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This study examines the effect of (1) financial literacy on student financial vulnerability and (2) digital payment technology on student financial vulnerability. This research approach uses a quantitative approach. The method used is the survey method. The population in this study were accounting students of Yogyakarta State University (UNY) batch 2017 - 2023, and the sampling method used convenience sampling. The research sample was obtained from 86 students from the 2017-2023 class and divided into proportions. Hypothesis testing using multiple linear regression analysis. The results of this study indicate that (1) financial literacy does not affect financial vulnerability; (2) digital payment technology has a significant positive effect on financial vulnerability.

Abstract While earlier studies have explored the relationship between economic vulnerability and economic resilience, they have repeatedly overlooked the significance of financial vulnerabilities within the economic vulnerability index, and the effects of financial and economic vulnerabilities on economic volatility. An attempt is made in this study to close this research gap by conducting a detailed analysis of the relationship between financial vulnerabilities, economic vulnerability and economic volatility, stressing the significance of tweaking prevailing vulnerability indices to fully encapsulate its multidimensional nature in developing countries. Employing panel data for 142 countries over the 2002 to 2022 period and a robust econometric approach like the Driscoll and Kraay fixed effect method, the study reveals that financial vulnerabilities yield significant coefficients to influence economic volatility, thereby accentuating their significance in the Economic Vulnerability Index. Sub-group analyses reinforce the need for incorporating financial variables in vulnerability investigations. Moreover, the causality tests reveal that all the variables and indices meant to capture the economic and financial vulnerabilities Granger causes economic volatility across the sample. In essence, this study fills a critical gap in existing research by demonstrating, that financial vulnerabilities significantly influence economic volatility, underscoring the imperative of integrating financial variables into vulnerability assessments for policymakers and scholars focusing on sustainable development. This study contributes to a broader understanding of economic vulnerability by highlighting the crucial role of financial vulnerabilities in driving economic volatility, suggesting a fundamental reconsideration of existing vulnerability assessment frameworks for policymakers and researchers focused on sustainable development frameworks. By uncovering the causal relationship between financial vulnerabilities and economic volatility across a diverse set of countries, the findings underscore the imperative of integrating financial factors into vulnerability investigations to enhance resilience and stability in developing economies.

This study has quantitatively determined the levels of financial vulnerability that characterize the universities comprising the Chilean higher education system. The motivation for the study lies in the social implications of both financial deterioration and the eventual closure of university institutions, a phenomenon that has already led to the closure of some entities in Chile, resulting in a significant impact on the well-being of both students and academics. The work is based on the application of the model proposed by Trussel (2002), which was developed from a regression with a categorical dependent variable type "Logit", implemented on financial information from non-profit entities. For the purposes of this research, the Trussel model was applied to the information contained in the audited annual financial statements of Chilean universities reported between the years 2014 to 2021. The results of the study show that overall, universities have maintained their level of vulnerability over time, despite the decrease in the number of vulnerable entities in the analyzed period. Particularly, it is observed that from the year 2016 onwards, the majority of entities decreased the probability of facing financial vulnerabilities, a fact that coincides with the implementation of the public policy related to the system of free access to higher education. [ABSTRACT FROM AUTHOR]

We consider a linear model with a change point according to the unknown random threshold of a covariate. We give the expectation-maximization (EM) estimation of the regression and change point parameters. The existence of the random change point is detected by the supremum (SUP) test of score statistics. Theoretically, we establish the convergence and asymptotic distribution of the estimation and show that the EM estimates converge in distribution to a normal distribution. In addition, the numerical performance of the proposed approach is demonstrated through simulation studies. Finally, applying our methodology to household financial decisions, we see that the average debt tolerance of Chinese households is estimated to be 1.1364 times the sum of total household income and financial assets. The effect of assets and income on consumption shows a rapid decline if the household exceeds the average debt tolerance. [ABSTRACT FROM AUTHOR]

While earlier studies have explored the relationship between economic vulnerability and economic resilience, they have repeatedly overlooked the significance of financial vulnerabilities within the economic vulnerability index, and the effects of financial and economic vulnerabilities on economic volatility. An attempt is made in this study to close this research gap by conducting a detailed analysis of the relationship between financial vulnerabilities, economic vulnerability and economic volatility, stressing the significance of tweaking prevailing vulnerability indices to fully encapsulate its multidimensional nature in developing countries. Employing panel data for 142 countries over the 2002 to 2022 period and a robust econometric approach like the Driscoll and Kraay fixed effect method, the study reveals that financial vulnerabilities yield significant coefficients to influence economic volatility, thereby accentuating their significance in the Economic Vulnerability Index. Sub-group analyses reinforce the need for incorporating financial variables in vulnerability investigations. Moreover, the causality tests reveal that all the variables and indices meant to capture the economic and financial vulnerabilities Granger causes economic volatility across the sample. In essence, this study fills a critical gap in existing research by demonstrating, that financial vulnerabilities significantly influence economic volatility, underscoring the imperative of integrating financial variables into vulnerability assessments for policymakers and scholars focusing on sustainable development. This study contributes to a broader understanding of economic vulnerability by highlighting the crucial role of financial vulnerabilities in driving economic volatility, suggesting a fundamental reconsideration of existing vulnerability assessment frameworks for policymakers and researchers focused on sustainable development frameworks. By uncovering the causal relationship between financial vulnerabilities and economic volatility across a diverse set of countries, the findings underscore the imperative of integrating financial factors into vulnerability investigations to enhance resilience and stability in developing economies. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has had an impact on the development of the digital economy, as well as increasing the growth of the GIG economy. These developments are changing traditional ways of working while also providing opportunities for income generation and flexibility. However, these GIG jobs do not provide job security with an uncertain income stream and no clear career path. This has impacted their financial stability and may cause them to become financially vulnerable. Therefore, this study will measure the level of financial vulnerability among GIG workers in Selangor. Additionally, this study will examine the correlation between the level of financial vulnerability and the employment status, income, savings, and debt of GIG workers. This study uses a quantitative approach through a purposive sampling technique. We use questionnaires as an information gathering tool. This study's respondents were 230 GIG workers in Selangor who received assistance from the RiDE initiative. The study's findings indicate that GIG workers in Selangor are moderately vulnerable. Studies also show that full-time GIG workers experience higher levels of financial vulnerability than part-time GIG workers. GIG workers who have a low income and little or no savings will experience a relatively higher level of financial vulnerability. Subsequently, the study reveals that GIG employees with a high debt load also exhibit heightened financial vulnerability, and vice versa. The implications of this study show how important it is for GIG workers to have a more stable job. Simultaneously, they must enhance their financial knowledge and adopt positive financial behaviors to manage their job instability. Stakeholder intervention is also essential in ensuring the financial well-being of GIG employees. [ABSTRACT FROM AUTHOR]

Over the span of 40 years, a substantial number of conceptual and empirical studies have been conducted on financial vulnerability (henceforth FV). These studies primarily covered socioeconomics, finance, management, and medicine. However, there is a paucity of comprehensive reviews and scientific mapping of the extant literature in the FV domain. Bibliometric analysis attempts to provide quantitative and qualitative knowledge in this area. This study was based on a review of 475 articles published in Scopus-indexed journals from 1990 to 2023. The present study employed the Biblioshiny R studio Bibliometrix package for data extraction and analysis. Our analysis provides information on recent publication trends; prominent authors, institutes, and countries; citations; thematic groups; keyword analysis; and social network analysis to identify influential work in this research domain and future gaps. The present analysis contributes to consolidating the existing fragmented literature on FV and highlights its significance during the current pandemic. Additionally, the study would be useful for researchers, practitioners, and academicians to proceed to further explore the area and outline the trends and their empirical investigation.

Economic crime has been an area of concern for regulators and governments across countries, and billions of hard-earned money is siphoned off by fraudsters yearly. Financial service consumers' lives are made easier with the new technological developments in fintech. However, with the growing participation of individuals in formalised channels of banking and finance, through greater emphasis on financial inclusion, there is also a massive surge in the victimisation of individuals through investment-related scams and digital financial frauds. Using nationally representative data, the present study looks into the significant demographic and socioeconomic factors influencing the likelihood of individual victimisation through investment scams and digital frauds. It further explores how financial literacy helps reduce the odds of victimisation in both cases. The study finds that in case of fraudulent investment scheme victimisation, males belonging to the 40–59 age group who have studied graduation or post-graduation (including professionals) and belong to middle-income groups are more vulnerable to victimisation than other groups. Similarly, in the case of digital financial fraud victimisation, males below the age group of 60 years who have studied at least high school or more, belonging to middle-income groups and lower socioeconomic classes, have higher odds of victimisation than other groups. The study also finds that the odds of victimisation of individuals through digital fraud are higher than investment-related fraud. It further suggests that financial education significantly reduces the odds of victimisation in both types of economic crime. The study concludes with policy recommendations to governments and regulators based on the findings. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the evolution of Spanish households' indebtedness and financial vulnerability over the course of this century using micro-data from the Household Finance and Consumption Survey. Our results show a growing debt participation of Spanish households and an increase in the stock of outstanding debt of indebted households, a trend that reversed with the end of the Great Recession. Moreover, the percentage of financially vulnerable households according to three indicators grew dramatically until the end of the downward phase of the last economic cycle and showed considerable signs of improvement during the second half of 2010s. These results, nonetheless, call attention to the number of Spanish households being unable to service their debts in the face of an economic downturn. [ABSTRACT FROM AUTHOR]

In sandwich-generation families, there are individuals who simultaneously support the financial needs of children and the elderly. This is a quantitative study with a cross-sectional design using an online survey as a data collection tool. The study was conducted in Indonesia with a research population including sandwich families living in one house consisting of three generations: husband and wife, children, and elderly. The research sample consisted of working wives from the sandwich generation. Of the 223 respondents who participated, 106 met the criteria for further analyses. The results show that spousal education and income play important roles in reducing financial vulnerability and improving family welfare. Harmonious interactions between husbands and wives can reduce financial vulnerability and improve family welfare. Conversely, high financial vulnerability can disrupt a family's objective welfare if not properly managed. The conclusion is the need to improve financial literacy, create a good financial management strategy, and maintain open and harmonious communication between husband and wife to reduce financial vulnerability and improve the welfare of sandwich-generation families. [ABSTRACT FROM AUTHOR]

Corporate resilience is a frequently explored topic in the social science discourse on space. This study investigates the repercussions of the economic crisis induced by the coronavirus epidemic on the Hungarian corporate sector. It assesses corporate vulnerability through profitability and indebtedness dimensions, utilizing financial statements and credit data from 2019 and 2020. Initial scrutiny by sector and size reveals vulnerable company segments, followed by a territorial analysis to identify crisis-affected actors. Findings indicate that accommodation and food service, construction, administrative and support service activities, education, art, entertainment, and recreation economic branches, as well as smaller enterprises, were most impacted. Moreover, no distinct spatial pattern emerges; distribution is more influenced by sectoral and sizebased factors.

Purpose: This research advances the financial vulnerability prediction model for Non-Profit Organizations (NPOs) by incorporating a comprehensive set of financial and macroeconomic indicators, aiming to refine risk management and strategic planning within the sector. Theoretical Framework: Building upon Tuckman and Chang (1991) foundational work, this study addresses the evolving financial landscape's complexities. It expands on traditional financial ratio analyses to include broader economic conditions affecting NPOs, recognizing the limitations of previous literature. Design/Methodology/Approach: The study analyzes financial data from two NPOs (2017-2021), using three models to assess the influence of internal financial ratios (e.g., Debt Ratio, Cash Ratio, Net Operating Margin) and external macroeconomic factors (e.g., inflation, GDP growth) on NPO financial vulnerability and performance. Findings: Results highlight a significant positive relationship between the Cash Ratio and Return on Assets, underscoring liquidity management's importance for NPO sustainability. Other factors showed minimal impact, suggesting a nuanced approach to financial vulnerability. Research Implications: The findings emphasize the necessity of integrating financial ratios with macroeconomic indicators in NPO management strategies, offering a refined model for understanding and mitigating financial risk. Originality/Value: This study enhances the financial management literature for NPOs by incorporating macroeconomic indicators into vulnerability assessment models. It provides a comprehensive framework for robust financial planning, filling a crucial gap in non-profit financial analysis and contributing to the sector's resilience. [ABSTRACT FROM AUTHOR]

Introduction & Background Access to affordable credit is essential for individuals living on low incomes to participate in society fully. However, due to their limited credit history and volatile incomes, many cannot access mainstream sources of credit, such as credit cards and personal loans. As a result, they often must rely on more expensive sources of credit such as payday loans, doorstep loans or rent-to-own loans. This leads to them paying more for credit, also referred to as the poverty premium. Incurring the poverty premium exacerbates the financial challenges faced by already vulnerable individuals and can lead to a cycle of financial distress. Identifying the behaviours and factors that lead to a need for high-cost credit can help in identifying individuals who are most vulnerable to incurring the poverty premium. Objectives & Approach To achieve this, we rely on anonymized Open Banking transaction data from 100,000 individuals provided by a UK-based social lender.Given the latent nature of vulnerability, we identify indicators of vulnerability to poverty premium which include frequency of overdraft use, previous debt problems, low financial resilience, and indebtedness. We use a copula-based approach to create an index of vulnerability to poverty premium. This is based on weighting the individual indicators using their Spearman rank correlation coefficient. We use a fixed effects model to identify the factors that contribute to this vulnerability, where the index of vulnerability is the dependent variable. Relevance to Digital Footprints We use a rich and granular dataset on individual financial transactions to address a key social issue. The findings from this study can inform policy and industry efforts to promote greater credit affordability for these vulnerable individuals. This is particularly important due to the renewed concerns regarding the increased use of high-cost credit by individuals living on low incomes due to COVID-19 and the increased cost of living. Results Our findings show that variables related to the financial profile of an individual are important driving factors of the vulnerability to poverty premium. These include the number of salary sources, frequency of salary receipt, benefit receipt and savings frequency. Other variables related to spending behaviour such as gambling, volatility in fixed expenses and high transaction counts all have positive relationships with this vulnerability. Conclusions & Implications This study is a first step towards examining the determinants of vulnerability to poverty premium by analyzing an Open Banking transaction data set. The innovative feature of this work is the creation of an index of vulnerability to poverty premiums based on various indicators of financial distress and high-cost credit use. Our findings on the relationships between the individual's financial profile and the vulnerability to poverty premium suggest that policymakers should consider targeting interventions for individuals with specific profiles to alleviate the need for high-cost credit. For example, programs to promote regular savings or financial education for gamblers and people with volatile spending behaviour can help assist these individuals manage their finances better.

Research Questions: To what extent are NFPs in the Australian aged care sector engage in non-financial performance and risk disclosures in their annual reports? What is the effect of non-financial performance and risk disclosures on the extent of financial vulnerability (FV)? Motivation: Research on measuring and understanding the determinants of FV or financial crisis within the not-for-profit (NFP) sector is both scant and limited. To address these gaps in the literature, the paper investigates the extent to which NFPs in the Australian aged care sector make voluntary disclosures related to non-financial performance management (NFPM) and risk information disclosures and examined the impact of NFPM and risk disclosures on the extent of FV in the Australian aged care NFP sector. Idea: The NFPM and risk information disclosures expected to be negatively associated with FV or financial crisis. Data: Data for the study is taken from publicly available database, the Australian Charities and Not-for-Profit Commission website, and quantitative content analysis was conducted to measure the extent of non-financial disclosures using data collected from the audited annual reports issued by 200 aged care NFPs for the years 2018 and 2019. Tools: The dependent variable of this study is the extent of FV that has been measured using the proposed multi-dimensional FV framework. Descriptive statistics, such as, provides mean, median, standard deviation, maximum and minimum values to recognise nature and extent of NFPM and risk information disclosures. For the inferential statistics, the study analyses the research model using multiple regression analysis. Findings: Panel regression results indicate inadequate disclosures of NFPM, and risk information are associated with the extent of FV of NFPs in the Australian aged care sector. The study identifies that only beneficial reporting, such as NFPM reporting and beneficial risk information, helps reduce the extent of FV in the NFP sector. Contribution: the study provides novel insights into the relationship between voluntary non-financial information disclosures (i.e., disclosures of NFPM and risk information) and the extent of FV in the NFP sector. Moreover, it provides a key contribution from the NFP context by recognising a positive and significant association between voluntary risk information reporting and the extent of FV in the NFP sector.

This paper investigates the effects of the economic shock produced by the COVID-19 outbreak and diffusion on households'. Through a survey administered to Italian households, without loss of generality, we investigate changes in financial and economic decisions and the households' ability to cope with daily purchases, repay their debt obligations and face unexpected expenses. The paper also applies a statistical learning model through a synthetic indicator for the financial vulnerability of households, integrating the relevant information on the financial literacy and education of the surveyed individuals.

Using a hand-collected sample of non-financial firms listed on the Pakistan Stock Exchange (PSX) over the period of 2011–2021, we examine the joint effect of intellectual capital and innovation on the financial vulnerability of a firm, which is an important risk factor that a firm may face in its operation. We first use the static fixed-effect panel model as our baseline regression model and find that the level of intellectual capital of a firm strengthens the positive effect of the adoption of product and market innovation on reducing the financial vulnerability of the firm. We also conduct additional analyses using alternative measures of financial vulnerability, as well as various regression models, and confirm that the results are robust under different scenarios. Overall, the results highlight the positive role of the intellectual capital, as well as the joint effect of intellectual capital and innovation, in mitigating the financial vulnerability faced by a firm and thus have academic and practical implications to academic researchers and practitioners. [ABSTRACT FROM AUTHOR]

Many countries introduced borrower-based instruments to constrain credit to households exceeding a limit on their loan-to-value ratio, their (mortgage) debt-to-income ratio or their debt service-to-income ratio. We evaluate how well borrower-based instruments can target households that would become vulnerable after a shock. We apply the signals approach to derive "optimal" limits that minimize classification errors (either granting credit to financially vulnerable households or constraining credit to households that are not vulnerable). To illustrate, we simulate an adverse scenario using household-level data from Luxembourg. We find that combining several ratios could better target households that would become vulnerable after a shock. [ABSTRACT FROM AUTHOR]

Copyright of Iskolakultúra is the property of University of Szeged, Faculty of Arts & Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Over the span of 40 years, a substantial number of conceptual and empirical studies have been conducted on financial vulnerability (henceforth FV). These studies primarily covered socioeconomics, finance, management, and medicine. However, there is a paucity of comprehensive reviews and scientific mapping of the extant literature in the FV domain. Bibliometric analysis attempts to provide quantitative and qualitative knowledge in this area. This study was based on a review of 475 articles published in Scopus-indexed journals from 1990 to 2023. The present study employed the Biblioshiny R studio Bibliometrix package for data extraction and analysis. Our analysis provides information on recent publication trends; prominent authors, institutes, and countries; citations; thematic groups; keyword analysis; and social network analysis to identify influential work in this research domain and future gaps. The present analysis contributes to consolidating the existing fragmented literature on FV and highlights its significance during the current pandemic. Additionally, the study would be useful for researchers, practitioners, and academicians to proceed to further explore the area and outline the trends and their empirical investigation. IMPACT STATEMENT: Over the span of 40 years, a substantial number of conceptual and empirical studies have been conducted on financial vulnerability. Thus, this paper provides a comprehensive overview of the evolution of financial vulnerability research, utilizing both systematic review and bibliometric analysis to map trends, key themes, and influential works. By synthesizing existing literature and visualizing the network of scholarly contributions, this study highlights the critical factors and providing the future research directions in the field. The findings offer valuable insights for researchers, policymakers, and practitioners, aiding in the formulation of strategies to mitigate financial vulnerability and promote financial resilience in diverse socioeconomic contexts. [ABSTRACT FROM AUTHOR]

Copyright of AIDS & Behavior is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Prior for-profit literature provides evidence that an independent audit of the financial reports is associated with a corporation's improved investment efficiency and financial performance. In contrast, this study investigates the relationship between independent audits and financial performance in nonprofit organizations. Relying on prior studies, nonprofits that seek an independent audit are expected to have better oversight and higher financial reporting quality, and that improved oversight and reporting quality are associated with less fraud and higher quality decision makings. This study finds that that NPOs that seek independent audits enjoy better financial performance than NPOs that do not seek independent audits. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of political regimes on sovereign risk with the moderating role of financial vulnerability. To investigate the causal pathway of democratic advantage, the study used ordered probit regression by considering a sample of 52 emerging economies participating in BRI. The findings of the study reveal that democracies generally have lower credit ratings and a higher likelihood of default compared to their autocratic counterparts and the situation worsens when the level of debt crosses the threshold. Increased credit risk due to a high debt burden significantly affects economic adjustments, ultimately hindering economic growth. These findings contribute to a better understanding of policymakers and investors to manage credit risk specifically in the context of BRI. [ABSTRACT FROM AUTHOR]

Spending is influenced by many factors. One that has received little attention is the meaning that people give to the act of spending. Spending money might imply that someone is relatively wealthy—since they have money to spend—or relatively poor—since spending can deplete assets. We show that people differ in the extent to which they believe that spending implies wealth (SIW beliefs). We develop a scale to measure these beliefs and find that people who more strongly believe that SIW spend their own money relatively lavishly and are, on average, more financially vulnerable. We find correlational evidence for these relationships using objective financial-transaction data, including over 2 million transaction records from the bank accounts of over 2,000 users of a money management app, as well as self-reported financial well-being. We also find experimental evidence by manipulating SIW beliefs and observing causal effects on spending intentions. These results show how underlying beliefs about the link between spending and wealth play a role in consumption decisions, and point to beliefs about the meaning of spending as a fruitful direction for further research. [ABSTRACT FROM AUTHOR]

Motivation: Women are especially vulnerable to not being able to cover the costs of living or meet sudden demands for funds to pay for emergencies (financial vulnerability). The COVID‐19 pandemic put additional stress on household incomes and the ability to meet emergency expenses, thus bringing into sharp relief the lack of inclusion of women in formal financial systems and the gender gaps between them and men. Purpose: How financially vulnerable are women in Latin America? What causes vulnerability? How do financial inclusion, personality traits, cognitive characteristics, and financial literacy affect financial vulnerability? Methods and approach: Using Financial Capabilities Surveys, we use regression to model the determinants of an index of financial vulnerability for eight countries in Latin America: Argentina, Bolivia, Brazil, Colombia, Chile, Ecuador, Paraguay, and Peru. We use Oaxaca‐Blinder decomposition to establish the extent to which the gender arises from the different characteristics of men and women, or from the way in which such characteristics affect groups. Findings: We find a gender gap in financial vulnerability in most of the eight countries. Individual characteristics that often explain this gap are socioeconomic, such as belonging to a low socioeconomic class and not having a regular income. In addition to gender and socioeconomic characteristics, the use of savings products, some personality traits (ability to plan, self‐control), economic preferences, and numeracy skills also drive financial vulnerability. Policy implications: Interventions to reduce financial vulnerability need, first and foremost, to address socioeconomic conditions. People on low incomes will always be financially vulnerable. In addition, programmes to expand financial inclusion and educate people on finances can help. Given the significant gender gaps, more effort must be made to reduce such gaps in education, employment, and social norms. [ABSTRACT FROM AUTHOR]

Electric rates in Plattsburgh, New York are among the least expensive in the United States. Plattsburgh's rates are set by a preference power program that was enacted in 1957 to promote rural economic development. A survey distributed to customers of Plattsburgh's municipally-owned electric utility inquired about familiarity with local electric rates and energy systems, conservation behaviors, and attitudes towards policy interventions intended to encourage conservation. Results indicate that energy consumers in Plattsburgh hold a moderate degree of familiarity with the community's energy system and implement strong conservation actions. Support for policy interventions are mixed. Survey results reveal income inequality, as differences in conservation attitudes and behaviors are apparent among respondents that report varying degrees of financial vulnerability. Today, Plattsburgh is in need of a resilient energy system, yet inexpensive rates discourage investment in infrastructure. This research reveals the complex social, economic and policy forces interacting to determine Plattsburgh's energy future. [ABSTRACT FROM AUTHOR]

Copyright of European Journal of Applied Business & Management is the property of ISAG - European Business School and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study addresses the measurement of financial vulnerability (FV) of aged care non-profit organisations (NFPs) in Australia by creating a revised multi-dimensional framework and the development of an FV index and FV scores. In addition to its methodological contribution, the study assesses the extent of FV faced by aged care NFPs, using annual reporting data collected from 200 organisations in the period from 2017 to 2019. The results suggest aged care NFPs hold a limited capacity to withstand financial shocks and provide an alarming message on the high level of FV risks faced by all NFPs. This study contributes to the literature in several ways: (1) by examining the conceptual and empirical disjuncture among the dimensions developed for measuring financial health in the NFP sector; (2) by providing evidence to the limited literature on measuring the extent of FV in the NFP sector, especially as related to the Australian aged care sector; and (3) by extending the literature on the risk associated with outsourcing public sector service delivery. Consequently, the study provides new insights to allow the Australian government to identify potential risks associated with outsourced government service delivery. [ABSTRACT FROM AUTHOR]

Sport federations have a variety of financial profiles, even those operating within a single political context. In France, some federations depend on public funds, whereas others rely on private resources. Existing attempts to understand these differences have been based on just one criterion (Olympic sport or not). This paper draws on resource dependence theory in order to shed further light on this heterogeneity and provide a taxonomy of national sport federations. We analysed the financial profiles of 76 French sport federations during the period 2012–2017. After performing a principal component analysis to reduce the quantity of information, a linear discriminant analysis tests the relevance of differentiating between Olympic/non-Olympic federations. Finally, k-means method is used to conduct a taxonomic analysis and to identify 10 clusters. Five clusters contain non-Olympic federations ("deficient", "focused on elite sport", "non-professionalized", "focused emergent", "elitist"). The others contained Olympic federations ("traditional", "elite federations on life support", "rich network dependent", "powerful mono-dependent", "broad based"). This taxonomic analysis enables to assess financial vulnerability factors for each cluster, notably its dependence on specific resources. The findings will help the public authorities tailor the support they provide to the characteristics of the federations. [ABSTRACT FROM AUTHOR]

As an important part of the national economy, finance plays a leading role in the configuration of the daily production life of urban and rural enterprises and residents. In order to promote the further development of China’s rural economy, deepen rural financial reform, and seek the formation mechanism and countermeasures of China’s rural financial vulnerability, this paper proposes a research method based on Markov model for analyzing the formation mechanism and countermeasures of China’s rural financial vulnerability. The results of the study show that the method effectively reveals an overall decreasing trend of rural financial vulnerability in China in recent years. In response, more reasonable rural financial institutions should be established to optimize the rural industrial structure and improve the ability to prevent rural financial risks, while conducting dynamic organizational management to ensure that the organizational structure and organizational management of rural finance must be compatible with the coordinated development of the rural economy and finance.

Financial vulnerability can be understood as the risk of an organisation being unable to carry out routine its normal operations due to financial restrictions. Models to estimate financial vulnerability have mainly been developed for profit-making organisations, while few exist for non-profit organisations (NPOs). One example is higher education institutions, which have experienced important changes in Latin America through gratuity policies for student tuition. This study proposes a model to estimate the effects of gratuity on financial vulnerability, as previous studies have focused on the effects of enrolment. A binary logistic regression model is proposed, considering the following variables: debt, income concentration, operating margin, administration costs, and square metres of rooms per student. We applied this model to 54 universities between 2013 and 2019. The results showed that the model is relevant for the debt, size, and operating margin variables. Additionally, we observed that on average, all universities were negatively affected. This result is particularly true for state-owned universities because of certain management restrictions. A limitation of this study is the unavailability of other sources of non-financial information, such as each university's business model and stock of strategic resources, which could improve our model, as this information is more related to control than to management. [ABSTRACT FROM AUTHOR]

This paper argues that experiential indicators of financial vulnerability permit a more robust understanding of financial vulnerability than do the common measures assessing only Canadian household indebtedness. Results from the Financial Consumer Agency of Canada's 2018 Financial Wellbeing Survey suggest financial vulnerability is multi-dimensional with strong links to low income and adverse shocks to income and expenditures. Important variations in other potential drivers are apparent including that some people who are financially vulnerable in objective dimensions do not report feeling stressed and vice versa. We conclude that such a nuanced representation of financial vulnerability holds considerable promise for fully assessing policy effectiveness and inspiring better-informed interventions. [ABSTRACT FROM AUTHOR]

Copyright of Géneros: Multidisciplinary Journal of Gender Studies is the property of Generos: Multidisciplinary Journal of Gender Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Market traders have a significant contribution to GDP in Indonesia; however, their level of education is still low. This leads to a high level of financial vulnerability, so it is important to study this issue, and there is still not enough research on financial vulnerability. Market traders are considered to be more vulnerable to fraud and poor financial management, and this is more common among female traders who have a relatively high level of consumption and economic dependence on men. This study aims to determine the effect of financial behavior and digital financial literacy on financial vulnerability. In addition, the gender interaction between the two relationships was also tested to better understand whether gender weakens or strengthens the relationship. Using a survey method on 278 market traders in Indonesia and hierarchical regression analysis, the results show that digital financial literacy and financial behavior have a negative significant influence on financial vulnerability of market traders. This means that low digital financial literacy and poor financial behavior lead to high financial vulnerability of market traders. In addition, the results of the interaction test show that the negative effect of financial vulnerability is greater for men than women. This is because men usually provide for their families, so they will always try to improve their financial performance and productivity. An important implication of this study is to provide recommendations to the government and associations to further improve the digital literacy skills of market traders, especially female traders through training or mentoring. AcknowledgmentThis research was funded by the Directorate of Research, Technology and Community Service (DRTPM) of the Indonesian Ministry of Education and Culture in 2022 with the National Competitive Basic Research Grant scheme.

We perform an empirical analysis to quantify the effect of holding financial instruments, such as savings and credit, on the financial vulnerability of households. Financial vulnerability refers to their capacity to withstand adverse economic shocks and fulfill regular payment obligations. Utilizing data from the 2018 National Survey of Financial Inclusion in Mexico, we construct a financial vulnerability index and perform a propensity score matching analysis to estimate the effect of holding financial instruments on financial vulnerability. Our findings indicate that holding savings instruments, both formal and informal, as well as formal credit, mitigate financial vulnerability. However, we also find that having informal credit contributes to an increase in financial vulnerability.

Businesses have been exposed to various challenges during the global pandemic. Unfortunately, the financially vulnerable groups in society are disproportionately affected by such a difficult time. Therefore, it is important for businesses to recognise this when creating new business models for sustainable corporate management. This paper attempts to (1) identify the factors that affect individual financial vulnerability, (2) develop survey items to assess financial vulnerability and its factors and (3) provide the characteristics of financially vulnerable groups by presenting a complete set of descriptive statistics. The results can help to create more inclusive business models that are better equipped to address the challenges ahead. A questionnaire-based survey was conducted with collaboration with an NGO that provides a financial counselling service in Hong Kong. In total, 338 valid responses were collected and the data were used to characterise financially vulnerable groups in terms of (1) change in financial conditions due to COVID-19; (2) exposure to digitised financial services and related push marketing; (3) financial management ability; (4) changes in four financial behaviours and (5) financial vulnerability as measured according to the debt/service ratio. Results show that the respondents have a median debt/service ratio of 0.513, which represents an unsustainable level of debt. Around ¼ of surveyed respondents reported that their debt/service ratio was 1 or even higher, indicating obvious difficulties in meeting financial obligations. A total of 36.7% of the respondents reported worsening financial conditions since the outbreak of COVID-19. The results presented provide a solid empirical set of data that will help future research work to examine and/or develop a heuristic financial vulnerability model that incorporates the key factors leading to it. Businesses can refer to them when creating new business models that are sustainable, able to meet corporate social responsibility goals and can achieve several targets/goals of the United Nations' Sustainable Development Goals. [ABSTRACT FROM AUTHOR]

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Despite existing evidence suggesting that financial inclusion enhances consumers' welfare, there has been no attempt to examine the link between financial inclusion and financial vulnerability, measured along multiple dimensions. We computed more comprehensive indices of financial vulnerability and financial inclusion using polychoric principal component analysis based on a nationally representative financial inclusion survey in South Africa. Results from quantile regressions show that only the top 20% of the financially included had lower vulnerability but the effect was weaker among the more vulnerable categories. Also, the decline in financial vulnerability was less pronounced when financial inclusion was narrowly defined by excluding quality indicators. These findings suggest that financial inclusion is benefitting a few consumers in South Africa which points to the need for a bottom‐up approach in designing financial products that improve the welfare of the financially included consumers. [ABSTRACT FROM AUTHOR]

Abstract Background We estimated socioeconomic factors associated with food insecurity during the first year of the Covid pandemic in the UK and explored potential mechanisms explaining these associations. Methods Data were from the April, July, and September 2020 waves of the UK Understanding Society Covid Survey. Food insecurity was measured as ‘not having access to healthy and nutritious food’ and ‘reporting being hungry but not eating’. Logistic regression estimated the relationship between socioeconomic factors and food insecurity. A decomposition approach explored if financial vulnerability and having Covid-19 explained associations between socioeconomics factors and food insecurity. Results Single parents and young people aged 16–30 years had a higher odds of reporting both measures of food insecurity. Financial insecurity explained 5% to 25% of the likelihood of reporting being food insecure for young people and single parents depending on the food insecurity measure used. Experiencing Covid-19 symptoms explained less than 5% of the likelihood of being food insecure for single parents but approximately 30% of not having access to healthy and nutritious food for young people. Conclusion Policies providing additional financial support may help to reduce the impact of Covid-19 on food insecurity in the UK.

This paper establishes a predictive relationship between financial vulnerability and volatility in emerging stock markets. Focusing on China and India and utilizing GARCH-MIDAS models, we show that incorporating financial vulnerability can substantially improve the forecasting power of standard macroeconomic fundamentals (output growth, inflation and monetary policy interest rate) for stock market volatility. The findings have significant implications for investors to improve the accuracy of volatility forecasts. [ABSTRACT FROM AUTHOR]

The outbreak of coronavirus pandemic in late 2019 posted unprecedented social-economic challenges and disruptions to societies and individuals. The "new-normal" styles of living and working could intertwined with other determinants complicating the investigation of individual's financial vulnerability. The purpose of this paper is to conduct literature survey to review and consolidate the recent scattered literatures to identify some possible factors to be considered in the research related to financial vulnerability, including pandemic's impact of COVID-19 to different aspects of personal finance issues, pandemic-driven digitisation of the economy activities, changes in financial behaviour and addiction to digital technology. [ABSTRACT FROM AUTHOR]

Financial vulnerability is an important issue in livelihood resilience research domain. In the context of the Farmland Property Rights Reform in rural China and the promotion of farmland circulation, this study aims to explore whether and how household financial vulnerability is affected by farmland circulation and whether its impact shows heterogeneous characteristics depending on differences in farm household characteristics and regional characteristics. To answer these questions, a theoretical and empirical study was conducted based on the latest available Chinese household survey data (N = 9,822) from 2015 to 2019, using a chain mediating effects model and group regressions. The findings showed that farmland circulation could significantly reduce household financial vulnerability (Coef.=−0.167, p

Organizational survival is a primary current focus, as the unforeseen economic effects of the pandemic ravage the civil sector. Over time, however, we turn to questions of resilience: How can organizations prepare for rare, but devastating, financial shocks? Three months of funds to cover operating expenses are often described as a suitable savings target. However, organizations differ greatly in their revenue volatility, which suggests that "3 months" may severely underestimate the reserves that certain organizations should hold. We measure revenue volatility and calculate reserve fund targets for 25 nonprofit subsectors, showing sharp differences in optimal savings levels ranging up to 1 year of total expenses. We also explore organizational characteristics associated with revenue volatility. We argue for a resilience strategy that goes beyond optimizing the contents of the revenue portfolio. Funders and nonprofit practitioners should consider the broader context of financial resilience that includes correctly sized reserves as a stabilizing force. [ABSTRACT FROM AUTHOR]