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This study delves into the influence of socioeconomic status on the financial socialization practices of African American women in the United States. Financial socialization, defined as the process by which individuals acquire financial knowledge, skills, and behaviors, is impacted by various factors, including family dynamics, cultural values, and socioeconomic conditions. However, there is a lack of research specifically focusing on how socioeconomic status affects the financial socialization practices among African American women, who have historically encountered unique economic challenges and systemic inequalities. Employing a qualitative approach, this research integrates the analysis of national survey data with qualitative interviews conducted with African American women from diverse socioeconomic backgrounds. The study explores how socioeconomic status impacts the ways these women educate their children about money management, savings, credit use, and overall financial responsibility. The findings highlight significant variations in financial socialization practices based on socioeconomic status, indicating that women from higher socioeconomic backgrounds tend to utilize more structured and proactive financial education strategies, while those from lower socioeconomic backgrounds often encounter barriers such as limited access to financial resources and education. Furthermore, the study reveals how African American women across all socioeconomic status levels employ culturally specific strategies to overcome systemic barriers and cultivate financial resilience in their families. The results underscore the importance of considering socioeconomic status in developing tailored financial literacy programs and policies that address the distinct needs and challenges faced by African American women. By offering a nuanced understanding of how socioeconomic status influences financial socialization, this research contributes to broader discussions on economic empowerment and financial inclusion within African American communities in the United States.

The purpose of the study is to examine the impact of mergers and acquisitions on financial performance in Nepalese financial institutions. This study investigated specific banks in Kathmandu, Nepal. This study, including six banks, analyzed the impact of commercial banks' pre-merger and post-merger policies on financial performance. Thus, the study consisted of 60 observations with five years of data accumulated for the analysis. Earnings per share (EPS), non-performing loan ratio (NPLR), capital adequacy ratio (CAR), credit to deposit ratio (CDR), cash reserve ratio (CRR), and bank size (BS) are major predictor variables employed in the study and return on assets (ROA) as a response variable. The research design employed in the study is descriptive and casual comparative to investigate the relationship and effect of predictors on return on assets. Therefore, the data analysis process is accomplished through descriptive statistics, correlation, and regression analysis. The findings of the study showed a positive effect of earnings per share on return on assets for pre-merger and post-merger. Next, the non-performing loan ratio found affecting negatively with return on assets. Similarly, the capital adequacy ratio and credit-to-deposit ratio positively influenced the return on assets. Further, the cash reserve ratio found an inverse influence on ROA only for post-merger and acquisition. However, bank size was found to adversely influence the return on assets for the pre-post-merger and acquisition. The findings of this study provide a benchmark for professionals, bankers, and policymakers to adopt strategic fit to enhance the financial performance of banks pursuing merger and acquisition strategies. This paper contributes to the existing literature by assessing the status of pre-merger and post-merger concerning financial performance.

This study assesses the maturity of Ukraine's system for combating cyber and financial crimes under wartime conditions, focusing on the heightened risks caused by escalating cyberattacks and financial fraud during conflict. As adversaries exploit vulnerabilities in Ukraine's digital infrastructure, this research examines the system's preparedness, judicial efficiency, and alignment with international cybersecurity standards. Using data from the General Prosecutor's Office of Ukraine (2014–2024), the study employs quantitative analyses, including maturity index calculations, trend assessments, and lag analysis through statistical modelling. Key offense categories include unauthorized system interference, malicious software distribution, and restricted information dissemination. The results reveal significant fluctuations in the system's maturity over the study period, with periods of heightened judicial efficiency interspersed with notable delays in processing cyber and financial crime cases. Unauthorized system interference incidents increased fourfold over the decade, reaching 440 cases by late 2024, with judicial responses lagging by an average of one quarter for certain crimes. Similarly, crimes involving the dissemination of restricted-access information experienced judicial delays of up to one year. The maturity indices highlight areas of progress, such as improved prosecution rates for specific crimes during peak conflict periods, but also expose systemic inefficiencies in addressing advanced financial fraud and cryptocurrency-related crimes. Dynamic trends underscore the direct impact of hybrid warfare on cybercrime dynamics. The rapid digitalization of financial systems and public services during the war has expanded attack surfaces, with cybercriminals exploiting vulnerabilities in digital banking platforms and cryptocurrency transactions. While judicial efficiency has shown improvement in prosecuting certain offenses, the overall maturity of the system remains inconsistent, reflecting gaps in enforcement and resource allocation. These findings emphasize the need for Ukraine to align its cybersecurity and financial crime prevention frameworks with international best practices, ensuring resilience against evolving threats. This research contributes to the global understanding of cybersecurity challenges in wartime, offering practical insights for policymakers. It highlights the importance of adaptive frameworks and international cooperation in strengthening national resilience. Despite its contributions, the study acknowledges limitations, including reliance on secondary data and the unique geopolitical context of Ukraine, which may limit generalizability. Future research should explore qualitative aspects of institutional capacity and public trust to complement the quantitative findings. Overall, this study provides an evidence-based foundation for enhancing Ukraine's cybersecurity maturity and offers valuable lessons for other nations navigating similar crises.

The global transition to sustainable energy is critical to mitigating climate change and achieving environmental and economic resilience. Clean and digital energy start-ups play a pivotal role in this transformation by fostering innovation, driving technological advancements, and creating solutions for energy efficiency and carbon reduction. However, these ventures face significant challenges, particularly in accessing adequate credit and ensuring robust protection for minority investors. Addressing these barriers is essential for enabling start-up development and scaling operations in the capital-intensive and high-risk sectors of clean and digital energy. This research examines the interplay between credit accessibility and minority investor protections, assessing their collective impact on the growth of start-ups in these critical industries. The study's primary aim is to analyse how financial mechanisms and governance safeguards influence start-up development in the clean and digital energy sectors. Employing a rigorous methodology, the study analyses a comprehensive dataset encompassing 18 countries and timespan 2000–2023.Using econometric models such as Ordinary Least Squares, Fixed Effects and Random Effects, the research evaluates relationships between independent variables and start-up performance metrics, including the number of ventures in clean and digital energy sectors. The results demonstrate a strong correlation between credit accessibility and start-up growth. The research identifies that credit accessibility and minority investor protection significantly impact the development of start-ups in the clean and digital energy sectors. A one-unit increase in the credit information index is associated with a 17.8% increase in the total number of clean and digital energy start-ups (OLS results). Fixed Effects (FE) models show a similar trend, with a coefficient of approximately 23.2, indicating a substantial positive impact. A one-unit improvement in the shareholder rights index is linked to a 30.5% rise in start-ups, underscoring its critical role in fostering entrepreneurial growth. Models incorporating both factors (credit and governance) account for 84.8% (Adjusted R-squared) of the variation in the total number of start-ups, emphasizing the synergistic effects. For clean energy start-ups, governance indices such as Shareholder Rights Protection exhibit the highest influence, with coefficients around 16.5 in FE models. For digital energy start-ups, credit-related factors like X2 show stronger impacts, with a coefficient of 12.1 in Random Effects (RE) models. This study provides actionable recommendations for policymakers and stakeholders, including enhancing credit systems, expanding credit registries, and strengthening investor protections. These measures are critical to creating resilient entrepreneurial ecosystems that support clean and digital energy start-ups, driving global progress toward sustainability and economic growth. Future research should explore regional disparities and evolving market dynamics to refine policy interventions further and ensure a just and inclusive energy transition.

This study examines the impact of exchange rate fluctuations on the financial market. It provides an empirical analysis of how changes in the Saudi Riyal exchange rate against the US dollar affect the trading index in the Saudi financial market from 2022 to 2024. The study used a set of standard tests, including the Phillips-Perron test to assess the stationarity of time series, and the cointegration test employing the autoregressive distributed lag (ARDL) methodology, alongside the Granger causality test. The results indicated the existence of a long-term equilibrium relationship between the exchange rate and the trading index. In the short run, there is a negative (inverse) relationship between the exchange rate and the trading index, such that a one-unit increase in the exchange rate leads to a decrease of 316.677 points in the Saudi financial market index. The short-term model results reveal that the coefficient of the error correction term indicates the speed at which the trading index in the Saudi financial market returns to its long-term equilibrium value. In each period, the error from the previous period (t-1) is corrected by about 28%, which is considered a weak adjustment factor. However, no causal relationship between the exchange rate and the trading index in the Saudi financial market was identified.

The transition to renewable energy sources is imperative for addressing global challenges such as climate change, energy security, and sustainable economic development. Financial-fiscal instruments, including subsidies, carbon pricing, green bonds, and tradable green certificates, have emerged as critical mechanisms to overcome economic and market barriers that impede renewable energy adoption. This study provides a comprehensive bibliometric analysis to explore the evolution, thematic focus, and global collaboration patterns in research on financial-fiscal mechanisms supporting renewable energy development, covering the period from 1972 to 2025. The aim of this research is to identify key trends, influential contributions, and emerging themes within the field, offering actionable insights for policymakers and researchers. The study employs bibliometric analysis, using the Scopus database as the primary data source. Analytical techniques, including keyword co-occurrence networks, thematic mapping, and collaboration trend analysis, were performed using R Studio’s Biblioshiny tool. The dataset comprised publications spanning five decades, enabling a robust exploration of the research landscape. The results highlight a steady annual growth rate of over 7% in publications, reflecting heightened academic and policy interest in financial-fiscal tools for renewable energy. Dominant research themes identified include carbon pricing, subsidies, green bonds, and technological innovation, which collectively underscore the integrative role of fiscal mechanisms in driving renewable energy transitions. Regional analysis reveals Europe and North America as leading contributors to the research field, with increasing participation from developing economies, particularly in Asia and Africa. Emerging financial mechanisms, such as green bonds and climate funds, were noted for their critical role in mobilizing private capital and reducing investment risks in renewable energy projects. The study also emphasizes the persistent challenges faced by developing nations, including limited access to financing, grid infrastructure constraints, and policy instability, and highlights the effectiveness of tailored fiscal measures like concessional loans and grants in addressing these barriers. This research contributes to the understanding of the dynamic evolution of financial-fiscal instruments in renewable energy development. It provides empirical evidence supporting their critical role in fostering sustainable energy systems and highlights areas for future research and policy refinement to accelerate the global energy transition. By leveraging these insights, policymakers and researchers can enhance the design and implementation of fiscal tools to achieve global climate and sustainability goals.

This study examined the impact of the exchange rate on non-hydrocarbon exports in Algeria. The main purpose of the research is to examine the relationship between the real effective exchange rate and the non-hydrocarbon export growth using the data of the Algerian economy. The data used are obtained from different sources: the real effective exchange rate is collected from International Financial Statistics published by the International Monetary Fund, while the non-hydrocarbon export growth is obtained from the Algeria Bank, and the gross domestic product variables are extracted from the official website of the World Bank. To conduct the study, the annual data for the three variables from 1980 to 2021 was considered; time series econometric techniques are used to check the existence of the relationship between variables. In the first step, the authors have performed the augmented Dickey-Fuller tests to check the stationarity of the three variables of interest. This test was computed for each variable with three models: the first model includes the constant term and the trend, the second model includes the constant term, and the third model was estimated without both the constant and the trend term. The stationary tests show that three variables (gross domestic product, the real effective exchange rate, and the non-hydrocarbon export growth) are integrated with order one, zero, and zero, respectively. In the second step, the exploration of the ARDL model between the three variables shows that the hypothesis that stipulates the existence of a significant relationship between the real effective exchange rate and the non-hydrocarbon export growth, on the one hand, is rejected, while the non-hydrocarbon export growth is, on the other hand, positively and statistically significantly correlated to the gross domestic product.

Microfinance institutions have been used as a catalyst tool for increasing the welfare of poor people and fostering economic growth in many regions globally, including Nepal, since the decade of the 70s. However, the issue of financial sustainability in their operations is still emerging. The study aimed to analyze the factors influencing the financial sustainability of microfinance institutions in Nepal. The research employed the two-step system General Method of Moments estimator to analyze the financial sustainability of twenty-five sampled microfinance institutions, out of fifty-seven D-class financial institutions categorized as microfinance institutions and regulated by Nepal Rastra Bank, using cross-sectional data obtained from their comprehensive financial statements spanning from 2016 to 2023. The study used three key indicators - operational self-sufficiency, return on equity, and return on assets - to assess the financial sustainability of the selected microfinance institutions in Nepal. The findings of this study suggested that savings and the number of borrowers significantly and positively affect the financial stability of microfinance. In contrast, member-per-staff and non-performing loans negatively and significantly affect financial sustainability. However, loan portfolios do not significantly affect the financial sustainability of microfinance in Nepal. Further researchers can broaden the scope of the study by including variables such as geographic location, developmental stages, ownership structures, age, product delivery strategies of microfinance institutions, microfinance institution size, and government policy and regulations.

This study seeks to analyze the complex interplay among such factors as trust, customer satisfaction, and service quality, which are known to affect customer loyalty. Another specific goal is to examine whether trust plays a mediating role in shaping customer loyalty across the banking domain. Drawing upon the relationship marketing theory, this article emphasizes the importance of building and maintaining long-term customer relationships. Within a unified research framework, customer-centric approaches were prioritized to foster loyalty and retention. Following the existing literature, this study utilizes a quantitative method. Interviewer-administered questionnaires were employed to collect survey data from 416 regular customers of the top 15 conventional and Islami Shariah-based commercial banks. The model validation was performed using the structural equation modeling method in Smart-PLS version 4.1.0.6. The findings of these results indicate that customer satisfaction and service quality have a favorable and direct impact on customer loyalty. Furthermore, it was discovered that the trust variable partially mediates the impact of customer satisfaction and service quality on customer loyalty. By focusing on a specific geographic region and industry, this study provides insights that are tailored to the nuances of the cultural, economic, and regulatory environment, thereby filling a gap in the literature on trust and loyalty in emerging market economies. The research findings enhance theoretical knowledge and managerial practices in the banking industry by addressing the value of trust as a mediator in fostering loyalty.

Shareholder short-term thinking, driven by a focus on immediate financial returns, poses significant risks to sustainable corporate growth and long-term societal well-being. This paper investigates the mechanisms through which short-term profit maximization fosters corporate decision-making that sacrifices long-term value creation, culminating in organizational greed and systemic inefficiencies. Through a comprehensive literature review and analysis, the paper explored the historical roots of short-termism, regulatory frameworks, and potential solutions to mitigate the adverse impacts of this phenomenon. The relevance of this research lies in the critical role shareholder decision-making plays in shaping corporate strategies, societal outcomes, and the sustainability of the global economy. By addressing how short-term shareholder thinking fosters greed and undermines long-term value creation, this paper highlights the systemic risks and ethical implications of prioritizing immediate financial gains over sustainable growth. This article employs a conceptual analysis grounded in agency theory, stakeholder theory, and the myopic market hypothesis to examine how aligning executive incentives, fostering stakeholder engagement, and countering market pressures can address the negative effects of short-termism. The author leveraged the concepts from these theories. The author's contribution to solving the scientific problem under study involves a conceptual framework application for mitigating short-term shareholder focus and concentrating on long-term value. The findings underscore the need for governance reforms and stakeholder-centric approaches, making the research pivotal for fostering resilient and responsible corporate practices that benefit both businesses and society at large.

The global energy sector is undergoing a transformative shift driven by the urgent need to transition to clean and digital energy solutions. Start-ups are at the forefront of this transformation, providing innovative technologies to tackle critical challenges in energy production, distribution, and consumption. This study explores the influence of market entry registration procedures and regulatory frameworks on the growth and success of start-ups in the clean and digital energy sectors, highlighting their role in driving global energy transitions. This research aims to understand how procedural complexity, regulatory quality, and associated costs impact entrepreneurial activity in clean and digital energy industries. Employing a comprehensive methodology based on panel data analysis, the study examines multi-country datasets from authoritative sources, such as the International Energy Agency and the World Bank, spanning two decades. Fixed and random effects models are utilized to reveal nuanced relationships between regulatory conditions and start-up proliferation. By identifying key barriers and enablers, the research provides actionable insights into fostering an environment conducive to innovation and entrepreneurship. The findings underscore several critical aspects of market entry dynamics. Streamlined registration procedures emerge as a pivotal factor in promoting start-up growth, reducing the administrative burden and enabling quicker market access. Conversely, high capital requirements and extended registration timelines act as significant deterrents, limiting the ability of new ventures to scale effectively. Regulatory quality is shown to play a crucial role in fostering an innovation-friendly environment, with higher-quality frameworks positively correlated with entrepreneurial success. Additionally, the study reveals the synergistic effects of entrepreneurial ecosystems, where broader business activity enhances opportunities for start-up development. These results highlight the dual nature of regulatory frameworks, which can either facilitate or hinder start-up activity. While effective regulations provide necessary oversight and ensure market stability, overly burdensome procedures can stifle innovation and deter market entry. Policymakers are urged to strike a balance by simplifying procedural requirements, reducing capital thresholds, and maintaining robust regulatory oversight to foster a thriving ecosystem for clean and digital energy start-ups. The study’s contribution is particularly timely, given the accelerating pace of global energy transitions and the increasing focus on achieving sustainability goals. The actionable insights offered here can guide policymakers and stakeholders in creating regulatory environments that catalyze innovation and entrepreneurship. By enabling start-ups to navigate market entry challenges effectively, governments can harness their potential to drive technological advancements and contribute meaningfully to a sustainable energy future. Future research directions include cross-country comparative analyses to identify best practices and longitudinal studies to examine the long-term impacts of regulatory optimization on entrepreneurial ecosystems. The findings of this study provide a foundation for ongoing efforts to align regulatory practices with the goals of a decarbonized and digitally integrated energy landscape, ensuring a resilient and inclusive energy transition.

This study explores the influence of tax burden indicators and ease of tax compliance on the development of clean and digital energy startups, critical players in the global transition to sustainable energy systems. Recognizing the importance of innovation-driven enterprises in achieving climate goals, this research investigates how taxation policies and compliance processes impact the growth and success of startups leveraging renewable and digital energy technologies. The study utilizes a comprehensive dataset, spanning 2000–2021, derived from the International Energy Agency (IEA) and the World Bank. It examines key metrics such as total tax rates, compliance time, post-filing indices, and R&D tax incentives across developed and developing countries. A combination of Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE) regression models was employed to analyse the relationships between tax-related variables and startup activity, with the inclusion of lagged variables to assess delayed policy impacts. The results reveal nuanced dynamics between tax burdens and startup development. Contrary to traditional assumptions, higher overall tax rates on income and profits showed a positive correlation with startup growth, suggesting that revenues from such taxes may fund beneficial incentives like R&D grants. However, indirect taxes, such as sales and payroll taxes, alongside higher tax-to-GDP ratios, negatively influenced startup proliferation by diverting resources away from innovation and scaling efforts. Simplified tax compliance processes emerged as a significant driver of startup growth. Improvements in post-filing indices and reductions in compliance time correlated with increased startup activity, underscoring the administrative burdens that disproportionately affect resource-constrained enterprises. Furthermore, digital tax systems, including e-filing and automated reporting, proved particularly advantageous for clean and digital energy startups, aligning with their technological expertise and enabling resource reallocation toward innovation. The study highlights disparities between developed and developing economies. While advanced economies benefit from streamlined compliance systems and robust tax incentives, startups in emerging markets face fragmented tax frameworks, lengthy processes, and limited access to incentives, restricting their global competitiveness. These findings have important policy implications. Governments should implement digital tax systems to ease compliance, provide targeted incentives to foster clean energy innovation, and ensure tax policies are designed to support entrepreneurial ecosystems. Policymakers in developing regions must address systemic inefficiencies to level the playing field and unlock the potential of startups in driving sustainable development and energy transitions globally. This research offers valuable insights into the interplay of taxation, innovation, and clean energy entrepreneurship, guiding policymakers in creating conducive environments for sustainable economic growth and technological advancement.

Given the pivotal role of the Association of Southeast Asian Nations (ASEAN) in global trade and the region’s increasing integration within international supply chains, this study investigates the impact of logistics performance on export market penetration among ASEAN countries. Using the Generalized Method of Moments (GMM) one-step estimator, the study analyzes dynamic panel data comprising annual observations on logistics performance indicators, export market penetration metrics, and macroeconomic variables such as inflation rates and intertrade volumes from 2000 to 2022. The results reveal that logistics infrastructure, including international sea container throughput and international sea cargo throughput, significantly enhances the ability of ASEAN countries to access export markets. Findings in improving the liner shipping connectivity index can increase export capacity by up to 2.82%, underscoring the importance of investing in robust maritime infrastructure. Additionally, the study demonstrates that inflation negatively affects export market penetration, emphasizing the necessity for effective inflation control to enhance export competitiveness. The study concludes with recommendations for strengthening logistics infrastructure and fostering regional trade integration in ASEAN to boost export performance in global markets. These insights offer valuable guidance for policymakers and industry stakeholders in formulating strategies to improve trade logistics and elevate export outcomes across the region.

As the world grapples with the challenges of climate change, international cooperation and effective policy tools are crucial for reducing carbon emissions and achieving a sustainable future. This study uses a game-theoretical approach to investigate the negotiations between countries with high and low carbon dioxide emissions, with the goal of achieving zero carbon dioxide emissions by 2050. By fostering collaboration and understanding among nations, game theory provides a robust framework for addressing the complexities of global climate policy. Game theory provides a mathematical framework to model strategic behaviors in climate negotiations between high and low carbon dioxide-emitting countries. By analyzing the payoff functions, the Nash equilibrium strategies for emission reduction efforts are derived. The introduction of a carbon tax increases the marginal cost of emissions, leading to higher equilibrium efforts by both country groups. Simulation results indicate a significant increase in emission reductions with the tax, demonstrating the tax's effectiveness in incentivizing climate action and contributing to global mitigation efforts. This result highlights the potential economic benefits of carbon taxation, including innovation incentives and reduced emissions, which can drive sustainable economic growth and job creation. However, the study also acknowledges potential costs, such as impacts on economic competitiveness and distributional fairness, which must be carefully considered and addressed in policy design. This research offers valuable insights for policymakers, highlighting the importance of crafting carbon tax policies that maximize environmental benefits while minimizing adverse economic and social effects. By balancing these considerations, policymakers can develop more effective strategies that support both environmental sustainability and economic resilience.

As Islamic banks grow and evolve, pricing methods for their services have become essential to study and implement. This study highlights the significance of understanding the factors influencing Islamic banking service pricing in Algeria. The study aims to analyze how Islamic banks price their services, with a focus on cost, market, and value strategies. Additionally, it seeks to evaluate and recommend ways to enhance the current practices of banks operating in the national market. Algeria is experiencing rapid growth in Islamic banking, making it an ideal location to study this subject. The country is home to two Islamic banks, Al Baraka Bank and Al Salam Bank. Algeria was selected as a new market to allow the findings to be applicable to similar situations elsewhere. The research utilizes secondary data obtained from available information on Islamic bank service fees, comparing them with those of traditional banks. It also conducts financing simulations in both banks and compares them with the traditional theoretical framework. Data was gathered from various sources, including bank websites, annual reports, and previous studies. The research reveals that Algerian Islamic banks do not prioritize scientific methods in pricing their services. The results suggest that these banks operate within a traditional framework under the oversight of the central bank. The central bank's rules depend on the prices of services conventional banks offer. This shapes how customers perceive these banks as representatives of Islamic banking. Islamic banks can utilize the study's results to develop pricing strategies that are more effective and compliant with Islamic law. Regulators can utilize these findings to formulate enhanced policies to bolster the Islamic banking sector. The results also assist researchers in delving deeper into the realm of Islamic banking service pricing. This study refutes the hypothesis that Algerian Islamic banks have enhanced the efficiency of their service pricing by adopting models in line with Islamic finance principles, such as profit-sharing, while considering market conditions and service value. They should embrace more pragmatic and beneficial pricing strategies that align with Islamic law, cater to customer needs, and enhance their competitiveness and value in the national banking market.

This study delves into the pivotal role of directors of microfinance banks in developing countries in implementing governance practices to ensure sustainability. As microfinance institutions strive to balance social impact with financial viability, effective governance emerges as a crucial factor for sustainable operations. The research investigates the strategies and frameworks adopted by directors of microfinance institutions to establish robust governance structures that promote long-term sustainability. Through comprehensive case studies and interviews with key stakeholders, the study identifies best practices and common challenges faced by microfinance bank directors in governance implementation. Key areas of focus include risk management, transparency, accountability, and stakeholder engagement. The findings highlight the critical importance of strong governance in mitigating risks, enhancing institutional credibility, and ensuring the alignment of financial and social objectives. Moreover, the research underscores the necessity for tailored governance models that consider the unique socio-economic contexts of developing countries. It reveals that adaptive governance strategies, which incorporate local cultural and regulatory nuances, significantly contribute to the sustainability and resilience of microfinance institutions. By bridging theoretical governance principles with practical implementation, this study provides actionable insights for directors seeking to enhance the sustainability of microfinance institutions. The implications of this research are far-reaching, offering valuable lessons for policymakers, practitioners, and academic scholars. It emphasizes the need for continuous capacity building and the development of governance frameworks that can evolve with the dynamic landscapes of developing economies. Ultimately, the study contributes to the broader discourse on sustainable development by elucidating how effective governance can empower microfinance institutions to drive socio-economic progress in developing countries.

This article examines the impact of content personalization on customer engagement in the Algerian e-commerce sector. By analyzing data from 70 e-commerce stores operating in Algeria between January 12, 2023, and October 10, 2023, the study highlights the importance of personalization strategies in enhancing customer experiences and driving sales. The research employs a mixed-method approach, combining quantitative data analysis of website metrics with qualitative insights from customer surveys, to provide a comprehensive understanding of the effectiveness of personalization. The findings reveal a growing adoption of data collection methods, particularly website analytics (86%) and customer surveys (75%), which reflect a heightened awareness among Algerian e-commerce businesses of the need to track and analyze customer behavior. The research identifies a higher-than-average bounce rate (32%) compared to global standards (26%), suggesting technical and behavioral challenges that affect customer retention. Similarly, the average click-through rate for Algerian e-commerce websites (2.5%) is slightly below the global average (3%), indicating a need for building trust and credibility in the online shopping environment. The study underscores the significance of addressing these challenges by improving website performance, simplifying payment processes, and leveraging direct customer feedback to align offerings with customer preferences. Personalized content, derived from robust data analysis, is shown to enhance engagement by creating relevant and meaningful customer experience. The article provides valuable insights into the Algerian e-commerce market, outlining both opportunities and challenges. The emphasis on personalization, trust-building, and a customer-centric approach is critical for businesses aiming to thrive in this evolving landscape.

This article provides an in-depth analysis of the price dynamics and market prospects of Ethereum, the second-largest cryptocurrency by market capitalization. As blockchain technology and cryptocurrencies increasingly integrate into global financial systems, understanding the factors influencing Ethereum’s price becomes crucial for investors, developers, and researchers. The study uses daily price and volume data from an extensive dataset spanning from 2016 to 2023, focusing on the year 2022 to analyze trends and relationships between Ethereum’s price, market volume, and time. Employing correlation and regression analyses, the study aims to identify key patterns, with a focus on understanding how these variables interact within the volatile cryptocurrency market. The methodology centres on refining the data to ensure accuracy and integrity, including the removal of outliers and verification of variable distributions. Correlation analysis was conducted to explore the relationships between price, volume, and time. Regression analysis further assessed the impact of volume and temporal factors on Ethereum's price, using heteroskedasticity-consistent standard errors to address market volatility. The model's robustness was validated through statistical significance tests, and visualizations were used to present data trends and relationships effectively. The findings reveal that Ethereum experienced substantial volatility in 2022, characterized by a general downward price trend. The study identified a weak inverse correlation between price and trading volume, suggesting that periods of higher trading activity often coincide with lower prices, possibly reflecting market corrections or sell-offs. The regression analysis indicated that time is a significant factor in Ethereum’s price dynamics, with a strong positive correlation between the observation order and price, highlighting a clear downward trend over the year. The model demonstrated a high explanatory power, with an Adjusted R-squared of 83.94%, indicating that the selected variables effectively capture the variance in price. The discussion places these findings within the broader context of market developments, including technological shifts like Ethereum 2.0, regulatory changes, and macroeconomic factors that shaped the price movements. The inverse relationship between volume and price underscores the impact of trading behaviour on market sentiment, while the downward temporal trend aligns with the overall market downturn seen in 2022. Despite short-term negative trends, the analysis underscores Ethereum’s long-term potential, given its leading role in decentralized finance, non-fungible tokens, and blockchain innovation. This research remains highly relevant as it addresses the interplay of technical, market, and macroeconomic factors in shaping Ethereum’s price and market prospects, providing a framework for understanding its future trajectory within the evolving cryptocurrency landscape.

Global Financial Technology adoption grew from 33% in 2017 to 64% in 2019, and in Nepal, Fintech users surged by 207.41% from 6.48 million in 2020 to 19.92 million in 2023, significantly influenced by the COVID-19 epidemic. Despite numerous studies on Financial Technology adoption globally, research on drivers of adoption intention, particularly incorporating mediation and moderation effects across various sectors of urban areas of Nepal, remains limited. Thus, this study examines the drivers of intention to adopt Financial Technology among urban Nepalese in Kathmandu Valley using the Technology Acceptance Model and the Unified Theory of Acceptance and Use of Technology. The study employs a descriptive and explanatory research design to thoroughly examine the factors influencing the intention to adopt Financial Technology services. A non-probability sampling technique, specifically convenient sampling, was used to gather data from 360 users of Fintech services through a structured questionnaire administered via the Kobo Toolbox. Data analysis was conducted using Structural Equation Modeling with Partial Least Squares version 4.1.0.1. The findings indicate that effort expectancy, trust, and perceived usefulness directly influence the intention to adopt Fintech services. In contrast, security and privacy, and social influence affect adoption indirectly through perceived usefulness. Furthermore, effort expectancy partially impacts adoption through perceived usefulness, but perceived trust only directly affects adoption. Moreover, the education level moderates the impact of trust and social influence on adoption. In contrast, the effects of security and privacy, and effort expectancy are not influenced by education. The study offers vital insights to regulators, policymakers, providers of Financial Technology services, and BFIs as they should prioritize initiatives that enhance trust, effort expectancy, and perceived usefulness of Fintech services.

The real estate market in Ukraine, particularly in Kyiv, has experienced significant fluctuations due to the ongoing conflict and associated economic challenges. This research focuses on forecasting trends within the market, with a specific emphasis on price dynamics and the factors influencing these shifts. The actuality of this study stems from the pressing need to understand how the war, macroeconomic instability, and demographic changes impact real estate demand, investment patterns, and property prices. Given the rapid shifts in market dynamics and the complex interplay between economic variables, accurate forecasting is crucial for stakeholders such as investors, policymakers, and analysts. The methodology of this study combines traditional and advanced analytical tools to provide comprehensive and accurate forecasts. A dual-approach forecasting model was employed, using both the Brown-Mayer method implemented in Excel and advanced functionality provided by Statgraphics software. The Brown-Mayer method, which relies on exponential smoothing, allowed for the analysis of basic trends and seasonality in the time series data. Statgraphics, with its capacity to consider complex changes in market dynamics, provided more precise forecasts. The study involved data preparation, anomaly detection, correction, and checks for stationarity to ensure that the forecasts were not distorted by irregularities or missing data. Data were derived from key indicators like the Ukrainian Index of Retail Deposit Rates (UIRD3M), price changes in construction, the National Bank of Ukraine's key interest rate, and the average prices of primary real estate in Kyiv from 2018 to 2023. The findings indicate that Statgraphics was more accurate in forecasting real estate trends in Kyiv than the Brown-Mayer method. The confidence intervals generated by Statgraphics aligned closely with observed price trends, while the Brown-Mayer method showed a larger deviation due to its simpler approach to trend smoothing. The study revealed that external factors such as war-induced economic instability, high interest rates, inflation, and currency devaluation slowed the growth rates of real estate prices, particularly in urban centers like Kyiv. Moreover, the demand for real estate shifted towards rental properties and commercial spaces, particularly warehousing, reflecting changes in business operations and population migration to safer regions. The discussion emphasizes the importance of employing multiple methodologies to enhance forecast reliability. The research underlines that while simpler methods like the Brown-Mayer model are useful for general trends, advanced software tools like Statgraphics are more effective for accurate market prediction in volatile environments. Additionally, the study recommends a holistic approach to future forecasting models by incorporating a wider range of variables and indicators. This would improve model robustness and predictive power, particularly in the context of geopolitical and macroeconomic disruptions. This study contributes to the understanding of real estate market forecasting, providing valuable insights for stakeholders aiming to navigate the complexities of a rapidly changing market landscape in Ukraine. The research highlights the need for adaptive forecasting methods that can account for market volatility and external shocks.

This study examines the determinants of credit risk in Nepalese commercial banks, emphasizing macroeconomic and bank-specific factors. The study utilizes a random effects regression model to investigate the impact of various factors on non-performing loans using panel data from 10 commercial banks in Nepal from 2013–2022. The study's theoretical framework draws on established economic theories, including Kalecki's business cycle theory and Diamond & Dybvig's banking theory. It aims to contextualize the relationship between credit risk and various influencing factors. The theory sets the stage for analyzing credit risk determinants in Nepalese banks. The findings demonstrate that non-performing loans are significantly and positively associated with bank size and return on assets, whereas asset quality and bank age have a negative and significant impact. The capital adequacy ratio exhibits a positive but insignificant impact. Among macroeconomic variables, the inflation rate has a positive and significant impact on non-performing loan, whereas real gross domestic product growth reveals a positive but insignificant relationship. These findings are of utmost importance for bank managers and policymakers in Nepal, as they provide valuable insights to enhance credit risk management practices and maintain financial stability in the banking sector.

The management of socio-economic infrastructure projects in developing countries, including roads, bridges, tunnels, railways, ports, airports, dams and others, presents multifaceted challenges, particularly in environments marked by complexity and uncertainty. Despite the efforts of governments in these countries, these types of projects still face numerous risks, including political, technological, regulatory, financial, and market risks. The objective of the study was to examine the practices related to the problem of the decision-making process and risk assessment in the management of socio-economic infrastructure projects in developing countries, focusing on the example of the Algerian experience. This research used a qualitative analysis of the decision-making process through 15 semi-structured interviews conducted with representatives of various institutions and administrations responsible for supervising the East-West highway project in Algeria and several focus groups conducted or observations noted at the meetings where the author participated as a principal engineer at the Ministry of Public Works (project owner) during the different phases of the implementation of this mega-project. This made it possible to carry out a global assessment of current practices and to identify the major risks that can impact the decision-making process to improve the management of socio-economic infrastructure projects in Algeria and also in developing countries. The results of the study reveal the risks related to the complexity of the external and internal environment of the projects, in which among the 13 major risks identified, 61.54% have a high criticality, 30.77% have a medium criticality, and 7.69% have a low criticality. The results show that several important aspects need to be improved, including: 1) strengthening financial stability; 2) political risk mitigation; 3) implementing economic stability measures; 4) clarifying contractual aspects; 5) promoting cultural sensitivity and communication; 6) improving cost and quality control measures. This study provides valuable guidance to governments, businesses, managers, and other individuals or groups interested in promoting the management of socio-economic infrastructure projects in developing countries.

The study aims to investigate the role of Islamic real estate investment funds in stimulating the Saudi economic market. The study focuses on the performance of these funds from 2018 to 2022, assessing their contribution to the wider Islamic capital market. To achieve its objectives, a descriptive and analytical approach was used, which included the collection and analysis of data related to Islamic investment funds. This approach has made it possible to conduct a comprehensive study of the global evolution of these funds and their economic performance indicators. The study also included a literature review to contextualize its findings within existing research. What distinguishes this study from previous research is its special focus on the Saudi context and the detailed analysis of Islamic REITs as a distinct financial instrument. While other studies have explored Islamic finance extensively, this research focuses on the unique characteristics and performance metrics of Islamic Real Estate Investment Trusts, providing a more accurate understanding of their impact on the financial market. The main results of the study indicate that Islamic investment funds effectively attract inactive savings and direct them to productive economic activities, and thus contribute to the real investments that are in line with Islamic principles. In addition, the research highlights that Islamic real estate investment funds gain investor confidence, and often provide returns that exceed the averages of the market. The size of the assets of these funds significantly affects the measures of their performance, which confirms their potential as applicable investment options. In general, the study concluded that Islamic real estate investment funds play a crucial role in enhancing trading activity and stimulating the Saudi economic market, especially during periods of economic recession.

This article addresses the critical issue of private benefits in corporate governance, focusing on how executives or controlling shareholders exploit their positions for personal gain, often at the expense of shareholder value and corporate performance. This issue is highly relevant, as it directly impacts the alignment between executive and shareholder interests and can lead to inefficiencies in corporate governance. The primary purpose is to examine the various forms of private benefits, such as excessive compensation and self-serving strategic decisions, and to explore governance mechanisms that can mitigate these practices. The choice of private benefits as the research object is justified by their widespread and detrimental impact on corporate performance and sustainability. This article employs conceptual analysis, grounded in agency theory, to investigate how performance-based compensation, independent audit committees, and increased transparency can reduce the extraction of private benefits. Drawing on key studies, it analyzes the ways in which these governance mechanisms align executive actions with long-term corporate goals. The main findings reveal that private benefits manifest in forms like excessive compensation and biased strategic decisions, undermining long-term performance. Strong governance frameworks, including performance-based pay and independent oversight, are essential in curbing such behaviors. The results of this article have practical applications for corporate boards, regulatory bodies, and governance consultants. They can be used to improve governance policies, ensuring that executive compensation and strategic decisions are in line with sustainable corporate practices, benefiting both shareholders and the broader business ecosystem.

This paper presents a bibliometric analysis examining investment patterns in diverse economies and their relationship with global financial transformations. The study spans from 1964 to 2024, utilising data from the Web of Science (WoS) and analysed with R Studio and CiteSpace to identify trends and shifts in academic focus on investment strategies. A dataset of 1595 articles from 554 sources was processed, revealing key trends and shifts in investment patterns across different regions. The research highlights a notable rise in academic interest since 2015, with an 8.46% annual growth rate in publications. Methodologically, thematic evolution and network visualisation techniques were used to track collaboration patterns and emerging topics. For instance, 40.94% of the articles involved international co-authorship, emphasising global interest in investment dynamics. The study reveals critical insights into foreign direct investment (FDI) trends, particularly in developing and transitional economies, and how various global financial events influence investment behaviours. The average citation rate of 2.7 per article further underscores the significance of this field. The analysis confirms that investment patterns are crucial to understanding global economic transformations, providing a foundation for policymakers to craft economic strategies aimed at promoting balanced and sustained investment growth.

The aim of this study is to investigate and evaluate the impact of public spending on inflation in Algeria from 1973 to 2022. The data used are obtained from the official website of world Bank (WDI) and the Finance Ministry of Algeria. This study is conducted by applying the Auto-Regressive Distributed Lag model (ARDL)-(bounds testing approach) using eviews13 software. The time series of the data were subjected to statistical tests by applying the Augmented Dickey-Fuller (ADF) test. The cointegration tests were also applied for a common relationship and the Model Stability: The Bounds Test for confirming the existence of a stable long-term relationship, the Breusch-Godfrey serial correlation LM test to test the absence of serial correlation, Test Breusch-Pagan-Godfrey to test the Heteroskedasticity; and the CUSUM and CUSUM Squares test for the stability of the model as well as the estimation of the model’s short- and long-term parameters. The results obtained confirm the hypothesis posed in the introduction on the existence of a cointegration relationship between public expenditure and inflation the indicate that there exists a cointegration relationship between public expenditure and inflation, such that a 1% increase in public spending leads to a 0.23% rise in the inflation rate. It is important to mention that this percentage is relatively low compared to the short term, having reached 2%. As regards the other control variables, we found a positive and statistically significant correlation between the inflation rate and the percentage of broad money to GDP and the percentage of imports to GDP. However, we found an inverse relationship between the inflation rate and GDP per capita at constant 2015 prices, which serves as a measure of inverse economic growth. Based on these results, we can suggest Moving forward, policymakers in Algeria must prioritize measures aimed at curbing inflation while ensuring sustainable economic growth. This may involve reassessing public spending priorities, implementing effective monetary policies, and enhancing fiscal discipline. Furthermore, fostering economic diversification and promoting investment in sectors with high growth potential can contribute to reducing reliance on public expenditure as a driver of inflation.

COVID-19 altered global economics activities during the pandemic period and still affects the stock returns. As worldwide resulted, this shift has changed the Pakistani stock returns activities. This study unfolds the impact of COVID-19 on stock returns frequency of pharmaceutical, power generation, technology and communication, and food sectors in Pakistan. To examine the relationship of above-mentioned sectors with stock returns, data were evaluated through event window that included the event dates of the 150-day and 60-day estimating period. COVID-19 has a considerable detrimental influence on stock returns during the post-event interval. The study findings showcase significant negative relationship with stock returns of the above-mentioned sectors. However, the results are contradictory during the second wave of coronavirus infection. Furthermore, the study also substantiates that COVID-19 has significantly affected the stock market performances of Pakistan. Still, the impact on the stock market performances was only for a short period, and it diminished in the second wave of COVID-19 spread in Pakistan. The findings contribute to the research on the stock returns of selected sectors and commodity market impact of a pandemic by providing empirical evidence that COVID-19 has spill-over effects on stock market. This result also helps investors in assessing the trends of the stock and commodity markets during the pandemic outbreak. Managers are encouraged to modify their strategies to maintain stocks of the firm for better performance under the direction of study findings.

This study examines the influence of macroeconomic indicators on nonperforming bank loans. This research focuses on the period from 2010:1Q to 2019:4Q to capture significant trends and fluctuations in the economy. Data for receivables to be liquidated as a proxy for nonperforming loans, the consumer price index as a proxy for inflation, total private consumption expenditures as a proxy for economic activity, gross domestic product and total (private) fixed capital expenditures as proxies for economic growth are analyzed using the ARDL bound test, FMOLS, DOLS and VECM Granger methodologies. This study addresses several key questions. First, it examines how the receivables to be liquidated relate to changes in total private consumption expenditures (LNPCE). The findings indicate that higher LNPCE decreases the ability of receivables to be liquidated in both the long run and short run. Second, it explores the impact of gross domestic product (GDP) fluctuations on the amount of receivables to be liquidated, revealing that a higher GDP increases the amount of receivables to be liquidated in both the long and short run. Last, the study assesses the extent to which changes in the consumer price index (CPI) influence the receivables to be liquidated, finding that a higher CPI increases the receivables to be liquidated in the long run.

Environmental reporting is a crucial tool for organisations to effectively communicate their environmental performance to stakeholders, foster transparency, and mitigate potential negative impacts. The study’s goal was to investigate environmental reporting practices in Ghana’s hospitality industry. The hospitality industry, despite its economic significance and environmental impact, is an excellent institution for environmental reporting studies due to Ghanaian problems and hospitality opportunities. This research employed a quantitative analysis of environmental disclosures from 192 hotels in Ghana. The researcher gathered data from annual reports, utility bills, and water bills, then conducted a systematic evaluation of these documents to gauge the extent and calibre of environmental reporting. The data was categorised into five groups using the Index of Environmental Disclosure (IED). Descriptive and inference statistics, such as measures of central tendency and dispersion, was employed to quantify and summarise the environmental disclosures. This allowed for a comprehensive assessment of present practices and the identification of opportunities for improvement in the Ghanaian hospitality industry. The study’s findings reveal the hostels’ environmental performance, with a high score of 75.52% for Environmental Policy and Initiatives. However, the study identified poor pollution management and reduction efforts at 38.44%. The Environmental Reporting Elements category scored 27.89%, which suggests more transparent reporting. The Environmental Audit and Compliance category scored 39.96%, indicating partial compliance. It emerged that a very modest positive correlation (r) of 0.12531 exists between hotel age and total disclosure, suggesting that as hotels age, their total disclosure increases marginally. The result shows significant variances in overall disclosure among the four hotel groups, with star ratings explaining much of the diversity: 2-star hotels have the lowerst mean total disclosure percentage, 3-star slightly higher, 4-star significantly higher, and 5-star highest. This positive correlation between hotel star ratings and environmental transparency shows that 4-star and 5-star hotels are more environmentally conscious. Sustainability in the hospitality industry requires environmental reporting to track progress, create standards, and drive continual improvement. This study offers valuable guidance to hotels, lawmakers, and other individuals or groups interested in promoting sustainability and transparency in the industry.

This study examines the impact of net interest margin, non-interest income, non-performing loans, and Political Stability Index on the banks’ profitability regarding return on assets in developing Asian countries, focusing on how political stability affects the bank’s profitability. The secondary data from 14 developing countries used in this study are collected from the World Bank and World Financial Studies Report. The dataset includes 154 data points spanning from 2012 to 2022, focusing on 14 underdeveloped countries of Asia. Exploratory and analytical research designs are utilized. Data are analyzed by using EViews 12. Econometric tools such as descriptive statistics, correlation analysis, panel unit root testing, Fisher-Johnsen combined co-integration test, panel vector error correction model, and Wald test investigate the relationship between response and predictor variables. The net interest margin, non-interest income, non-performing loan, and Political Stability Index are jointly integrated to determine the bank’s profit of developing countries of the Asia continent. Interest margin, non-interest revenue, non-performing loans, and the Political Stability Index all show a 38.6 percent variance in bank profit. It has been discovered that for every unit that rises in net interest margin and Political Stability Index, the bank profitability of developing Asian countries increases by 0.4867 and 0.2221 percent, respectively. Non-interest income has little bearing on the profitability of banks. Meanwhile, non-interest income exhibits minimal influence, suggesting a need for a strategic focus on interest margin enhancement and fostering political stability to optimize banking sector profitability in the region.

The 2008 Global Crisis had profound impacts on economies worldwide, prompting significant scrutiny of various institutional frameworks, including court systems. During this period, legal systems faced unprecedented challenges in addressing the ensuing turmoil. Courts were busy with cases related to foreclosures, bankruptcies, and financial misconduct. Due to the exposed weaknesses in regulatory oversight, reforms were made to improve accountability, transparency, and efficiency within judicial systems. Transition economies in Eastern Europe and Central Asia bore a significant brunt of the crisis and its subsequent reform endeavors. In this study, we evaluate the perspectives of Eastern European and Central Asian retailers on their court systems during and after the 2008 global crisis. We assess how many of them dealt with the legal system during and after the crisis, how quickly the cases moved through the court system, how fair and impartial the court was, and how successfully the court could enforce its rulings. To evaluate the impact of the global crisis on retailers’ views on the court system, we compare the crisis period to the post-crisis period. The World Bank’s BEEPSII and BEEPSIV surveys performed in Eastern Europe and Central Asia are used as our crisis and post-crisis samples. To compare the crisis period responses to the post-crisis ones, we use nonparametric tests (i.e. the Mann-Whitney-Wilcoxon and the Chi-square tests). Our results show that, after the crisis, fewer retailers went to court, when compared to the crisis period. This finding can be seen as positive. We also find that, after the crisis, retailers were more optimistic about judicial impartiality and case processing speed in their respective countries, compared to the crisis period. On the other hand, our results show that retailers’ assessments of the court’s ability to implement its rulings in these countries did not seem to change after the crisis. These findings have important policy implications. Policymakers can use these findings to take precautions before a global crisis hits. They will know that a global economic/financial crisis affects the volume of cases, courts’ fairness, and processing speed. Therefore, they can hire more employees to deal with the upcoming problems with the volume and the processing speed, and they can increase the scrutiny of the system to protect the system’s fairness.

Choosing an appropriate exchange rate regime is crucial for economic policy, particularly for developing countries seeking to establish robust macroeconomic frameworks to mitigate external shocks. However, such nations, including those reliant on oil and natural gas exports, often face challenges in selecting suitable regimes, exacerbated by a lack of traditional advice. The debate around this issue intensified in the aftermath of the 2014 oil price decline. In response, Jeffrey Frankel proposed the currency-plus-commodity basket (CCB) arrangement in 2017, blending the benefits of floating and pegging. This study applies the CCB system to Algeria, aiming to evaluate its impact compared to the current managed floating regime from 2001 to 2021, on indicators of internal (inflation rates) and external (change in foreign exchange reserves) balance using monthly data. Employing wavelet analysis and robustness tests, specifically quantile-on-quantile regression (QQR), the findings suggest that the CCB regime surpasses managed floating in maintaining monetary stability and achieving internal and external balance. Moreover, it provides greater flexibility and stimulates the domestic economy through its ability to stabilize terms of trade via active countercyclical monetary policy. Nonetheless, further discussion, adjustment, experimentation, and development of the proposed regime are warranted.

This study aims to evaluate the effectiveness of the ASEAN regional trade agreement by comparing the growth rates of intra-ASEAN trade with those of the rest of the world as well as with major trading countries, China, the USA, the EU, and India. The objective of this research is threefold: To identify existing trade trends, to determine the underlying explanations for these trends, and finally, to compare intra-ASEAN trade trends with the inter-ASEAN countries’ trade trends. This paper takes a descriptive approach and dynamic panel GMM methods spanning the years 1990 to 2019. Between 2005 and 2019, growth rates among members of intra-ASEAN, Indonesia-Malaysia, Indonesia-Thailand, Singapore-Thailand, Malaysia-Philippines, and Philippines-Thailand, all decreased. Additionally, although the market share of imports and exports within ASEAN has decreased over time, the market share of imports and exports of inter-ASEAN has increased, especially with China and India. The results of descriptive analysis of inter-ASEAN trade openness are supported by first-differenced GMM and system GMM. This is the first study to examine historical intra-ASEAN trade trends and growth and compare them to inter-ASEAN trade trends and growth to determine whether AFTA has a greater impact on intra-ASEAN trade growth than on inter-ASEAN trade growth using updated aggregated data. This study sheds light on the fact that over the periods intra-ASEAN trade could not outperform inter-ASEAN trade by a significant margin due to trade diversity challenges and incomplete implementation of WTO regulations.

In the conditions of worsening global energy problems, financial instruments play a key role in reforming the energy market. They provide the necessary financial resources for the development and implementation of environmentally friendly energy technologies, aimed at supporting projects that reduce the negative impact on the environment, and contribute to attracting private capital to finance environmentally friendly projects. The purpose of this study is to analyze trends in research on financial instruments of the green energy transition. The article carries out a comprehensive bibliometric analysis of scientific works devoted to the problem of financing the green energy transition. The object of the research is the publications indexed by the Scopus database for 1954-2023. Research tools are programs for bibliometric data analysis Vosviewer, SciVal and CiteSpace. Based on the trend analysis of publication activity on the issues of financing the green energy transition, the key role of the Paris Agreement of 2015 in the growth of interest in these issues has been proven. Visualization of the most used keywords in scientific works on green energy transition financing allowed us to identify four clusters of keywords that characterize the concepts of green energy transition: the concept of "green construction", the concept of "green technologies and innovations", the concept of renewable energy, and the concept of "green of finance". Analysis of the frequency and number of citations of publications on green energy transition financing issues using the CiteSpace package made it possible to determine the TOP-17 keywords, highlight the period of their greatest citations, and carry out their clustering. Phrases most often used in publications include: finance, alternative economy, green bonds, green innovation, sustainable development, greenhouse gas emissions, sustainable finance, green credit, green economy, climate finance. Based on the analysis of relationships between keywords, seven clusters were identified: sustainable development, financing constraints, green bonds, green credit policy, green bonds, green economic growth, green economic recovery. The obtained results can be used by state institutions to improve financing strategies for green energy transition programs from the point of view of determining modern trends and key vectors of green finance development in the field of energy, analysis of the most effective financing tools, and identification of problems in the field of energy development.

The proliferation of FinTech apps has democratized access to financial services, empowering individuals and businesses to take greater control of their finances. These apps have catalyzed financial innovation, disrupted traditional business models, and fostered competition in the financial industry. Moreover, FinTech apps have the potential to drive economic growth, promote financial literacy, and advance financial inclusion on a global scale. FinTech applications have played an important role in the creation of an arena where information is collected, stored, and processed to make the best decisions of investment. This has boosted the investment and increased the activity in capital markets when considered from the investors’ point of view. Capital markets have always been an important place for investors to invest in long-term securities with a maturity of more than one year. Primary as well as secondary markets are part of it. People invest in securities expecting a return in the form of capital gains and/or income. The role of FinTech applications in facilitating various investment decisions has also opened doors to retail investors in capital markets. Traditionally, retail investors have been overlooked because they are perceived not to have enough capital to invest, be too risk-averse, and be too costly to service. Both quantitative and qualitative data have been used. 150 online surveys were used to gather primary data. The outcome from this study showed a major shift in stock market investors towards digital connection due to various reasons. Some cultural and behavioral effects have been found among the investors for the financial transactions.

The research investigates the formal and informal financing practices utilized by labeled startups in Algeria, emphasizing their essential role in economic development. Despite the recent dynamism observed in the Algerian startup ecosystem, these enterprises face substantial growth challenges due to limited access to financing, a critical factor for their success. To address this issue, a study was conducted involving 129 owners of labeled startups as of June 2023, employing a questionnaire for data collection. The data were analyzed using descriptive statistics and multivariate logistic regression. The findings confirm the prevalence of personal financing/love money as the dominant source of funding, with venture capital also identified as a significant financing method. Additionally, 28% of startups resorted to informal financing practices due to inadequate bank financing and difficulties in accessing other funding sources. The study also reveals that support structures have no significant impact on startup financing. This research provides valuable insights into the financing challenges faced by labeled startups and offers directions for future, more comprehensive research.

Despite the prevailing focus on the public markets, private companies represent approximately half of the world economy, if not more. This is a descriptive article presenting a summary of data and results from the 2024 Private Capital Markets Report, which is the product of the annual private capital markets survey. The annual survey was launched in 2009 and examines the behavior and trends of senior lenders, asset-based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately-held businesses, investment bankers, business brokers, limited partners, and business appraisers. Most of the survey panelists are based in the United States of America, but this is not a requirement. The data set also includes many panelists outside of the U.S. There was a total of 1,143 respondents represented in the 2024 survey. An empirical result of this article is that we test the theory that the recent return of warrants to mezzanine deals is associated with a higher interest rate environment. We find evidence supporting that association. These results may be helpful for academics and practitioners forecasting mezzanine activity and deal terms.

The global outbreak of COVID-19 in 2020 became unprecedented and sent shockwaves through financial markets worldwide. This study investigates the impact of the pandemic on the performance of the U.S. financial market from March 1, 2020, to April 14, 2022. Utilizing Bai and Perron’s (1998) least squares with breaks during this period. The study’s test findings validate the existence of seven structural changes, signifying the occurrence of eight effects of independent factors on the S&P 500 index. The empirical findings demonstrate a substantial influence of COVID-19 pandemic on the performance of financial markets. Specifically, the impact of the number of COVID-19 cases and new fatalities on financial market performance, exhibits variations in terms of direction, nature, depth, and level. Based on an analysis of the structural changes, it can be inferred that the initial period exhibits the most pronounced negative impact on the number of new COVID-19 cases. Subsequently, the direction and nature of this impact undergo a transformation from the second to the eighth periods. Specifically, the impact of the number of new COVID-19 cases becomes positive in the second, third, sixth, seventh, and eighth periods, gradually diminishing until it reaches its lowest levels of impact in the eighth period. The research further identifies a detrimental impact on the occurrence of new fatalities. However, the periods spanning from the third to the fifth period exhibit very modest levels of influence, which then transition into a beneficial effect during the fifth period. Moreover, the research reveals that the impact of mortality rates on the performance of the United States stock market was greater than that of COVID-19 cases across all periods linked to structural changes. Additionally, the exchange rate of the dollar has a consistent and favorable impact, and the real interest rate has a pronounced negative impact, which gradually reduces over time and eventually transitions into a positive value by the eighth period.

Advances in renewable energy technologies, particularly in solar, wind, energy storage, and grid integration solutions, are accelerating the growth of in startups in this sector. Despite the promising outlook, renewable energy startups face several risks, including technological, regulatory, financial and market risks. The article carries out a bibliometric analysis of scientific publications related to the problem of investment and risks associated with the development of entrepreneurship and start-ups in the field of renewable energy. After multi-level filtering of the dataset, the research base consists of 82 publications by 232 scientists for 2005-2023, indexed by Scopus, and the analysis tools used are Biblioshiny and Excel. In 2005-2016, the number of publications grew annually at a rate of 10.47%, with peaks in 2006, 2007, and 2016; in 2017-2023, the number of papers increased (the dependence is described by a third-degree polynomial trend). The article examines 3 different types of Three-field plots in the topic of the investments and risks of the startups and entrepreneurship in renewable energy: 1) “References - Authors – Keywords”, 2) “Countries - Institutions – Authors”, 3) “Authors - Sources – Keywords”. A quantitative and qualitative analysis of the scientific journals that make the largest / periodic but noteworthy / minimal contribution to the dissemination of knowledge in this area was carried out, the top 10 authors and papers were analysed by the levels of local and global influence, the most powerful research networks (based on the results of the analysis of joint citations) were identified both in terms of authors and countries, and the leading countries were identified in terms of the volume of research output of their scientists and the intensity of citation of these works. Building clouds of the most used keywords allowed us to identify priority thematic areas of research, as well as to analyse the structural and logical relationships between different thematic blocks in the research landscape. With the help of multiple correspondence analysis (factorial analysis) and longitudinal thematic map analysis, the scientific landscape in this area is clustered and evolutionary changes and interdependence of individual topics are identified.

The research makes an attempt at analysing the state of affairs of the electronic payment in Algeria and propose perspectives for future development in that regard. To attain this objective, the bank of Crédit Populaire Algérie (CPA) in Algeria was taken as a case study. The primary reason of choosing this bank was by virtue of its leading market share in the local market and many electronic services and payment cards in use. The bank data from 2016 to 2022 was collected to perform an analysis of the growth rate of electronic payment services and to carry out a forecast of these services using exponential smoothing. Hypotheses tests demonstrate with validity that in the upcoming years, the number of electronic payment services will considerably increase. First, the use of electronic payment in Algeria has increased due to consumers’ changing preferences and due to the necessity of practical and safe payment solutions. Second, the bank used as a case study has invested in the development of electronic payment by proposing e-payment solutions to its consumers. Finally, the future of electronic payment will be marked by an increase in the number of electronic services. The findings of the research highlight consumers’ changing preferences towards electronic payment and consequently all banks should invest in designing and executing strategies of electronic payment services. It is recommended that scholars could use the findings of this research and perform a benchmark with other banks in Algeria or banks in other MENA countries. Moreover, the number of years could be further increased to determine if the growth of these services is to increase, decrease, or stay constant.

This study aims to make theoretical and practical contributions by addressing stagnation in the context of digital transformation (DX) and proposing specific measures. Focusing on the banking industry’s skilled response to rapid changes to maintain and improve competitiveness, this study employs quantitative methods to investigate the expectations and assessments of Chinese financial service users regarding Internet banking. With a clear objective, this study seeks to contribute theoretically and practically by addressing stagnation in DX. Specifically, it focuses on the banking industry’s response to rapid changes, employing quantitative methods to assess and understand Chinese financial service users’ expectations of Internet banking. The results reveal that the prevalent use of payment services through mobile applications has significantly expanded the scope of financial services among citizens. Key factors driving innovation in the financial industry through fintech include close communication with consumers, service enhancement and sophistication and ensuring reliability. Privacy and the ethical use of personal information have been found to function as an indirect pathway that plays a vital role in socio-economic activities, acting as a critical element for the future development of the financial industry. These findings provide actionable insights for fostering innovation and development in the financial sector. The uniqueness of this study lies in its primary quantitative data analysis, which compares the prospects of financial services in China’s advanced DX market. It shows the path the banking industry should take, emphasising the simplicity of mobile applications and the high frequency with which vital components are used. Going beyond theoretical insights, this research is a practical guide for implementing specific actions in a real business environment. It provides valuable insights into the Chinese market and offers guidelines for the broader financial industry currently navigating the intense waves of DX, ultimately aiming for sustainable and effective DX.

Good corporate governance influences the capital structure adopted by a firm. Higher financial leverage increases a firm’s risk. This might result in a window-dressing of financial statements to maintain the value of the firm. The study examined the interaction between corporate governance, financial leverage, external audit quality, and their combined influence on the quality of financial reporting inside enterprises in Ghana. The extensive inquiry was conducted using a dataset consisting of 650 observations and encompassing the timeframe from 2009 to 2021 using SPSS Process version 4.2. The findings of this study revealed a significant inverse correlation between the size of the board and the level of compliance with International Financial Reporting Standards with a correlation coefficient of -0.056. With a correlation coefficient of 0.003, the analysis revealed that there is no linear association between Board Gender Diversity (BGD) and International Financial Reporting Standards. With regards to Independent Audit Committee with a correlation coefficient of around 0.068, the findings of the study indicated a statistically significant positive relationship between the presence of an Independent Audit Committee and the level of compliance with International Financial Reporting Standards. The study showed a negative correlation of -0.024 between Financial Leverage and International Financial Reporting Standards Compliance. The observed data suggests a notable and favourable correlation between Audit Fee and International Financial Reporting Standards Compliance with a significant positive correlation of around 0.157. The model employed in the study exhibited multiple R (R) of about 0.191, indicating a modest positive association between the predictor variables and International Financial Reporting Standards Compliance. The coefficient of determination (R Square) was 0.037, indicating that 3.7% of the variation in International Financial Reporting Standards Compliance can be attributed to the predictor variables in the model used for the study. Furthermore, the study revealed an unstandardized coefficient of -0.003 and a standardized coefficient of -0.078 for Board Size, 0.023 and 0.016 for Board Gender Diversity, 0.028 and 0.109 for the Independent Audit Committee, -2.152E-05 and -0.031 for Financial Leverage and 2.809E-08 and 0.156 for Audit Fee. The study again revealed a significant indirect effect through Financial Leverage (FL) on Board Size and International Financial Reporting Standards Compliance with bootstrapped results of 0.0001. On the contrary, the study revealed that Financial Leverage does not mediate Board Gender Diversity and International Financial Reporting Standards Compliance, Independent Audit Committee, and International Financial Reporting Standards Compliance with, an indirect effect of -0.0021 and -0.0009 respectively. With mediation through Audit Fee, the study showed significant indirect effects for all three independent variables. Board Size at 0.0000, Board Gender Diversity at -0.0016, and Independent Audit Committee at -0.0027. The findings from the direct effects study indicate that Board Size and Audit Fee have a notable influence on IFRS Compliance, hence affecting the quality of financial reporting. However, no concrete evidence was found to establish a link between Board Gender Diversity and Independent Audit Committee and IFRS Compliance. For the mediation effects, it was discovered that Financial Leverage played a role as a mediator in elucidating the connection between Board Size and IFRS Compliance. Furthermore, the Audit Fee variable served as an intermediary in clarifying the associations between Board Size, Board Gender Diversity, Independent Audit Committee, and IFRS Compliance. It is recommended for companies to give utmost importance to the principles of openness, accountability, and consistent monitoring of financial leverage. Moreover, the study recommends the allocation of resources towards high-caliber external audits as it plays a pivotal role in bolstering the precision and dependability of financial reporting.

This article is written for a general audience of economists, including those who have a novice understanding of this subject. China continues to become more important in the community of nations. In order\to promote further internationalization of China’s influence, major strategies are being pursued. The focus of this article is the implementation of the ambitious program of the Belt Road Initiative (BRI). Within China, this program is called One Belt One Road (Chinese: 一带一路; pinyin: Yīdài Yīlù) or OBOR for short. This is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organizations (World Bank, 2019). This article states that China benefits from the BRI and it was found that lower- and middle-income countries are more inclined to join the BRI, in comparison to high income countries This tendency is not 100 percent true. Simultaneously, there is the effort to increase the use of Chinese Renminbi (RMB) in transactions between all nations. (Chinese yuan is another phrase for RMB.) The Chinese RMB already has attained the status of reserve currency (Gentle, 2016). Of course, there is a lot of synergy between the implementation of the BRI and other means for increasing the international presence of China. This article asks the research question of does the BRI increase China’s international presence in the BRI? The answer is yes, considering the many countries, organizations and projects involved in the BRI. Tables in this article convey this information. This article may serve as a broad introduction to the BRI. The reader can thus move on to explore what other researchers have done on this issue.

Recently, the interest of researchers in the use of hybrid models in the process of analyzing model time series with fluctuations and forecasting fluctuations in financial time series has increased significantly. Hybrid ARMA-GARCH models were created for medium- and long-term forecasts of time series of financial market index prices: ARMA models are used to analyze their linear component, which is a combination of autoregressive models and moving average models, and GARCH models are used to analyze the nonlinear component. which are generalized autoregressive models that depend on the nonconstancy of variance models. Hybrid ARMA-GARCH models eliminate the weaknesses and gaps that exist in each group of models (ARMA and GARCH) separately, which increases their forecasting accuracy and reliability, so they have already been successfully applied to model and forecast daily stock returns for three standard indices in the USA. The purpose of this article is to investigate which of the hybrid ARMA-GARCH models is optimal for forecasting the return of the DAX index, which is the most important stock index of the German securities market. It is the German equivalent of the American Dow Jones Index, has been calculated since 1988 by Deutsche Börse AG and reflects the total return on capital of the largest stock companies listed on the Frankfurt Stock Exchange (currently 40; by 2021 – 30): calculated as a weighted average of capitalization of the value of Free Float share prices on the Xetra electronic exchange, and also takes into account dividends on shares, assuming that the dividend is reinvested in the share on which it was accrued. The database of this study consisted of the daily closing prices of the DAX index presented on the official website of the Frankfurt Stock Exchange during the period from 01.01.2018 to 09.30.2023 (altogether about 1,500 observations), the stability of the time series was assessed using Expanded Dickey Fuller Liquidity (ADF). The article proposes 7 hybrid models, from which the one that is best suited for modeling the volatility of the DAX index is selected. It is an ARMA (2,3)-EGARCH (1,1) model because it captures volatility and leverage effects on DAX returns and its expected returns more than other models. The selection of the best alternative from the developed array of hybrid models was carried out according to the following criteria: AIC (Akaike Information Criterion), BIC (Bayesian Information Criterion), H-QIC (Hannan-Quinn Information Criterion).

This article delves into the analysis of the effectiveness of economic policies implemented in 20 countries in the Middle East and North Africa (MENA) region. The countries considered include Algeria, Saudi Arabia, the Palestinian Authority, Bahrain, Djibouti, the United Arab Emirates, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Qatar, Syria, Tunisia, and Yemen. The study is based on an Autoregressive Distributed Lag (ARDL) regression model, employing the Ordinary Least Squares (OLS) method. This model is suitable for non-stationary time series and those with a mixed order of integration. The analysis covers the period from 2000 to 2023.The results obtained highlight the diversity of the impacts of economic policies, strongly influenced by the specific economic and social contexts of each country. Governments, in their pursuit of efficiency and sustainability, are often faced with the delicate balance between multiple objectives. Among the measures considered are the money supply, inflation rate, government spending, and structural reforms. These measures have demonstrated their effectiveness in stimulating economic growth, promoting economic activity, encouraging investment, and creating employment opportunities. Monetary and fiscal policies are also crucial levers aimed at maintaining macroeconomic stability. This is expressed notably through controlling inflation, managing budget deficits, and ensuring the stability of the financial system. The results of econometric tests converge towards unanimous conclusions, suggesting the existence of one-directional causal relationships between economic growth and specific indicators of economic policy. This in-depth understanding of regional economic dynamics provides valuable insights for tailoring economic policies to each national context within the MENA region.

The reputation of auditing firms is of paramount importance in ensuring trust and confidence in financial markets. This article investigates the information dissemination model and its impact on the reputation formation of auditing companies, focusing on the choice between official sources (formal channels, corporate communications, regulatory disclosures, etc.) and word-of-mouth mechanisms (informal channels, client recommendations, corporate gossip, etc.). The research reveals the complex dynamics between formal and informal information dissemination strategies (official sources provide trust and transparency, while word-of-mouth mechanisms offer detailed information and trust) and their implications for reputation management in the auditing industry. The relevance of this research problem lies in the critical role of auditing firms in supporting transparency and honesty in financial reporting, especially after corporate scandals and regulatory scrutiny. The primary aim of this research is to understand the relative effectiveness of different information dissemination models in shaping the reputation of auditing companies. The choice of research subject is justified by the significant influence of auditing firms on financial markets, corporate governance, and investor trust. Using VOSviewer 1.6.16 software, the article conducts a bibliometric analysis of English-language articles and conference abstracts indexed in the Scopus database from 2007 to 2023 (1177 publications) using the keywords "Reputation" and "Auditing Firm." The analysis confirms the increasing scholarly interest in this topic and identifies 8 thematic clusters, the largest of which combines corporate, image, and social reputation with stability and consistency. The empirical part of the research involves constructing a polygamous model similar to the SIR model, which describes the behavior of three groups of subjects depending on the presence of information and actions regarding its dissemination (active, passive, neutral). The article models the intensity of changes in the number of group members considering various phenomenological parameters (e.g., intensity of communicative processes between groups, structure of social system connections, mathematical expectation of time required for a subject to transition from one group to another, etc.). The results of this research have practical implications for auditing firms, regulatory bodies, and stakeholders in the financial sector. By understanding the relative strengths and weaknesses of different information dissemination models, auditing firms can adapt their communication strategies to effectively enhance their reputation. This research contributes to the ongoing discourse on reputation management and trust-building in financial markets.

Complex systems consist of many components that interact with each other, and nonlinearity is fundamental in the dynamics that arise as a result of the interaction of these components and cannot be studied by observing only a small part of the system. A large number of them make fluctuations an integral part of their dynamics. Through interdisciplinary research, we integrate different disciplines and methodological approaches. We study complexity from different angles through topics that include neuroscience, artificial intelligence, and quantum physics. We have sought to explore these topics that have gained progressive interest in scientific circles as well as outside academic circles, influencing many areas outside academic research. Two goals connect our research. First, theoretical insights from neuroscience, artificial intelligence and quantum physics of the financial stock market. "Financial stock markets are sophisticated machines intertwined with scientific networks" (Ana Negovanović, 2024). They are the core of a system of different blocks that interact on the financial market in an interdisciplinary interaction of the most complex structures, neural networks with interconnected nodes. Second, new technologies- convergence of technologies, new industries, space industry through chaos theory. Investigating the attributes of complex systems is structure. Systems are structured in such a way that some parts of the system are specialized, and systems can naturally be divided into different levels of organization, which should be modeled at different levels of detail. An important component of systems understanding is the ability to break down a system model into its component parts and levels to see how the parts behave and how to connect the parts and levels to understand the overall dynamics and structure of the system. Perhaps one of the most transparent examples of the importance of structure in thinking about complex systems is the space program, where one must equally consider the behavior of individual components and the dynamics of how those components interact with each other.

Foreign direct investments are an instrument widely used by countries, both developed and emergent, to achieve their economic development. Among others benefits, discussed in the specialized literature, investment inflows accelerate production, improve productivity, facilitates the transfer of technology, raise the qualification oh human capital, contributes to create new jobs and to boost the economic growth of the host countries. The main purpose of the research is to examine the short and long runs relationships between foreign direct investment (FDI) and economic growth in Algeria. To carry out our investigation, the time series data of the two variables are used over the period 1990-2023. This period covers the span time in which data on the volume of foreign direct investments are available. To achieve the research purpose, an ARDL model is built based on the unit root methodology of the Augmented Dickey Fuller and Phillips  Perron tests. The findings of the study show that the foreign direct investment (FDI) and economic growth are cointegrated, indicating the existence of a long relationship among them. They establish also that foreign direct investment (FDI) has a positive impact on economic growth. Building on the research results, Algerian decision makers should take the required actions to improve the climate business, making it more attractive for foreign investors.

This study aims to examine the key economic indicators with private sector credit and economic growth in Nepal. Commercial banks and other financial institutions lend money to businesses and individuals for investment and consumption. This study aims to analyze key economic indicators in Nepal, including Real Gross Domestic Product (RGDP), Private Sector Credit (PSC), and Gross Capital Formation (GCF), spanning from 1975 to 2022. Employing a quantitative methodology, econometric techniques such as time series analysis, regression modeling, and hypothesis testing were utilized to examine the long-term relationships among these variables, with a particular focus on the impact of Private Sector Credit on Economic Growth (EG). The findings, derived from comprehensive econometric analyses including co-integration tests and vector error correction models, reveal significant insights into Nepal's economic performance and financial system. Results indicate that Private Sector Credit plays a crucial role in stimulating economic growth, with approximately 40.07% of the previous year's imbalance influenced by the long-term elasticity of independent variables. These findings offer valuable insights for policymakers, businesses, and investors, facilitating informed decision-making to promote sustainable economic development in Nepal. Further research is recommended to explore the correlation between the diversification of Private Sector Credit types and economic growth more comprehensively.

In the context of rapid technological development, digitalization and transparency have a critical impact on national security, promoting transparency and combating corruption, while posing challenges to cybersecurity due to the increased availability of information. The purpose of this study is to identify, based on bibliometric analysis, trends and subject areas in research on the impact of digitalization and transparency on national security. To achieve this goal, a comprehensive bibliometric analysis of scientific works on the role of digitalization and transparency in national security published in the publications indexed by the Scopus database for 1991-2023 was conducted, which formed the statistical basis of the analysis. The bibliometric programs Vosviewer and SciVal were chosen as research tools, which allowed for an in-depth analytical review and identification of the main trends and interrelationships between different research areas, confirming the hypothesis of increasing interest in the study of digitalization and transparency in the context of national security. Based on the analysis of the common use of keywords, seven clusters were identified, covering a wide range of topics from digital transformation and adaptive governance for national security to global political and economic strategies, each of which reveals unique interrelationships between digitalization, transparency, innovation and their impact on national security, including cybersecurity challenges, ethics in governance, and the importance of transparency for democracy and human rights. The analysis of the evolutionary trends in research allowed us to identify four key periods of development of scientific interest in the impact of digitalization and transparency on national security: 1) the period from 2014 to 2016 is characterized by initial research on the role of digitalization in national security and mainly concerns e-government studies; 2) during 2017-2018, research focuses on the growing attention to transparency and its role in national security 3) in the period from 2019 to 2021, there is an increase in the number of studies related to cybersecurity and the impact of digital technologies on democracy; 4) from 2022 to the present, there is further in-depth research on topics related to artificial intelligence The spatial clustering of studies shows a high level of international integration in research on the impact of digitalization and transparency on national security. The findings can be used by state institutions to improve national security strategies, in particular by adapting the legislative framework to the challenges of digitalization and ensuring transparency at all levels of government and public life, including macro (national), meso (regional) and micro (local) levels, ensuring openness and accountability in all spheres of government and public control, which will ultimately contribute to ensuring stability and security at the national level.