Finance and Financial Management Commons^™

Expansion, Diversification, And Delinquency In Indonesian Fintech Lending Platforms, Muhammad Miqdad Robbani, Megat Nagainaka, Mahanani Margani

Bulletin of Monetary Economics and Banking

This study examines the impact of loan expansion and diversification strategies on credit risk in Indonesia’s fintech lending sector using panel data from 102 registered platforms between 2022 and 2025. Employing fixed-effects regression models, we analyse how loan growth and diversification influence delinquent loans. The findings reveal a non-linear relationship between loan growth and delinquent loans, implying that while moderate expansion reduces risk, excessive growth is associated with increased credit defaults, and diversification is not significant. These findings emphasise the importance of prudent growth and targeted risk management to ensure the sustainability of the fintech lending ecosystem.

Does Green Electricity Mitigate Carbon Emission Externalities? Industry-Specific Effects On Firm Profitability, Operational Efficiency, Valuation, And Market Risk In Taiwan Listed Companies, Mutiara Eka Puspita, Wei Hwa Pan, Bon Long Hsia, Huynh Phu Tan

Bulletin of Monetary Economics and Banking

his study explores the relationship between carbon emissions and firm financial performance across industries and how green electricity adoption moderates this effect. Using 9,925 firm-year observations from the Taiwan Economic Journal, we estimate panel regressions and compare Fixed Effects robust and Driscoll-Kraay (1998) standard errors to ensure robustness. Two-way and three-way interaction models reveal a green electricity paradox: biotech firms benefit, while financial and high-tech sectors decline. These findings highlight the need for sector-specific ESG investment models and tailored policy support to ensure an equitable green transition. The study contributes by integrating environmental-financial dynamics with industry heterogeneity in emerging markets

Key Determinants Of Diamond Value, Tobey Brill, Alexander Dobrovolskyi, Rayland Labayog

Undergraduate Economics Working Paper Series

This paper intends to examine the determinants of diamond pricing using a hedonic regression framework. Using the diamonds dataset from Wickham (2016), we analyze the four C’s, also known as carat weight, cut, color, and clarity. We also wanted to go deeper into this topic and look into the depth and table to see how it impacts diamond pricing. Results have displayed that carat weight greatly influences a diamond’s price, while characteristics such as clarity, color, and cut exert positive effects. Estimates were found to be statistically significant. Our findings confirm and reassure the idea that hedonic pricing accurately captures …

Early-Term Abortion Bans And Sex Selection After Dobbs V Jackson, William Jergins, Xin Liang Brown

Faculty Scholarship

Following the 2022 US Supreme Court decision Dobbs v Jackson, many states adopted early-term abortion (ETA) bans that prohibit abortions before the age of viability and often before sex determination is technologically feasible. We analyze the effect of ETA bans on the sex ratio at birth among first-generation Chinese, Korean, and Indian (CKI) immigrants using difference-in-differences and triple differences methodolo- gies. While our estimates across higher parity children sometimes indicate a decrease in the sex ratio at birth, they are also generally small and statistically insignificant, which is consistent with continued access to sex selection under ETA bans. In contrast, …

Payrolling In The Deep, Kyle Rosenfeld

Business and Economics Honors Papers

This study examines how Major League Baseball teams can build their rosters to spend their payroll more efficiently. Using a manually constructed dataset, consisting of thirty teams over the past five years, this paper studies different payroll allocation strategies, such as the percentage of a team’s payroll to homegrown players or free agents, to improve the efficiency of how an MLB club is spending. Through running regression models, results have shown there is a statistically significant positive relationship between how efficient MLB teams spend their payrolls to the percentage of a team’s payroll designated to homegrown players. Additionally, there is …

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.

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) …

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 …

Engaging Young People In Sustainable Finance: Opening Up Opportunities For Transformation, Allison Guerette

Markets, Globalization & Development Review

The field of sustainable finance could benefit from more meaningful engagement with young people, who offer a unique perspective and have a vested interest in addressing climate change and other global issues that will shape their future. In this post-qualitative study, three young people document what they see, hear, and experience as they attend a symposium for experts on sustainable finance and environmental, social, and governance (ESG) investing. These raw tellings are used in the cocreation of a youth sustainable finance assemblage and analysis tool, which the young people then apply to the Return on Sustainable Investment (ROSI™) methodology. Relationality, …

A Counterfactual Analysis Of The Impact Of Stock Market Absence On Economic Growth In Selected Sub-Saharan African Countries, Etsub Tekola Jemberu, Adriana Knápková, Bruce Dehning

Accounting Faculty Articles and Research

Despite the global expansion of financial markets as a strategy for financial reform over the past century, around one-sixth of the world’s countries lack a formal stock market. This paper provides novel evidence from nine sub-Saharan African countries on how the absence of stock markets impacts economic growth. Using the synthetic control method (SCM), we estimate the counterfactual GDP per capita these countries would have experienced had they established a stock market during 1993–1995. The findings reveal that the absence of a stock market resulted in substantial losses for most countries, including Burundi, the Democratic Republic of Congo, Comoros, Guinea, …

Hurdles To Retirement Security: Exploring Race, Religion, And Savings Behavior, Mamoud A. Jalloh, Sedefka Beck

Midwest Social Sciences Journal

Retirement savings have become increasingly central to household financial security as defined contribution plans replace traditional pensions. Using nationally representative data from the 2019 Panel Study of Income Dynamics, this study applies a double‑hurdle model to examine the distinct factors shaping participation in retirement plans and contribution intensity. Results reveal persistent racial and ethnic inequalities: Hispanic, Black, and Mixed‑Race workers are significantly less likely to save and contribute markedly less than White workers, even after accounting for income, wealth, and employment characteristics. Religious affiliation also influences savings behavior, with Jewish contributors saving more and several other groups saving less than …

Relationship Between Change In Unrealized Gains Or Losses Of Afs Securities And Credit Spreads Of U.S. Life Insurance Companies, Kwang Liang Yeo

Dissertations and Theses Collection (Open Access)

This study evaluates the transmission of unrealized fair value accounting losses to credit default risk within the United States life insurance sector during a period of unprecedented monetary tightening. Integrating a pre-specified confirmatory econometric framework with a text-based exploratory analysis of regulatory filings, we examine how changes in Other Comprehensive Income (OCI) and benchmark interest rate dynamics shape market perceptions of insurer default probability. Our findings reveal that credit default swap markets do not price OCI variations contemporaneously; instead, they reflect a structural one-quarter pricing lag that aligns with the regulatory timeline of financial disclosures. Furthermore, the relationship between interest …

Research On The Impact Of Industrial-Financial Cooperation On Corporate R&D Investment, Jiayin Yin

Dissertations and Theses Collection (Open Access)

The national industrial-financial cooperation pilot policy represents a key strategic initiative to implement China's strategy of building a "financial powerhouse" and guide financial resources toward empowering high-quality development in the real economy. In December 2016, four central government departments in China jointly announced the first batch of national industrial-financial cooperation pilot cities. Leveraging this quasi-natural experiment, this study comprehensively evaluates the impact of the pilot policy on corporate R&D investment activities using a sample of Chinese A-share listed companies from 2014 to 2019.

Research findings indicate: (1) The industrial-financial cooperation pilot policy significantly increases enterprises' R&D investment levels. Specifically, compared …

Budgeting Apps, Financial Literacy, And Financial Control, Max Masabo, Abdullah Mohammad Mahi

Presentations - 2026

Our paper shows the real hidden connections between budgeting app usage and financial wellbeing of U.S Households

Budgeting Apps, Financial Literacy And Financial Distress: Evidence From U.S. Households, Max Ngenzi Masabo

Posters - 2026

• First, it provides the first large-scale, nationally representative evidence on how budgeting app usage relates to household financial distress in the United States. Contrary to the intended purpose of these tools, we find that app users, especially frequent users, experience significantly higher levels of financial strain. • Second, we show that financial literacy is a critical moderating factor. The adverse association between budgeting apps and financial distress is substantially stronger among low-literacy individuals, highlighting financial literacy as an essential safeguard against harmful fintech outcomes. • Third, we identify behavioral mechanisms through which budgeting apps may exacerbate financial difficulties. App …

Macroprudential Easing Measures In The Context Of Contractionary Monetary Policy: The Case Of Brazil In 2014, Marcos Antonio Paliari, Marcos Roberto Vasconcelos

Journal of Banking and Financial Economics

This paper evaluates the effects of a macroprudential policy of regulatory easing implemented amidst a contractionary monetary policy in Brazil. The intervention, carried out by the Central Bank in the third quarter of 2014, relaxed reserve requirements on time deposits to stimulate bank credit for vehicle financing. Using a Difference-in-Differences approach with fixed effects by credit modality and month, the analysis is based on monthly disbursement data for consumer loans from 2011 to 2018. Twelve rolling monthly windows are used to capture the dynamic evolution of the policy’s effects. Results based on a synthetic control group indicate statistically significant and …

Converting The Social Security Trust Fund Into A Sovereign Wealth Fund: A Proposal To Secure The Future, Keanu Moore

Dartmouth College Master’s Theses

This thesis proposes the conversion of the Social Security Trust Fund into a sovereign wealth fund (SWF), paired with the phased creation of a mandatory retirement savings system for all working-age Americans. In response to forecasts projecting Trust Fund depletion by 2034, the proposed portfolio shift would diversify assets beyond U.S. Treasuries into global equities, real estate, alternatives, and fixed income, with the goal of enhancing long-term returns while remaining passively managed. While this reform would extend the Fund’s solvency, it is not, on its own, a permanent fix. To ensure structural sustainability beyond the exhaustion date, the thesis proposes …

Interdependence And Portfolio Analysis Of Property Sector Real Estate Investment Trusts (Reits) In Malaysia During Covid-19, Muhammad Aqhari Azmi, Muhammad Zaim Razak

International Journal of Management, Finance and Accounting

This study examines the benefits of incorporating Malaysian Real Estate Investment Trusts (REITs) into a mixed-asset portfolio, with a focus on the periods preceding, during, and following the COVID-19 pandemic. The study utilises daily data from 1 January, 2018 to 21 October 2024, sourced from the Datastream database. By utilising the Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model, the study examines the volatility of office property REITs and retail property REITs, as well as the linkages between these assets and stocks and bonds. The findings reveal that REITs exhibit unique volatility structures and correlations with other financial assets, which …

Cultivating Responsible Artificial Intelligence Practices In Malaysian Higher Education, Sharfika Raime, Norsafriman Abd. Rahman, Raemah Abdullah Hashim, Mohd. Farid Shamsudin

International Journal of Management, Finance and Accounting

The integration of Artificial Intelligence (AI) in higher education presents both opportunities and ethical challenges. In Malaysia, private universities are adopting AI at a pace that often outshines the development of governance frameworks, raising concerns over transparency, data privacy, and ethical literacy. This research examines the influence of three predictors (AI Transparency, Data Privacy Awareness, and Ethical AI Literacy) on the ethical use of AI among 221 academicians. Guided by Deontological Ethical Theory and employing a quantitative correlational design, the analysis revealed strong and significant relationships among all variables. Data Privacy Awareness emerged as the most consistent and positive predictor …

Factors Affecting The Adoption Of Artificial Intelligence-Driven Wearable Technology In The Malaysian Healthcare Sector: A Conceptual Framework, Syeda Hafsa Rizwan, Anusuyah Subbarao, Nasreen Khan, Farrukh Ahmed Khan, Shaikh Fazlur Rahman, Nimra Aziz, Syed Muntazir Azhar Shah

International Journal of Management, Finance and Accounting

This conceptual paper examines the adoption of Artificial Intelligence (AI)-driven wearable technology, including smartwatches, fitness trackers, wearable ECGs, glucose monitors, and pain management devices, in transforming healthcare in Malaysia. Despite the extreme potential to enhance patient care and healthcare monitoring, the adoption of AI-driven wearable technology remains limited due to several persistent barriers. The purpose of this study is to examine these challenges and propose a framework to improve the integration of AI-driven wearable technology in Malaysia’s healthcare system. Grounded in the Diffusion of Innovation (DOI) theory, this study examines how five key innovation attributes —relative advantage, compatibility, complexity, trialability, …

The Future Of Marketing: Personalized Customer Engagement Through Artificial Intelligence In The Malaysian E-Commerce Landscape, Aaron Aw Teik Hong, Herison Surbakti

International Journal of Management, Finance and Accounting

This research examines how Artificial Intelligence (AI) is used in adapting customer engagement in e-commerce in Malaysia. Many companies are turning to chatbots, recommendation systems, and personalized analytics in AI to enhance customer service and business operational productivity. However, AI integration among Small and Medium-sized Enterprises (SMEs) in Malaysia is still in its early development phases. Technological limitations, budget constraints, and existing regulations pose significant challenges. The study employs a qualitative approach by examining academic journals, industry reports, policy documents, and case studies to investigate the problems and challenges related to AI in marketing personalization. The conceptual framework helps study …

Influence Of Time Management Skills And Technostress On Academic Performance Among The Private University Students: A Conceptual Framework, Jogtika Ramasamy, Nasreen Khan Thandar Oo

International Journal of Management, Finance and Accounting

Digital tools enhance learning but can also cause technostress, which can impact focus and academic performance. Balancing technology use with effective time management and social engagement is key to student success. Students in Malaysia's Klang Valley reported increased feelings of loneliness, mental health issues, and technostress, particularly as a result of the shift to online learning. This study aims to propose a conceptual framework based on the Study Demand-Resources Theory, examining how time management skills and technostress dimensions influence academic performance through the mediating role of student engagement. A quantitative and cross-sectional survey will be conducted by distributing Likert scale …

Innovative Approaches To E-Grocery: Analyzing Customer Satisfaction In Facebook Livestream Shopping, Karen Tien Wan Lin, Vincent Oh Kim Seng, Hasliza Hassan, Shaikh Fazlur Rahman

International Journal of Management, Finance and Accounting

The primary objective of this study is to examine the crucial determinants that influence customer satisfaction in Facebook livestream e-grocery shopping in Malaysia, with a particular focus on housewives as a significant consumer segment. A sample of 220 respondents was selected using simple random sampling, and the data was analyzed using the Statistical Package for the Social Sciences (SPSS). The analysis confirms the hypotheses that customer satisfaction in Facebook Livestream e-grocery shopping was influenced by factors such as product quality, security, website design, delivery service and e-service quality. Interestingly, three factors, including information quality, payment method, and product variety, were …

Digital Marketing And Consumer Behaviour In Travel Services: A Conceptual Framework On The Mediating Role Of Brand Trust, Omar Abdulaziz Sultan Abdullah, Junainah Binti Mohd Mahdee, Nurazlin Binti Mohd Fauzi

International Journal of Management, Finance and Accounting

Digital marketing shapes each moment of the contemporary travel journey, yet limited evidence still obscures how individual tactics foster purchase decisions. This conceptual study will develop an integrative framework that integrates four core touch-points, including social media marketing, email marketing, search engine marketing, and online reviews on travellers’ purchase intentions, positing brand trust as the central psychological mechanism. Guided by the Stimulus-Organism-Response theory, thirteen propositions will specify both the direct effects of each touch-point on trust and purchase intention, and trust as a mediator role. To demonstrate the mechanism for empirical validation, future research will conduct a purposive sampling of …

Subdimensions Of Technostress Across Industries: A Systematic Review, Jogtika Ramasamy, Nasreen Khan Thandar Oo

International Journal of Management, Finance and Accounting

Technostress is the stress induced by the use of digital technologies, which has attracted growing academic interest due to its multidimensional nature and impact across various industries. In this light, the aim of this systematic review was to analyse the most frequently reported sub-dimensions of the technostress creator's framework, identify the issues related to the dimensions of technostress and to evaluate how technostress is conceptualised as a unidimensional or multidimensional construct. Based on Scopus as the single database, 52 empirical papers were retrieved that have been published from 2020 to 2025 mid and were subject to a structured dimension-mapping approach. …

Investigating Volatility Spillover Between The Energy Market And The Sectoral Stock Markets In Malaysia: Evidence From Vhar-Type Models, Mariam Mohamed Abdelwahab Mohamed Badawi, Sew Lai Ng, Ruzanna Ab Razak

International Journal of Management, Finance and Accounting

This study examines the realised volatility spillover effects between Malaysia's energy market and other sectoral indices on the Kuala Lumpur Stock Exchange from September 2018 to December 2024. To address the limitations of current volatility modelling approaches, this study employs the Vector Heterogeneous Autoregressive (VHAR) model combined with the Realised Range-Based Volatility (RRV) measure to capture heterogeneous market behaviours at daily, weekly, and monthly time horizons. High-frequency data from September 2018 to December 2024 (earlier data are unavailable for some sectors) were collected from the financial data provider Bloomberg. The findings reveal that the energy sector exhibits strong volatility persistence, …

Click, Watch, Buy: Understanding Purchase Intention Of Malaysian University Students In The Live Stream Shopping Era, Ying Tsuen Wong, Siow-Kian Tan, Siow-Hooi Tan

International Journal of Management, Finance and Accounting

This study aims to examine the factors that influence purchase intention in live streaming e-commerce among Malaysian university students. It explores background characteristics, shopping behaviours, and live stream features such as streamer expertise, broadcast scheduling, post-sales service, structural bonds, social bonds, and financial bonds. Data were collected from 347 university students using convenience sampling through an online survey. Group comparisons were conducted using t-tests for gender, and an analysis of variance (ANOVA) for other background characteristics and shopping behaviour variables. Multiple regression analysis was used to test the relationship between live stream features and purchase intention. The results show significant …

The Impact Of Sustainability Orientation And Practices On Financial Performance: A Combined Sufficiency And Necessity Logic Approach, Pei Yew Mah, Francis Chuah

International Journal of Management, Finance and Accounting

This study aims to examine the interplay of corporate sustainability orientation and sustainability practices, namely social and environmental dimensions and their impact on the financial performance of Small and Medium-sized Enterprises (SMEs) using Stakeholder theory. This study empirically tested 126 valid questionnaire responses received from the SMEs’ services sector in Malaysia using Partial Least Squares Structural Equation Modelling (PLS-SEM) analysis. The result reveals that corporate sustainability orientation and social dimension influence financial performance, while the environmental dimension does not. The supplementary combined importance performance map analysis (cIPMA) analysis indicates that the environmental dimension is necessary for the financial performance outcome, …

Artificial Intelligence And Employee Well-Being: A Systematic Literature Review, Dombagaha Pathiranage Marian Shavini Medonka Peiris

International Journal of Management, Finance and Accounting

Artificial Intelligence (AI) is transforming modern workplaces by offering opportunities to enhance employee well-being while simultaneously introducing significant challenges. Although scholarly interest in the intersection of AI and well-being is growing, empirical research in this domain remains limited and underdeveloped. This study's primary objective was to assess the current knowledge in this domain, with a secondary aim of identifying critical research gaps to inform future investigations. Adhering to PRISMA guidelines, this systematic literature review analysed 23 empirical studies published between 2015 and 2025, sourced from the Lens.org and ProQuest databases and was guided by the Job Demands Resources (JD–R) model. …

Exploring The Pathways Of Artificial Intelligence And Sustainable Development In The Era Of Industrial Revolutions: A Bibliometric Analysis And Future Research Agenda, Xu Bin, Teh Sin Yin, Sajal Saha

International Journal of Management, Finance and Accounting

Artificial Intelligence (AI) is playing an increasingly pivotal role in driving innovation and promoting sustainable development across various sectors amid the ongoing wave of industrial revolutions. However, the existing research lacks a systematic and quantitative overview of how AI contributes to sustainability goals. This study addresses this gap by conducting a bibliometric analysis of 101 articles from the Web of Science Core Collection, using the keywords “sustainab*”, “artificial intelligence”, and “industrial revolution”. Analytical tools such as VOSviewer and Scimago Graphica were employed to generate keyword co-occurrence maps, publication trends, and research collaboration networks. The results show that scholarly interest in …