Finance and Financial Management Commons^™

People Orientation And Thing Orientation In Business Majors: Implications For Assessing The Impacts Of Cross-Functional Business Program Curricula, Todd J. Hostager, David A. Christopher, Kristy J. Lauver, Christopher Knowles

International Journal for Business Education

Background/Introduction/Purpose:  Prior research documented significant differences in people orientation and thing orientation (PTO) based on type of major and sex.  This study examines a set of measures for helping business programs to assess whether they are producing graduates equipped to consider both people and things when making decisions, regardless of their major or sex.

Methods/Design:  Students in a strategic management capstone course spent a single 75-minute session responding to a brief new venture pitch by identifying what types of additional information they would need to decide whether to invest in the business.  Three Likert-scaled options gauged the extent to participant …

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

The Influence Of Digital Audit Capability On Tax Compliance In Tanzania, Henry Zeno Chalu, Daudi Deokari Mtena

Business Management Review

The research evaluates the effects of digital audit capacity on tax compliance in Tanzania, focusing on challenges such as tax avoidance and administrative inefficiency. It applies the Task-Technology Fit Theory and Deterrence Theory in tax audit to examine the relationship between digital audit capability and tax compliance. The findings show that digital audit capability has significantly enhanced tax compliance through data integrity, security, and analytical capability. These features minimize misreporting, secure financial information, and build trust while uncovering predictive insights. The current study also has implications for tax policy by highlighting the promise of digital audit capability in enhancing both …

Digital Transformation And Adaptive Capacity Of Banks In Tanzania: The Mediating Effect Of Knowledge Sharing, Sospeter Muchunguzi, Ulingeta O. L. Mbamba, Victor G. Wilson

Business Management Review

Amid rising competition and uncertainty, banks are increasingly adopting digital technologies to sustain adaptive capacity and competitiveness. This study examines the mediating effect of knowledge sharing in the influence of digital transformation on adaptive capacity. Drawing on an integrative theoretical framework combining the Dynamic Capability Theory, the Affordance Theory and the Adaptive Structuration Theory, a deductive approach was used, involving a sample size of forty-three (43) banks in Tanzania. Data were collected using a questionnaire administered through a drop-off and pick-up-later method and analyzed with PLS-SEM using SmartPLS software. We found that digital transformation of customer touchpoints makes banks more …

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 …

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 …

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 …

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 …

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, …

Horizontal Collaboration Practices And Operational Performance Of Smallholder Farmer Groups In Horticultural Supply Chain, Herieth J. Rogath, Juma James Masele, Gerald Magova

Business Management Review

Collaboration has increasingly been recognized as a strategic approach for enhancing performance. However, limited attention has been given to the relationship between horizontal collaboration practices and the operational performance of horticultural smallholder farmer groups in downstream supply chains. This study examined this relationship through the lens of Social Exchange Theory. Data were collected using self-administered questionnaires from 195 smallholder horticultural farmer groups across the southern highlands of Tanzania, including Mbeya, Iringa, Njombe, and Songwe regions. Analysis was conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4.0. The findings reveal that all collaboration practices improve operational performance; resource …

A Forgotten Tool? Intellectual Property Rights And The Competitive Potential Of Micro, Small, And Medium-Sized Enterprises In Tanzania, Saudin J. Mwakaje

Business Management Review

This article offers a hybrid assessment of law and its impact on business by examining how intellectual property rights (IPR) promote business competitiveness by granting enterprises exclusive statutory rights over their innovations and creative ideas. The article situates the discussion in the Tanzanian context and focuses on Micro, Small, and Medium-Sized Enterprises (MSMEs). Using a qualitative approach, the discourse examines ongoing national and continental reforms and the evolving business and market environment that are driving MSMEs to adopt innovation to achieve market control and sustainability. Recent continental and regional regulatory developments, including the adoption of the Agreement on African Continental …

From Awareness To Action: Exploring The Behavioral Gap In Green Computing Among Surveyed University Students In Tanzania, Victor G. Wilson

Business Management Review

As digital technologies become increasingly embedded in higher education, promoting environmentally responsible computing practices has become an important sustainability and management concern. This study applies the Norm Activation Model (NAM) to examine green computing behavior among university students in Tanzania. Drawing on responses from 868 students across science, education, and business programs, the study investigates how Awareness of Consequences, Ascription of Responsibility, and Personal Norms influence green computing behaviors. Hierarchical regression analysis was used to assess both the explanatory power of the NAM variables and the selective moderating roles of gender and academic program. Findings reveal that both awareness and …

The Role Of Board Effectiveness In Shaping The Influence Of Esg Disclosures On Financial Performance: The Case Of Tanzanian Listed Companies, Emmanuel Christopher

Business Management Review

This study examines the moderating role of board effectiveness in the relationship between environmental, social, and governance (ESG) disclosures and the financial performance of firms listed on the Dar es Salaam Stock Exchange (DSE) in Tanzania. Drawing on stakeholder and agency theory perspectives, the study posits that ESG disclosures create value for stakeholders while effective boards enhance oversight and ensure that sustainability initiatives translate into firm performance. Using secondary data from firms’ annual reports for 2016–2024 (198 firm–year observations), the study applies random effects panel regression guided by the Hausman test. Robustness checks were performed using an alternative financial performance …

Entrepreneurial Orientation And Performance Of Microfinance Cooperatives: Evidence From Tanzania, Grace Thomas Mori, Omari Khalifa Mbura

Business Management Review

Microfinance cooperatives (MFCs) play a key role in socio-economic development, predominantly in developing countries. However, studies focusing on the relationship between entrepreneurial orientation (EO) and the performance of MFCs are limited, particularly in Tanzania. This study was informed by the resource-based view to examine the influence of EO dimensions on the performance of MFCs in Tanzania. Specifically, the study focused on four dimensions of EO namely; innovativeness, proactiveness, risk taking, and competitive aggressiveness behaviours. Data were obtained from 299 stratified sampled managers of MFCs through the administration of a structured questionnaire. In testing this relationship, Partial Least Squares Structural Equation …

Contemporary Issues In Economics And Finance: The View From China, Kenneth S. Bigel

Open Touro Created

2026

This collection of essays showcases original research crafted by exceptional young scholars—primarily high school students from China and North America—guided step-by-step from topic selection to final publication. Across diverse subjects in business and the social sciences, these emerging researchers demonstrate curiosity, discipline, and global awareness. Their work provides a rare window into the questions today’s youth are asking on both sides of the Pacific, offering fresh perspectives and a meaningful bridge between two world powers. Designed not only to inspire but also to instruct, this compendium fills a long-recognized gap in early research education: it presents accessible, real student …

Design Thinking For Corporate Social Responsibility Program Proposal Creation, Michelle "Mindy" D. Danovaro

University of the Pacific Theses and Dissertations

This qualitative study used action research to explore how the use of design thinking engaged employees in the creation of a corporate social responsibility (CSR) program proposal in a small- to medium-enterprises (SME) in the Sacramento region of California. The purpose of the study was to assess whether employee participation in a design thinking exercise could improve employee perception of engagement, inclusion, and reciprocity during the CSR program proposal creation. The study was grounded in social exchange theory, stakeholder theory, and design thinking methodologies. The iterative research process followed action research cycles (i.e., plan, act, observe, and reflect) integrated with …

Digital Zakat And Islamic Fintech: A Bibliometric Analysis Of Global Research Trends And Collaboration Networks (2012–2025), Muhamad Dupi, Fauziyah Adzimatinur

Journal Of Middle East and Islamic Studies

This paper examines global research trends, collaborative networks, and prevailing themes in digital zakat and Islamic fintech studies published from 2012 to 2025. We retrieved a total of 194 Scopus-indexed publications using bibliometric methods on September 23, 2025, and analyzed them using VOSviewer version 1.6.20. The analysis set a minimum occurrence threshold of 5 for keywords and a minimum citation threshold of 10 for documents. The results indicate that the number of publications has been steadily rising since 2017, with the most in 2023 (42 documents). Malaysia, Indonesia, and Nigeria were the top contributors, and INCEIF University and the International …

Research Advances On Foreign Portfolio Investments: A Bibliometric And Thematic Analysis, Ritu Sapra, Dixit Yadav, Kamal Upreti, Nishant Kumar, Rituraj Jain, Akhilesh Tiwari

Markets, Globalization & Development Review

Foreign portfolio investments have been at the center of research in the finance, economics, and international business domains since the early 1990s when developing economies started to relax their capital account and allowed the entry of foreign investments. Over the years, various macroeconomic (country-specific and global), firm-specific, and quality factors have been studied as determinants in relation to these flows, Still, there is no consensus regarding which factor influences more than the others. This paper uses bibliometric analysis to understand the existing literature to build a solid conceptual base in this research topic. For this study, bibliometric data of 731 …

Evaluating Kansai Airport's Ppp: Grounded Ambitions, Concession Of Financial, Geotechnical, And Climate Risk, Edmund Cho, Dimitrios V. Siskos

International Journal of Aviation, Aeronautics, and Aerospace

This study critically examines the Kansai Airports Group’s 44-year Public-Private Partnership (PPP) monopoly-type concession encompassing Kansai International (KIX), Osaka Itami (ITM), and Kobe (UKB) airports. The research uses financial analysis, Monte Carlo simulation, and NPV-at-risk modeling to evaluate how Japan’s fixed-term private monopoly model allocates financial, operational, and environmental risks. In 2015, there were significant developments in the promotion of the Private Finance Initiative (PFI) Act. It was revised in 2015; as a result, it finds that the underestimated long-term maintenance liabilities, especially Kansai airport (KIX) foundation subsidence, and lacked flexibility to manage exogenous shocks like COVID-19 and Typhoon Jebi. …

Social Media Marketing And Business Performance Of Small And Medium Fashion Enterprises In Tanzania: The Moderating Role Of Social Media Strategic Capabilities, Pamela Kishimbo, Juma James Masele, Dev Jani

Business Management Review

This study examines the influence of social media marketing (SMM) on the business performance of small and medium fashion enterprises (SMFEs) in Tanzania, with social media strategic capabilities (SMSCs) as a moderating variable in this relationship. The study is grounded in the Uses and Gratification Theory (UGT) and Resource-Based View (RBV). The study used a cross-sectional survey design, collecting data from 397 SMFEs through structured questionnaires. Data were analysed using descriptive statistics and structural equation modelling (SEM). The findings revealed a significant positive relationship between SMM and the business performance of SMFEs in Tanzania. Furthermore, the findings show that SMSCs …

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

Building Open Finance, Douglas W. Arner, Ross P. Buckley, Christine M. Wang, Dirk A. Zetzsche

Notre Dame Journal of International & Comparative Law

As one of the most digitalized sectors of the economy, finance is increasingly dependent on data. Over the past decade, the implementation of Open Banking and Open Finance in an increasing number of major jurisdictions around the world, including the European Union (EU), the United Kingdom (UK), Australia, Brazil, and the United Arab Emirates (UAE), seeks to break down data silos, empower consumers, and increase competition among financial service providers, aiming to maximize the value of financial data for innovation, growth, and competitiveness. In addition to mandatory requirements, other governance approaches to Open Finance, including collaborative arrangements and voluntary initiatives, …

Internationalization And Investment Efficiency, Alireza Askarzadeh, Kenneth Yung

Graduate Student Government Association Research Conference

Conflicting results in the literature regarding the effect of internationalization on firm performance motivate this study to examine this effect through an important but less studied channel. Unlike previous literature mainly focusing on the impact of internationalization on firm financial performance, this study examines operational performance and probes how internationalization affects firms’ investment inefficiency, thus demonstrating an important aspect in determining the success of international strategies. By applying the concepts of transaction cost economics and agency theory to a sample of US firms between 1989 and 2022, we find evidence that internationalization has a positive relationship with investment inefficiency and …

From Cypherpunks To Decentralized Finance: How Crypto-Anarchy Is Redefining Legal And Economic Systems, Alesia Zhuk

Markets, Globalization & Development Review

This article explores the evolution of crypto-anarchy, tracing its origins from the cypherpunk movement to the rise of decentralized finance (DeFi) and its transformative effects on legal and economic systems. Central to crypto-anarchy is the belief in individual empowerment through privacy, financial autonomy, and decentralization, which allows users to bypass traditional intermediaries like banks. While these technologies offer increased freedom and financial inclusion, they also introduce significant risks such as money laundering, tax evasion, and the facilitation of illegal activities, posing challenges to current regulatory frameworks. The article examines the socio-economic implications of decentralization, including both the democratization of finance …

Cross Country Analysis Of Leveraged Loan Issuance: A Comparative Case Study, Cristina D. Vasquez Boero

Honors Program Theses

This paper aims to examine the dynamics of the global leveraged loan market through a cross-country analysis of 32,635 loan issuances spanning 133 industries across 29 countries between 2005 and 2024. The study analyzes key loan-level variables; including commitment size, maturity time, facility type, pledge status, priority lien, economic sector, use of proceeds, issue year, and amortization schedule to identify cross-country variation in loan issuance patterns and borrower characteristics, comparing a selected sample of international countries with the United States. The results reveal that the market for leveraged loans has grown significantly over time, specifically due to a higher frequency …

Pan-Caribbean Airlines: Unlocking Regional Aviation Potential, Dimitrios V. Siskos, Alexander Maravas, Jordan Karatzas

Publications

The Caribbean's air transport system is facing significant challenges, including operational fragmentation, excessive costs, and inadequate inter-island connectivity. These challenges limit its ability to support the region’s heavily tourism-dependent economies. This research evaluates whether consolidating small Caribbean airlines into a single or virtual Pan-Caribbean carrier could transform regional air travel. Based on financial analysis, historical traffic data, and case comparisons with airline mergers in South America and the US, the paper simulates the anticipated efficiencies resulting from route consolidation, fleet standardization, and common operational services. The research concludes that consolidation may create a regional GDP impact of up to $3.3 …

Vale Strategic Audit, Nikolas Mancio

Honors Program: Senior Projects (Public)

The Chinese government is critical in shaping the global mining and metals industry, specifically for companies like Vale S.A., the world’s largest iron ore and nickel producer. China’s dominance as the largest importer of iron ore significantly impacts commodity prices and demand, with its government exerting substantial influence through production quotas, infrastructure spending, and environmental regulations. Vale’s strategic position in the Chinese market is a cornerstone of its operations. It is supported by investments in distribution centers, blending facilities, and high-grade iron ore that align with China’s environmental goals. However, this reliance also makes Vale vulnerable to shifts in Chinese …