Finance and Financial Management Commons^™

External Mandate And Strategic Imperative: A Necessary And Sufficient Conditions Approach To Environmental Accounting Adoption In Tanzanian Manufacturing Firms, James Moses Dendula, Helena Thomas Haule

Business Management Review

Environmental Accounting (EA) serves as a strategic tool for organisations to integrate environmental considerations into operations, decision-making, and reporting. However, in emerging economies, its adoption remains uneven and insufficiently explained regarding how institutional pressures and internal capabilities jointly shape these practices. This study examines how institutional pressures and firms’ internal capabilities influence Environmental Accounting Practices (EAP) among 146 Tanzanian manufacturing firms. Anchored in Institutional Theory and the Resource-Based View (RBV), the study adopts a complementary analytical approach by integrating sufficiency and necessity logics using Partial Least Squares Structural Equation Modelling (PLS-SEM) and Necessary Condition Analysis (NCA). The PLS-SEM results indicate …

The Influence Of Financial Literacy On The Financial Behavior Of Students In The Higher Learning Institutions In Tanzania, Lisa John Baltazar, Evelyn Mweta Richard

Business Management Review

This study examines how financial literacy influences financial behavior as measured by spending, saving and investment and borrowing behavior of university students. The study was informed by the theory of planned behavior. Explanatory research design was used to test the research hypothesis. Data was collected through using a structure questionnaire which was administered both physically and online.  446 random selected students across Universities in Tanzania participated in the study, and simple linear regression analysis was used to establish the effect of financial literacy on financial behavior.  It was established that majority of the students are considered financially illiterate. However, the …

Unpacking The Nexus Between Financial Inclusion And Tax Compliance In Tanzania, Sarah Senso, Henry Zeno Chalu, Cosmas Renatus Masanja

Business Management Review

The study examined the influence of financial inclusion and tax compliance in Tanzania, focusing on access to financial services, quality of financial services, and usage of financial services. Guided by the positivist philosophy, the study employed a deductive approach utilizing the supply-leading theory and economic deterrence theory as the guiding frameworks. A cross-sectional survey design was employed, and multistage sampling was employed to obtain a sample of 386 bank agents by using a multistage sampling method. The study used primary data that was collected through structured questionnaires, which contained closed-ended questions measured on a 7-point Likert scale, and analyzed data …

Embeddedness Of Corporate Social Responsibility Practices Of Listed Local Firms In Tanzania: Analysis Of Communication And Organisation Dimensions, Lilian Julius Kishimbo

Business Management Review

This study explores the embeddedness of Corporate Social Responsibility (CSR) practices among listed Tanzanian firms from 2020 to 2024, focusing on both communication and organisational dimensions within a theoretically grounded framework. The study is guided by Institutional and Stakeholder theories, analysing how CSR is integrated into corporate strategies and operational structures, with particular emphasis on variation across banking and finance, telecommunications, manufacturing, extractive, agriculture, and transport industries. Using a mixed-methods approach combining qualitative content analysis of annual reports with organisational indicators, the study draws on 20 firms (95 firms annual reports) to identify significant industry-specific differences in CSR embeddedness, with …

Investigating The Impact Of Artificial Intelligence On Financial Decision-Making And Professional Practice, Elijah Jones

Finance Undergraduate Honors Theses

The following study is an investigation into the impact of artificial intelligence (AI) as it relates to financial decision-making and professional processes. The focus of the study is to address the gap between theoretical applications analyzed by researchers and real-world use. The existing literature extensively analyzes the exponential growth of AI in finance over the years and its uses in relationship management, predictive analysis, trading, risk management, and more. While the studies show the potential transformative capability that AI has regarding workflows, there is limited data that shows how these newfound technologies are actually being adopted by professionals. To address …

Diving Into Commercial Banking: Internship Experience At Hilborn & Howell, Llc, Reid W. Finch

Finance Undergraduate Honors Theses

This paper attempts to provide insight into the commercial banking industry through personal experience and the help of high-level lending professionals.

An Explanation Of Alternatives Within A Portfolio, Isaac J. Reitman

Finance Undergraduate Honors Theses

This thesis attempts to provide insight into the role of alternative investments within modern portfolio construction for accredited and institutional investors.

The asset classes discussed are as follows: private credit, private equity, venture capital, hedge funds, collectibles, and real estate.

Identifying And Evaluating Valuation Drivers In Upstream Oil And Gas M&A: A Comparative Analysis Of The Pedevco-Juniper Transaction, John D. Schick

Finance Undergraduate Honors Theses

This thesis examines the valuation drivers in small-cap upstream oil and gas M&A, using the November 2025 PEDEVCO–Juniper Capital transaction as an anchor case against comparable DJ Basin acquisitions from 2018 to 2026. Drawing on SEC filings and EIA pricing data, the analysis standardizes deals across $/flowing barrel, reserve mix, liquids exposure, and commodity environment. Regression testing shows that daily production scale is the dominant driver of total enterprise value, while oil weighting and PDP-heavy reserves command per-unit pricing premiums; short-term WTI and Henry Hub prices show little explanatory power. PEDEVCO–Juniper's moderate scale, 77% oil weighting, and PDP-heavy profile place …

Perceived Fiscal Exchange And Tax Compliance: Evidence From Large Corporate Taxpayers In Tanzania, Susan Kiyenze, Mariam Nchimbi, Said Suluo

Business Management Review

This paper examines the relationship between perceived fiscal exchange (PFE) and Tax Compliance (TCO) among large corporate taxpayers in Tanzania while drawing on the Fiscal Exchange Theory (FET). The study on which this paper is based employed a quantitative research design and analysed data using Partial Least Squares Structural Equation Modelling (PLS-SEM) with a sample of 215 large corporate taxpayers in Tanzania. We find that the FET framework has modest explanatory and predictive power. Perceived Fiscal Exchange (PFE) has an insignificant effect on tax compliance of large corporate taxpayers. This suggests that perceptions of fiscal exchange do not necessarily drive …

The Push-Pull Model's Function In Understanding Public Sector Workers' Inter-Organisational Labour Mobility: The Views Of The Herzberg Two-Factor Theory, Rosemary Selestine Massae

Business Management Review

In the modern world, one of the challenges managers have in maintaining their talented staff is labour mobility. Inter-organisational labour mobility (ILM) has been found to be significantly influenced by co-worker relationships, work-family conflict, monetary compensation, and training and development. The pull-push paradigm was inspired by human migration. Since migration not only symbolises movement across physical locations but also encompasses other routine duties, theory is essential to comprehending ILM. However, to date, no existing study has tested the model under the influence of Herzberg’s Two-factor Theory, in explaining ILM uses the public sector as a major setting of the question …

The Impact Of Quantum Computing And Distributed Ledger Technology On Accounting/Auditing/Finance Systems, Ulingeta O. L. Mbamba

Business Management Review

The integration of Quantum Computing (QC) and Distributed Ledger Technology (DLT) is poised to fundamentally reshape modern accounting by transforming how financial data is processed, secured, and verified. QC, utilising qubits, will exponentially enhance data analytics, risk assessment, and real-time financial forecasting, accelerating complex auditing tasks far beyond the capabilities of classical systems. In parallel, DLT, such as blockchain, provides a decentralised, immutable record of transactions, significantly increasing transparency and trust. This synergy may enable real-time analysis, continuous auditing, and intelligent automation, converting traditional static, centralised processes into dynamic, transparent ecosystems. Together, this convergence may redefine accounting, auditing, and finance, …

The Erosion Of The Middle Class In The United States From 2008-Present: A Financial Perspective, Evan M. Kilmer

Finance Undergraduate Honors Theses

This thesis examines the erosion of the middle class in the United States from 2008 to the present from a financial perspective, specifically focusing on the interconnection between household debt, asset affordability, and income growth. The 2008 financial crisis sparked a period of expansionary monetary policy, which aided the recovery of asset prices and equity markets. However, these gains have far exceeded real wage growth for middle-class households, which has resulted in a widening gap in affordability. As these citizens struggle to maintain consumption habits and access to goods and services associated with upward mobility, mortgages, student loans, and consumer …

Project Foresight Annual Report, 2024-2025, Paul J. Speaker

Faculty & Staff Scholarship

Project FORESIGHT is a business-guided self-evaluation of forensic science laboratories across the globe. The participating laboratories represent local, regional, state, and national agencies. Economics, accounting, finance, and forensic faculty provide assistance, guidance, and analysis. Laboratories participating in Project FORESIGHT have developed standardized definitions for metrics to evaluate work processes, linking financial information to work tasks and functions. Laboratory managers can then assess resource allocations, efficiencies, and value of services—the mission of Project FORESIGHT is to measure, preserve what works, and change what does not.

The benchmark data for the 2024-2025 performance period includes laboratory submissions for a variety of fiscal …

The Effects Of Private Equity Ownership Of Acute Care Hospitals On Patient Experience, Abigail M. Huffman

Theses and Dissertations

In 10 years, private-equity firms' share of hospitals has grown from 2-3% to 8%.  Using data from two sources: the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) patient surveys and the Private Equity Stakeholder Project (PESP), I demonstrate a causal effect of private-equity ownership on patient satisfaction using difference-in-difference methods.

Discounted Cash Flow Valuation Of Ethiopian Airlines Group: Country Risk, Currency Volatility, And Soe Dynamics In An Emerging Market Context, Rediet Wale Yirga

2026 Spring Honors Capstones Projects

This study presents a discounted cash flow valuation of Ethiopian Airlines Group, a state-owned enterprise in sub-Saharan Africa's largest aviation market. No published academic study has applied rigorous quantitative valuation to the airline within an emerging market framework. This research addresses that gap by constructing a multi scenario DCF model using audited financial data from FY2019/20 through FY2023/24, with projections through FY2029/30. The model incorporates a country risk premium using Damodaran's methodology and accounts for ETB/USD depreciation following Ethiopia's 2024 exchange rate liberalization. Sensitivity analysis identifies exchange rate volatility, fuel costs, and discount rate as primary drivers of enterprise value …

Assessing The Viability Of Cryptocurrency As A Payment Method: A Consumer Perspective, Aadavan Dharumaiyan

Dissertations

The problem addressed in this study was the limited mainstream adoption of cryptocurrencies for daily retail transactions despite continued technological advancement and increasing institutional interest. The purpose of this qualitative study, grounded in Husserlian descriptive phenomenology, was to explore the perceptual and behavioral factors influencing this adoption gap. Participants were recruited using snowball sampling, resulting in eight participants divided into two cohorts: active cryptocurrency payment users (Cohort 1, n = 2) and cryptocurrency holders who did not use cryptocurrencies for payments (Cohort 2, n = 6). Data were analyzed using the Moustakas phenomenological approach to identify patterns in participant experiences. …

Herding In Artificial Intelligence, John Cotter

Honors Scholar Theses

This paper examines whether increased attention to artificial intelligence (AI) influences herding behavior in financial markets. As AI has become a dominant theme in both financial markets and public discourse, understanding how investor attention affects behavior has become increasingly important. Herding behavior is measured using the Cross-Sectional Absolute Deviation (CSAD) methodology developed by Chang, Cheng, and Khorana (2000). The analysis uses daily data from December 2019 through November 2025 and focuses on the Global X Artificial Intelligence & Technology ETF (AIQ) as a proxy for the AI sector. Investor attention is measured using a composite Google Search Volume Index (SVI) …

Too Big To Fail Or Built To Survive? Government Intervention And Corporate Resilience In The Global Automotive Industry During The 2007–2009 Financial Crisis, Reagan A. Waurishuk

Honors Scholar Theses

The 2007-2009 financial crisis displayed how many industries lacked sustainability during times of market volatility. It revealed structural vulnerabilities, especially in the global automotive industry. This case study and analysis intend to examine why certain major automakers were able to survive the crisis without bankruptcy, such as Ford, Toyota, Honda, and BMW AG, while other competitors required company-wide restructuring and government assistance. This research investigates the extent and timing of government support. It also investigates the influence of these loans on firm rebound rates and whether the companies that were provided with aid were prioritized based on size or weakness. …

Bitcoin Options Risk-Reversal Predictability, Meng Hwee Neo

Dissertations and Theses Collection (Open Access)

This dissertation examines whether Bitcoin options risk-reversal (RR) spreads predict future Bitcoin returns, using daily Deribit data from April 2021 to December 2025 (1,723 observations).

In the primary 25-delta, 90-day specification, the RR coefficient is significant at the 1% level in a thirteen-variable baseline regression with Newey–West standard errors. Robustness tests across all available delta–tenor specifications show statistically significant RR coefficients in the majority of configurations, concentrating in the 30–180-day maturity band.

The butterfly spread (BF) also predicts returns. Both remain significant after controls are added: the RR t-statistic increases from 1.91 (univariate) to 3.73 (full baseline), and the BF …

Biodiversity Risk And Firm Valuation: Regional Heterogeneity And Value-Chain Exposure In Global Capital Markets, Madelein Wentzel

Doctoral Dissertations (DBA)

This study examines whether biodiversity-related risks are priced in global equity markets and whether that pricing varies across regions, using a cross-sectional sample of more than 10,000 globally listed firms with biodiversity and financial data drawn from the fourth quarter of 2025. Consistent with a regional heterogeneity hypothesis, the results show that biodiversity risk is significantly negatively associated with firm valuation in developed markets such as the United States and OECD countries, while the relationship is weaker, insignificant, or even positive in certain emerging regions including Latin America and the Middle East and Africa. The analysis further distinguishes between value-chain …