The rapid emergence of blockchain technology has facilitated the rise of Initial Coin Offerings (ICOs), offering an innovative approach to raising capital for startups and entrepreneurial ventures. Unlike conventional financing, where projects rely on internal resources or traditional external investments, ICOs enable firms to secure funding directly from the public through token sales. As this new form of crowdfunding gains momentum, the structure of national economic and financial systems has been identified as a critical factor influencing the success and performance of ICOs. Recent research has increasingly focused on comparing ICO markets with traditional corporate financing to better understand the dynamics at play. In this study, an econometric model was constructed to investigate how variations in a country’s financial and economic structures shape the fundraising outcomes of ICOs. A sample of 100 startups from diverse countries, including the United Kingdom, the United States, Austria, and South Africa, was analysed. The ordinary least squares (OLS) method was employed to estimate the model, defined as: Log(funds) = α + β1(fin) + β2(b) + β3(n) + β4(in) + $\in$. The variables represent key economic and financial indicators hypothesised to affect ICO performance, with rigorous statistical tests conducted using R Studio and Excel. Findings are expected to contribute to the growing body of literature by clarifying the extent to which national financial systems either facilitate or hinder the success of ICO fundraising campaigns. This research also provides valuable insights into the evolving role of financial innovation and regulation in the cryptocurrency ecosystem.
Microfinance institutions (MFIs) play a critical role in promoting financial inclusion and driving economic growth, especially in developing economies. However, the prevalence of fraud has increasingly threatened the stability and credibility of these institutions, particularly in Ghana. This study investigates the impact of forensic auditing as a mechanism to mitigate fraud in deposit-taking MFIs, with a focus on the Ghanaian context. Forensic audit, a specialised area of auditing aimed at uncovering financial misconduct, is examined for its effectiveness in reducing fraudulent activities. Data were collected from 92 professional accountants using a purposive sampling method and a structured questionnaire based on a 5-point Likert scale. One hypothesis was formulated to assess the relationship between forensic auditing and fraud reduction, and regression analysis was conducted using the Statistical Package for Social Sciences (SPSS). The results revealed that, at a 5% significance level, the coefficient of the dummy variable representing forensic audit implementation was 2.57. This indicates that the reduction of fraud in MFIs implementing forensic audits was, on average, 2.57% higher compared to those without such audits. These findings underscore the importance of forensic auditing in enhancing financial integrity within MFIs and suggest that its mandatory enforcement by shareholders and regulatory bodies could significantly improve investor confidence in the sector. The study contributes to the limited body of research on forensic auditing in the context of Ghana and highlights its potential to strengthen the financial governance of MFIs, thereby promoting their long-term sustainability.
The phenomenon of multiple directorships (MDs) within Boards of Directors of listed entities has garnered increasing attention due to its implications on corporate governance (CG) effectiveness. This study examines the prevalence and major implications of MDs on the governance of Maltese listed entities (MLEs), identifying key determinants and evaluating potential management strategies. A mixed-methods approach is utilized, comprising semi-structured interviews with fourteen directors and company secretaries of MLEs. The findings reveal a significant occurrence of MDs among MLE directors, with impacts that vary based on the number of directorships held, individual circumstances of the directors, and the specific corporate environments of the entities involved. Critical factors contributing to the prevalence of MDs include a limited pool of qualified candidates, directors’ aspirations to serve on multiple boards, and the corporate emphasis on the perceived reputation and quality associated with MD holders. The study highlights that director overcommitment, resulting from MDs, poses potential risks to CG effectiveness. Strategies proposed to mitigate these risks include enhanced nomination committee (NC) reviews, self-assessment mechanisms for board members, and the establishment of more comprehensive guidelines within the CG code specific to directors with MDs. The originality of this research lies in its focus on the unique context of MDs within smaller states like Malta, providing valuable insights into CG enhancement in similar environments. This study offers significant contributions to the literature on MDs and CG, particularly relevant for listed companies in smaller jurisdictions and their stakeholders, by proposing actionable strategies to improve governance practices amidst the challenges posed by MDs.
The increasing global awareness of environmental issues has driven consumers toward eco-friendly products, making green marketing an essential aspect of contemporary business strategy. Originating in the 1980s, the concept of "going green" has significantly evolved, positioning sustainability at the forefront of corporate agendas. Indian companies, in particular, are increasingly adopting green marketing strategies to appeal to environmentally conscious consumers and maintain competitiveness in an eco-aware marketplace. However, significant challenges persist, primarily concerning perceived costs and the effectiveness of these strategies. This study aims to critically examine the landscape of green marketing in India, exploring the concept’s evolution, its strategic importance, and the challenges faced by businesses in this domain. By analyzing secondary data from academic literature and credible sources, the study provides a comprehensive overview of the current state of green marketing in India. The findings highlight that the integration of green marketing practices not only enhances corporate competitiveness but also contributes to broader environmental goals. Nevertheless, the successful adoption of these strategies requires overcoming substantial barriers, including misconceptions about financial implications and the need for greater governmental support. The paper concludes that every incremental effort towards environmental sustainability can significantly impact the resolution of contemporary ecological challenges. As such, the incorporation of green marketing strategies represents a logical and necessary progression for companies aiming to achieve long-term sustainability and societal benefits. The promotion of green marketing, supported by governmental incentives, is essential for fostering a greener future for current and future generations.
This study examines the impact of intellectual capital and leverage on profitability, along with their implications for firm value, focusing on healthcare provider companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. A purposive sampling method was employed, resulting in a sample of seven healthcare provider companies. Secondary data were extracted from the companies' annual reports, with intellectual capital measured using Pulic’s Value-Added Intellectual Coefficient (VAIC) model, leverage assessed through the debt ratio, profitability evaluated via return on equity (ROE), and firm value gauged by the price-to-book ratio (PBR). Multiple and simple linear regression analyses were conducted to investigate the relationships between these variables. The findings reveal that both intellectual capital and leverage significantly influence profitability, accounting for 69.18% of its variation. Furthermore, profitability is found to significantly impact firm value, explaining 70.79% of its variation. These results indicate that intellectual capital plays a critical role in enhancing profitability, while leverage also contributes to profitability, which in turn, significantly affects firm value. The implications of these findings suggest that healthcare providers in Indonesia could optimize their financial strategies by focusing on intellectual capital and leverage to enhance profitability and, consequently, firm value. This study contributes to the existing literature by providing empirical evidence from the Indonesian healthcare sector and offers insights for both practitioners and policymakers aiming to enhance firm value through strategic financial management.
The concept of sustainability encompasses a wide array of local government entities, including metropolitan, provincial, and district municipalities. In the current era, citizens residing within these jurisdictions assess not only the immediate services provided but also the long-term sustainability of these services. This assessment is facilitated through sustainability reports that address environmental, economic, and social sustainability, and communicate these findings to the public. Such reports provide an in-depth examination of organisational activities and their alignment with global development goals, revealing the value generated for both organisations and society through resource utilisation and needs fulfillment. This study critically analyses the sustainability report of the İstanbul Environment Management Company (IEMC), a subsidiary of the Istanbul Metropolitan Municipality. The analysis reveals that the report adheres to the Global Reporting Initiative (GRI) Standards, emphasising key themes such as transparency and accountability, social impact and responsibility, environmental impact and green practices, economic sustainability, innovation and technological advancements, stakeholder engagement and feedback, as well as sustainability targets and commitments. The findings indicate that IEMC’s report contributes significantly to the sustainability efforts of local governments. However, it has been identified that the scope and depth of sustainability reporting among local governments in Turkey are not at the desired level, and there exists a lack of adequate knowledge on this matter. Therefore, new initiatives and mechanisms are required to manage, monitor, and support the sustainability reporting processes of local governments effectively. This study underscores the necessity for enhanced capacity-building and strategic frameworks to improve the quality and impact of sustainability reports in the public sector.
This empirical investigation examines the influence of corporate governance mechanisms on agency costs among firms listed on the CAC 40 index from 2005 to 2023. Agency costs were evaluated using three proxies: asset turnover ratio, selling, general and administrative expenses, and the interaction between free cash flow and Tobin's Q ratio. The findings suggest that larger board sizes are more effective in reducing agency costs within the studied French firms. Contrary to traditional agency theory predictions, higher managerial ownership did not correlate with reduced agency costs; rather, it was associated with increased costs. However, at high levels of managerial ownership, a reduction in agency costs was observed, challenging the notion of managerial entrenchment behavior within these firms. The analysis also indicates that CEO duality, board independence, ownership concentration, and institutional ownership contribute negatively to asset utilization efficiency, thus increasing agency costs. These results raise questions about the effectiveness of these governance mechanisms in the French regulatory and corporate environment. Furthermore, the study reveals that the effectiveness of specific governance mechanisms, such as board size and independence, as well as executive and non-executive ownership, is contingent upon the firm's growth opportunities. Specifically, board size appears more effective in low-growth firms, whereas mechanisms like board independence and diverse ownership structures benefit high-growth firms. This study enhances understanding of how corporate governance can influence agency costs, emphasizing the importance of aligning governance structures with firm growth trajectories.
This study delineates the current landscape and effectiveness of micro life insurance in India, with a particular focus on its utility for economically disadvantaged populations. Utilizing descriptive statistics, bar diagrams, tables, figures, and scatter plots, the analysis reveals a positive trend in the coverage of lives under micro life insurance, concomitant with an increase in the number of agents. The life insurance corporation of India (LIC) plays a predominant role relative to private insurers, with group insurance schemes proving more effective than individual schemes. Furthermore, factors such as education, age, family size, wealth, financial literacy, bequest motives, and saving behaviors are identified as significant determinants of microinsurance uptake. Critically, micro life insurance is shown to substantially reduce out-of-pocket expenditure (OOP) and alleviate financial hardships among the poor, thereby contributing to poverty reduction. This comprehensive examination not only underscores the expanding reach and impact of micro life insurance but also emphasizes its strategic role in mitigating poverty within vulnerable segments of the population.
This study investigates the critical role of corporate governance in facilitating positive organisational transformations and countering the detrimental impacts of egocentric leadership. By embracing a qualitative descriptive methodology, a comprehensive systematic review of literature was conducted, exploring the myriad facets of corporate governance, including its principles, processes, systems, legal frameworks, regulations, and corrective mechanisms. Findings from the review reveal an inverse relationship between robust corporate governance and the prevalence of egocentric leadership. A significant challenge identified is the limitation faced by boards of directors, metaphorically described as being “without a spare wheel”, which hinders their capacity to address these governance challenges effectively in today’s dynamic work environment. Furthermore, conflicts of interest were found to severely compromise the integrity of governance practices. It is recommended that boards failing to rectify non-compliance within their tenure should be subject to dissolution, contingent upon the specifics of the case. Additionally, it is imperative that organisations conduct thorough assessments and reviews of the effectiveness of their corporate governance, enhancing internal controls to enforce governance principles rigorously. This study is pioneering in integrating the transformation of corporate governance while delineating the obstacles encountered, concluding that organisations can promote and uphold exemplary governance by implementing stringent measures against violations and by rewarding adherence among stakeholders.
This investigation addresses the issuance of preference shares by companies listed on the Malta Stock Exchange (MSE), identifying key determinants and obstacles associated with these initiatives. Semi-structured interviews were conducted with 27 stakeholders, including representatives from 23 MSE-listed companies (MLCs), one MSE official, two stockbrokers, and an advisor from a leading global accounting firm. An evaluation of the financial distress faced by issuers prior to the issuance of preference shares was also undertaken. Despite the establishment of the MSE in 1992, preference shares have been issued by only two listed companies, indicating their minimal utilization as financial instruments within the Maltese market. The findings reveal that preference shares are primarily issued to meet financing needs, support corporate expansion, prevent control dilution, capitalize on favorable market conditions, maintain balanced capital structures, and enhance debt capacity. However, several barriers hinder the issuance of preference shares, including limitations inherent to the Maltese capital market, low investor interest, perceived complexity, and a general lack of understanding regarding this hybrid financial instrument. The study underscores the necessity for improved educational efforts concerning preference shares and elucidates the distinctive characteristics of the local market.
Recent emphasis on environmental stewardship by stakeholders has escalated demands for disclosures on social and environmental impacts from environmentally detrimental companies, underscoring the significance of sustainable reporting. This trend has catalyzed the emergence of sustainability indices in financial markets, highlighting corporate commitment to sustainable practices. The inclusion of firms in these indices is often perceived positively by investors, potentially influencing expectations of stock price surges. Hence, the examination of whether this inclusion prompts investor overreaction becomes pertinent. This study aims to ascertain the existence of investor overreaction to companies listed in the BIST Sustainability Index. The research encompasses companies incorporated into the Borsa Istanbul sustainability index from 2014 to 2022. Adopting the methodology of De Bondt & Thaler (1985), this analysis investigates the prevalence of overreaction. The findings reveal that the overreaction hypothesis holds true for a one-year duration post-inclusion in the index. This indicates that investors exhibit overreaction by purchasing stocks during the initial year of a company's inclusion, yielding returns surpassing market averages. Conversely, holding these stocks for three and five years results in inadequate investor reactions and fails to secure above-market returns. This suggests that the impact of index inclusion on investor behavior is transient, diminishing in the third and fifth years. The study contributes to the discourse on behavioral finance by elucidating the nuanced effects of sustainability indices on financial market dynamics and investor behavior.
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