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The Impact of Social Accounting Practices on Export Competitiveness and the Moderating Role of Foreign Ownership: Evidence from Listed Seafood Processing Enterprises in Vietnam
This study stems from the context where Vietnamese seafood processing enterprises face increasing pressure regarding social standards from international markets, while the actual effectiveness of Social Accounting Practices (SAP) on Export Competitiveness (EC) remains contradictory. Therefore, this research aims to clarify this relationship, particularly by analyzing the moderating role of Foreign Ownership (FO) as a key factor capable of conditioning the impact of SAP. Using a quantitative method, the study employs panel data collected from 28 listed seafood enterprises over the period 2015-2024, forming a dataset of 225 firm-year observations, and applies a fixed-effects regression model (FEM). The research findings illuminate a complex relationship: social accounting practices, by themselves, do not have a direct and statistically significant impact on export competitiveness (β = 0.035, p > 0.10). Instead, the most critical finding reveals that foreign ownership plays a strong and positive moderating role; the impact of SAP on EC only becomes significant in firms with a high proportion of foreign ownership, as demonstrated by the positive and highly significant coefficient of the interaction term (SDI * FO) (β = 0.955, p < 0.01). Furthermore, the study also discovers an inverted U-shaped non-linear relationship, suggesting the existence of an optimal threshold for investment in SAP at approximately 40.5% on the disclosure index, beyond which marginal benefits diminish. Ultimately, the study concludes that the effectiveness of sustainability investments is not a universal linear relationship but is contingent upon conditional factors. Foreign ownership acts as a strategic "catalyst," helping to transform social efforts into tangible competitive advantages in emerging markets.
Copyright (c) 2026 Hong Van Tran (Author) https://creativecommons.org/licenses/by/4.0
Exploring Book Trade and Publishing as Pathways to Entrepreneurship and Wealth Creation Among University Librarians in Rivers State
Introduction: This study investigates the role of book trade and publication as sources of entrepreneurship and wealth creation among librarians in Rivers State-owned universities. The study was motivated by the need to diversify librarians’ roles beyond traditional information management towards entrepreneurial activities that enhance personal and institutional growth. The objectives were to identify the purposes, benefits, and challenges associated with book trade and publishing for librarians. Methodology: A descriptive survey research design was adopted, targeting all 44 professional and para-professional librarians from the Central Library of Rivers State University and the Dame Patience Goodluck Jonathan Automated Library of Ignatius Ajuru University of Education. Data were collected using structured questionnaires and analyzed using simple percentages. Results: The findings revealed that librarians recognize book trade and publishing as viable entrepreneurial ventures, contributing significantly to revenue generation, professional development, and societal impact. Key purposes identified include revenue generation, material improvement, and supporting literacy and reading. Benefits highlighted include enhancing librarians’ professional potential, fostering intrapreneurial spirit, and creating career opportunities in publishing. However, the study also identified challenges such as low awareness of entrepreneurial relevance, restrictive government policies, economic instability, limited funding, and difficulties in generating viable business ideas. Conclusion: The study concluded that while librarians are aware of the entrepreneurial opportunities within book trade and publishing, several barriers hinder their full participation. It recommends integrating entrepreneurship education into librarians’ professional development, reforming policies to support entrepreneurial activities, and encouraging continuous learning in business ideation and financial management to enhance librarians' entrepreneurial capabilities.
Copyright (c) 2025 Ebiere Diana Orubebe, Nonyelum P. Okpokwasili, Augonus N. Uhegbu (Author) https://creativecommons.org/licenses/by/4.0
Customer preferences while booking accommodation in hotels: Customer Behaviour and Hotel Strategies
Running a hotel is an exciting experience, but it also demands you to keep on top of the ever-changing hospitality environment. Understanding shifting visitor behaviour is one of the keys to being competitive in this dynamic sector. As society evolves dramatically, so does consumer behaviour, and this shift has a big influence on hotels. People's expectations for hotel stays, how they want to be handled, and how they book rooms are all changing. So, what's the deal? Understanding and adjusting to these changes will allow you to not only meet, but surpass, your visitors' expectations. More importantly, it opens a plethora of options for your company to expand. How these changes in visitor behaviour might affect your hotel company, and, more significantly, how you can turn these changes into opportunities that will help a hotel shine. This paper will help the hoteliers understand the main and vital preferences a guest might look for before booking an accommodation
Copyright (c) 2024 M.Srividya Iyengar, R. Venkatesh (Author) https://creativecommons.org/licenses/by/4.0
From Word-of-Mouth to Social Buzz: A Triangulated Bibliometric Analysis of Viral Marketing Using Biblioshiny, VOSviewer, and CiteSpace
Introduction This bibliometric analysis examines the global research landscape on viral marketing using data extracted from the Scopus database and analyzed with Biblioshiny, VOSviewer, and CiteSpace. Viral marketing, characterized by rapid message dissemination through digital networks and consumer sharing, has gained significant scholarly attention across diverse disciplines. Objective The annual scientific output reveals a steady growth in publications, reflecting increasing academic interest and the evolution of research themes over time. Method Analysis of top influential researcher’s highlights key contributors shaping the field’s theoretical and methodological advancements. Prominent scientific journals, particularly in marketing, consumer behavior, and information systems, serve as primary publication outlets, fostering interdisciplinary dialogue. Results Global research contributions by nation indicate that the United States, China, and India are leading producers, supported by active collaborations illustrated in the timeline network visualization of country partnerships. Co-citation analysis of cited authors and journals uncovers core intellectual foundations and interlinked knowledge domains. Bibliographic coupling of documents and co-occurrence of author keywords reveal thematic clusters that define the research focus, while thematic evolution and the thematic map highlight the transition from foundational studies to emerging topics such as social media analytics and influencer marketing. Trend topic analysis indicates growing emphasis on data-driven targeting, user engagement, and algorithmic influence modeling. Conclusions The study identifies research gaps in cross-cultural comparative studies, ethical considerations, and the integration of emerging technologies into viral marketing strategies, with practical implications for marketers seeking to optimize campaigns in a rapidly evolving digital environment.
Copyright (c) 2026 Anat Suman Jose, Archana Kemanabally, Krishna Nambiar, Joseph George, Abeesha M, Jobin Jose (Author) https://creativecommons.org/licenses/by/4.0
Firm structural traits and stock performance of agricultural sectors quoted in the Nigerian Exchange Group
The study investigated firm structural traits and stock performance of agricultural sectors quoted in the Nigerian Exchange Group. The firm structural traits in this study are return on assets, firm size, firm leverage, business risk, asset structure and firm age and market capitalization. The quantitative research utilized in the study aims to employ the pairwise comparison technique so as to analyze how firm structural characteristics influence stock performance. Pairwise comparison is the technique of contrasting the performance output of one individual firm against the output of the rest of the firms in the sample. In realising this, the study will aim at utilising a longitudinal and ex post facto research design. The study is done on NGX firms as of 31st December 2023. The NGX has 5 agricultural quoted firms. The sampling method that was used in this research study was purposive sampling. In order to carry out this study the 5 firms, where the available and accessible annual reports are available, covering the period of the study, 2020-2023, were utilized hence 2020-2021 was considered the COVID year and the other period, 2022-2023, was considered the post-COVID year. The finding reveals that ROA had an almost significant negative relationship with the stock performance during COVID-19 and an insignificant relationship with the stock performance post COVID, indicating that profitability did not play a significant role in the recovery period. The study concluded that the agriculture sector displays a strong predictability of SP during and after COVID-19. It was recommended in the study, firms ought to engage in growth strategies to enjoy economies of scale.
Copyright (c) 2025 Samuel Ejiro Uwhejevwe-Togbolo, Augustine Akpojevwa Okwoma, Sunny Oteteya Temile, Martins Otuedon Ajueyitse (Author) https://creativecommons.org/licenses/by/4.0
How corporate social responsibilities affect customer citizenship behavior in fueling station context: investigating the mediating role of brand loyalty and customer trust
Introduction: Customer Citizenship Behavior and Corporate Social Responsibility became central themes in academic research over the past two decades. Researchers focused on how socially responsible business practices influence consumer behavior, particularly in service-oriented industries. Objective: This study aimed to develop and validate a conceptual model grounded in Social Exchange Theory, examining the impact of CSR on CCB among petrol station consumers in Malaysia. The model incorporates brand loyalty and consumer trust as potential mediating variables. Method: quantitative, observational, cross-sectional research design was employed. A structured questionnaire was developed and validated through expert review and a pilot study. Data were collected from 397 petrol station customers using an online survey distributed via digital platforms. 379 valid responses were analyzed using Structural Equation Modeling (SEM) via SmartPLS 4. The model and hypotheses were informed by a review of 45 scholarly sources. Results The findings revealed a significant positive relationship between CSR and CCB. Brand loyalty was found to be a significant mediator, indicating that customers who perceive a brand as socially responsible are more likely to exhibit citizenship behaviors when they are loyal to the brand. However, consumer trust did not significantly mediate the relationship, suggesting its limited role in this context. Conclusion: The study underscores the strategic importance of CSR in fostering customer citizenship behavior in the fuel retail sector. It highlights the need for petrol stations to invest in CSR initiatives and cultivate brand loyalty to enhance customer engagement and long-term value creation.
Copyright (c) 2025 Ganajoo Rajeswary , Bidayatul Akmal Mustafa Kamil, Ruzita Azmi (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Foreign Ownership and the Moderating Role of Ownership Concentration on the Financial Performance of Listed Non-Financial Firms in Vietnam
Amidst conflicting empirical evidence on the impact of foreign ownership in emerging markets, stemming from the dichotomy between the active monitoring role posited by agency theory and concerns over information asymmetry, clarifying this relationship becomes particular pressing in Vietnam, a market characterized by high ownership concentration. This study aims to comprehensively examine (i) the direct effect, (ii) the nonlinear relationship of foreign ownership, and (iii) the moderating role of ownership concentration on firm financial performance. Using an unbalanced panel dataset of 485 non-financial listed firms over the period 2015-2024 (4125 firm-year observations), with financial performance measured by Tobin’s Q and ROA, the study employs the Fixed Effects Model (FEM), complemented by robust estimation methods such as the System Generalized Method of Moments (System GMM) to address endogeneity concerns. The results yield three core findings: (i) foreign ownership has a positive and statistical significant impact on financial performance, supporting the monitoring role of foreign investors; (ii) ownership concentration plays a negative moderating role, significantly weakening this positive relationship, suggesting that the power of large shareholders can impede the benefits derived from foreign investors; and (iii) an inverted U-shaped nonlinear relationship is identified, with an optimal foreign ownership threshold between 25-28 %, beyond which marginal benefits begin to diminish. The study concludes that the benefits of foreign ownership are not absolute but are constrained by the internal governance context and that an optimal point exists.
Copyright (c) 2025 Huy Oanh Nguyen (Author) https://creativecommons.org/licenses/by/4.0
The importance of sustainability in agro-industrial companies: A comprehensive approach for the future
Sustainability has become a fundamental pillar for agricultural companies due to the growing demand for responsible practices that integrate economic, social, environmental, and institutional aspects. This study explored the implementation of a sustainability matrix in a company dedicated to the production and marketing of chickens and eggs, activities that represent a significant part of the agricultural sector in Argentina. The objective is to implement a unified sustainability measurement system based on Wehbe et al.(1) Sustainability Matrix, to optimize the company's overall performance, considering not only financial aspects but also its social and environmental impact. An analysis of production processes and profitability and sustainability strategies for the year 2024 was conducted. Key performance indicators (KPIs) aligned with the four dimensions of sustainability: economic, social, environmental, and institutional were identified. Based on these KPIs, a composite sustainability indicator was calculated to assess the company's overall performance. Finally, an annual action plan was designed to correct the detected deviations and promote continuous improvement. The results show an improvement in the strategic diagnostic capacity thanks to the integration of multidimensional indicators. It is concluded that the implementation of the Sustainability Matrix as a management tool allowed the company to move toward a comprehensive performance view. The systematization of indicators facilitated strategic decision-making, improving profitability and social and environmental impact. The proposed approach provides a solid foundation for the continuity and competitiveness of the agricultural business in an increasingly demanding environment in terms of corporate responsibility.
Copyright (c) 2025 Silvana Andrea Sattler, Mariano Romero, Alfredo Baronio Autor (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Executive Political Connections and the Moderating Role of Audit Quality on Earnings Management Behavior in Listed Real Estate Firms in Vietnam
In Vietnam's real estate sector, where informal institutions like political connections are exceptionally influential, this study addresses a critical governance paradox: the effectiveness of formal monitoring mechanisms, such as high-quality audits, in constraining the earnings management behavior driven by these connections. The main objective of the study is to clarify the complex interaction between formal (audit) and informal (political connections) governance mechanisms, while also considering the differences in this impact between state-owned and private enterprises. By employing a panel dataset of 677 firm-year observations from 71 listed firms over the 2015-2024 period, the study applies a Fixed Effects Model (FEM) with an interaction term, combined with robust checks. The empirical results show that political connections have a positive and statistically significant relationship with earnings management, whereas audit quality (represented by the Big 4) has a constraining effect. However, the most core and significant contribution of the study is that the moderating role of audit quality is not statistically significant for the full sample. Deeper analysis by ownership type reveals a heterogeneous mechanism of impact: while the monitoring role of Big 4 audits is almost completely neutralized in state-owned enterprises, it exerts a strong effect and nearly eliminates the negative impact of political connections in private enterprises. From this, we conclude that the effectiveness of formal governance mechanisms is not absolute but depends heavily on the institutional context and ownership structure, highlighting that high-quality audit is an effective "check" against risks from political capital, but primarily in the private sector.
Copyright (c) 2026 Ngoc Doan Trang Le (Author) https://creativecommons.org/licenses/by/4.0
Corrupt officials, invisible accomplices of pimping and trafficking networks
This research analyzes the existence of corrupt officials, invisible accomplices in pimping, and human trafficking networks in recent years. To this end, a qualitative methodology with a phenomenological design and a descriptive approach was used. The population consisted of prosecutors' office officials and conveniently selected lawyers with law degrees as participants. Data collection was conducted through interviews using a semi-structured guide. The results reveal that corrupt officials, accomplices in pimping, and human trafficking have a neutral impact due to the lack of logical and human resources, the limited investment by the state in technology, resulting in the inability to obtain direct virtual evidence, the implementation of internal control mechanisms, and the strengthening of public ethics, which affects the physical and psychological personality of the victims. There are difficulties in obtaining direct evidence because this crime operates clandestinely and emotionally manipulates its victims, who are mostly minors, and who do not file complaints out of fear or economic or financial dependence. Municipal officials issue licenses to establishments that operate undercover, and to prevent this, internal control and auditing must be structural and sustained across all related entities. Within a rigorous regulatory framework, it is essential that cases of trafficking be better coordinated between criminal laws and policies.
Copyright (c) 2025 Ronaldo Felix Alarcon-Piscoya, Kattia Mayde Arocutipa-Arocutipa, Rafael Romero-Carazas (Author) https://creativecommons.org/licenses/by/4.0
E-commerce web system with personalized recommendations based on purchase history for American Eagle in Maná, Ecuador
Introduction: in Ecuador, fashion retailers face volatile catalogs and low-density transaction records, which hinders the personalization of the customer experience. This study aimed to evaluate whether a recommendation engine based solely on purchase history improves performance and user experience for the American Eagle store in La Maná. Methods: A web-based e-commerce system was implemented using an MVC architecture and a two-stage framework: candidate generation using co-occurrences and collaborative item-to-item filtering (cosine/Jaccard), followed by ordering with BPR-MF based on implicit feedback. The offline evaluation included ranking metrics (Precision@k, Recall@k, MAP, NDCG@k), coverage, and diversity. Uncertainty was calculated with 95% confidence intervals using bootstrap, and significance was calculated using the paired Wilcoxon test. Popularity, Item-CF, and User-CF were used as references. In addition, an A/B test was applied measuring CTR, search time and usability (SUS/UEQ). Results: the proposed system showed consistent improvements in NDCG@10 and Recall@10 compared to the baseline models, maintained comparable Precision@10, and increased both catalog coverage and diversity. In user testing, it increased CTR, reduced search time, and achieved favorable usability. Conclusions: a purely historical recommendation approach is viable for SMEs with moderate resources, improves product discovery, and supports evidence-based merchandising decisions. The study provides a replicable protocol applicable to other contexts and seasons in Latin America. or unstructured, with a length of no more than 250 words; written in the past tense and in the third person singular.
Copyright (c) 2025 Jennifer Valeria Faz Gallardo, Valeria Anabel Guaman Capa, Rodolfo Najarro Quintero (Author) https://creativecommons.org/licenses/by/4.0
Cryptocurrency Price Prediction and Investment Decision Support Using a Transfer Learning-Based Hybrid CNN-BiLSTM-Attention Deep Learning Framework
The complexity and volatility of cryptocurrency markets make accurate price estimation a major challenge. Nonlinear, nonstationary, and high-frequency fluctuations in digital asset prices often exceed the modeling capacity of conventional statistical approaches. To address this, we propose a transfer learning-based hybrid CNN-BiLSTM-Attention framework for cryptocurrency price prediction and investment decision support. The framework leverages pretrained LSTM models developed on relevant financial datasets to enhance the learning process. While convolutional neural networks (CNNs) effectively capture short-term trading patterns, bidirectional long short-term memory (BiLSTM) networks identify long-term temporal dependencies in both directions. The integrated attention mechanism further strengthens the model by dynamically selecting the most relevant time intervals, thereby focusing on critical patterns that drive price fluctuations. A historical dataset of major cryptocurrencies—including market capitalization, trading volume, and daily open, high, low, and close prices—was used to train and evaluate the model. Experimental results demonstrate that the proposed hybrid framework outperforms standalone CNN, LSTM, and RNN architectures, achieving an F1 score of 95.5%, recall of 95.2%, precision of 95.5%, and an overall accuracy of 96%. By delivering robust and scalable predictive performance, this study provides investors, portfolio managers, and financial professionals with a reliable tool to support informed decision-making in the dynamic cryptocurrency market.
Copyright (c) 2025 Durga R, Vedala Naga Sailaja (Author) https://creativecommons.org/licenses/by/4.0
The Impact of Green Governance and the Moderating Role of Institutional Ownership on Financial Reporting Quality in VN-Allshare Listed Companies
This study aims to examine the impact of green governance on financial reporting quality, and more importantly, we investigate the moderating role of institutional ownership in this relationship among companies listed in the VN-Allshare index. By analyzing panel data of 346 non-financial companies from 2017 to 2024 through Fixed Effects Model regression, Driscoll-Kraay robust standard errors, and the System GMM method. The results show that green governance has no significant direct impact on financial reporting quality. Meanwhile, the study finds that institutional ownership plays a positive moderating role, enhancing the positive impact of green governance on financial reporting quality. However, this effect is only pronounced for substantive green governance mechanisms (linking executive compensation to environmental performance, having environmental experts on the board) rather than for symbolic mechanisms (establishing a committee). These findings imply that for green governance to be truly effective, merely adopting superficial structures is insufficient; it requires proactive monitoring from institutional shareholders to transform commitments into substantive transparency. The novelty of this research lies in it being one of the pioneering analyses in Vietnam on the conditional relationship of green governance, providing empirical evidence of the "catalyst" role of institutional investors and, for the first time, clearly distinguishing the impact between "symbolic" and "substantive" governance mechanisms.
Copyright (c) 2025 Thanh Thuy Pham, Huy Hung Pham (Author) https://creativecommons.org/licenses/by/4.0
Stock Market Volatility: A Bibliometric Review of Research Trends
Introduction: Stock market volatility plays a vital role in financial markets and economic stability, drawing considerable academic attention over the past two decades. However, a comprehensive review of the literature examining the landscape of stock market volatility research has been lacking. Objective: This study aims to fill that gap by conducting a systematic bibliometric analysis to identify key authors, journals, documents, contributing countries, and collaborative networks, while mapping thematic trends in stock market volatility research. Method: The analysis employs VOS Viewer and the Bibliometrix R-package to examine 1,418 articles published between 2005 and 2022, retrieved from the Scopus database. The study utilizes keyword co-occurrence analysis and bibliographic coupling to map research themes and collaborative networks. Results: Findings reveal a significant rise in research output after 2015, with a notable surge during the COVID-19 pandemic. The top 10 most-cited papers amassed over 4,700 citations, with crisis-related studies demonstrating substantial influence. Key contributors include Gupta R., Ma F., and Zhang Y., while the USA, China, and the UK emerge as the leading publishing countries. Four main research streams are identified: volatility measurement and forecasting, crisis and contagion effects, macroeconomic influences, and spillover effects across markets. "Realized volatility" and "GARCH" emerge as dominant themes driving the field. Conclusions: This study offers a foundational overview of stock market volatility research, supporting scholars in identifying trends and research gaps, and providing practitioners with a structured understanding of the domain's evolution.
Copyright (c) 2026 Swapna Kurian (Author) https://creativecommons.org/licenses/by/4.0
Police Human Resource Reform for Good Governance and Sustainable Development in Indonesia
The reform of the human resources of the Indonesian National Police (Polri) is a strategic step to realize good governance and support the achievement of the Sustainable Development Goals (SDGs), especially Goal 16 on peace, justice, and strong institutions. The quality of Polri human resources, who are professional, accountable, and have integrity, is a key factor in building public trust and increasing the effectiveness of police services. This research is motivated by the ongoing gap between normative policies and practices in the field, as reflected in the many complaints against Polri members, inconsistencies in enforcing the code of ethics, and the weak merit system in job promotions. This research aims to evaluate the effectiveness of Polri's human resource reform in building professionalism, integrity, and institutional transparency to strengthen good governance and support equitable and sustainable development. This research uses normative legal methods with a juridical-normative and qualitative descriptive approach, with data sources in the form of laws and relevant literature that are analyzed in depth. The research findings show that implementing a merit system, digitizing public services, and strengthening the code of ethics within the Polri have positively impacted increasing professionalism and public trust. However, further strengthening is needed in oversight, organizational ethics, and consistency in policy implementation. In conclusion, Polri's human resource reform has effectively enhanced professionalism and institutional accountability. However, it needs to be strengthened by developing a culture of ethics, transparency, and ongoing public oversight, in which the audience has a significant role, to become an instrument for a just, humanistic, and sustainable development-oriented police force.
Copyright (c) 2025 Maria Widowati, Retno Mawarini Sukmariningsih, Mashari, Afif Noor (Author) https://creativecommons.org/licenses/by/4.0
Institutional factors and teaching performance at a university in southern Lima, 2025
Introduction. teaching performance is a key element in the quality of higher education. Institutional factors such as organizational climate, infrastructure, and administrative management strongly influence teachers’ effectiveness and students’ academic outcomes. Methodology. a quantitative, correlational, and non-experimental study was conducted with 120 professors from a private university in Lima Sur in 2025. Data were collected through validated surveys with a Cronbach’s alpha of 0.89. Results. descriptive results indicated that 72.5% of professors perceived infrastructure as a determinant of performance, while 68.3% emphasized the role of organizational climate. Linear regression analysis showed that institutional factors explained 61.4% of the variance in teaching performance (R² = 0.614, p < 0.01). Conclusion. institutional factors significantly influence teaching performance. Strengthening infrastructure, fostering a positive organizational climate, and improving administrative management are recommended to enhance academic quality.
Copyright (c) 2025 Jhon Christian Perez-Ruiz, Maria Luzmarina Quispe Munares, Fuanuel Armas-Cima, Patricia Mónica Bejarano-Álvarez (Author) https://creativecommons.org/licenses/by/4.0
Impact of digital transformation on the productivity of public administration
Introduction. digital transformation is a strategic axis for modernizing public administration, enabling more efficient, transparent, and citizen-centered processes. Nevertheless, empirical evidence is required to assess its direct impact on institutional productivity. Methodology. a quantitative, non-experimental, and correlational study was conducted with 150 civil servants from public institutions in Metropolitan Lima. A structured questionnaire with a reliability coefficient of α = 0.91 was applied. Results. findings revealed that 74.7% of participants perceived improved process efficiency through digitalization, while 69.2% reported increased management transparency. Inferential analysis showed that digital transformation explained 64.8% of productivity in public administration (R² = 0.648, p < 0.01). Conclusion. digital transformation significantly and positively impacts productivity in public administration. Strengthening civil servants’ digital competencies and ensuring technological sustainability are recommended.
Copyright (c) 2025 Bryan Smith Contreras-Yupanqui (Author) https://creativecommons.org/licenses/by/4.0
Management indicators for microenterprises based on the theory of complex adaptive systems
Introduction: Microenterprises constitute the foundation of the business fabric in emerging contexts, contributing to employment and economic growth; however, they face limitations in financing, management, and competitiveness that affect their sustainability. Objective: To determine the influence of interactions with customers, suppliers, competitors, and regulators on the achievement of management objectives in microenterprises. Method: An applied, quantitative, non-experimental, and cross-sectional study was conducted. The sample consisted of 153 microenterprises probabilistically selected from a population of 251 affiliated with the San Martín Chamber of Commerce. A questionnaire with 30 indicators distributed across five constructs was applied, with reliability verified through Cronbach’s Alpha and McDonald’s Omega. The model was evaluated using structural equation modeling with the WLSMV estimator. Results: The model showed adequate fit indices (χ²/df = 1,07; RMSEA = 0,019; CFI = 0,992). Only interactions with customers had a significant influence on management objectives (p = 0,001), while suppliers, competitors, and regulators showed no significant effects (p > 0,05). Conclusions: Customer-centered management is the main determinant of microenterprise success. The proposed framework provides practical tools to strengthen competitiveness and sustainability.
Copyright (c) 2025 Lady Arévalo-Alva , Diógenes Díaz-Ríos , Blanca Yalta-Flores , Olga Requejo-La-Torre , Rossana Hidalgo-Pozzi (Author) https://creativecommons.org/licenses/by/4.0
The Effect of Performance Expectancy, Effort Expectancy, Facilitating Conditions on Behavioral Intention to Use and Their Impact on Usage Behavior Moderated by Trust: a Study on BRISPOT Application Users in the Small and Medium Business Segment of Bank BRI
The implementation and optimal utilization of online banking applications remains a challenge, particularly within the Small and Medium Enterprise (SME) sector, where digital tools are underutilized despite their potential. This study aims to examine the variables influencing the adoption and usage of online banking by Relationship Managers (RMs) in the SME sector. Using a framework combining the Unified Theory of Acceptance and Use of Technology (UTAUT) and Social Cognitive Theory (SCT), this research explores the key determinants of RM behavior towards online banking, introducing trust as a moderating variable. The findings indicate that supportive circumstances, performance expectations, and effort expectations significantly affect the behavioral intention to use online banking, which in turn strongly influences actual usage behavior. Furthermore, trust directly impacts utilization but does not diminish the influence of behavioral intention on usage. This study contributes to the literature by integrating SCT into the UTAUT model and offers practical insights for banking institutions. To enhance application adoption, banks should focus on improving system usability, offering adequate support, and building user trust.
Copyright (c) 2025 Priyastomo, Umar Nimran, Arik Prasetya, Teuku Noerman (Author) https://creativecommons.org/licenses/by/4.0
Is Halal Certification Policy Suitable for all Industry Levels? The Role of Halal Assumption in Muslim-Majority Country
Indonesia, as a Muslim-majority country, could serve as a reference for understanding how religious and cultural contexts shape consumer behavior. In this context,this study aims to examine the influence of halal assumption, perceived risk, and perceived benefit on purchase intention through attitude by introducing the construct of “Halal Assumption,” which reflects the role of Islamic socio-cultural factors in shaping consumers’ perceptions of halal. A quantitative approach was used with data collected from 314 respondents through an online survey. The analysis employed Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results show that halal assumption affects attitude, which mediates its relationship with purchase intention. Consumers in Muslim-majority contexts hold inherent preconceptions about halalness even without formal certification. The findings highlight that positive perceptions and attitudes increase purchase intention, whereas perceived risk has no effect on consumer decisions. The study contributes to the refinement of halal policy by emphasizing cultural and religious capital as a foundation of consumer trust. It also suggests that a self-declared halal system can serve as a cost-efficient alternative for small enterprises in Muslim-majority countries.
Copyright (c) 2025 Bambang Iswanto, Yudi Saputra, Fitria Rahmah, Nurul Fadhilah, Idhafiyyah Anwar (Author) https://creativecommons.org/licenses/by/4.0
Omnichannel Taxation, Perceived Tax Audit Probability and Digital Tax Compliance: A Game Theoretic Analysis
Introduction: As AI-enhanced omnichannel taxation becomes increasingly prevalent in digital government landscapes, understanding its influence on taxpayer compliance behaviour is essential, particularly in emerging economies where digital tax initiatives are still evolving. Objective: This study investigates the strategic interactions between omnichannel taxation, perceived tax audit probability, digital tax transformation, and tax compliance behaviour within a game theory framework, distinguishing between voluntary and enforced compliance. Method: A quantitative research design was employed, analysing survey data from 485 individual taxpayers residing in Indonesia’s Greater Jakarta Area. The proposed research model was tested using Partial Least Squares Structural Equation Modelling (PLS-SEM) to examine both direct and mediating relationships amongst key variables, thereby ensuring a rigorous assessment of the hypothesised framework. Results: Findings reveal that omnichannel taxation significantly drives digital transformation and enhances voluntary compliance, highlighting its role in building trust and convenience. In contrast, perceived audit probability exerts a strong effect on enforced compliance, consistent with deterrence theory. Furthermore, digital transformation mediates the relationship between omnichannel taxation and voluntary compliance, demonstrating the importance of technological adoption in shaping behavioural outcomes. Together, these findings indicate that voluntary and enforced compliance represent complementary rather than competing mechanisms in the digital tax environment. Conclusion: Theoretically, this study advances the application of game theory in taxation by showing an evolution from zero-sum to positive-sum dynamics in compliance behaviour. Practically, tax authorities should prioritise improving error-prevention features, enabling seamless cross-platform integration, and adopting pre-filled tax returns to stimulate voluntary compliance and strengthen taxpayer trust.
Copyright (c) 2025 Annathasia Puji Erasashanti, Helmi Yazid, Yeni Januarsi, Munawar Muchlish (Author) https://creativecommons.org/licenses/by/4.0
Integrating Sustainability into Financial Models: Reflections from Professional and Academic Experience
This paper focuses on the contribution of financial inclusion to the sustainability of productive systems, using the relationships between the SDGs and the sustainability matrix as a means of linking them. Financial inclusion directly impacts the reduction of poverty and inequalities, but also indirectly impacts aspects of health, education, and responsible production. The overall objective is to study the relationship between financial inclusion and sustainability in Argentina. A quantitative approach is applied, classifying countries into high, medium, and low financial inclusion groups and verifying the variables that determine membership in one group or another. Specifically, it establishes Argentina's performance and what it must do to converge to higher levels. The results show that financial education and digitalization reduce social inequality and reinforce the positive impact on the well-being of the population. Argentina has an intermediate level of inclusion, with potential for improvement through specific policies. The conclusion is that implementing inclusive strategies and providing financial instruments to the most disadvantaged facilitates progress and equal opportunities, making the achievement of the SDGs feasible. This aspect must be further explored so that countries become more sustainable and contribute to human well-being, improving the system's sustainability management.
Copyright (c) 2025 Alfredo Baronio, Mariano Romero, Silvana Andrea Sattler (Author) https://creativecommons.org/licenses/by/4.0
The Power Of ESG: Logistic Analysis Of Sustainability-Driven Investment Decisions In Emerging Markets
Introduction: Sustainability is increasingly becoming a major concern in global investment, especially in the energy sector, which faces intense pressure from stakeholders to improve transparency and accountability. Environmental, Social, and Governance (ESG) has emerged as a strategic indicator that goes beyond traditional financial performance in assessing a company's long-term risk and attractiveness. Objective: This study aims to analyse the effect of ESG performance on sustainable investment decisions in Indonesian energy companies, considering financial variables as control factors. Method: This study uses a quantitative approach with logistic regression analysis on 155 observations of energy companies during the period 2019–2023. The main independent variable is the ESG score, while the control variables include Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and company size. Results: The results show that ESG has a positive and significant effect on sustainable investment, as indicated by a high odds ratio value. DER was found to have a significant negative effect, while ROA, ROE, and company size had no significant effect on investment decisions. Conclusion: These findings confirm that ESG performance is a more decisive strategic factor than traditional financial indicators in attracting long-term investment in the energy sector. This study contributes to the ESG literature in emerging markets and suggests strengthening ESG reporting and green investment policies in Indonesia.
Copyright (c) 2025 Hermaya Ompusunggu, Helmi Yazid, Lia Uzliawati, Imam Abu Hanifah (Author) https://creativecommons.org/licenses/by/4.0
Legal Governance of Digital Currencies in Malaysia
Amid the global surge of digital currencies, Malaysia, as a key Asian economy, is actively exploring legal regulatory frameworks for their governance. This article reviews the global development of digital currencies such as Bitcoin and Digital RMB, and analyzes Malaysia’s current regulatory landscape, including the "Digital Assets Guideline", the Anti-Money Laundering Act, and capital market regulations. Despite Malaysia’s open stance, existing regulations face challenges such as definitional gaps, limited public trust, insufficient technological infrastructure, payment system incompatibility, and financial crime risks. By comparing regulatory approaches in the United States, China, and Singapore, the study identifies differences and shared challenges. It further proposes policy recommendations for Malaysia, including introducing the "Digital Ringgit", enhancing public awareness, fostering financial innovation, improving regulatory frameworks, and engaging in international standard-setting. Ultimately, Malaysia must balance innovation and regulation to promote healthy digital currency development and financial modernization.
Anti-money Laundering and Counter-terrorism Financing
Copyright (c) 2025 Chai Hongliang, Wang tengfei , Mohamad Rizalabd Rahman , Mabeel Mahai Althabhawi (Author) https://creativecommons.org/licenses/by/4.0
Research on Green Purchase Intention and Behavior: A Bibliometric Analysis (2015-2025)
With the increasing global emphasis on sustainable development, green consumption has emerged as a prominent topic of interest among academics and policymakers. This study conducts a comprehensive bibliometric and visual analysis of literature related to green purchase intention and behavior indexed in the Web of Science Core Collection (SCI and SSCI) from 2015 to 2025. Utilizing VOSviewer software, the analysis systematically examines publication trends, key contributors, core journals, high-frequency keywords, co-citation networks, and international collaboration patterns. The findings reveal that: (1) Research on green consumption has experienced consistent annual growth, particularly after 2020, highlighting heightened scholarly attention; (2) Among nations, China, India, and Malaysia lead in research activity and collaboration; (3) Co-citation analysis identifies foundational literature and key research clusters in the field; (4) Sustainability, Journal of Cleaner Production and similar journals serve as primary publication outlets with significant academic influence; (5) Keyword co-occurrence analysis highlights themes such as “model” “impact” “antecedents” and “determinants” as central to the field; (6) The co-citation network illustrates the evolution of theoretical frameworks and thematic trajectories. These results offer a comprehensive overview of the intellectual structure and developmental trajectory of green consumption research, providing a solid foundation for future empirical studies and policy-making initiatives.
Copyright (c) 2025 Nuohan Li, Hafizah Omar Zaki, Che Aniza Binti Che Wel, Nadzirah Binti Rosli (Author) https://creativecommons.org/licenses/by/4.0
Assessing the Impact of Live-streaming Duration and Frequency on Customer Stickiness in E-Commerce Platforms
Introduction: This study investigates the impact of live-streaming duration and frequency on customer stickiness in Malaysian e-commerce platforms, emphasizing the mediating role of perceived value. With live streaming becoming a popular marketing tool, understanding its influence on customer engagement and loyalty is crucial for e-commerce businesses aiming to strengthen customer retention. Methods: A quantitative research approach was employed, utilizing a structured online survey distributed to Malaysian consumers who engaged in live-streaming shopping events on platforms like Shopee and Lazada. A total of 500 valid responses were collected for structural equation modeling (SEM) analysis. Results: The findings reveal that live-streaming frequency has a stronger influence on perceived value and customer stickiness than its duration. Frequent live-streaming sessions enhance customer engagement, foster emotional connections, and increase perceived value, which in turn boosts loyalty and repeat purchases. Duration had a less significant impact on customer stickiness. Perceived value mediated the relationship between live-streaming frequency and customer stickiness. Conclusions: This research highlights the importance of frequent, interactive live-streaming sessions for increasing customer loyalty in e-commerce. Perceived value plays a central role in converting frequent interactions into long-term engagement. E-commerce platforms should focus on increasing live-streaming frequency and enhancing content interactivity to improve customer retention and foster sustained business growth. These insights offer practical guidance for e-commerce operators seeking to optimize their live-streaming strategies.
Copyright (c) 2025 Jiang Qiyi (Author) https://creativecommons.org/licenses/by/4.0
Analysis of intellectual capital and sustainability information in listed companies in Argentina
Introduction: under the sustainability paradigm, the elements that make up companies' intellectual capital (IC) are considered key resources, given the central role that IC plays in the creation of economic, social, and environmental value. However, there is an informational problem surrounding IC, as reports prepared to comply with current regulatory requirements contain limited information, which has led to its disclosure being largely voluntary. Objectives: this paper aims to analyze the IC information disclosed by companies in the BYMA Sustainability Index in reports prepared under GRI standards, and to explore the relationship between IC and sustainability. Methods: an exploratory, descriptive, and interpretive research study was conducted, based on content analysis and the calculation of IC disclosure indices. Results: when disclosing sustainability-related information, companies revealed information on the three classic dimensions of IC, with a high level of disclosure. The importance of information on the relational dimension of IC was highlighted, in terms of commitment to the environment and society and the importance assigned to relationships with customers, suppliers, and other stakeholders. Conclusions: a significant relationship was found between IC and corporate sustainability. These findings demonstrate the growing connection between the two concepts, which is highlighted by the most recent literature and has recently been recognized at the regulatory level in IFRS S1 of the International Sustainability Standards Board.
Copyright (c) 2025 Cecilia Ficco, Gustavo Sader, Ariana Catalano Cecchel, María Belén Danna (Author) https://creativecommons.org/licenses/by/4.0
Cost-benefit analysis of indigenous music as a strategy for sustainable tourism development in Andean communities in Ecuador
Introduction: Indigenous music in Ecuador's Andean communities represents a valuable cultural heritage with the potential to promote sustainable tourism. Its integration into tourist routes can generate economic benefits and strengthen local cultural identity. Objective: To evaluate the relationship between the cost-benefit analysis (CBA) of indigenous music and its cultural and economic impact on Andean communities in Ecuador within the context of sustainable tourism development, considering financial variables. Method: A mixed-methods study with a concurrent design was conducted. The qualitative phase consisted of ethnographic research in the parish of Sicalpa, Colta canton, with participant observation, 700 sound recordings, and 20 audiovisual recordings. The quantitative phase used a cost-benefit analysis (CBA) and contingent valuation to estimate the economic value of musical heritage and tourists' willingness to pay. Indicators such as Net Present Value (NPV) and Internal Rate of Return (IRR) were calculated to assess the financial viability of musical tourism routes. Results: Indigenous music has significant economic value, with tourists willing to pay a high price for authentic experiences. The CBA projects a positive NPV of $150,000 USD over 5 years and an IRR of 18%, exceeding the social discount rate. Direct economic benefits (employment, income) and indirect benefits (strengthening of cultural identity, social cohesion) were identified. Conclusion: Indigenous music is a cost-effective strategy for sustainable tourism development in the Ecuadorian Andes, generating positive economic and social returns. The implementation of public policies that support community management and the creation of tourism products based on musical heritage is recommended.
Copyright (c) 2025 Bacilio Segundo Pomaina Pilamunga, Víctor Raúl Chucho Cuvi, Deisy Valeria Quevedo Amay, Esteban Xavier Contreras Peñaherrera (Author) https://creativecommons.org/licenses/by/4.0
A study on the impact of corporate social responsibility on customer loyalty among young consumers in ho chi minh city: A case study of the smartphone industry
This study examines the influence of corporate social responsibility (CSR) on customer loyalty among young consumers aged 18–35 in Ho Chi Minh City, Vietnam, within the context of the smartphone industry. The research aims to elucidate the direct and indirect effects of CSR on loyalty through the mediating roles of brand trust and brand satisfaction. A survey of 250 respondents was conducted using a structured questionnaire, with data analyzed via Partial Least Squares Structural Equation Modeling (PLS-SEM). Results indicate that CSR exerts a significant direct effect on customer loyalty (β = 0.585, p < 0.001) and indirectly through brand satisfaction (β = 0.164, p = 0.012). CSR also positively impacts brand trust (β = 0.555, p < 0.001) and brand satisfaction (β = 0.448, p < 0.001); however, brand trust does not directly influence loyalty (β = -0.094, p = 0.169). These findings highlight CSR’s pivotal role in fostering loyalty, particularly via satisfaction, among young consumers in an emerging market. Managerial implications suggest that smartphone firms should prioritize ethical and transparent CSR practices, such as environmental sustainability and community engagement, to enhance customer retention and competitive advantage. This study contributes to the literature by providing robust empirical evidence on the CSR–loyalty relationship in Vietnam’s technology sector, offering strategic insights for sustainable business practices.
Copyright (c) 2025 Khuc Dai Long, Ta Van Thanh, Bui Thi Thu (Author) https://creativecommons.org/licenses/by/4.0
An Exploration of the Influencing Factors of Virtual Influencers on Consumers' Purchase Intentions
Introduction: In the developing landscape of digital marketing, virtual influencers’ (VIs) computer-generated features powered by artificial intelligence (AI) are reshaping the way brands connect with consumers. As these digital personas gain traction on social media platforms, their potential to influence consumer behavior, particularly purchase intention (PI), is becoming increasingly relevant. Despite their growing popularity, there remains limited empirical research on the factors that drive consumer responses to VIs. Objective: This research explores the key attributes of Vis such as credibility, informative value (IV), human-likeness (HL), attractiveness, and entertainment value that influence consumer engagement (CE), and PI. Method: Using a structured questionnaire, data were collected from 523 social media users who had prior exposure to VIs. The data was examined using a structural equation model (SEM) and statistical methods, including Reliability analysis, Descriptive statistics, and Confirmatory Factor Analysis (CFA). Result: The results from the SEM revealed that perceived credibility (PC) (β = 0.41, p< 0.001) had the strongest positive impact on CE, which significantly influenced PI. IV and HL also positively contributed to engagement. While attractiveness and entertainment value (A&EV) significantly affected consumer engagement, they had no direct effect on PI. Conclusion: This research enriches AI-driven influencer marketing literature by providing theoretical insights and actionable implications, guiding brands toward evidence-based strategies. It establishes a foundation for leveraging VIs more effectively in modern, data-informed marketing and CE campaigns.
Copyright (c) 2025 Wenqi Zhang (Author) https://creativecommons.org/licenses/by/4.0