Issue #1 (Volume 23 2026)

Type of the article: Research Article

Abstract
This study investigates how investment funds influence the stock price volatility of the firms in which they invest. Using a sample of 196 companies listed on the Vietnamese stock market during the period 2016–2022, the analysis captures the presence and influence of investment funds through their key proxies: the ownership ratio that each fund holds in a particular firm, the fund’s size, and the type of investment fund. These proxies and other vital control variables of stock price volatility are investigated using pooled OLS, fixed effects model, random effects model, and generalized linear squares (GLS) models, along with essential tests for model validity. The empirical results reveal that the fund ownership ratio mitigates stock price volatility, whereas fund size potentially exacerbates volatility. The type of investment fund does not significantly impact the stock price. This study offers important theoretical and practical insights for firm managers and investors, providing recommendations to optimize fund management strategies and contributing to the stability and sustainable development of the Vietnamese stock market.

Acknowledgment
The authors gratefully acknowledge the financial support from the Banking Academy of Vietnam.

Type of the article: Research Article

Abstract
Earnings management remains a persistent concern in African markets, particularly in environments where ownership structures are concentrated and regulatory frameworks are still evolving. This study examines how different forms of ownership shape earnings management practices in Morocco, using a panel of 34 non-financial firms listed on the Casablanca Stock Exchange over the period 2018–2022. Earnings management is measured through discretionary accruals estimated using the performance-adjusted Kothari model, and the empirical analysis relies on a two-step GMM estimator. The findings reveal a heterogeneous impact of ownership structure on earnings management. Institutional ownership and foreign ownership are both negatively associated with earnings management, indicating that firms with stronger institutional or international participation tend to exhibit more discipline in financial reporting. In contrast, family ownership and managerial ownership are positively associated with earnings management, suggesting a greater propensity for discretionary accounting practices in firms where control or decision-making power is concentrated among family members or managers. State ownership and ownership concentration do not exhibit significant effects, pointing to a limited role of public participation or dominant shareholders in constraining reporting discretion. These findings highlight that ownership composition is a key determinant of reporting behavior in the Moroccan context, with clear differences between monitoring shareholders and controlling shareholders.

Acknowledgments
This research was supported by the National Center for Scientific and Technical Research (CNRST) as part of the “PhD-Associate Fellowship – PASS” program, awarded to Aymane Chemmaa.

Type of the article: Research Article

Abstract
This study investigates the relevance of corporate governance mechanisms and ownership structure in shaping real earnings management behavior in an emerging market context. The objective of this investigation is to evaluate whether board characteristics and ownership types influence firms’ engagement in real earnings management. A balanced panel dataset comprising 434 non-financial firms listed in Vietnam over the period 2020–2024, totaling 2,170 firm-year observations, is utilized. The empirical analysis employs ordinary least squares, fixed-effects, random-effects, and feasible generalized least squares models to address heteroskedasticity and serial correlation, thereby ensuring robust estimates of the relationships. The results reveal systematic and statistically significant associations between governance attributes and real earnings management. Notably, larger boards are associated with lower levels of real earnings management, suggesting that expanded board structures enhance monitoring capacity and curb opportunistic managerial behavior. Additionally, institutional ownership and state ownership exhibit an inverse relationship with real earnings management, implying that these ownership structures bolster external oversight and discipline managerial discretion. Conversely, increased board independence, financial expertise among board members, and managerial ownership are associated with greater engagement in real earnings management, suggesting that formal governance frameworks do not invariably translate into effective substantive monitoring in emerging markets. Overall, these findings support the view that governance and ownership mechanisms operate asymmetrically in emerging markets, underscoring that strengthening the effectiveness of monitoring structures – beyond their mere formal adoption – is vital to improving financial reporting quality and promoting the sustainability of corporate performance.

Acknowledgments
This research is partly funded by University of Finance – Marketing.

Type of the article: Research Article

Abstract
The private sector remains the engine room for inclusive economic development, and its interaction with Foreign Capital Inflows (FCIs) is crucial for growth in emerging markets like Nigeria. This study examined the impact of FCIs (Foreign Direct Investment, Foreign Portfolio Investment, Foreign Debt, Foreign Aid & Foreign Remittances) on Private Sector Credit in Nigeria. To achieve this objective, time series data spanning a 26-year period (1998–2023) were harvested and used. The Augmented Dickey-Fuller test was used to ascertain the unit root, while the hierarchical regression technique provided the model estimates. From the results, foreign remittances emerged as the only significant contributor to private sector credit growth (β = 0.993, p < 0.05). This underscores the critical role of diaspora remittances in supporting financial intermediation and private sector development. The study concluded that foreign remittance is a major driver of private sector credit expansion in Nigeria. It is recommended that policy efforts should prioritize facilitating remittance inflows through a supportive regulatory framework. Emphasis should also be placed on leveraging remittances as a stable and development-oriented source of capital.

Type of the article: Research Article

Abstract
The rapid expansion of digital financial services has reshaped how young adults manage money, presenting both new opportunities and behavioral risks. Although financial literacy is widely recognized as a key driver of financial well-being, empirical evidence regarding its direct impact remains mixed. This study examines the indirect pathways through which financial literacy influences financial well-being, focusing on the mediating roles of digital financial literacy, financial capability, financial autonomy, and impulsivity.
A quantitative online survey was administered to 984 Indonesian respondents from Generation Z, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that financial literacy significantly enhances digital financial literacy, which subsequently strengthens financial capability and decision-making processes. Among all mediators, financial capability consistently emerges as the most influential pathway, whereas impulsivity does not demonstrate a meaningful mediating effect. The structural model accounts for 57.3% of the variance in financial well-being, highlighting the central role of digital competence and capability development in shaping positive financial outcomes.
The study contributes to the literature by integrating cognitive, behavioral, and psychological factors into a single explanatory framework of financial well-being among digitally active young adults. From a practical perspective, the findings underscore the need for financial education initiatives that combine foundational literacy with digital financial skills and capability-building elements. Policymakers and financial service providers in emerging economies are encouraged to strengthen accessible digital tools and targeted interventions for younger populations.

Acknowledgments
The authors acknowledge the financial support from the Institute for Research and Community Service (LPPM), Universitas Andalas, through the Flagship Research Scheme (PUJK), Batch I, Contract No. 368/UN16.19/PT.01.03/PJUK/2024. Appreciation is also extended to the Faculty of Economics and Business, Universitas Andalas, for its institutional support and facilities that contributed to the completion of this research.

Type of the article: Research Article

Abstract
Financial institutions can play a critical role in promoting energy efficiency by facilitating investment in energy-saving technologies and infrastructure, as per the Sustainable Development Goals (SDGs). This study aims to investigate the impact of Financial Institutions’ Depth (FID), Access (FIA), and Efficiency (FIE) on Energy Intensity (EI) in the GCC countries from 2000 to 2021 within the Environmental Kuznets Curve (EKC) framework. To add novelty to the analysis, regulatory quality’s moderating role is also tested in the relationship between FID, FIA, FIE, and EI. Given the financial, economic, and institutional interconnectedness of the GCC region, second-generation panel econometric techniques, such as Cross-sectional Dependence (CD) unit root tests, cointegration, and Autoregressive Distributed Lag (ARDL), are employed. The findings confirm the long-run validity of the EKC in all models. In the short term, the EKC is only supported by an FID model. FIA and FID do not directly influence EI in either the short or long run. However, regulatory quality significantly moderated these relationships with long-run coefficients of –0.096 (FID) and –0.063 (FIA). FIE is found to reduce EI with the long-run coefficient of –0.109, and this effect is also moderated by better regulatory quality with the long-run coefficient of –0.087. However, FIE and its interaction with regulatory quality do not significantly impact EI in the short run. The results conclude that regulatory quality directly and consistently reduces EI in all models. These results emphasize the need to improve the financial institutions and regulatory governance to achieve energy efficiency in the GCC region.

Type of the article: Research Article

Abstract
Green investment is crucial in supporting the transition to a sustainable economy, yet the internal factors driving it remain poorly understood. This study examines the influence of corporate governance (CGI), sustainability bonds, and labor costs on green investment in manufacturing firms in Indonesia. Using 779 observations (firm-years), the analysis employed a panel regression model and a moderation test for capital expenditure (CapEx). The results show that CGI significantly positively affects green investment, highlighting the importance of strong governance in supporting sustainability practices. The implementation of effective corporate governance can replace tunnelling practices and direct corporate funds toward environmentally friendly investments. Sustainability bonds also have a significant positive impact, reflecting the development of green financial instruments in Indonesia. The existence of sustainable bonds provides investors with confidence that their funds are channeled toward sustainable goals, while also helping companies reduce funding costs and accelerate the growth of green investments. Labor costs exhibit a significant positive effect, indicating that firms with higher labor costs are more likely to adopt green technology-based efficiency measures. The moderation test found that CapEx strengthens the relationship between CGI and green investment, indicating that capital expenditure can be a strategic channel for realizing governance commitments to sustainable investment.

Acknowledgments
The greatest appreciation is conveyed to the Directorate General of Higher Education, Research, and Technology, Ministry of Education, Culture, Research, and Technology, which has provided funding support for this research through a principal research grant with contract number 127/C3/DT.04.00/PL/2025. Thanks are also expressed to the Higher Education Service Institute (LLDIKTI) Region 6 and the Institute for Research and Community Service (LPPM) Unisnu Jepara, Indonesia, for their continuous support and facilitation during the research process.

Type of the article: Research Article

Abstract
Financial fraud in Arab Gulf family firms threatens key stakeholders, yet many still rely on informal, trust-based controls. The purpose of this study is to explain why some family firms in this region adopt machine learning-based financial fraud detection systems, while others remain locked into legacy mechanisms of control. Results from a cross-sectional survey of 416 owners, executives, finance, and compliance officers from family businesses in Saudi Arabia, the United Arab Emirates, and Qatar were analyzed using variance-based structural equation modeling and multi-group analysis. The results show that perceived effectiveness (β = 0.08, p < 0.01) and regulatory support (β = 0.07, p < 0.05) are the strongest positive drivers of the likelihood of adopting machine learning-based fraud detection. Awareness of machine learning, ethical concern, and existing fraud detection practices also have significant positive effects (β ≈ 0.03-0.05, p < 0.05), while barriers to adoption exert a significant negative influence (β = −0.05, p < 0.05). The structural model explains 52.7% of the variance in the likelihood of adoption and 46.8% of the variance in perceived effectiveness. Indirect effects indicate that awareness and regulation promote adoption through perceived effectiveness, whereas barriers reduce adoption through heightened ethical concern. The findings suggest that stronger governance, clearer and incentive-aligned regulation, and explainable, well-governed machine learning implementations are essential to shift family businesses in the Arab Gulf region from trust-based to data-driven fraud detection.

Type of the article: Research Article

Abstract
Small and medium-sized enterprises (SMEs) are crucial to Albania’s economic growth and employment generation; however, their performance is hindered by weaknesses in financial management. The purpose of this study is to examine how specific financial practices determine firm-level outcomes in terms of revenue and employment. A quantitative methodology was applied, using survey data from 86 SMEs processed through correlation analysis, ANOVA, and linear regression models. The results show that business financing exerts the strongest positive effect on employment (B = 10.098), followed by accounting information systems (B = 7.3), while cash management has a negative impact (B = −5.408). Regarding revenue, business financing again demonstrates a significant positive influence (B = 1.306), with client management also contributing positively (B = 0.284). A univariate regression confirms a strong positive relationship between revenue and employment, with revenue influencing employment at a coefficient of 7.178. These findings highlight that structured financing and accounting systems are critical drivers of SME performance, while efficiency gains in cash management may reduce workforce size. The study concludes that strengthening financial governance is essential for enhancing the sustainability and competitiveness of Albanian SMEs.

Type of the article: Research Article

Abstract
The COVID-19 pandemic profoundly reshaped global financial markets, amplifying volatility and redefining risk perception across innovation-driven sectors. This study assesses how the COVID-19 pandemic altered volatility dynamics in the technology sector by quantifying wave-by-wave risk-return behavior using descriptive statistics, including standard deviation, coefficient of variation, and kurtosis. The analysis is based on daily stock prices and returns for the technology sector from March 8, 2019, to December 12, 2022, covering the pre-pandemic period, five pandemic waves, and a post-pandemic stabilization phase. The results reveal that market volatility surged during the first pandemic wave as digital adoption accelerated and investors sought technological assets as temporary safe havens. Subsequent waves showed alternating phases of speculative trading and market corrections, reflecting evolving investor sentiment and macroeconomic uncertainty. The coefficient of variation increased sharply during the height of the crisis, demonstrating that risk consistently exceeded returns, while kurtosis analysis indicated a higher frequency of extreme price movements compared with pre-pandemic conditions. Although volatility gradually declined during the post-pandemic period, it remained notably above pre-2020 levels, signaling a persistent re-pricing of sectoral risk. These findings confirm that the technology sector, while resilient, experienced structural changes in its volatility regime and investor behavior, with lasting implications for market stability and portfolio management in the digital economy.

Acknowledgment
This article is one of the partial outputs of the currently implemented research grant VEGA no. 1/0110/24 and research grant IGMP no. I-25-103-00.