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 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.
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.
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 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.
Open Access
Journal Metrics
Journal Overview
Associated Journals