquidity risk on financial performance. The study adopted an explanatory research design and used secondary panel data obtained from audited financial statements. Although the target population comprised 46 entities, the analysis included 42 corporations with complete financial information, generating 252 firm-year observations. Financial performance was measured using return on assets (ROA), while financial risks were operationalised using the debt-to-asset ratio, interest expense ratio, foreign exchange gain or loss ratio, and current ratio. Panel regression analysis was conducted after diagnostic tests assessed multicollinearity, normality, heteroscedasticity, autocorrelation, stationarity, and model specification. The findings revealed that default risk had a negative and statistically significant effect on financial performance (β = -4.497, p < 0.001), indicating that increased debt exposure reduces profitability among commercial state corporations. Liquidity risk had a positive and significant effect on ROA (β = 0.204, p = 0.033), suggesting that effective liquidity management supports operational efficiency and financial outcomes. Interest rate risk exhibited a positive and statistically significant relationship with financial performance (β = 0.002, p = 0.008), while foreign exchange rate risk had a positive but statistically insignificant effect (β = 0.015, p = 0.824). The regression model explained 71.01% of the variations in financial performance (R² = 0.7101). The study concludes that financial risk management, particularly prudent debt management and effective liquidity planning, is critical for improving the sustainability and performance of commercial state-owned enterprises in Kenya.

The Effect of Work Stress on Quiet Quitting, Mediated by Affective Commitment, among Millennial Employees in Indonesia

Ahmad Zulkifli Nur Huda — 2026-07-04

Workplace demands in the post-pandemic era have intensified work stress among Millennial employees in Indonesia and may encourage quiet quitting behaviour, characterised by reduced initiative, motivation, and emotional involvement. This study aims to analyse the effect of work stress on quiet quitting, with affective commitment as a mediating variable, among Millennials in Indonesia. Quiet quitting has become a significant issue because employees do not always express an intention to leave the organisation directly but instead limit their contributions to minimum required tasks. This condition may be influenced by work stress arising from workload, time pressure, job anxiety, and role ambiguity. Affective commitment is viewed as a psychological factor that may explain the relationship between work stress and the tendency towards quiet quitting. This study employs a quantitative approach with an explanatory research design. The population consists of employed Millennials in Indonesia, specifically individuals born between 1981 and 1996. The sampling technique used non-probability purposive sampling, with a sample size of 385 respondents. Data were collected through an online questionnaire using a five-point Likert scale and analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS software. The results indicate that work stress has a positive effect on quiet quitting and a negative effect on affective commitment. Affective commitment has a negative effect on quiet quitting and mediates the relationship between work stress and quiet quitting. These findings suggest that high work stress can weaken employees’ emotional attachment to the organisation, thereby increasing their tendency to withdraw passively from work.

The Nexus between Innovative Distribution Models and Consumer Retention in the E-Commerce Industry

Osokolo, Blessing — 2026-07-07

This study examined the nexus between innovative distribution models and consumer retention in the Nigerian e-commerce industry. Specifically, it investigated the effects of technology adoption, delivery flexibility, omnichannel integration, and last-mile delivery efficiency on customer satisfaction, repurchase intention, customer loyalty, and word-of-mouth advocacy. A descriptive survey research design was adopted. Primary data were collected through a structured questionnaire administered to 385 active e-commerce users selected from Lagos, Abuja, and Port Harcourt, which are major urban centres with substantial e-commerce activity in Nigeria. Data were analysed using descriptive statistics and multiple regression analysis with the aid of SPSS version 25. The findings revealed that innovative distribution models significantly enhanced consumer retention. Technology adoption significantly improved customer satisfaction; delivery flexibility positively influenced repurchase intention; omnichannel integration strengthened customer loyalty; and last-mile delivery efficiency significantly enhanced word-of-mouth advocacy. The study concludes that investment in innovative logistics systems represents a strategic approach to improving customer retention and supporting competitive advantage in the Nigerian e-commerce industry. It recommends greater investment in digital logistics infrastructure, flexible delivery systems, integrated omnichannel operations, and efficient last-mile delivery services to improve customer experience and long-term retention.

Solutions to Capital Market Volatility Using Frobenius Approach for Investment Decisions

George, Lauretta Emugha — 2026-07-10

This study presents an analytical investigation of capital market volatility and its implications for investment decision-making using a Frobenius-based solution framework. The classical Black-Scholes partial differential equation is transformed into a nonlinear ordinary differential equation through an appropriate variable substitution, with stock volatility (θ) incorporated as a key model parameter. The Frobenius method is then applied to obtain convergent series solutions for equilibrium asset prices, thereby enabling an examination of financial-variable behaviour under stochastic conditions. The study further evaluates the influence of volatility, stock-price levels and growth dynamics on equilibrium pricing, marginal rates of change and the acceleration of price adjustments. Numerical simulations, supported by tables and MATLAB-based graphical analyses from selected parameter values, show that increases in volatility amplify equilibrium asset values and strengthen market responsiveness, while also increasing nonlinear effects and price instability. The results indicate increasing marginal returns and accelerated price dynamics in highly volatile markets. The model provides an analytical framework for examining complex financial systems and offers insights into asset valuation and risk assessment. The findings contribute to mathematical finance by extending the traditional Black-Scholes modelling framework through a series-based solution, with practical relevance for investors and policymakers operating in volatile capital-market environments.

Pragmatic Approach to Constructing Optimal Portfolio: Application of Sharpe’s Single Index Model on Nifty 50

R. R. Abhijith — 2026-07-10

This study examines the practical application of Sharpe’s Single Index Model in constructing an optimal portfolio from Nifty 50 stocks. The study used secondary stock-market data for Nifty 50 constituent companies for 2019–2024. Return, alpha, beta, variance, systematic risk, unsystematic risk, excess return-to-beta ratio, cut-off rate and portfolio weights were estimated using the model. The Mumbai Inter Bank Offer Rate of 7.225% was used as the risk-free rate for computation.

The analysis showed that Adani Enterprises recorded the highest average return of 104.22%, while Eicher Motors recorded the lowest return of -23.04%. Infosys showed the highest alpha of 51.92%, whereas Tata Steel recorded the lowest alpha of -70.43%. The market return of the Nifty 50 index during the study period was 13.66%, and the market variance was 212.46%. Based on the excess return-to-beta ratio and the calculated cut-off point of 13.4097, 12 stocks were selected for inclusion in the optimal portfolio: Hero MotoCorp, Tata Consumer Products, BPCL, Divi’s Laboratories, Cipla, Eicher Motors, Bajaj Auto, SBI Life Insurance, Asian Paints, Adani Enterprises, Titan and IndusInd Bank.

Tata Consumer Products received the highest portfolio allocation of 29.38%, while IndusInd Bank received the lowest allocation of 0.24%. The constructed portfolio produced an expected return of 18.57%, a portfolio beta of 0.3768, alpha of 13.42%, unsystematic risk of 101.52%, systematic risk of 30.16% and total risk of 131.68%. The findings indicate that Sharpe’s Single Index Model provides a structured method for selecting securities and allocating portfolio weights; however, the results should be interpreted within the assumptions and limitations of the model.

Leadership Styles as Determinants of Employee Performance: Evidence from Nigerian Manufacturing Companies

Muyiwa Emmanuel Dagunduro — 2026-07-14

This study examined the effect of leadership styles on employee performance in manufacturing firms in Nigeria. Specifically, it investigated how transformational, transactional, democratic and laissez-faire leadership styles influence employee performance. The motivation for the study arose from persistent concerns about declining productivity and inefficiencies in manufacturing organisations, despite managerial restructuring and human resource interventions. The study employed a quantitative research approach and a cross-sectional survey design. From a population of 5,280 employees, a sample size of 358 respondents was determined using Cochran’s (1977) sample size formula and the finite population correction technique. Data were collected using a structured five-point Likert-scale questionnaire and analysed using descriptive statistics, including frequencies, percentages, mean and standard deviation, as well as inferential statistics, including correlation and regression analysis. Validity, reliability and ethical considerations were observed throughout the study. The regression results revealed that leadership styles jointly had a significant effect on employee performance (F = 14.007, p < 0.05). Transformational leadership had a negative and insignificant effect (β = -0.035, p = 0.543), while democratic leadership had a positive but insignificant effect (β = 0.077, p = 0.152). Conversely, transactional leadership had a positive and significant effect (β = 0.302, p = 0.000), making it the strongest predictor among the leadership styles examined. Similarly, laissez-faire leadership had a positive and significant effect (β = 0.120, p = 0.028). The study concluded that transactional and laissez-faire leadership are important determinants of employee performance. It recommends that managers in manufacturing organisations adopt leadership approaches aligned with operational realities, employee skill levels and workforce performance demands.

Fiscal Stance, Public Debt, and Inflation Dynamics in Nigeria

Akpughe Owegbe Wanogho — 2026-07-15

This study examines how fiscal stance and public debt affect inflation dynamics in Nigeria from 1980 to 2024. The objective is to evaluate the specific effect of fiscal deficits and public debt on inflation and to explore if public debt moderates the relationship between fiscal deficits and inflation. The research employs the Autoregressive Distributed Lag (ARDL) model, Bai-Perron structural break analysis, and mean-centered variables to depict inflation as a function of fiscal deficits, public debt, their interaction, and control variables including exchange rates, money supply, and lending rates. A persistent long-term cointegrating relationship is confirmed by the findings. Fiscal deficits exert a significant positive impact on inflation in both the long and short run horizons, while the interaction term is statistically insignificant, suggesting that deficits are autonomously inflationary regardless of debt levels. Public debt remains insignificant in the long run but exhibits a contemporaneous deflationary effect followed by a significant positive lag in the short run. The exchange rate, money supply, and lending rates are all significant positive long-run determinants. Notably, the Error Correction Term (ECT) is -0.507, indicating a significant and moderate adjustment speed where 50.7% of macroeconomic disequilibrium is corrected annually. The study concludes that the primary cause of inflation in Nigeria is linked to fiscal factors, with deficits independently contributing to rising prices, unaffected by the levels of debt, and the depreciation of the currency. Recommended actions encompass vigorous fiscal consolidation aimed at minimizing deficits and improved coordination between fiscal and monetary policies to avoid "unpleasant monetarist arithmetic." Furthermore, debt management should focus on securing concessionary financing, while essential structural reforms are necessary to expand the export base and alleviate inflationary pressures caused by fluctuations in exchange rates.

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

Maringa Elijah Kihooto — 2026-01-31

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.

Artificial Intelligence for Revenue Growth in Developing Economies: Results from a Structured Business Survey in Uganda's Hospitality and Tourism Sector

Venkatesh Andavar — 2026-07-03

Artificial intelligence (AI) is reshaping global tourism by enabling data-driven decision-making, personalised guest experiences, and optimised hotel operations. However, empirical research from low-income economies, including Uganda, remains limited. This study investigates the role of AI adoption in supporting revenue growth among hotel and tourism businesses in Uganda, using primary data collected from 212 hotels, tour companies, lodges, and travel agencies operating in Kampala, Entebbe, Jinja, Mbarara, and Gulu. A structured survey was administered to business owners, managers, and digital operations staff. Descriptive statistics, correlation tests, and regression analysis were used to assess how AI tools, including chatbots, dynamic pricing algorithms, customer analytics, automated booking systems, and AI-driven marketing, influence business performance. The results show that 73% of AI-adopting firms recorded revenue growth, 64% improved customer retention, and 58% reduced operational costs within one year of adoption. Regression findings indicate that AI use has a significant and positive effect on annual revenue (p < 0.01), with dynamic pricing and AI-driven marketing showing the strongest influence. The findings suggest that AI has practical potential to support Uganda’s hotel and tourism industry. The study recommends capacity-building programmes, national AI tourism strategies, and subsidised digital infrastructure to accelerate adoption among small and medium-sized tourism enterprises.