Journal title Finance and Management Review Initials FMR Frequency Semiannual Nature Print and Online Online ISSN 3105-7411 Print ISSN 3105-7403 Editor-in-Chief DR. SYED IBN UL HASSAN Submission Via OJS System Language English Publisher The Academic Confluence (SMC-Private) Limited Finance and Management Review (FMR) is an interdisciplinary, peer-reviewed journal dedicated to advancing knowledge and practice in the fields of finance, management, and related business disciplines. The journal provides a platform for academics, researchers, practitioners, and policymakers to share original research, critical reviews, and case studies that contribute to the understanding and development of contemporary financial strategies, organizational management, corporate governance, and business innovation. FMR welcomes contributions on topics including, but not limited to: Corporate finance, investment, and banking Strategic and operational management Leadership and organizational behavior Risk management and financial analytics Business ethics and sustainability Entrepreneurship and innovation management The journal aims to foster a global exchange of ideas, promoting high-quality scholarship that bridges theory and practice, and supporting informed decision-making in business and policy contexts.
THE ACADEMIC CONFLUENCE (SMC-PRIVATE) LIMITED
ANALYZING THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE PRACTICES AND FINANCIAL PERFORMANCE IN EMERGING MARKET ECONOMIES
This study examines the relationship between corporate governance practices and financial performance in emerging market economies using a mixed-methods research approach. Quantitative analysis is conducted using panel data from publicly listed firms, incorporating multiple governance indicators such as board structure, ownership concentration, audit committee effectiveness, and shareholder rights. Financial performance is assessed through both accounting-based and market-based measures, including return on assets, return on equity, and firm valuation metrics. Econometric techniques are employed to control for firm-specific and time-specific effects, while qualitative contextual analysis complements the empirical findings by accounting for institutional and regulatory differences across emerging markets.The results provide strong evidence that higher governance quality is positively associated with improved financial performance and reduced firm risk. Board independence, effective audit mechanisms, and stronger shareholder protection emerge as key drivers of profitability and valuation. The findings further indicate that integrated governance systems yield more substantial performance gains than isolated governance mechanisms. Cross-country comparisons reveal notable variation in governance effectiveness, highlighting the influence of institutional environments on firm outcomes. These results contribute to the corporate governance literature by offering robust, multidimensional evidence from emerging economies and provide practical implications for policymakers, investors, and corporate decision-makers seeking to enhance firm performance through improved governance practices.
Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
THE IMPACT OF ARTIFICIAL INTELLIGENCE ON CONSUMER CREDIT SCORING MODELS: A CRITICAL REVIEW OF FAIRNESS AND BIAS IN ALGORITHMS
The rapid integration of artificial intelligence into consumer credit scoring has transformed traditional risk assessment practices by improving predictive accuracy and operational efficiency. However, growing concerns regarding algorithmic fairness, transparency, and bias have raised critical ethical and regulatory challenges for automated lending systems. This study provides a comprehensive empirical and critical evaluation of AI-driven credit scoring models with a particular focus on fairness and bias across demographic and socio-economic groups. Using a mixed-methods experimental design, the research compares traditional statistical models with advanced machine learning approaches, including ensemble and neural network models, across multiple performance and fairness metrics. Quantitative results demonstrate that while AI-based models consistently outperform conventional approaches in terms of accuracy and discriminatory power, they also exhibit measurable disparities in approval outcomes for protected groups. Fairness metrics such as disparate impact and demographic parity reveal systematic bias amplification in unconstrained models, whereas fairness-aware modeling strategies significantly mitigate these disparities at the cost of marginal reductions in predictive performance. Qualitative analysis further contextualizes these findings within existing ethical AI frameworks and regulatory expectations. Overall, the study highlights the inherent trade-off between predictive efficiency and ethical responsibility in AI-driven credit scoring and underscores the need for balanced, fairness-conscious model deployment in consumer finance.
EVALUATING THE EFFECTIVENESS OF CROWDFUNDING PLATFORMS IN RAISING CAPITAL FOR SMALL AND MEDIUM ENTERPRISES (SMES) IN DEVELOPING ECONOMIES
This study evaluates the effectiveness of crowdfunding platforms in raising capital for small and medium enterprises (SMEs) in developing economies, where access to traditional sources of finance is often constrained by credit market imperfections and institutional limitations. Adopting a mixed-method experimental research design, the study combines quantitative analysis of crowdfunding campaign performance data with qualitative insights from SME owners and platform stakeholders. The quantitative results demonstrate that crowdfunding significantly enhances SMEs’ ability to mobilize capital, with investor participation, campaign duration, funding target alignment, and platform characteristics emerging as critical determinants of fundraising success. Visual and tabular analyses further reveal strong positive relationships between crowd engagement and capital raised, alongside notable sectoral and cross-country variations influenced by macroeconomic and regulatory environments. Qualitative findings complement these results by emphasizing the importance of trust, transparency, digital literacy, and regulatory clarity in shaping both investor behavior and SME adoption of crowdfunding. Overall, the study provides robust empirical evidence that crowdfunding platforms function as effective alternative financing mechanisms, contributing to financial inclusion, entrepreneurial growth, and the strengthening of digital financial ecosystems in developing economies.
EXPLORING THE FUTURE OF CENTRAL BANK DIGITAL CURRENCIES (CBDCS) AND THEIR IMPACT ON MONETARY POLICY AND GLOBAL FINANCE
The rapid digitalization of financial systems has intensified global interest in Central Bank Digital Currencies (CBDCs) as a potential evolution of sovereign money. This study examines the future of CBDCs and evaluates their implications for monetary policy effectiveness, financial intermediation, and global financial stability. Using an integrated analytical framework that combines macroeconomic indicators, payment system efficiency measures, and cross-country comparative analysis, the study investigates how CBDC adoption influences monetary policy transmission, banking sector dynamics, and cross-border financial flows. The findings indicate that CBDCs can enhance policy transmission by enabling more direct and programmable monetary tools, improve payment efficiency by reducing transaction costs and settlement times, and support financial inclusion through broader access to digital central bank money. However, the results also highlight significant challenges, including risks of commercial bank disintermediation, cybersecurity vulnerabilities, privacy concerns, and potential disruptions to global currency hierarchies. The study further shows that the macroeconomic and financial outcomes of CBDC implementation are highly sensitive to design choices, regulatory frameworks, and the degree of international interoperability. Overall, the research concludes that CBDCs represent a strategic policy instrument rather than a purely technological innovation, with their success contingent upon careful institutional design, strong governance mechanisms, and coordinated international cooperation.
EXAMINING THE ROLE OF BIG DATA AND PREDICTIVE ANALYTICS IN ENHANCING CUSTOMER EXPERIENCE AND PERSONALIZED FINANCIAL PRODUCTS
The rapid growth of big data and predictive analytics has fundamentally transformed the way financial institutions design and deliver customer-centric services. This study empirically examines the role of big data and predictive analytics in enhancing customer experience and enabling personalized financial products through an experimental mixed-methods research approach. Large-scale transactional, behavioral, and demographic datasets were analyzed using advanced predictive modeling techniques to evaluate improvements in customer engagement, satisfaction, retention, and revenue performance relative to traditional rule-based systems. Quantitative results demonstrate that predictive analytics significantly improves model accuracy, product adoption rates, cross-selling effectiveness, and customer retention, while also reducing prediction error across iterative model development. Complementary qualitative insights further confirm that data-driven personalization enhances perceived service quality, trust, and customer satisfaction. The integrated findings indicate that financial institutions leveraging big data analytics can achieve superior decision-making and more precise personalization, leading to sustainable competitive advantage. The study contributes to the growing literature on data-driven financial innovation by providing empirical evidence of the strategic value of predictive analytics in improving customer experience and optimizing personalized financial offerings within modern digital financial ecosystems.
Diversity and Inclusion Practices and Their Impact on Workplace Productivity
This study investigates the impact of diversity and inclusion (D&I) practices on workplace productivity through a mixed-methods design integrating quantitative metrics and qualitative insights. Drawing on survey data from multiple organizations and supplemented with semi-structured interviews, the research examined productivity outcomes such as employee engagement, innovation capacity, retention rates, and equity in promotion systems. Quantitative findings revealed strong positive correlations between inclusivity measures and productivity indicators, with organizations demonstrating structured D&I programs reporting higher engagement, lower turnover, and greater innovation outputs. Regression analysis confirmed that inclusion significantly predicts productivity improvements, while ANOVA results indicated variations across sectors depending on maturity of inclusivity practices. The qualitative analysis reinforced these results, showing that employees perceive inclusive environments as fostering psychological safety, trust, and cross-departmental collaboration. Visualizations including regression diagnostics, correlation heatmaps, and hybrid productivity–inclusion models further highlighted the consistency of findings. Together, the results affirm that inclusivity is not only a moral imperative but also a measurable driver of organizational efficiency and innovation. The study concludes that embedding inclusive leadership, transparent promotion practices, and structured training initiatives within organizational culture creates tangible productivity benefits. These findings provide practical implications for policy and strategy, while also contributing to the theoretical understanding of D&I as a core determinant of sustainable organizational performance.
Copyright (c) 2025 Asif Saeed, Palvasha Shahab (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Employee Engagement in Enhancing Organizational Performance
This study examined the role of employee engagement in enhancing organizational performance through a mixed-methods approach that integrated quantitative survey data and qualitative insights. Using the Utrecht Work Engagement Scale (UWES) and organizational performance indicators such as productivity, profitability, retention, and innovation, the research revealed a robust positive relationship between engagement and performance outcomes. Quantitative analyses demonstrated that engagement dimensions—vigor, dedication, and absorption—were strongly correlated with leadership effectiveness, workplace wellbeing, and collaboration, which in turn contributed significantly to improved performance metrics. Regression models and structural equation modeling highlighted engagement as both a direct predictor and an indirect mediator of organizational outcomes, particularly through supportive leadership and organizational culture. Qualitative findings reinforced these results, showing that employees who perceived meaningful work, recognition, and psychological safety were more innovative, collaborative, and resilient. The results section, illustrated through nine comprehensive tables and twelve figures, revealed key trends: higher engagement was linked to greater knowledge sharing, stronger innovation scores, and improved post-training performance. Visual evidence confirmed engagement’s influence on productivity, creativity, and satisfaction across teams, while highlighting contextual variations. Together, the findings underscore that engagement is not merely an HR initiative but a strategic imperative that drives sustainable organizational success. The study concludes that cultivating engagement through leadership, supportive culture, and resource allocation provides organizations with long-term competitive advantage in rapidly changing environments.
Copyright (c) 2025 Khalid Zaman, Samina Khalil (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Reverse Logistics in Circular Economy Models
This study investigates the role of reverse logistics in advancing circular economy (CE) models, emphasizing its contributions to cost efficiency, material recovery, environmental sustainability, and consumer acceptance. Employing a mixed-methods approach that integrates qualitative insights with quantitative modeling, statistical testing, and simulation analysis, the research evaluates reverse logistics performance across multiple industries including electronics, textiles, and automotive. Results from nine detailed tables reveal that reverse logistics significantly enhances operational efficiency by reducing costs, improving recovery rates, and generating profitability through remanufacturing and refurbishment. Findings also indicate substantial reductions in carbon emissions, alongside increasing consumer willingness to adopt remanufactured products, demonstrating the social acceptability of circular solutions. Complementing these insights, twelve unique figures confirm critical patterns: cost trends consistently decline with optimization, sectoral recovery rates demonstrate strong industry differences, and environmental benefits show robust correlations with emission reduction strategies. Advanced modeling further highlights the enabling role of digital technologies such as IoT, blockchain, and artificial intelligence in improving transparency, traceability, and decision-making across reverse supply chains. Simulations confirm that regulatory incentives significantly influence recovery outcomes, while hybrid performance indices underscore the superior overall performance of reverse logistics compared to linear models. Collectively, the results position reverse logistics not as a peripheral practice but as a strategic enabler of the CE, bridging financial competitiveness, environmental stewardship, and consumer trust. These findings underscore the need for policy support, technological adoption, and consumer engagement to fully unlock the transformative potential of reverse logistics in driving the transition toward sustainable and resilient circular economies.
Copyright (c) 2025 Safdar Ali Butt, M. Saeed Nasir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Supply Chain Resilience Strategies in Emerging Economies
This study examines the effectiveness of supply chain resilience strategies in emerging economies through a mixed-methods experimental design integrating quantitative and qualitative approaches. Data were collected from 500 firms across multiple sectors using surveys, interviews, and secondary trade reports. Quantitative analysis, including regression and structural equation modeling, demonstrated that supplier diversification, predictive analytics, inventory buffering, and regional collaboration significantly enhance resilience outcomes by improving recovery speed, adaptability, and operational stability. Nine comprehensive tables and twelve figures provided robust evidence, showing consistent improvements in adoption rates, performance gains, and sectoral comparisons. Scatter plots confirmed strong correlations between predictive analytics adoption and resilience scores, while hybrid visualizations captured the multifaceted benefits of combining strategies. Qualitative findings further highlighted the critical role of social capital, trust-based networks, and supportive policy frameworks in enabling effective resilience. The integration of results affirmed that resilience in emerging markets is not universal but context-sensitive, shaped by infrastructural, cultural, and institutional dynamics. Overall, the study establishes that supply chain resilience in emerging economies is best achieved through hybrid strategies that balance technological innovations with relational and policy-driven enablers, offering both academic contributions and actionable insights for practitioners and policymakers.
Copyright (c) 2025 Saima Munir, Muhammad Ehsan Elahi, Yumna Fatima (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Relationship Between Logistics Outsourcing and Cost Efficiency
This study investigates the relationship between logistics outsourcing and cost efficiency through a mixed-methods approach that integrates quantitative analysis of firm-level financial data with qualitative insights from managerial interviews. Using data from 120 firms across manufacturing, retail, and e-commerce sectors, cost efficiency was measured by the ratio of logistics cost savings to total logistics expenditure, supplemented by return on logistics outsourcing investment. The results reveal that firms with higher outsourcing intensity achieved on average a 15–22% improvement in cost efficiency compared to those relying primarily on in-house logistics, though diminishing returns emerged beyond 80% outsourcing. Regression analysis confirmed a statistically significant positive relationship between outsourcing and cost efficiency, while analysis of variance highlighted meaningful differences across outsourcing levels. Additional results indicated that service quality, technology adoption, risk management, and contract flexibility substantially influence cost outcomes, with innovation capability and workforce training emerging as long-term enablers of efficiency gains. The qualitative findings further revealed that firms benefit most when outsourcing is strategically aligned, governed through flexible contracts, and embedded within collaborative partnerships. Figures and tables demonstrated that outsourcing intensity, ROI, service quality, and technology adoption directly shape efficiency outcomes, while risk, hidden costs, and dependency remain critical challenges. The study concludes that logistics outsourcing enhances cost efficiency under conditions of robust governance, technological maturity, and organizational readiness, emphasizing its role not as a one-dimensional cost-saving mechanism but as a strategic driver of sustainable competitiveness.
Copyright (c) 2025 Moiz Hasan, Maria Haqqani, Shehla Mazhar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Determinants of Cross-Border Capital Flows
Cross-border capital flows play a pivotal role in global financial integration, shaping growth trajectories, monetary autonomy, and financial stability. Their determinants remain contested, with both global push factors and domestic pull factors influencing their dynamics. Recent crises such as the 2008 financial collapse and the COVID-19 pandemic have further underscored the volatility of such flows and the need for deeper empirical examination.This study employed a mixed-method approach, combining panel econometric analysis with qualitative assessments of institutional and policy dimensions across 45 economies . The econometric framework included fixed-effects, random-effects, and system GMM estimations, complemented by robustness checks using crisis dummies and institutional indicators. Qualitative insights were derived from case studies and policy document reviews, ensuring triangulation of findings.The results reveal that GDP growth, financial openness, and inflation management remain critical domestic pull factors. Institutional quality—measured through governance effectiveness and rule of law—emerged as a stabilizing determinant that enhances resilience against volatile flows. Global push factors, including U.S. interest rates and the VIX index, significantly shaped portfolio and banking flows, especially during crises. FDI proved more stable, largely anchored in long-term fundamentals and institutional credibility. Sectoral analysis highlighted an increasing concentration of inflows in technology and manufacturing, reflecting global structural shifts.The study concludes that cross-border capital flows are influenced by both traditional economic fundamentals and evolving systemic forces. While FDI is sustained by structural and institutional factors, portfolio flows remain highly sensitive to global shocks. Policymakers, especially in emerging markets, must adopt flexible exchange rate regimes, strengthen macroprudential frameworks, and prioritize institutional reforms. At the global level, enhanced coordination is necessary to manage systemic risks. The findings contribute to a nuanced understanding of capital flow determinants, offering practical policy implications in an era of heightened financial interconnectedness.
Copyright (c) 2024 Rahma Muhammad Mian, Saima Munir, Muhammad Nadir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Brexit on European Financial Markets
This study investigates the impact of Brexit on European financial markets by employing a mixed-methods approach that integrates econometric analysis with qualitative policy review. The study applies GARCH, Difference-in-Differences (DiD), and Vector Autoregression (VAR) models to capture volatility dynamics, structural shifts, and systemic spillovers in equity, bond, and currency markets. The results reveal that Brexit significantly amplified market volatility, with equity indices showing persistent clustering around key political milestones and bond yields widening particularly in Southern European economies. Currency markets experienced sustained depreciation and heightened volatility in the GBP/EUR exchange rate, underscoring the sensitivity of foreign exchange markets to political uncertainty.Sectoral analysis indicates that industries heavily reliant on regulatory equivalence, such as banking and transportation, were disproportionately affected, while technology and globally diversified sectors displayed greater resilience. VAR impulse response functions confirm that Brexit shocks propagated across asset classes, highlighting the interconnectedness of European financial markets. The findings also demonstrate structural shifts in financial geography, with the relocation of capital and institutions from London to continental hubs such as Frankfurt, Paris, and Dublin.The study concludes that Brexit has reinforced financial fragmentation in Europe, heightened systemic vulnerabilities, and redefined the trajectory of financial integration within the European Union. The results provide crucial implications for policymakers, emphasizing the need for enhanced risk-sharing mechanisms and deeper integration under the Capital Markets Union framework. For investors and practitioners, the evidence underscores the importance of managing political risk through diversification and adaptive strategies. Overall, Brexit’s legacy represents a long-term transformation in European financial markets, extending beyond short-term volatility to structural realignments that will shape financial stability in the years ahead.
Copyright (c) 2024 Sahar Arshad Mahmood, Sarah Usman Ghani (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Cultural Dimensions and Their Impact on International Negotiations
This study investigates the impact of cultural dimensions on international negotiations, emphasizing how values and communication patterns shape both negotiation processes and outcomes. While globalization has increased the frequency of cross-cultural negotiations, cultural diversity continues to present challenges in reaching integrative agreements. Drawing on Hofstede’s framework and subsequent extensions, this research adopts a mixed-methods experimental design to capture the multidimensional influence of culture on negotiation dynamics.The quantitative phase involved negotiation simulations with 600 participants from twelve culturally diverse countries, producing measurable data on concession rates, agreement efficiency, satisfaction, and trust. Regression analyses revealed that individualism–collectivism significantly predicted integrative versus distributive outcomes, uncertainty avoidance prolonged negotiations, and power distance concentrated authority while reducing creativity. Structural equation modeling further showed that communication style mediated the link between cultural values and negotiation satisfaction.The qualitative phase, consisting of semi-structured interviews with 40 experienced negotiators and discourse analysis of negotiation transcripts, reinforced these findings by highlighting the culturally embedded nature of communication styles, relational expectations, and ethical standards. Importantly, cultural intelligence (CQ) emerged as a strong moderator, enabling negotiators to mitigate misunderstandings and foster trust in heterogeneous dyads. Virtual negotiations were identified as particularly challenging, as reduced non-verbal cues amplified cultural misinterpretations.The study concludes that cultural dimensions play a decisive role in shaping negotiation behavior and outcomes, while CQ provides a crucial mechanism for overcoming intercultural barriers. The results contribute to theory by integrating cultural values, communication, and adaptive intelligence into a unified framework, and to practice by emphasizing the need for cross-cultural competence in global diplomacy, business, and conflict resolution.
Copyright (c) 2024 Mariam Aziz, Maria Haqqani (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of International Financial Institutions in Crisis Management
This study investigates the role of international financial institutions (IFIs) in crisis management, with a particular focus on the International Monetary Fund (IMF), World Bank, and regional development banks. Employing a mixed-method approach that integrates econometric analysis of a panel dataset of 60 crisis-affected countries from 2000 to 2023 with qualitative evaluations of policy documents and stakeholder interviews, the research provides a comprehensive assessment of IFI interventions. The results demonstrate that IFIs play a stabilizing role by providing liquidity, restoring market confidence, and catalyzing private capital inflows. GDP growth trajectories, sovereign bond spreads, and inflation outcomes all suggest that countries engaged in IFI programs recover more quickly than those without such support.However, the findings also reveal important trade-offs. Debt sustainability remains fragile in many cases, as larger loan packages often correlate with rising debt-to-GDP ratios. Social spending frequently declines under fiscal conditionality, with adverse consequences for health and education systems. Stakeholder surveys and interviews further underscore legitimacy concerns, as IFIs are perceived simultaneously as stabilizers and as external actors imposing austerity. The study also finds that new institutions such as the Asian Infrastructure Investment Bank (AIIB) are emerging as competitors, though on a smaller scale, while IFIs adapt their mandates to include climate and resilience considerations.The analysis concludes that IFIs remain indispensable in global financial governance but must evolve to remain effective and legitimate. Reforms that promote socially sensitive conditionalities, enhance coordination with regional safety nets, and embrace broader developmental mandates will be essential for ensuring that IFIs contribute not only to economic stabilization but also to sustainable and inclusive recovery.
Copyright (c) 2024 Amjad Saqib, Khalid Zaman (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Tariffs on Global Supply Chain Integration
This study investigates the impact of tariffs on global supply chain integration (GSCI) using a mixed-method approach that combines econometric analysis with qualitative policy and case-based insights. Employing panel data from OECD TiVA and UN Comtrade, the results show that tariffs on intermediate inputs exert stronger negative effects on backward participation than tariffs on final goods, reducing the extent of foreign value added embodied in exports. Propagation analysis using input–output linkages further demonstrates that tariff shocks transmit across upstream and downstream sectors, amplifying costs beyond directly taxed goods. In addition, qualitative evidence reveals that policy uncertainty delays investments and discourages the formation of new cross-border partnerships, thereby reshaping long-term supply chain strategies. However, rather than widespread reshoring, the results highlight a trend toward trade diversion and supply chain reconfiguration, with firms increasingly diversifying sourcing and adopting regionalization strategies. Graphical analyses of sectoral responses confirm heterogeneity, with highly specialized industries adjusting more slowly than those with broader sourcing options. Collectively, these findings suggest that globalization is not reversing but transforming: tariffs raise costs and uncertainty while inducing geographic and structural reorganization of supply chains. Policy implications emphasize that although tariffs may serve as short-term instruments of industrial or strategic policy, they impose significant efficiency losses, undermine trust, and accelerate fragmentation along geopolitical lines. The study concludes that the future of GSCI will be defined less by de-globalization and more by adaptive reorganization, where resilience is built through diversification and regional clustering rather than retreat into autarky.
Copyright (c) 2024 Hafeez Pasha, Ishrat Husain (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Comparative Study of Trade Liberalization Policies and Economic Growth
This study investigates the comparative impact of trade liberalization policies on economic growth through a mixed-methods design integrating econometric modeling and qualitative case analysis. Panel data results reveal that trade openness, measured through indices of tariff reduction, foreign direct investment inflows, and export diversification, is positively associated with GDP growth and productivity. Advanced econometric techniques, including fixed effects, vector autoregression, and generalized method of moments estimations, demonstrate robust causal linkages, with the strongest effects observed when liberalization targeted intermediate and capital goods. Case study evidence further confirms that sequencing, institutional quality, and regional integration critically mediate the effectiveness of reforms. The findings highlight that liberalization not only promotes economic expansion but also contributes to structural transformation through diversification and technological spillovers. Nonetheless, the analysis shows that without supporting policies, liberalization can exacerbate inequality and increase vulnerability to global shocks. Visual and tabular results underscore that countries embedding openness within inclusive policy frameworks capture greater benefits and display stronger resilience. The study contributes to the policy debate by affirming that trade liberalization is a conditional yet powerful driver of growth, requiring carefully designed strategies aligned with institutional and developmental contexts.
Copyright (c) 2024 Junaid Alam Memon, Zafar Mahmood (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Foreign Direct Investment in Emerging Economies
This research examines the role of foreign direct investment (FDI) in driving economic development across emerging economies, employing a mixed-methods approach that integrates econometric analysis with qualitative insights from policy documents and interviews. Using panel data from 2010–2023 and applying fixed effects, generalized method of moments (GMM), and difference-in-differences (DiD) estimations, the study finds that FDI inflows have a positive and significant impact on GDP growth, labor productivity, and employment generation, though the magnitude of these effects varies across regions and sectors. Results indicate that service- and technology-based investments generate stronger spillovers compared to extractive industries, while institutional quality, human capital, and policy credibility are critical in enhancing absorptive capacity. Evidence further suggests that policy reforms aimed at investment facilitation and governance improvement significantly amplify the developmental impact of FDI. Complementary qualitative findings highlight that local linkage creation, skills development, and regulatory predictability are central to translating FDI projects into sustained economic transformation. At the same time, challenges remain, including risks of inequality, environmental stress, and uneven sectoral benefits, particularly in countries with weaker governance. The study concludes that while FDI is a vital source of growth and structural upgrading, its benefits are conditional and require coherent strategies that align investment with inclusive and sustainable development objectives. By strengthening institutional frameworks, investing in human capital, and targeting strategic sectors, emerging economies can maximize the long-term gains of FDI in a rapidly evolving global economic environment.
Copyright (c) 2024 Naeem Akhtar, Muhammad Bilal (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Globalization and Its Effect on Cross-Border Mergers and Acquisitions
This study examines the evolving relationship between globalization and cross-border mergers and acquisitions (CBMA), employing a mixed-methods approach that integrates econometric analysis with qualitative case studies. The quantitative results reveal that globalization indices, institutional openness, and macroeconomic conditions significantly enhance CBMA activity, although these effects are moderated by policy uncertainty and financial volatility. Regression analysis confirms that globalization fosters higher deal volumes and values, particularly in advanced economies, while also amplifying risks in emerging markets. The qualitative evidence, based on case studies of transactions from diverse sectors, underscores that acquirers pursue CBMA primarily for innovation, knowledge access, and resilience, but face challenges of cultural distance, regulatory screening, and ESG alignment. Emerging-market multinationals demonstrate springboard strategies to overcome competitive disadvantages, whereas advanced-market acquirers leverage institutional credibility to secure strategic assets. The findings also highlight the impact of COVID-19 in accelerating digital and supply-chain driven acquisitions, marking globalization as both an enabler of growth and a source of contestation. By integrating these perspectives, the study concludes that globalization continues to drive CBMA but in a more selective and fragmented form. It contributes to international business scholarship by reframing CBMA as a dual process of opportunity capture and risk management, offering practical insights for managers and policymakers navigating the new global economy.
Copyright (c) 2024 Hafeez Pasha, M. Saeed Nasir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Exchange Rate Volatility on International Trade
This study investigates the impact of exchange rate volatility on international trade, examining both theoretical and empirical dimensions to understand how currency fluctuations influence trade flows. Using a mixed-methods approach, the research combines qualitative analysis through a literature review and expert interviews with quantitative data analysis from international trade and financial databases. The empirical analysis, based on a multiple regression model, finds that exchange rate volatility generally dampens trade volumes, especially in industries reliant on imports. However, the study also reveals that exchange rate depreciation can benefit export-driven economies by making goods more competitively priced on international markets. The research further highlights that smaller economies experience more significant volatility-induced trade disruptions compared to larger, more developed economies. Additionally, financial hedging mechanisms and policy interventions, such as currency stabilization programs and capital controls, can help mitigate the adverse impacts of volatility. The study concludes that a comprehensive policy approach, including regional integration and improved financial risk management, is essential for minimizing the negative effects of exchange rate fluctuations while maximizing the benefits for trade. These findings provide crucial insights for policymakers and businesses navigating the complexities of global trade in an increasingly volatile currency environment.
Copyright (c) 2024 Samira Azmat, Falak Zehra Mohsin (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Green Banking Practices and Their Effect on Sustainability
This study explores the role of green banking practices in promoting sustainability within the financial sector. Through a mixed-methods approach, the research examines the impact of green loan issuances, customer perceptions, financial performance comparisons between green and traditional banking, and regulatory compliance. The findings reveal that financial institutions that adopt green banking practices experience significant improvements in environmental outcomes, customer satisfaction, and financial performance. Specifically, green loans were found to be more prevalent in regions such as Europe and North America, with these regions leading in sustainable financial products. Additionally, customer satisfaction and trust in banks offering green banking products were positively correlated with environmental awareness. The study also highlights the positive correlation between green banking practices and long-term profitability, suggesting that sustainable investments are financially advantageous. Furthermore, adherence to regulatory frameworks and transparency in green initiatives enhances institutional credibility and fosters long-term growth. Despite the positive findings, challenges such as greenwashing and the need for consistent standards remain barriers to full-scale adoption. Overall, the research demonstrates that green banking plays a crucial role in supporting sustainable development while offering financial institutions a pathway to improved financial stability and customer loyalty.
Copyright (c) 2024 Samina Khalil, Abdul Ghafoor, Amir Hamza Marwan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Flexibility and Its Effect on Corporate Investment Decisions
This study investigates the critical role of financial flexibility in shaping corporate investment decisions, employing a mixed-methods approach that integrates econometric panel data analysis with qualitative case studies. Drawing on firm-level data across multiple industries and regions , financial flexibility was operationalized through cash holdings, debt capacity, and liquidity reserves, while investment activity was measured by capital expenditure, research and development, and merger and acquisition intensity. The results reveal that firms with greater financial flexibility consistently outperform their constrained peers by sustaining higher investment levels, allocating more resources toward innovation, and demonstrating stronger post-crisis recovery. Econometric estimates confirm a robust positive relationship between financial flexibility and investment outcomes, even after controlling for firm size, leverage, profitability, and growth opportunities, with additional robustness checks addressing endogeneity concerns. Complementary qualitative evidence highlights the moderating influence of governance structures, managerial discretion, and industry characteristics, suggesting that the benefits of financial flexibility are context-dependent. Sectoral analysis demonstrates that capital-intensive industries leverage flexibility to support long-term projects, whereas technology-driven firms employ it to accelerate innovation cycles. While excessive liquidity may invite agency-related inefficiencies, the evidence overall suggests that financial flexibility serves as both a protective buffer during crises and a proactive enabler of growth. These findings contribute to the literature by bridging theoretical perspectives—agency theory, pecking order theory, and the resource-based view—with practical implications for corporate managers, investors, and policymakers. The study underscores that financial flexibility is not merely a defensive tool but a strategic resource that enhances corporate resilience, competitiveness, and long-term value creation in an increasingly uncertain global environment.
Copyright (c) 2023 Khalid Mustafa, Bushra Zaman (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Mergers and Acquisitions on Shareholder Value
This study investigates the impact of mergers and acquisitions (M&As) on shareholder value by integrating event study methodology, regression modeling, and qualitative case analysis into a mixed-method framework. Using a global dataset of transactions , cumulative abnormal returns (CARs) were analyzed around announcement dates, while regression models examined the effects of deal size, payment method, leverage, and cross-border status. The results indicate that target shareholders consistently realize positive abnormal returns, driven by acquisition premiums, whereas acquirer shareholders experience mixed outcomes contingent upon transaction characteristics. Larger and cash-financed deals were associated with greater shareholder wealth creation, while highly leveraged acquisitions produced negative investor reactions. Industry and regional analyses revealed that technology and healthcare sectors, as well as North American markets, generated superior CARs compared to other contexts. Qualitative case evidence underscored the importance of cultural integration and managerial effectiveness in sustaining long-term performance. Overall, the findings suggest that while M&As can create substantial shareholder value, such benefits are conditional upon strategic fit, financing decisions, industry context, and the effectiveness of post-merger integration.
Copyright (c) 2023 Moiz Hasan, Rabia Akhtar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Exploring the Role of Corporate Finance in Start-up Growth
This study explores the critical role of corporate finance in fostering start-up growth by employing a mixed-methods approach that combines quantitative econometric modeling with qualitative thematic analysis. Drawing on data from 2018 to 2023, the research evaluates how venture capital, corporate venture capital, angel investment, and venture debt influence performance indicators such as revenue growth, survival rates, innovation outputs, and profitability. Quantitative results demonstrate that venture capital significantly accelerates growth, corporate venture capital enhances innovation through strategic synergies, angel investment improves survival in early stages, and venture debt extends financial runway while minimizing equity dilution. Furthermore, balanced mixes of equity and debt emerge as more sustainable for long-term performance, while regional differences highlight the uneven development of financing ecosystems. Complementing these findings, qualitative insights reveal that mentorship, investor expertise, and institutional contexts mediate the effectiveness of financial inflows. The study concludes that corporate finance is not merely a funding mechanism but a strategic enabler that integrates capital provision with knowledge transfer, governance support, and market access. These results have implications for policymakers seeking to design inclusive financing ecosystems, as well as for entrepreneurs aiming to strategically sequence financing sources to achieve sustainable growth.
Copyright (c) 2023 Sarah Usman Ghani, Muhammad Nadir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Relationship Between Leverage and Firm Performance Introduction
This study investigates the relationship between financial leverage and firm performance by employing a mixed-methods approach that integrates econometric panel data analysis with qualitative managerial insights. Using firm-level data spanning, firm performance was assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while leverage was measured as the debt-to-asset ratio. The econometric models—including fixed effects, random effects, and generalized method of moments estimators—consistently revealed negative and statistically significant coefficients for leverage, indicating that higher debt ratios diminish firm performance. Quintile analysis further demonstrated that profitability declines systematically across higher leverage categories, suggesting a threshold beyond which debt becomes detrimental. Complementary qualitative evidence from semi-structured interviews with financial managers and auditors reinforced these findings, highlighting risk aversion, governance challenges, and market volatility as key determinants of capital structure effectiveness. Collectively, the results align with the trade-off theory by emphasizing the need to balance tax benefits of debt against financial distress costs, while also reflecting pecking order dynamics in contexts where internal financing is prioritized. The study concludes that while moderate leverage can be beneficial, excessive reliance on debt reduces firm efficiency and profitability, particularly for smaller firms in emerging markets. These findings carry significant implications for corporate managers, investors, and policymakers, underlining the importance of context-specific and size-adjusted financing strategies to ensure sustainable firm growth.
Copyright (c) 2023 Asif Saeed, Rabeel Shaikh (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Corporate Governance Mechanisms and Their Impact on Firm Value
This study investigates the impact of corporate governance mechanisms on firm value through a mixed-methods research design, integrating econometric modeling with qualitative inquiry. Quantitative analysis employed fixed effects and generalized method of moments estimations, while qualitative insights were drawn from interviews with directors, regulators, and institutional investors. The results demonstrate that board independence, gender diversity, and audit committee effectiveness exert significant positive effects on firm value, as measured by Tobin’s Q, return on assets, and market-to-book ratios. Conversely, ownership concentration exhibited a negative influence, indicating risks of managerial entrenchment. Mediation analysis further revealed that corporate social responsibility strengthens the link between governance and firm value, highlighting the importance of integrating sustainability practices into corporate strategies. Cross-sectional comparisons showed that governance effects vary by industry and region, with emerging markets benefiting more strongly from independent oversight, while developed economies emphasize CSR and ESG performance. Qualitative findings confirmed that cultural norms, regulatory environments, and stakeholder expectations critically shape governance effectiveness. Overall, the study concludes that robust governance mechanisms not only enhance firm performance and market valuation but also reinforce organizational legitimacy and long-term competitiveness. These findings provide important implications for corporate leaders, investors, and policymakers seeking to design governance structures that maximize sustainable value creation.
Copyright (c) 2023 Sahar Arshad Mahmood, Zafar Mahmood (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Dividend Policy on Shareholder Wealth Maximization
This study investigates the effect of dividend policy on shareholder wealth maximization by adopting a mixed-methods approach that integrates econometric modeling with qualitative analysis. Using firm-level panel data from 250 companies across multiple global markets between 2018 and 2023, the study employs regression models, Granger causality, and vector autoregression to assess the relationship between dividend payout ratio, dividend yield, dividend per share, and dividend cover against wealth indicators such as market price per share, earnings per share, and Tobin’s Q. The quantitative results reveal a generally positive and significant relationship between dividend policy and shareholder wealth, with dividend per share and dividend yield emerging as the strongest predictors. However, in emerging economies characterized by high volatility and limited governance structures, retained earnings and reinvestment strategies showed a greater impact on firm value than immediate dividend payouts. Complementary qualitative evidence drawn from semi-structured interviews with financial executives and institutional investors highlights the signaling role of dividends, their importance in mitigating agency costs, and their utility in maintaining investor confidence. The integration of quantitative and qualitative findings reinforces that dividend policy, while context-dependent, remains a critical component of corporate financial strategy. Overall, the study concludes that dividends contribute significantly to shareholder wealth maximization, though their effectiveness varies according to firm-specific characteristics and institutional environments.
Copyright (c) 2023 Samira Azmat, Saifullah (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Capital Structure Determinants: Evidence from Developing Economies
This study investigates the determinants of capital structure in developing economies by employing a mixed-methods approach that integrates firm-level econometric analysis with qualitative insights into institutional environments. Using panel data from non-financial firms across multiple emerging markets, the results reveal that both firm-specific variables—profitability, size, tangibility, growth opportunities, and liquidity—and macroeconomic conditions—such as inflation, GDP growth, and foreign direct investment—are central in shaping leverage decisions. The findings demonstrate that while traditional capital structure theories, including trade-off and pecking-order frameworks, retain explanatory relevance, they are insufficient to fully capture the institutional, regulatory, and behavioral complexities of developing markets.The study also highlights heterogeneity across firms, sectors, and countries. Larger firms, benefiting from reputational strength and access to long-term debt markets, generally maintain higher leverage, whereas smaller firms rely disproportionately on short-term borrowing and internal financing, reflecting the phenomenon of debt intolerance common in emerging economies. Peer and industry effects were found to further influence financing patterns, as firms often emulate the capital structure strategies of competitors. Moreover, capital structure choices in developing markets remain highly vulnerable to global financial cycles, interest rate fluctuations, and commodity trade volatility, underscoring the role of external shocks in shaping financing risk. Qualitative evidence complements these findings by showing how governance frameworks, institutional quality, and debt market inefficiencies shape firm-level behavior in ways that extend beyond quantitative projections.The study concludes that no single theory adequately explains capital structure in emerging economies. Instead, an integrative, context-sensitive framework is necessary—one that incorporates firm-level, macroeconomic, institutional, and behavioral dimensions. These insights offer valuable implications for policymakers aiming to strengthen financial systems, promote hybrid financing instruments, and enhance governance structures, while providing firms with guidance to strategically balance leverage and mitigate financing risks.
Copyright (c) 2023 Shameel Khan, Nadya Qamar Chishty (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Big Four vs. Non-Big Four Auditors in Financial Stability
This study investigates the role of Big Four versus non-Big Four auditors in enhancing financial stability through a mixed-methods design, combining panel data analysis with semi-structured interviews. Quantitative results, based on financial stability indicators such as return on assets, leverage ratios, and Altman Z-scores, reveal that Big Four auditors are generally associated with marginal improvements in earnings quality and financial reporting reliability, though their impact on leverage and distress prediction is not consistently significant. Regression analyses confirm that auditor type contributes to financial stability but is moderated by firm size, industry, and governance conditions. Qualitative findings reinforce these results, highlighting that stakeholders perceive Big Four auditors as more resourceful and rigorous, yet concerns remain regarding their independence and timely signaling of financial distress. Interestingly, non-Big Four auditors occasionally outperform in audit timeliness, demonstrating that efficiency and contextual adaptability can mitigate size-based disadvantages. The study concludes that audit firm size alone does not guarantee superior outcomes, and that regulatory oversight, independence, and quality management systems are equally critical in promoting financial stability.
Copyright (c) 2023 Shakil Faruqi, Muhammad Waqar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Audit Committee Characteristics and Their Impact on Financial Transparency
This study investigates the impact of audit committee characteristics on financial transparency by employing a mixed-methods design that integrates quantitative econometric modeling with qualitative thematic analysis. Using panel data from publicly listed firms between 2018 and 2023, alongside semi-structured interviews with audit committee members, auditors, and financial analysts, the research evaluates how independence, size, financial expertise, gender diversity, and meeting frequency shape the integrity of financial reporting. The quantitative results demonstrate that audit committee independence and financial expertise significantly enhance earnings quality and reduce discretionary accruals, while larger committees with diverse membership improve voluntary disclosure and sustainability reporting practices. Meeting frequency is positively associated with timely financial reporting and a reduction in restatements, further highlighting the role of diligence in governance effectiveness. Complementary qualitative evidence reveals that experienced and independent audit committees not only mitigate opportunistic managerial behavior but also foster a culture of accountability and transparency within organizations. The integration of these findings confirms that well-structured audit committees are central to ensuring financial reporting reliability and extending transparency into environmental, social, and governance (ESG) dimensions. This study contributes to the governance literature by demonstrating the universal applicability of robust audit committee characteristics across diverse institutional contexts and offers actionable insights for policymakers, regulators, and corporate boards aiming to strengthen governance frameworks and stakeholder trust.
Copyright (c) 2023 Safdar Ali Butt, M. Saeed Nasir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Sustainability Accounting: Measuring the Financial Impact of Green Practices
This study examines the role of sustainability accounting in measuring the financial impact of green practices by employing a mixed-methods experimental design that integrates quantitative econometric modeling with qualitative thematic analysis. Data were collected from multiple global sources, including Bloomberg, Refinitiv, MSCI ESG Ratings, CDP disclosures, and corporate sustainability reports, covering the period 2018–2023. Quantitative results revealed that environmental, social, and governance (ESG) performance significantly enhances firm-level financial outcomes, with higher ESG scores positively associated with return on assets (ROA), Tobin’s Q, and market valuation. Carbon performance was also found to inversely affect profitability, indicating that poor environmental practices carry measurable financial risks. Difference-in-differences estimations confirmed that mandatory ESG disclosure regimes improve market efficiency and enhance firm valuation, highlighting the importance of regulatory frameworks.Complementary qualitative findings emphasized managerial motivations, stakeholder trust, and transparency as crucial drivers of value creation, with sustainability narratives shaping investor confidence and mitigating reputational risk. The integration of natural language processing (NLP) into textual analysis further demonstrated how sustainability reporting language influences perceptions of accountability and corporate legitimacy. Triangulation of results underscored the multidimensional role of sustainability accounting, not only in quantifying financial impacts but also in reinforcing firms’ resilience, reducing capital costs, and enhancing strategic competitiveness.Overall, the study provides robust evidence that sustainability accounting functions as both a financial measurement tool and a strategic framework, enabling firms to align green practices with long-term financial performance. The findings carry important implications for managers, investors, and regulators seeking to balance financial accountability with environmental stewardship in an era of climate-conscious capitalism.
Copyright (c) 2023 Muslim Shah, Muhammad Taqi Usmani (Author) https://creativecommons.org/licenses/by-nc-nd/4.0