Business Commons^™

The Impact Of Central Bank Digital Currencies News On Bank Stability: Evidence From Asean-5 Countries, Firman Hidayat, Raditya Sukmana, Masrizal Masrizal, Rahmat Heru Setianto

Bulletin of Monetary Economics and Banking

This study constructs an index reflecting Central Bank Digital Currency (CBDC) news coverage and evaluates its impact on bank stability. The CBDC Attention Index (CBDCAI) is formulated based on more than 533 Reuters Digital News Report articles from 2019 to 2023. Employing the System Generalized Method of Moments (GMM) approach with data from 92 banks across ASEAN-5 nations, and implementing quantile regression for robustness checks, the findings demonstrate a significant relationship between the CBDCAI and bank stability, alongside variables such as bank size and capitalization. These results offer valuable guidance for central banks, especially within the ASEAN-5 region, as they …

The Drivers Of The Gender Gap In Financial Inclusion For Entrepreneurial Development: Empirical Analysis From Tanzania, Cornel Joseph, Chakupewa Joseph Mpambije

Business Management Review

The gender gap in financial inclusion is a significant concern for both the academic community and policymakers, as it represents a critical factor influencing the development of entrepreneurship in Tanzania. Using the World Bank’s Findex database of 2021, this paper examines the drivers of the gender gap in financial inclusion for entrepreneurial development in Tanzania. The study adopts the Fairlie decomposition to examine the contribution of these factors to the gender gap in access and usage of financial services. The empirical results from the Fairlie decomposition analysis confirm the existence of a gender gap in access to financial services in …

On The Legal-Theoretical Foundations Of Property Taxation Under State Ownership Of Land, Tianke Ban, Yilin Hou, Ping Zhang

Center for Policy Research

The general public and even some scholars challenge the legitimacy of levying the property tax under conditions where land is state-owned and multi-year land-use fees have already been collected at the time of house sales. This challenge points to the legal- theoretical foundations of property taxation: the core issue is whether the rights and economic utility of China's construction land-use-rights (CLUR) are sufficient to be treated as the object of property tax levy. China's Civil Law stipulates that CLUR holders have the rights to possess, use, and profit from the land during their use period, as well as the right …

An Evaluation Of Structural Gaps And Systemic Barriers In The Entrepreneurship Ecosystem, Iryna V. Lendel, Chloe Wieber, Molly Schnoke

Upjohn Institute Technical Reports

This comprehensive study of Dayton, Ohio’s minority entrepreneurial ecosystem was supported by the Ewing Marion Kauffman Foundation. Based on a multi-year research effort and in-depth interviews with business support organizations (BSOs) and ecosystem stakeholders, the study examines how Dayton’s extensive network of entrepreneurial services supports minority and underrepresented entrepreneurs, identifies persistent gaps, and documents how the ecosystem has evolved amid COVID-19 disruptions, declining federal funding, and shifting approaches to diversity, equity, and inclusion. The study highlights strengths such as well-built early-stage support and collaborative service networks, alongside challenges including limited later-stage business assistance, fragmented entry points, misaligned performance metrics, and …

The Advantages Of Saudi Arabia’S Fixed Exchange Rate Regime For Inflation Control: An Econometric And Empirical Analysis, Rodrigo Bochner

Arab Economic and Business Journal

Since 1986, Saudi, has maintained a fixed exchange rate, pegging the Saudi Riyal (SAR) to dollar at SAR 3.75/USD. This stabilizing domestic prices, and promoting macroeconomic stability in an oil-dependent and economy exposed to volatile global commodity prices and international shocks. This paper provides a assessment of the fixed exchange rate’s advantages for inflation control. Leveraging a dataset spanning 1980–2025 and econometric tools— Ordinary Least Squares (OLS), Vector Error Correction Models (VECM), Autoregressive Distributed Lag (ARDL) techniques, and GARCH models—this study identifies the causal channels and measures the peg’s impact on inflation dynamics, with a review of literature, confirming that …

Are Cities Losing Innovation Advantages? Online Versus Face-To-Face Interactions, Ruben Gaetani, Naqun Huang, Jing Li, Yanmin Yang

Research Collection School Of Economics

How did COVID-19 affect the innovation advantages of dense locations? Using data on the universe of U.S. patent applications, we find that the density premium in the production of novel inventions declined by 18.5%-22.9% in 2020-2021 relative to its pre-pandemic level. Smartphone data on local mobility suggest that the drop in the frequency of local interactions can explain a significant portion of this effect. While COVID-19 resulted in a temporary setback in the innovation advantages of dense locations, the role of urban density in facilitating the exchange and recombination of ideas is unlikely to be persistently replaced by online communication.

Agency Mbs As Safe Assets, Zhiguo He, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Measured as yield spreads against Treasury securities and AAA corporate bonds, the convenience premium of newly issued agency MBS averages more than half of the long-term Treasury convenience premium. The agency MBS convenience premium and issuance amount vary negatively with mortgage rate, consistent with a prepayment-driven channel. Placing agencies into conservatorship in 2008 and introducing liquidity regulations in 2013 significantly affected MBS convenience premium, consistent with government guarantee and regulatory treatment channels. Analyses of dispersion of dealers’ prepayment forecasts, seasoned MBS, and investors’ MBS holdings deliver further economic implications for agency MBS as safe assets.

Literature Review: Crowdfunding And Political Fundraising, Saiful Ahmad, Palupi Lindiasari Samputra

Journal of Strategic and Global Studies

Crowdfunding is an effort to raise relatively small amounts of money involving many individuals to support a specific project. Typically, crowdfunding is conducted online through fundraising platforms. The aim of this paper is to identify and analyse the utilisation of crowdfunding in fundraising activities that are related to or have political goals carried out by certain organisations or political groups. The method used in this paper is qualitative in the form of narrative analysis carried out through in-depth reading of several scientific literatures that discuss political fundraising through crowdfunding. The sources of scientific literature collection were obtained through the Google …

Implementation Of Zero Trust Architecture On Local Server Management In Educational Institutions, Joko Purwanto, Safar Dwi Kurniawan

Journal of Strategic and Global Studies

Educational institutions are facing increasingly complex cyber threats, particularly as they continue to rely on on-premises servers with limited cybersecurity resources. Zero Trust Architecture (ZTA) offers a security model that rejects implicit trust and requires strict verification of each access request. This study aims to examine the applicability of ZTA in managing local servers within educational institutions through a qualitative literature review approach. Relevant literature from 2014 to 2025 was analyzed using thematic synthesis to identify recurring concepts, strategies, and gaps. The results show that ZTA, when integrated with Identity and Access Management (IAM), Security Information and Event Management (SIEM), …

The Satu Wakaf Indonesia Application Development Strategy, Nurul Huda, Nova Rini, Rahma Aini Nur, Ariel Nian Gani, Muhammad Rofi'i, Nur Syamsudin Buchori

Journal of Strategic and Global Studies

The Satu Wakaf Indonesia application is a new platform for digital waqf, which necessitates a strategic policy for its development. The needs of strategic policy stand from the current problems that occur in the implementation of the application. The objectives of this study are: (1) the key sub-elements of the Satu Wakaf Indonesia development strategy, and (2) The Satu Wakaf Indonesia development strategy using the ISM approach. The research method used is a qualitative method with the Interpretive Structural Modelling (ISM) approach. The data source for this study is the results of filling out questionnaires by expert informants. The results …

Bibliometric Analysis Of Research On Women’S Labor Force Participation And Household Economics, Muhamad Dupi, Inayat Ullah Baloch

Jurnal Ekonomi Kependudukan dan Keluarga

Studies of women labor participation (WLFP) and household economics have grown in size in the last two decades and more research and policy focus are given to gender equality, labor markets and household welfare. Nevertheless, the available literature is still in pieces by region, theme, and institutional settings and a complete bibliometric review of this area of study is yet to be done. The objective of the proposed study is to trace the world-wide literature on the topic of women participation in the labor force and household economics through the analysis of the patterns of publications, networks of cooperations, and …

Structural Empowerment And The Work Environment Of Nursing Home Care Workers In China, Yawen Ou

Lingnan Theses (MPhil & PhD)

China is experiencing a profound demographic transformation as its population ages rapidly, driven by declining fertility, increased longevity, and long-term effects of the One- Child policy. Traditional family-based elderly care has become increasingly unsustainable due to the pressures of the “4-2-1” family structure and the rising prevalence of empty-nest households. In this context, there is an increasing trend in institutionalized elderly care, accompanied by a growing demand for Nursing Home Care Workers (NHCWs). In spite of their vital importance, NHCWs often face heavy workloads, poor compensation, low recognition, and limited professional autonomy. This study explores the work environment and structural …

Technology, Leadership, And Sustainability In The Post-Crisis Economy: Evidence From Lebanese Organizations, Dania Abbass, Habib Badawi

Arab Economic and Business Journal

This study examines how artificial intelligence integration, transformational leadership, and sustainability practices collectively influence organizational resilience and performance in crisis-affected Arab economies, with a focus on Lebanese organizations navigating compound disruptions. Using a convergent mixed-methods design, quantitative data were collected from 487 managers and employees across Lebanese organizations and comparative international samples in the education, finance, NGO, and tourism sectors, complemented by 32 semi-structured interviews. Results demonstrate that AI integration, transformational leadership, and sustainability practices significantly enhance organizational resilience and performance, with emotional intelligence and affective commitment serving as critical mediators. Organizations combining high implementation across all three dimensions achieved …

Strategic Decision-Making For Greenomina Decarbonization Efforts At Pt Pertamina (Persero), Fransisca Fitriastuti, Yos Sunitiyoso

BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi

This study explores the strategic decision-making process in implementing Greenomina, a digital transformation platform developed by PT Pertamina (Persero), a reputable state-owned energy company in Indonesia, to support decarbonization initiatives through carbon emission tracking and management. The analysis draws upon two frameworks: the Business Model Canvas (BMC) and the Digital Transformation Canvas (DTC). Greenomina primarily targets Scope 3 emissions, or indirect emissions from business travel and activities, by enabling employees to measure, document, and offset their carbon footprints. This study employed a qualitative approach, combining in-depth interviews and document analysis. The findings highlight key components of a successful digital business …

Business Communication Barriers In An Export-Oriented Company: A Case Study Of Pt. Xyz, Sartika Ekadyasa, Arius Krypton

Jurnal Administrasi Bisnis Terapan

This study examines business communication barriers faced by PT. XYZ, an export-oriented company engaged in international business cooperation. Using a qualitative case study approach, data were collected through observation, in-depth interviews, documentation, and literature review. The findings indicate that business communication is influenced by multiple interrelated barriers, including socio-anthro-psychological, technical, and ecological factors, which affect communication effectiveness during coordination, negotiation, and relationship management with foreign business partners. These barriers shape the quality of mutual understanding, trust, and operational efficiency in cross-border interactions. The study highlights the importance of integrated communication strategies that address social, cultural, psychological, technical, and environmental dimensions …

Collaboration Of Economic Institutions Based On Empowerment Programs To Strengthen Food Security: The Case Of Laying Hens In North Gorontalo, Karin Safitri

Jurnal Administrasi Bisnis Terapan

This study analyzes the role of economic institutional cooperation in strengthening food security through the development of laying hen farming in North Gorontalo Regency. Eggs are positioned as a strategic animal food due to their nutrient density and affordability for households, while also being relevant to the agenda of improving nutritional status through government programs. This study examines how the synergy of village and community institutions (e.g., Village-Owned Enterprises, cooperatives, and livestock groups) with regional livestock empowerment programs (e.g., the 2 Goats 10 Chickens/G2-10 Movement) and the national Free Nutritious Meals (MBG) program can strengthen production capacity, expand the farmer …

The Impact Of Premium Income And Claim Expenses On Property Insurance Underwriting Results, Debrina Vita Ferezagia, Marta Yuniar, Finisha S. Hardanto

Jurnal Administrasi Bisnis Terapan

ABSTRACT

The objective of this study is to examine the influence of premium income and claim expenses on the underwriting outcomes of property insurance. Property insurance is a form of insurance that provides protection for property against potential hazards, including fire, theft, and damage caused by natural catastrophes. The data were analyzed utilizing IBM SPSS Statistics 25. The data indicates that both premium income and claim expenses have a substantial influence on underwriting results. However, it is important to note that only premium income has a substantial influence on underwriting performance, accounting for an effective contribution of 83.3%. The coefficient …

Board Attributes, Firm Performance, And The Moderating Role Of National Culture: A Meta-Analysis, Matthew Farrell, Chris H. Willis, Nathapon Siangchokyoo, Ryan L. Klinger, Jamil Kreugel, Hami Usta, Timiry R. Tian, Ying Thaviphoke, Samuel Wilson

Management Faculty Publications

Research Question/Issue

The impact of board structures on firm performance remains a contentious governance topic with competing theoretical paradigms and inconclusive empirical support. Scholars propose that national culture could reconcile contradictory evidence; yet, argumentation is fragmented and direct tests are rare. We meta‐analyzed 513 samples across 54 countries to examine relationships between board structures (i.e., board size, board independence, and CEO duality) and firm performance. We model national culture, using Hofstede's six cultural dimensions, as moderators to test whether these relationships align with agency or stewardship theory across different cultural settings.

Research findings/insights

Findings indicate a substantial moderating role of …

Health Status In East Texas, Manuel Reyes-Loya, Cecilia Cuellar, Marilyn Young, Luisa Moraes

Hibbs Newsletter

This issue of the Hibbs Newsletter examines the key economic drivers of East Texas, highlighting trends in GDP, employment, and wages across major metropolitan areas. From 2015 to 2023, the region experienced steady economic growth, led primarily by healthcare, manufacturing, and mining industries. The report emphasizes healthcare as a dominant contributor to both employment and high-wage occupations, offering insight into the region’s evolving economic structure

Forecasting The Unpredictable: The Bullwhip Effect In The Toy Industry, Mannat Sethi

CMC Senior Theses

This thesis investigates the bullwhip effect, the amplification of demand variability as it moves upstream in a supply chain, with a focus on the toy industry, and comparative analysis with the technology and consumer goods sectors. Using annual data from 1993 to 2024, the study analyzes production and retail growth for Mattel, Hasbro, Intel, and Procter & Gamble to assess how variance between consumer demand and firm output has changed over time. Bullwhip ratios are calculated as the variance of production growth divided by the variance of retail growth across two periods: 1993–2008 and 2009–2024.

The findings show that toy …

Unlocking Organizational Support Through Psychological Empowerment: Identification And Test Of Transformational Leadership As A Catalyst Of Perceived Organizational Support, Ryan L. Klinger, Nathapon Siangchokyoo, Tipat Sottiwan

Management Faculty Publications

Organizational support theory (OST) explains how employees develop and respond to beliefs about their organization, with perceived organizational support (POS) representing a central construct within this framework. Integrating psychological empowerment theory, we examine an intrinsic motivational pathway through which POS relates to employee in-role performance and identify transformational leadership as a contextual catalyst that may strengthen this process. We test a multilevel moderated mediation model using multisource and multi-time data from 217 employees and 41 supervisors. Results indicate that POS is positively related to in-role performance through the psychological empowerment dimensions of competence and self-determination. Moreover, transformational leadership strengthens the …

Women's Work And Wealth: Measuring The Impact Of Incremental Liberations, 1850-1870, Hannah Kelly

Williams Honors College, Honors Research Projects

Using a two-way fixed effects difference-in-difference model, this project analyzes data from the IPUMS Full Count census for 1850, 1860, and 1870 at a state level for 48 states. Four models assess the impact of property laws on women's real property holdings, labor force participation, household types, and real property values.

By quantifying the impact of various legal reforms on women's economic empowerment, this project fills a gap in the understanding of the intersection between law, society, and women's economic agency during a transformative period in pre-industrial American history. These impacts can implicate the effectiveness of legislative measures in advancing …

Essays In Housing And Consumer Finance, Spencer Stone

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I show how consumer left-digit bias affects borrowing costs in the US residential mortgage market. I find that the distribution of mortgage rates bunch at .99-ending rates just below left-digit changing thresholds, and that this bunching is greater in the distribution of rates selected by borrowers than those simply offered by lenders. Comparing observably similar borrowers within the same 1-bp interest rate band, selecting similar mortgage products, in the same census tract and origination month, I show that borrowers receiving .99-ending rates pay significantly more fees than borrowers receiving the nearest whole-number rate just above them, …

Identifying Industry-Preferred Automation Software In Engineering: An Indeed-Based Analysis To Inform Engineering Technology Curriculum Design, Triet Minh Phan, Collins Okafor, Winifred Okafor, Devang Mehta, Mohsen Souissi, Jenora Waterman, Connie Mayberry, Misty Thomas, Orlando Ayala, Angie Price, Maurizio Manzo

Engineering Technology Faculty Publications

In the evolving field of automation engineering, staying aligned with industry software demands is critical to preparing graduates for the modern workforce. This study investigates the prevalence of leading industrial automation platforms—Rockwell / Allen-Bradley (RSLogix / Studio 5000), Siemens (TIA Portal / Step 7), and Schneider Electric (EcoStruxure / Unity Pro)—across job postings collected from Indeed using the keyword "automation engineering." The research compiles a structured dataset of job postings with seven fields: ID, Job Title, Organization, Rockwell / Allen-Bradley, Siemens, Schneider Electric, and Posting URL. Each entry is manually coded to indicate whether the listed software platforms are mentioned, …

Determinants Of The U.S. Experience Economy: A Macroeconomic, Demographic, And Technological Analysis, 1984–2023, Chloe Ross

CMC Senior Theses

Pine and Gilmore et al. 1999 examine American consumers’ preferences for experiences over durable goods. Since then, there has been a multitude of research on the psychology behind this shift in consumption preferences, and there has been an abundance of media coverage of the new “experience economy.” This thesis goes beyond psychology and examines the macroeconomic, demographic, and technological determinants of experiential spending in the United States from 1984 to 2023. I use annual data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES) and variables from the Bureau of Economic Analysis (BEA), Federal Reserve Economic Data (FRED), US …

Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta

CMC Senior Theses

The global luxury fashion industry is often viewed as a sector where broad economic conditions intersect with individual spending behavior. Yet despite this common assumption, it remains unclear whether macroeconomic fluctuations meaningfully shape luxury firms’ financial performance. This thesis examines the relationship between four key macroeconomic indicators - consumer sentiment, disposable income, unemployment, and exchange rates - and firm-level quarterly revenue for twelve publicly listed luxury companies from the early 2000s through 2024. Firm financial data from S&P Capital IQ are matched with macroeconomic measures from the Federal Reserve (FRED), and the analysis employs a two-way fixed-effects framework with firm …

From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago

CMC Senior Theses

This thesis evaluates whether dynamically tuned weight penalties can improve high-dimensional mean-variance portfolio choice. Classical Markowitz portfolios perform poorly when the number of assets is large relative to the data, because small estimation errors in means and covariances can generate extreme, fragile allocations. A common remedy is to regularize the weights using L1 (lasso), L2 (ridge), or elastic-net penalties, but these are typically chosen once and held fixed. Using monthly excess returns on the 48 Fama-French industry portfolios from January 2010 to June 2025, this thesis compares penalized mean-variance and minimum-variance strategies under long-only and long-short constraints, with and without …

Ceo Linguistic Stress And Abnormal Stock Returns Evidence From S&P 500 Earnings Conference Calls, Yiqi Sun

CMC Senior Theses

Stress is pervasive among corporate executives, yet its effect on firms' future abnormal return remains largely unexplored. This paper examines whether CEO's Linguistic stress exhibited during earnings conference calls predicts future abnormal stock returns. I provided a Large Language Model (Claude Sonnet 4.6) psychology-backed prompts to analyze CEO stress from linguistic patterns in 7491 earnings call transcripts from 470 companies in the S&P 500 during 2020-2024. I found three main results. First, the CEO linguistic stress is negatively and significantly associated with the immediate market reaction, with a one-unit increase in stress score associated with a 0.9% decrease in the …

The Evolving Beijing Consensus: Chinese Communist Party Political Control And Economic Trade Offs, Ian Murphy

Political Science & Geography Faculty Publications

China’s rapid economic rise and unique development trajectory have long been the subject of scholarly debate, often framed through the concept of the “Beijing Consensus” as an alternative to the Washington Consensus. While initial conceptualizations highlight innovation, sustainability, and national sovereignty, later analyses highlighted elements like state capitalism and authoritarianism, particularly in the wake of the 2008 Global Financial Crisis. This paper argues that the Beijing Consensus is undergoing a significant evolution under Chairman Xi Jinping, increasingly prioritizing the Chinese Communist Party’s political security, regime stability, and ideological control at the expense of economic growth. This marks a notable departure …

Strategic Peer Region Selection For Economic Development, Xiaobing Shuai, Riley Ford

School of Professional and Continuing Studies Faculty Publications

Benchmarking against peer and aspirational regions is essential for economic development because it provides meaningful context for evaluating performance and shaping strategy. These comparisons help highlight regional advantages that attract new investments, as well as uncover gaps that may represent opportunities for future growth. ...

This article provides a practical, data-driven framework that economic development organizations can use to identify peer and aspirational regions, strengthen benchmarking efforts, and support strategy development. A case study illustrates how this can be applied to better interpret economic indicators and inform decision-making. For EDOs, this approach offers a more consistent way to evaluate competitiveness, …