Finance and Financial Management Commons^™

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 …

Customer-Centricity In The Financial Services Sector: A Preliminary Look, Rhea Ingram, Katie H. Whetstone

AMTP Proceedings 2026

Financial institutions are under scrutiny as they work to rebuild consumer trust following the financial crisis. One effective approach for these organizations is to adopt a customer-centric strategy. Research indicates that businesses with a strong focus on customer-centricity tend to earn, on average, 60% higher profits than their competitors (Deloitte, 2017). While genuinely customer-centric companies are relatively rare, many organizations are in the process of transforming into a customer-centric model. This paper offers a preliminary examination of the rhetoric used by financial institutions, suggesting some progress in their customer-centric approach.

Using The Four-Quadrant Model Of Think/Feel/Fast/ Slow To Understand The Decision-Making Of Self-Managed Superannuation Fund Trustees, Roger Colbeck, Steven D’Alessandro, John Minas

Research outputs 2022 to 2026

This research focuses on decision-making by trustees of self-managed superannuation funds (SMSFs) in Australia. Behavioral attributes are examined using the four-quadrant model (FQM) developed by Lovric et al. (2010), comprising the cognitive, affective, controlled, and automatic quadrants. The FQM integrates two closely related dual-process theories (DPT). Both the DPT framework and the FQM draw on foundational principles from the cognitive and behavioral sciences. The result of the mixed methods study uses the FQM to explain investment decision-making. The dataset was examined using cluster analysis to identify underlying group structures, followed by regression modelling to assess the relationships between key variables. …

Merger Waves In A Small Open Economy: Industry Shocks, Behavioral Variables, Mergers And Acquisitions In Singapore, Eng Sian Quek

USF Tampa Graduate Theses and Dissertations

As an open economy, Singapore has experienced substantial transformations in its mergers and acquisitions (M&A) market over the past several decades, alongside evolving regulatory frameworks designed to maintain its position as a competitive international hub for corporate restructuring. Over the 20 years from 1990 to 2009, Singapore was exposed to a series of major economic shocks, including financial crises, geopolitical conflicts, terrorism, sectoral downturns, oil price shocks, and public health epidemics, all of which were accompanied by pronounced fluctuations in interest rates and equity market conditions. Against this backdrop, this dissertation examines the determinants of M&A waves in Singapore by …

Teaching Children Money Management, Melanie Jewkes, Amanda Christensen, Andrea Schmutz, Vincenza Vicari-Bentley, Kelan Combe, Rochelle Allen, Lauren Olsen, Jenny Weller, Mckenzie Walsh

All Current Publications

Don't fret if, as a parent, you don't feel qualified to teach your children about money. Talking about money and choices made with money (for better or worse) is a great place to start. This publication covers what and how to teach children about money management skills, and gives every-day parents ideas to start the conversation.

Educating For Responsible Ai Governance - Building Interdisciplinary Frameworks For The Management Of Artificial Intelligence, Grace Eboh

Southwestern Business Administration Journal

As Artificial Intelligence (AI) becomes increasingly prevalent across industries, there is a critical need for educational programs that teach effective AI governance and management. This article examines how educational institutions can develop comprehensive curricula to prepare professionals for the complex challenges of overseeing AI systems responsibly. It analyzes current gaps in AI governance education, proposes frameworks for curriculum design, and identifies key competencies required for effective AI stewardship. The findings suggest that successful AI governance education must adopt an interdisciplinary approach that integrates technical literacy, policy understanding, ethical reasoning, and organizational management.

Utilizing The Financial Calculator For Graduated Annuities: Compound Rate, Discount Rate, Present Value, And Future Value, Su-Jane Chen

Southwestern Business Administration Journal

This paper lays out a comprehensive, systemic, and conceptual framework for applying a financial calculator to handle graduated (growing) annuities, a practically important topic that has not received its due attention in finance textbooks. It introduces an alternative to the conventional approach in transforming the growth rate and the interest rate into a single rate as I in the calculator. It then shows that both approaches give the same answer and demonstrates how they can be used interchangeably with the illustration of several numerical examples. In short, this article provides a thorough rationale and gives a clear presentation for the …

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 …

Ai Is A Credibility Problem For Capital Markets, Liandong Zhang

Research Collection School Of Accountancy

In a commentary, SMU Dean of the School of Accountancy and Lee Kong Chian Professor of Accounting Zhang Liandong said that artificial intelligence (AI) is not mainly a labour problem for accountancy but also a credibility problem for capital markets. Prof Zhang noted that in an AI-rich economy, accountancy matters not just as a reporting function but also as part of the infrastructure that makes economic information reliable enough for others to act on. He added that the future of accountancy should not be framed too narrowly as a struggle for professional survival. Prof Zhang said that the bigger risk …

Nominal Prices, Retail Investor Participation, And Return Momentum, Jun Du, Dashan Huang, Yu-Jane Liu, Yushui Shi, Avanidhar Subrahmanyam, Huacheng Zhang

Research Collection Lee Kong Chian School Of Business

We employ an identification strategy for retail participation to explore the link between return momentum and investing clientele. This scheme relies on strictly enforced round-lot rules in China, which financially constrain retail investors from participating in stocks with high nominal prices. We find that there is strong momentum in high-priced stocks, but no momentum on aggregate. This result supports the idea that noise trades of retail investors mask momentum, while other, more sophisticated investors contribute to momentum. We validate this notion by showing that retail investors with small (large) portfolios are less (more) prone to participating in stocks with high …

Epi Dataset, Nancy Tran

Finance Faculty Publications

EPI Dataset.

Deep Learning Approaches For Anti-Money Laundering On Mobile Transactions: Review, Framework, And Directions, Jiani Fan, Lwin Khin Shar, Ruichen Zhang, Ziyao Liu, Wenzhuo Yang, Dusit Niyato, Kwok-Yan Lam

Research Collection School Of Computing and Information Systems

Money laundering is a financial crime that obscures the origin of illicit funds, necessitating the development and enforcement of anti-money laundering (AML) policies by governments and organizations. The proliferation of mobile payment platforms and smart IoT devices has significantly complicated AML investigations. As payment networks become more interconnected, there is an increasing need for efficient real-time detection to process large volumes of transaction data on heterogeneous payment systems by different operators such as digital currencies, cryptocurrencies, and account-based payments. Most of these mobile payment networks are supported by connected devices, many of which are considered loT devices in the FinTech …

Antecedents And Consequences Of Cognitive And Affective Trust In Wealth Management: Impacts On Wealth Manager Selection And Asset Under Management (Aum) Growth, Ting Hsi Chen

Dissertations and Theses Collection (Open Access)

Trust is key to wealth management decision-making; there is little empirical clarity on the relationships between different dimensions of trust and client behavior at each stage of the relationship. Previous works differentiated Cognitive trust, based on perceived competence, and Affective trust, based on relational and emotional connections. Nevertheless, the mechanisms under which these trust dimensions act during the pre- and post-account-opening phases have not yet been thoroughly studied. This research addresses this gap by exploring the stage-dependent influence of Cognitive and Affective trust on the central behavioral outcomes in wealth management.

The approach is a quantitative research based on a …

Financial Leverage And Firm Performance: An Empirical Review And Analysis, Iqbal Md. M Islam

Journal of Global Business Insights

This paper examines the dual impact of financial leverage on corporate performance by analyzing empirical data across developed and developing nations, industries, and different periods. Leverage can enhance profitability through tax benefits and improved efficiency, but it also maximizes financial risk, making its effects highly context dependent. Theoretical frameworks such as the Trade-off Theory, Modigliani-Miller Theorem, Agency Theory, and Pecking Order Theory offer diverse perspectives on how debt influences firm outcomes. Empirical findings reveal mixed results; moderate leverage may lower capital costs and boost performance, whereas unnecessary debt can lead to financial distress. Disparities emerge between developed and developing economies. …

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 …

Proactive Strategies, Absorptive Capacity And Competitive Advantage Of Small And Medium Enterprise (Smes) Firms In East Java Indonesia, Ardianus Laurens Paulus

International Journal of Management, Finance and Accounting

Proactive strategy and absorptive capacity are crucial components in building a competitive advantage, particularly in the Small and Medium Enterprise (SMEs) sector. This study examines the moderating role of absorptive capacity in strengthening the relationship between proactive strategy and competitive advantage among SMEs in East Java, Indonesia. The sampling technique employed was non-probability sampling, specifically a purposive sampling method, involving 65 SME owners as respondents. Data were collected through surveys and analyzed using Smart PLS. The findings reveal that a proactive strategy significantly positively affects competitive advantage, and absorptive capacity reinforces this relationship. This research provides theoretical contributions and practical …

Gamification Strategies And Customer Churn Reduction In Entrepreneurial Retail Firms: An Empirical Study Of Millennials, Si Chong En, Oo Yu Hock, Nor Azila Mohd Noor, Zheng Feei Ma, Khairul Nizam Mahmud

International Journal of Management, Finance and Accounting

This study investigates the impact of gamification strategies on customer churn reduction in entrepreneurial retail firms, focusing on Millennial consumers in Malaysia’s Klang Valley. Customer churn threatens profitability, particularly for emerging enterprises, and gamification has emerged as a potential tool to enhance customer engagement and retention. Drawing on the Self-Determination Theory, the study examines three gamified marketing interventions: membership programmes, contest rewards, and personalised discounts as direct predictors of churn reduction. A quantitative, cross-sectional research design was employed, using a structured questionnaire distributed to 180 Millennial consumers through purposive sampling. The data were analysed using Partial Least Squares Structural Equation …

Accelerating Technological Advancement And Financial Inclusion Through Automotive–Takaful Collaboration, Lee Hui Shan, Kuang Kee Seng, Low Choon Wei, Liew Ping Xin

International Journal of Management, Finance and Accounting

Insurance coverage and risk mitigation have become vital in the automotive industry. This case study aims to explore how the partnership between Tan Chong Motor Holdings Berhad (TCMHB) and Takaful Ikhlas General Berhad (TIGB) in Malaysia supports technological advancements in the automotive sector and promotes financial inclusion for underserved communities. The approach includes a thorough analysis of data sourced from TCMHB and TIGB's annual reports, alongside market reports from the automotive and insurance fields. The results indicated that this collaboration allows the automotive firm to drive innovations in areas such as vehicle safety and security features, significantly enhancing the quality …