Multinational companies have been struggling with unprecedented difficulties in treasury activities in different jurisdictions, such as liquidity management, cross-border payment, and regulatory compliance, and financial transparency. Conventional treasury management systems are usually characterized by fragmentation, manual handling, and the inability to have real time visibility of cash positions and financial flows. The current paper examines how blockchain technology is being employed in the corporate treasury management systems of multi-nationals. We discuss the application of the distributed ledger technology to revolutionize the treasury processes via real-time settlement and automated compliance checks, improved transparency, and minimized organizational expenses through in-depth review of the available literature and industry experiences. The study examines blockchain-based treasury systems technical architecture, implementation issues, regulatory aspects, and multinational strategic advantages. Our suggestion to the blockchain implementation in treasury management is a system covering interoperability needs, integration of smart contracts, security measures, and governance. Based on the findings, the blockchain technology has high potentials of enhancing the efficiency of the treasury and mitigating the counterparty risk, as well as making the cash management in the global operation more effective. Nevertheless, the implementation should be done with specific attention to the maturity of technologies, governmental alignment, organizational preparedness, and collaboration in the ecosystem. The study can be an addition to the literature on the use of blockchain in corporate finance and can offer effective advice to treasury practitioners who might be considering an adoption of distributed ledger technology.

This study evaluates how centralized cash management (CCM) affects liquidity efficiency, settlement latency, and frictional cost for Belt and Road multinational enterprises, treating blockchain-based cross-border payment data as an observational telemetry layer rather than an operational rail. We assemble a panel of 273 Belt and Road multinationals with 16421 legal entities and 638 active payment corridors, combining treasury system extracts from bank channels, supply-chain finance platforms, and FX swaps with corridor-level on-chain traces. Rail-agnostic metrics for idle-balance ratios, concentration window length, and compliance exception intensity are constructed using a difference-in-differences design with corridor and period fixed effects. Results show that CCM reduces average concentration windows from 2.910.74 days to 1.670.39 days, lowers rail-normalized cost from 41.39.6 basis points to 28.47.1 basis points, and cuts KYC/AML-related exception rates from 7.82.1 to 4.21.3 per 1,000 transactions. Blockchain telemetry helps explain congestion and off-ramp delays in sanction-sensitive routes without requiring corporates to transact on-chain. Overall, a compliance-first, rail-agnostic CCM program yields measurable, statistically significant efficiency benefits while preserving auditable trails across heterogeneous Belt and Road payment corridors.

Purpose This study investigates the moderating effects of political uncertainty, measured through firm-level political risk (PRISK) and country-level economic policy uncertainty (EPU), on the sensitivity of cash holdings to cash flows. The research examines how the combination of cash flows and political uncertainty affects firms' cash holding behavior. Design/methodology/approach The study utilizes a dataset of 6,412 firm-year observations across 923 publicly traded U.S. firms, covering the period from 2012 to 2021, to test the cash flow-cash holding sensitivity under varying levels of political uncertainty. To validate the findings, a series of robustness tests are conducted across different contexts and specifications. Findings Results indicate that while both cash flows and political uncertainty individually exhibit positive effects on cash holdings, their interaction effect is negative, suggesting that political uncertainty reduces the positive sensitivity of cash holdings to cash flows. EPU demonstrates a stronger impact than PRISK. This negative interaction effect remains robust across all robustness tests: when dividing the sample by ROA performance, using 2SLS with “election cycle” as an instrumental variable, comparing COVID-19 versus non-COVID periods, and examining group-affiliated versus independent firms. Research limitations/implications This study's results underline the complex interplay between political uncertainty and cash flows, which could vary across different economic contexts and periods of heightened uncertainty. Practical implications The findings suggest that firms should consider political uncertainty in their investment and financing decisions and adjust cash holdings dynamically in response to political uncertainty indicators. Originality/value This research provides unique insights into how combined political uncertainty metrics at both the firm and country levels can significantly alter the relationship between cash flows and cash holdings, with practical implications for cash management strategies.

Limited equipment and limited skills are hindering the promotion of the Kesuma Bangsa Herbal Garden Agrotourism. Lack of knowledge of modern production techniques and efficient practices leads to low capacity. Furthermore, inconsistent quality is a challenge due to inefficient introduction and marketing. The lack of a clear and measurable business plan, particularly in terms of manual financial record-keeping, poses a risk of errors in cash management, which ultimately negatively impacts business sustainability. Limited knowledge of marketing and promotion, limited access to markets and distribution networks, and less than optimal use of digital marketing methods. Consequently, the Kesuma Bangsa Herbal Garden Agrotourism market access is limited. Through this community service, the Kesuma Bangsa Herbal Garden Agrotourism market will be expanded not only locally but also nationally. The Kesuma Bangsa Herbal Garden Agrotourism still faces limitations in digital marketing, particularly in understanding information technology that can be used to improve its business. This limitation impacts partners' lack of digital marketing skills. The Kesuma Bangsa Herbal Garden Agrotourism product lacks a clear branding strategy to differentiate its products in the market. This makes it difficult for the business to grow and compete, especially with other MSMEs that already have their own unique offerings. The problem formulation must be stated concretely and clearly in the introduction. Explain the objectives to be achieved through the community service activities with measurable and realistic targets. Also outline the expected benefits of the community service activities for both the target audience and the development of knowledge.

Small firms often follow the financial behavior of large firms to sustain operations and mitigate risks during periods of uncertainty. This study examines the relationship between corporate cash holdings of small and large firms, while assessing the impact of corporate governance and financial constraints among 200 non-financial companies listed on the Pakistan Stock Exchange (PSX) from 2013 to 2018. Financial constraints (FC) are measured using the Altman Z-score, and corporate governance (CG) is evaluated through Board Size, Board Independence, Board Meetings, Institutional Shareholding, and Executive Shareholding. The control variables include Non-Cash Assets, Operating Cash Flow, Capital Expenditure, Net Working Capital, Sales Growth, Leverage, and Firm Size, while Cash Holdings serve as the dependent variable. Using a deductive and quantitative approach with panel data analysis (Fixed Effect Model) in EViews 9, the study finds that small and large firms exhibit a positive and significant correlation in cash-holding behavior. Financial constraints show a significant positive relationship with cash holdings, indicating that constrained firms retain more liquidity as a precautionary measure. Among corporate governance proxies, only Executive Shareholding significantly influences cash holdings, while others are insignificant. Furthermore, all control variables, except Capital Expenditure, significantly affect firms’ cash-holding levels. These findings contribute to understanding the cash management behavior of firms in emerging markets, emphasizing the combined role of governance mechanisms and financial constraints in shaping corporate liquidity decisions.

This study examines the impact of digital payment platforms on the cash flow of small and medium-sized enterprises (SMEs) in Juliaca, Peru. Using a quantitative, cross-sectional correlational design, the relationship between the adoption of tools like Yape, Plin, and Mercado Pago and three key dimensions was evaluated: income variation, payment control, and cash flow management efficiency. A random sample of 50 SMEs was analyzed. Results revealed significant positive correlations between digital platform usage and improvements in cash flow (r = 0.796; p < 0.01), income variation (r = 0.776; p < 0.01), payment control (r = 0.728; p < 0.01), and management efficiency (r = 0.688; p < 0.01). The findings suggest that these tools enhance financial planning, reduce transaction errors, and increase liquidity, supporting financial stability in complex economic environments.

Purpose - Micro-enterprises play a strategic role in regional economic development, including in Banten Province. However, many micro-enterprises still face weaknesses in financial management, which negatively affect their business performance. The provision of micro-enterprise loans by financial institutions has not been sufficiently accompanied by improvements in borrowers’ financial planning and control capabilities. This study aims to analyze the influence of budget planning, cost management, internal control, cash management, and financial analysis on the business performance of micro-enterprise loan recipients in Banten Province. Methodology - This study adopts a quantitative research design using a survey method. Primary data were collected through structured questionnaires distributed to micro-enterprise loan recipients in Banten Province. A total of 140 valid responses were obtained from MSME actors. The collected data were analyzed using SPSS version 30, employing descriptive statistics and multiple linear regression analysis to examine both partial and simultaneous effects of financial management variables on MSME performance. Findings – The results show that budget planning, cost management, internal control, cash management, and financial analysis have a fairly high correlation with business performance and exert a significant positive influence, both partially and simultaneously. The model explains 58.3% of the variance in MSME performance, indicating that strengthening financial management capabilities plays a substantial role in improving sustainable business performance. These findings imply that financial management practices are critical determinants of micro-enterprise success. Novelty – This study provides empirical evidence on the combined impact of multiple financial management dimensions on the performance of micro-enterprise loan recipients at a regional level, specifically in Banten Province. Significance – The findings benefit micro-entrepreneurs, financial institutions, and policymakers by highlighting the importance of integrating financial management capacity-building programs with micro-enterprise lending schemes.

Financial literacy plays a key role in the growth and performance of Small and Medium Enterprises suitable for economic growth by offering employment opportunities and supporting local supply chains. Despite their importance, many SMEs fail within a few years, often due to the financial illiteracy of their owners. However, limited studies have specifically examined hardware stores, a key SME segment in Kenya’s construction-driven economy. The focus of the study was to determine the influence of financial literacy on the financial performance of licensed hardware stores in Kasarani Sub-County. Study focused on saving as a financial literacy component. Guided by the Resource-Based View, the study’s approach was descriptive. Using a simple random sampling procedure, a sample of 334 hardware stores was selected from a population of 2,036 licensed hardwares stores in Kasarani Sub-County using Yamane’s formula. Data was collected via structured questionnaires, with reliability and validity confirmed through a pilot study in Ruiru Sub-County, and Cronbach’s alpha greater than 0.7. The findings revealed that savings explained 14.1% of the changes in financial performance with a p-value less than 0.05, indicating a statistically significant and positive relationship. These results highlight that savings have a modest explanatory power on financial outcomes, with possible factors such as cash management, budgeting, and risk management outside the study explaining 85.9% of the changes in financial performance. The study recommends targeted financial literacy training and institutional support to strengthen SME structured savings culture as a pathway to improved profitability and long-term growth.

This Community Partnership Program (PKM) aims to improve the financial literacy of students at SMK Al-Khaeriyah Pengampelan, Serang City, Banten. The program addresses students’ low understanding of financial planning, cash recording, and simple budgeting, which affects their ability to manage income and expenses effectively. Activities were conducted through socialization, training, simulation, and mentoring. The training covered basic financial literacy concepts, cash management techniques, budgeting procedures, and simple record-keeping using cash books and digital tools. Evaluation was carried out through pre-tests and post-tests to measure learning improvement, supported by observations of students’ practical performance in managing organizational finances. The results showed a significant increase in students’ financial knowledge and skills, especially in managing cash and preparing basic budgets. This program is expected to build students’ independence in financial management and strengthen their readiness to face future challenges in the workplace or entrepreneurship.

This study examined the influence of financial management practices on the performance of Village Community Banks (VICOBA) in the Arumeru district. The specific objectives were to assess the influence of financial management practices, particularly cash management, accounting information, and internal control, on the financial performance of VICOBA. An explanatory research design was employed, and data were collected via structured questionnaires administered to 136 respondents from different VICOBA groups. A simple random sampling technique was used to determine the sample size. Descriptive statistics and regression analysis were performed in SPSS to analyse the data. The findings revealed that cash management practices, particularly internal control over accounting information, positively and significantly influenced VICOBA's financial performance. The study concludes that cash management, the accounting system, and internal control played a significant role in improving VICOBA's financial performance in Arumeru district, Tanzania. The study recommends that VICOBA leaders and members strengthen their cash management procedures, maintain proper financial records, and enforce internal control systems to improve efficiency. Policymakers and supporting agencies should provide capacity-building programs, training, and technological support to enhance VICOBA's effectiveness.

Financial and cash management in schools, such as recording student fees, BOS funds, and operational expenses, is often still done manually. This manual process is prone to recording errors (human error), takes a long time to recapitulate, and makes it difficult to prepare financial reports quickly and accurately. This study aims to design and implement a desktop-based information system called SIKAS (School Financial and Cash Management System) to address these issues. This application was built using the Visual Basic (VB.NET) programming language with a MySQL database management system. The result of this research is a functional SIKAS desktop application capable of managing master data, recording income and expenditure transactions, and automatically generating monthly financial reports. With the SIKAS system, it is hoped that the financial administration process in schools can run more efficiently, effectively, and accurately.

In the current economic landscape, startups function as critical engines of innovation and employment, playing a significant role in economic growth. However, most startups face the risk of cash flow disruption due to weak financial management capabilities, with approximately 60% ceasing operations within five years of establishment due to financial distress. This situation underscores the urgency of researching cash management challenges in startups. This paper focuses on startup capital management, aiming to identify core challenges and propose optimization strategies grounded in empirical case studies. The research adopts a mixed-methods research design integrating literature review and case analysis: first, it synthesizes scholarly findings on startup capital management; second, it examines real-world cases from Ukraine, Indonesia, and Africa to conduct an in-depth analysis of capital management dilemmas. The study identifies three key core issues in startup capital management: irrational financing decisions, inadequate development of financial monitoring systems, and inadequate investment risk governance. By implementing strategies such as establishing robust budget management systems, improving capital risk control mechanisms, and strengthening investment analysis, startups can substantially enhance capital management efficiency and mitigate operational risks.

ABSTRACT Sub-Saharan Africa (SSA) faces escalating hydro-meteorological hazards that disrupt rural food systems, intensify hunger, and undermine livelihoods. This systematic review synthesizes evidence from 2010 to August 2025 on the effectiveness of Early-Warning Systems (EWS) and Disaster Risk Reduction (DRR) interventions in protecting rural food security. A PRISMA-style screening identified 320 records, with 29 duplicates removed, and 212 full-text articles assessed for eligibility, with data extracted independently by two reviewers. Sources include peer-reviewed studies, program evaluations, regional assessments, and institutional reports from FEWS-NET, ICPAC, IPCC, FAO, WFP, WHO, and CREWS. The review addresses three questions: (i) How effective are EWS in hazard detection, dissemination, and anticipatory action?; (ii) What are the impacts of DRR measures including social protection, risk financing, nature-based solutions, water management, and community-based approaches on food security?; and (iii) Which governance, institutional, and socio-economic factors facilitate or constrain adoption? Findings indicate EWS and DRR reduce vulnerability to droughts and floods when systems are reliable, people-centered, and linked to pre-arranged finance and delivery mechanisms. Integrated approaches combining early warnings with anticipatory cash, climate-smart land and water management, and inclusive social protection are most effective. Constraints include fragmented governance, underfunded hydromet-infrastructure, weak last-mile communication, insurance basis risk, and inequities excluding pastoralists, women, and remote communities. Emerging technologies-satellite monitoring, AI, IoT, drones, and digital advisories enhance forecasting if co-produced, ethically governed, and sustainably financed. Strengthening legal-frameworks, regional interoperability, shock-responsive social protection, and harmonized monitoring aligned with Sendai Target C and SDG-2 is essential for resilient, equitable, adaptive food systems in SSA.

Purpose This study investigates the impact of cash dividend smoothing on total factor productivity from the perspective of a firm’s dividend policy. Design/methodology/approach Using data from A-share listed companies in Shanghai and Shenzhen spanning from 2008 to 2022, this study empirically investigates the impact of cash dividend smoothing on total factor productivity. Findings This study finds that, firstly, firms adopting a smooth cash dividend policy experience a significant increase in total factor productivity, a conclusion supported by multiple robustness tests. Secondly, a smooth cash dividend policy enhances total factor productivity by addressing financial constraints and fostering innovation. Lastly, the impact of cash dividend smoothing on total factor productivity is more prominent in firms characterized by low dividend levels, weak bank competition and those in the growth phase. Research limitations/implications Firms facing constrained business activities and limited internal cash reserves can use cash dividend smoothing as a tool to mitigate financial constraints. By conveying positive business outlook information to the market, firms can attract external financing and facilitate investment, thereby enhancing total factor productivity. Practical implications From a corporate governance perspective, optimizing dividend policies can serve to improve the overall governance environment. This strategic approach can empower management to align dividend distributions with business goals, thereby bolstering total factor productivity. Originality/value The findings presented in this paper not only contribute to the ongoing discourse on cash dividend smoothing within signaling and principal-agent theories but also offer a novel avenue for enhancing total factor productivity.

Financial earnings have long been part of the primary goals of Deposit Money Banks (DMBs) around the world. The relationship between asset-liability management and bank earnings is still being researched, primarily in the aftermath of the global financial crisis (GFC) of 2007-2009, which led to bank mergers and banking system reformation across nations. As a result, intellectuals and bank managers worldwide were concerned with how to connect asset-liability in achieving sound bank earnings to expand the function of the bank intermediary. The main objective of the study is to examine the effect of asset-liability management (cash and cash equivalent, net loan portfolio, net fixed assets, total deposit, total long-term funding) on bank survival (capital adequacy ratio) among selected deposit money banks in Nigeria. The study employed ex-post facto research design and used secondary data collected from selected deposit money banks in Nigeria of the study variables within the periods of 2010 to 2021. The study employed panel regression method of analysis and found that asset-liability structure in terms of (cash and cash equivalent, net loan portfolio, net fixed assets, total deposit, total long-term funding) significantly affect bank survival (capital adequacy ratio) among selected deposit money banks in Nigeria. The study concluded that asset-liability structure via cash and cash equivalent, net loan portfolio, net fixed assets, total deposit, total long-term funding determine bank survival (capital adequacy ratio) among selected deposit money banks in Nigeria. Thus, the study recommended that selected bank top management should ensure that cash and cash equivalent of the deposit money banks are prudently managed to grow year on year in the right mix and without contravening the statutory guidelines to survive for long period.

ABSTRACT We examined how climate change exposure (CCE) affects corporate cash holdings (CCH), highlighting how firms adjust liquidity strategies in response to environmental risk. Using data from 12,806 firms across 81 countries, we analyzed how physical, regulatory, and opportunity‐related climate risks affect cash management. Results reveal a strong positive CCE‐CCH relationship driven by precautionary motives to buffer against financial uncertainty. Regulatory risk has the greatest impact, as firms may hold additional cash to meet compliance demands. We found that higher ESG performance reduces cash holdings, reflecting better capital access and aligning firms' financial strategies with climate resilience.

Singular control in a cash management model with ambiguity

This study aims to analyze the development of the liquidity ratio of PT Jasa as a measuring tool in assessing the company's financial performance. The liquidity ratios analyzed include Current Ratio, Cash Ratio, and Cash Turn Over. This research uses a quantitative approach, using secondary data with a documentation study approach in the form of a financial position report and income statement of PT Jasa Raharja. The results of the analysis show that the company's Current Ratio and Cash Turn Over are consistently above industry standards, which reflects the company's ability to meet short-term obligations and effectiveness in managing operational cash. However, the company's Cash Ratio is still below industry standards, which indicates limited cash to immediately pay off current debt. Thus, the overall liquidity performance of PT Jasa Raharja is in a fairly good condition, but the company needs to improve cash management to strengthen short-term financial resilience.

Abstract This research sheds light on how the integration of business model innovation, cash management and individual and organizational behaviours can enable entrepreneurs to pursue value creation. The longitudinal study was conducted with 22 small- and medium-sized enterprises (SMEs) participating from 2014 to 2017 and with occasional contact since. The findings highlight that SMEs experience high uncertainty and can pursue multiple paths to materialize value. The greater the extent to which SMEs can integrate the trinity of antecedents highlighted in the definition of an entrepreneur—heterogeneity in individual and organizational behaviours, business model innovation and cashflow management—the better the robustness in value creation that they can obtain. However, the path to value creation is individual and different for each enterprise, which means that previous suggestions in literature strands that recommend emphasizing one path can be improved through the use of the trinity of antecedents, which can provide multiple paths to pursue robust value creation. Training programmes for entrepreneurial SMEs should therefore be grounded in the specific antecedents relevant to the individual SME—namely, managerial and organizational behaviours, as well as the context of business model innovation and the availability of financial resources. This contrasts with standardized courses for larger enterprises.

This study examined the relationship between working capital management practices and sustainability among 105 Barangay Micro Business Enterprises (BMBEs) in Aleosan, Cotabato, using a descriptive-correlational research design. Results revealed that most BMBEs (63.8%) have operated for 1–5 years, with 72.4% engaged in merchandising and 100% operating as sole proprietorships. The overall level of working capital management practices was high (M = 3.51, SD = 1.05), with strong cash management (M = 3.71) and inventory management (M = 3.62), but moderate accounts receivable management (M = 3.20). Sustainability was also high (M = 4.15), with social (M = 4.53) and environmental (M = 4.15) aspects rated higher than economic sustainability (M = 3.76). Statistical analysis revealed a significant positive correlation between working capital management and sustainability (r = 0.541, p < 0.01), with results indicating that working capital management explains 29.3% of the variance in sustainability (R² = 0.293, F = 12.168, p = 0.000). The study concludes that adequate cash, inventory, and receivable management practices significantly enhance BMBE sustainability. Findings underscore the need for financial literacy programs and local government support to strengthen working capital systems, improve financial resilience, and promote sustainable enterprise growth.