Financial Managers Research Articles

PENGARUH COVID-19 TERHADAP LAPORAN AUDIT KEUANGAN DAN MANAJAMEN KEUANGAN (Studi Empiris Pada Indexs Saham LQ-45 yang terdaftar di Bursa Efek Indonesia 2018-2021)

The purpose of this study is to examine how COVID-19 will affect financial audit reports and financial management. Shares of LQ 45 businesses listed on the Indonesian stock exchange served as the topic of this quantitative study. with methods for gathering data, such as Non Probability Data gathering methods include observation, interviews, and conviniens sampling, with many samples having 45 respondents. Data analysis methods include descriptive analysis using SPSS.The findings revealed that: (1) The company's decision about which assets to manage was an investment decision. Additionally, the profitability of investments and the company's future cash flow are directly impacted by investment decisions. (2) Financing Decision, which is a choice that considers two factors: the best balance of spending (commonly referred to as the optimal capital structure) and the source of the cash required to finance the investment. (3) Asset Administration a choice on the level of operation of existing assets for which financial managers and other management within an enterprise are responsible.

The Shift Towards Balancing Programs and Performance and its Role in Improving Government Performance in Iraq

The research aims to examine the level of familiarity and understanding of PPBS program budget and performance by financial managers, accountants and bankers working in public sector institutions, and measure the contribution of the accounting system followed by public sector institutions to successfully adopt PPBS, while highlighting the benefits that can be obtained during the adoption of PPBS in improving government performance In addition to presenting a proposed model for balancing programs and performance in Iraq, and exploring the technical challenges that can be faced when implementing the program and performance balancing system in public sector institutions. The second section of the research was designed to measure the attitude of the selected sample towards four axes, which are the degree of familiarity with the program budget and performance, the degree of contribution of the accounting system to the adoption of PPBS, the advantages of implementation or the application of PPBS, and the obstacles faced by financial managers, accountants and bankers to adopt PPBS. A five-level Likert scale was used. To describe the situation. The research concluded that despite the problems in implementing PPBS in public sector organizations, there is significant support from respondents for PPBS as a superior approach to allocating funds. government performance.

The Mediating Role of IFRS Implementation on the Relationship between Cultural Dimensions and Accounting Practices of the Multinational Companies Operating in Tanzania

This paper examines the mediation role of International Financial Reporting Standards (IFRS) implementation at the firm level on the influence of cultural dimensions (power distance, individualism, uncertainty avoidance, masculinity, long-term orientation, and indulgence) on accounting practices of the multinational companies (MNCs) operating in Tanzania. Data was gathered from 209 accountants, auditors, finance managers, and directors of the MNCs. Hypotheses were tested using Ordinary Least Square (OLS) regression based on Hayes PROCESS macro tool. The study results reveal that the IFRS implementation negatively mediates the influence of power distance and masculinity on the accounting practices of the MNCs. Conversely, the results show that IFRS implementation positively mediates the influence of uncertainty avoidance, long-term orientation, and indulgence on the accounting practices of the MNCs. These results indicate that enhanced implementation of IFRS may increase the influence of uncertainty avoidance, long-term orientation, and indulgence; while suppressing the influence of power distance and masculinity on accounting practices. The results suggest that cultural factors should be considered alongside the implementation of IFRS when examining accounting practices within MNCs. The findings contribute to our understanding of the interplay between cultural dimensions, IFRS implementation, and accounting practices in the context of MNCs operating in Tanzania.

Impact of Financial Literacy, Cognitive Abilities and Demographics Characteristics on Financial Inclusion

This study aims to assess the relationship between cognitive ability, financial literacy, and financial inclusion of women in Gwadar. A cross-sectional research design was employed, with quantitative data collected through questionnaires. A total of 306 samples were analyzed using partial least squares structural equation modeling (PLS-SEM). The findings reveal that cognitive ability and financial literacy significantly impact women's level of financial inclusion. Moreover, both cognitive ability and financial literacy directly influence financial inclusion, considering control variables and demographics. This study highlights the importance of enhancing cognitive ability and financial literacy among women for supporting financial inclusion. Policymakers, financial institution managers, and advocates of financial inclusion can benefit from understanding these relationships. To promote financial literacy effectively, advocates should assess the cognitive abilities of communities and incorporate them into the development of interventions. This research contributes to the literature on financial inclusion by examining the relationship between cognitive ability, financial literacy, and financial inclusion among rural women in Gwadar, offering valuable insights in the context of a developing country.

THE CONCEPT OF «GOODWILL», THE IMAGE AND REPUTATION OF THE ORGANIZATION

The company’s value management strategy is currently noted by many financial analysts and managers as a particularly effective goal-setting tool, which makes it possible to take into account various aspects necessary for the competent management of the company. Goodwill is closely interrelated with such categories as reputation, image, prestige and goodwill – concepts used by various disciplines, for example, economics, marketing, sociology and accounting, to indicate the general position of organizations among their colleagues. Organizations, like individuals, have reputations that create consequences. There is a certain model of how an organization’s reputation is created, with special attention to the role of employee training in reputation formation. Scientists have repeatedly drawn attention to the impact of organizational reputation on the financial performance of the company, especially from the point of view of assessing business reputation. Employee training methods are defined as one of the ways in which the risks of damaging the reputation of an organization can be reduced – or enhanced.
 Objective: to study the relationship of the categories “goodwill”, image and reputation of the organization.
 Method or methodology of the work: a set of research methods has been compiled, in particular such as: historical, comparative legal, formal logical, systematic, statistical, method of concrete sociological research, etc.
 Results: The essential aspects concerning the concepts of “goodwill”, the image and reputation of the organization were considered, and their interrelation was also indicated. Attention is focused on the importance of these elements in the conditions of globalization and digitalization.
 Scope of the results: the results of this work can be applied in the areas of organization management and management, as well as strategic development management.

Anticipating financial distress in monster sectors of Pakistan’s economy: an application of logit

It’s always been worthwhile for companies to identify significant predictors of financial distress before its occurrence. This study intends to analyse the scenario of financial distress prediction by focusing on Pakistan. The sample of the study covers companies from the three biggest sectors (textile, sugar and cement)listed on the Pakistan stock exchange for the period of 2005 to 2020. The financial ratios are divided into four main categories of profitability, liquidity, leverage and asset efficiency with a total of 18 financial ratios. The results indicate that the financial ratio produced model accuracy rates of 90.11 percent for the first year prior to bankruptcy, 87.72 percent for the second year prior to bankruptcy, 85.32 percent for the third year prior to bankruptcy, 82.36 percent for the fourth year prior to bankruptcy and 79.57 percent for the fifth year prior to bankruptcy. The results also indicate that profitability, liquidity, leverage, and asset efficiency, are significant predictors of financial distress. The study provides a useful financial distress prediction model for policymakers, company managers, investors, lenders and creditors in the Pakistan stock exchange.

Implementation of the Principle of Business Judgement Rule Doctrine to State-Owned Companies as an Effort to Protect Directors in Good Faith

<p><em>The Business Judgement Rule is a doctrine that protects Directors in good faith for the Company's losses. The point is that as long as the Board of Directors acts in good faith and solely for the Company's benefit. However, it turns out that the Company still suffers losses. It does not necessarily become the burden of the Board of Directors personal responsibility. Therefore, the Board of Directors cannot be held responsible for the Company's losses if the Board of Directors, in carrying out actions, has fulfilled all its obligations with the principles of good corporate Governance (GCG). If all GCG obligations and principles have been fulfilled, the Board of Directors is categorized as having good faith and cannot be declared wrong. The results of the author's study, in the context of the Business Judgment Rule Doctrine, the losses incurred are normal or reasonable business losses, and therefore the Company is responsible. And no one can be punished if there is no mistake. With the background of the Constitutional Court Decision Number </em><em>0</em><em>1/PHPUPres/XVII/2</em><em>0</em><em>19 (Constitutional Court Decision </em><em>0</em><em>1) and two Supreme Court Decisions, the author tries to examine in more detail related to Decision No. 3849/K/Pid.Sus/2</em><em>0</em><em>19 dated December 2, 2</em><em>0</em><em>19, on behalf of Defendant Frederick ST Siahaan (former Finance Director of Pertamina) / (Supreme Court Decision 3849) and Decision No. 121K/Pid.Sus/2</em><em>0</em><em>2</em><em>0</em><em> dated March 9, 2</em><em>020</em><em>, on behalf of Defendant Karen Agustiawan (former President Director of Pertamina)</em><em>.</em></p>

Capital Structure and Profitability in Emerging Market New Ventures: Insights from Trinidad and Tobago

New ventures, which are essential in driving economic development, face a universal challenge of accessing finance and deciding on a suitable capital structure. In developing countries such as Trinidad and Tobago, studying the impact of capital structure on profitability levels of new ventures is especially critical, given that current literature has primarily focused on established firms. To fill this gap, this study examined the existing capital structure of 43 new ventures in Trinidad and Tobago, testing the effects of different financing sources on net profit margins. The findings revealed that owners’ savings and retained earnings had a positive impact on net profit margins, while short-term loans, long-term loans, and informal investor finance had no significant effect. Moreover, this study expanded upon existing theories, particularly the pecking order theory, by testing it in the context of new ventures, rather than mature firms. The implications of this study are significant to financial managers in charge of decision-making for new ventures. It suggests the importance of owners’ savings and retained earnings in financing new ventures. Moreover, the findings suggest that new ventures in Trinidad and Tobago may benefit from pursuing funding options that align with the pecking order theory. Overall, this research emphasizes the need to consider the unique financial challenges facing new ventures when making decisions regarding their capital structure.

Leading indicators for the US housing market: New empirical evidence and thoughts about implications for risk managers and ESG investors

We argue that financial risk managers should focus more strongly on developing forward-looking early warning indicator systems for the North American real estate market. Based on time series data from the US housing market that focuses on the subprime crisis and the period directly after this event, we discuss possible information that such early warning indicator systems could be based on and analyze the presence of a lead-lag relationship between US housing starts and the Architectural Billings Index. We find evidence for such a relation using two different approaches, namely Granger causality tests and transfer entropy analyses. We then discuss the implications of our findings for financial risk managers as well as for ESG investors.

Effect of blockchain technology in innovating accountants’ skills: a multimethodology study in the industrial companies listed on the Amman Stock Exchange

This study aimed at analyzing the effect of blockchain technology in innovating accountants’ skills as a multimethodology study in the industrial companies listed on the Amman Stock Exchange. For achieving this goal, the researchers adopted the multimethodology approach using mixed methods between quantitative and qualitative research methodologies by conducting interviews with accountants, auditors, and financial managers forming a study sample of 50 individuals. Results show that the highest remarkable indication concerning the phenomenon of analyzing the effect of Blockchain technology in innovating accountants’ skills is (Increasing performance efficiency) as an emerging theme. Then followed by (Blockchain technology will work on innovating accountants’ skills) as the second emerging theme. And then followed by (Enhancing accountants’ skills) as the third emerging theme. And these results reflect the convictions and expectations of the study sample of accountants, auditors, and financial managers that the impact of implementing blockchain technology will innovate accountants’ skills.

Return on equity determinants and Covid-19 pandemic impacts on Latin America companies: A panel data study

This research investigates the determinants of ROE and the impact caused by the Covid-19 pandemic on public companies in Latin America. The fixed effects regression model with panel data is used to identify that factors related to sales policies and cost controls are the ones that contribute the most to ROE performance, regardless of the period. On the other hand, the level of indebtedness and macroeconomic indicators are not significant, strengthening the finding that the operational and internal decisions of the company contribute more strongly to maximizing shareholder returns. This verification helps financial managers in directing decisions and expands academic knowledge on this topic.

Critical Firms Prediction for Stemming Contagion Risk in Networked-Loans through Graph-Based Deep Reinforcement Learning

The networked-loan is major financing support for Micro, Small and Medium-sized Enterprises (MSMEs) in some developing countries. But external shocks may weaken the financial networks' robustness; an accidental default may spread across the network and collapse the whole network. Thus, predicting the critical firms in networked-loans to stem contagion risk and prevent potential systemic financial crises is of crucial significance to the long-term health of inclusive finance and sustainable economic development. Existing approaches in the banking industry dismiss the contagion risk across loan networks and need extensive knowledge with sophisticated financial expertise. Regarding the issues, we propose a novel approach to predict critical firms for stemming contagion risk in the bank industry with deep reinforcement learning integrated with high-order graph message-passing networks. We demonstrate that our approach outperforms the state-of-the-art baselines significantly on the dataset from a large commercial bank. Moreover, we also conducted empirical studies on the real-world loan dataset for risk mitigation. The proposed approach enables financial regulators and risk managers to better track and understands contagion and systemic risk in networked-loans. The superior performance also represents a paradigm shift in addressing the modern challenges in financing support of MSMEs and sustainable economic development.

The Impact of Applying the Target Cost Approach on Products' Structure (Products Pricing, Development and Quality)

Purpose: This study aimed to examine the effect of applying the target cost approach on product structure in industrial public shareholding companies in Jordan. Theoretical framework: The purpose of applying target cost approach on products' structure (products pricing, development and quality) and it is ability to reduce costs and improvements that can be obtained in the process of applying target cost approach. Numerous research related to applying target cost approach have been conducted, with the majority focusing on large companies. However, Jordanian industrial companies have limitations compared to large companies. Repairability is considered for cost optimization. Design/methodology/approach: The study uses the analytical approach through the study tool (Questionnaire). The study population consisted of Jordanian industrial companies, which reached (56) companies in 2022, according to the monthly statistical periodical of the Amman Stock Exchange (ASE). A sample of (42) companies was selected, and the questionnaire was distributed to (The Financial Manager, Production Manager, Sales Manager, and Accountant) for each company. The number of questionnaires approved for statistical analysis was (130), representing (77%) of the distributed questionnaires. This study uses different tests to analyze the data and extract results related to the statistical methods, i.e., the descriptive statistic, Cronbach's Alpha Equation, Pearson's Correlation Coefficient, and Simple Linear Regression Analysis. Findings: The study found that there is a strong relationship between the target cost approach and the product structure, with the existence of a statistically-significant effect, whereas the correlation coefficient value reached (0.808); thus, the target cost approach contributes to developing products and improving profitability through focusing on the analysis process of the possibilities of product success, before allocating the productive resources thereof. It has also contributed to reducing the cost during the production stages from its beginning while maintaining the products' quality, and it also leads to increasing sales volume through the pricing mechanism based on the target cost. Through the answers of the study sample individuals, it is pointed out that the arithmetic mean of the target cost approach is high, as it reached (3.77) and the standard deviation is (0.57), as well as the arithmetic means of the products' structure is high, as the pricing element came in the first class, with arithmetic means of (3.86) and standard deviation of (0.51), then the development element came in the second class, with arithmetic means of (3.78) and standard deviation of (0.58), whereas the quality element came in the third-class, with arithmetic means of (3.75) and standard deviation of (0.53). The results of the regression analysis also indicate that there is a statistically significant effect of the target cost approach on the quality of products, with (R²) (46.3%) which represents the proportion of explanation in the variance of the dependent variable. The findings of the study highlighted that there is a statistically-significant effect of the target cost approach in product development with (R²) with (37.5%) which indicates that the target cost explains (37.5%) of the difference in the product development. The results also indicate that there is a statistically significant effect of the target cost approach in product pricing with R) value indicating a high-strength correlation between the target cost approach and product pricing, which is (0.812). Research Practical implications: It is necessary to pay attention to qualifying workers by developing programs that deal profoundly with the approachs and modern systems of costs, such as the target cost system and the value chain as these approachs and accounting systems will be intensively adopted in the future for their outstanding role in developing product performance, Pricing and improving its quality. Originality/value: The study recommended that it is necessary to develop successful products and price them based on the target cost by balancing the company's ability and customers' needs, as well as using methods that lead to consistency and harmony between products' quality and customers' expectations. The study also recommended focusing on qualifying workers by developing programs that profoundly tackle the approaches and modern systems of costs, such as the target costing system

Application of Using the Activity-Based Costing System on Product Development in Jordan’s Manufacturing Listed Manufacturing Firms

Purpose: The aim of this research was to examine how the Activity-Based Costing system (ABC) affected product development in Jordanian manufacturing public shareholding companies. Design/methodology/approach: According to the monthly statistical bulletin of the Amman Stock Exchange and the Securities Depository Center, the study population for the year 2022 included (56) Jordanian industrial firms. The questionnaire was distributed to the financial manager, production manager, sales manager, and accountant. In comparison to the total number of circulated questionnaires, (132) were authorized for statistical analysis. Regression analysis and correlation were used to analyze the data and extract results related to the statistical methods used in the study, namely, descriptive statistics, Cronbach's alpha equation, Pearson's correlation coefficient, and linear regression analysis. Findings: The study revealed that there is a connection between the ABC system and product development in Jordanian industrial companies, where this approach contributes to the improvement and development of products by tracking the stages of production since its inception and concentrating on activities that add value to the company and eliminating activities that do not add any value, naturally improving the competitive position of the company. Research Practical implications: Hence, one of this study's main findings suggests developing strategies for methodically and practically gathering comprehensive data on the company's operations. The study advised that Jordan's industrial public shareholding companies stay up with recent advancements in the field of activity-based costing. Originality/value: This study recommends that for the company to stay up with the acceleration in advancement in the areas of activity costs and the employment of latent capabilities for the company's advantage, the study also recommended that the company train its employees to develop their capabilities to serve its strategies. As the findings also reveal that most of the manufacturing firms in Jordan have the infrastructure to adopt and implement the ABC system.

The Transitioning Experiences from Traditional to Agile Project Management: A Case of an Information Technology Department of a Private-Owned Financial Institution in Cebu City

Incorporating the Agile Project Management (APM) approach was the institution’s initiative to accelerate project delivery and be more flexible in changing requirements and client demands while producing quality software. The research explores the lived experiences of the institution's project managers to uncover the challenges and demonstrated benefits during Agile Project Management (APM) implementation. This research utilized the qualitative approach through interviews with key informants who are project managers of the institution. The data gathered were from the responses of the five (5) private-owned financial institution project managers. The responses were thoroughly reviewed and tabulated to reveal the commonalities in the data gathered. The study showed that implementing APM significantly changed how the project management team handled and delivered the projects. The project management team moved the project with agility by simplifying the scope and adapting to changes in requirements to increase customer satisfaction and value; the teams were more collaborative, flexible, and able to cope with the risks. However, the study revealed that the main challenges that the project management team experienced were the uncontrollable growth of changes in project scope, under-estimated timelines, and inefficient allocation and delegation of workloads, which resulted in the delayed delivery of projects. Also, it revealed that the current coping strategies were deprioritizing other projects to accommodate new requirements, extending project deadlines, and rendering overtime, which could have been more sustainable when appropriately handled. Furthermore, the study provided recommendations and action plans to improve the implementation of Agile Project Management.

Interactive Marketing Practices and Market Performance in Soft Drinks Industry: An Empirical Study on Competitive Advantage As a Mediator

Purpose: To what extent does competitive advantage mediate the relationship between interactive marketing practices and market performance? In attempt to respond to this question, this study was conducted with the aim of examining the mediating role of competitive advantage on the interactive marketing practices market performance relationship in the soft drink industry context.
 Methodology: A cross-sectional research design was taken on a sample of 322 soft drink manufacturing enterprises in the city of Kigali. The unit of inquiry for the quantitative study were the sales, accounting, finance, marketing and communication managers whereas chief executive officers were the unit of inquiry for the qualitative study. The study used both questionnaire and interview guide to collect data. Path analysis, MedGraph v3.xlsm and Hierarchical regression were used to test the model.
 Findings: Study findings show that performance of soft drink enterprises is positively associated with interactive marketing practices. It was observed in this study also that competitive advantage partially mediates this relationship. Practically the four conditions for mediation were met as suggested by Baron and Kenny, (1986). Firstly, we observe that there was a significant direct effect of Interactive marketing practices on market performance (=.270; p<.05). Secondly, Interactive marketing practices and competitive advantage have a significant relationship (=.400; p<.05), and thirdly, the observed coefficient of the mediator (competitive advantage) is significant as seen in the regression model 3 (=.396; p<.05). It is observed, finally, that the absolute effect of Interactive marketing practices on market performance is smaller in regression model 3 (=.157; p<.05) than in regression model 2 (=.270; p<.05).This confirm the mediation effects of competitive advantage. Further still a ratio index of 41.9% was observed an indication that competitive advantage reduces the relationship between interactive marketing practices and performance by 41.9% in Kigali city soft drink enterprises. 
 Recommendations: In line with this confirmed mediation effects, managers are reminded to allocate sufficient resources to customer intimacy, product leadership and operational excellence as specific competitive priorities if they are to attain better market performance results. The study is of a theoretical importance as it empirically confirm the mediating role of competitive advantage in the interactive marketing practices-market performance relationship in a soft drink industry context. The imperative for practitioners to sufficiently attend to operational efficiency, customer intimacy and product leadership is reiterated on in this study.

Preface: 5th International Symposium on Economic Development and Management Innovation (EDMI 2023)

This proceeding includes original and peer-reviewed research papers from the 5th International Symposium on Economic Development and Management Innovation (EDMI 2026), held in New York, United States during May 20-21, 2023. The aim of EDMI 2023 is to provide a platform for accountants, financial industry practitioners, scholars, managers and graduate students from different cultural backgrounds to present and discuss research, developments and innovations in all fields of Economic Development and Management Innovation. It provides opportunities for the delegates to exchange new ideas and application experiences, to establish business or research relations and to find global partners for future collaboration. EDMI 2023 received 174 manuscripts. By submitting a paper to this EDMI, the authors agreed to the review process and understood that papers undergo a peer-review process. Manuscripts were reviewed by appropriately qualified experts in the field selected by the Conference Committee, who gave detailed comments and-if the submission was accepted the authors would submit a revised version that considered this feedback. All papers were reviewed using a double-blind review process: authors declared their names and affiliations in the manuscript for the reviewers to see, but reviewers did not know each other’s identities, nor did the authors receive information about who had reviewed their manuscript. The Committees of EDMI 2023 invested great efforts in reviewing the papers submitted to the conference and organizing the sessions to enable the participants to gain maximum benefit. With our warmest regards, Yuanyuan Chen Hesham H. Ali Conference Organizing Committee

Effect of Internal Audit on Financial Performance of Commercial Banks Listed in Nairobi Securities Exchange, in Nairobi County, Kenya

The recent collapse of major commercial banks in Kenya, including Imperial and Chase bank, which are currently under receivership, has raised concerns about the effectiveness of their audit practices in ensuring stability and improved financial performance. These failures have put pressure on commercial banks to reconsider how they align their internal audit processes to ensure stability and financial improvement. Consequently, this study aimed to assess the impact of internal audit on the financial performance of commercial banks listed on the Nairobi Securities Exchange (NSE). The study was guided by reliability theory. Using a descriptive survey design, the target population consisted of 10 commercial banks listed on the NSE. The unit of observation included 86 respondents from various roles within these banks, such as senior finance managers, credit managers, operations managers, risk managers, and internal auditors. Both primary and secondary data were utilized in the study. Primary data on internal audit practices were collected through a semi-structured questionnaire employing a Likert-type scale, while secondary data on the financial performance of the commercial banks were obtained from their audited financial reports. The gathered questionnaire data were quantitatively analyzed using SPSS software, incorporating descriptive statistics (mean and standard deviation) as well as inferential statistics, specifically regression coefficients and bivariate correlation, to examine the relationship between the dependent and independent variables. The study's findings revealed a significant relationship between internal audit, asset safeguarding, risk management, compliance with laws, and the dependent variables, which included return on assets, net income, and liquidity. These relationships were evident from the regression analysis conducted. Consequently, the study concluded that internal audit systems have an impact on the financial performance of commercial banks. The study recommends that commercial banks listed on the NSE reassess their internal audit systems and strengthen any identified weaknesses to enhance their financial performance. Furthermore, the study suggests that future research could explore the effects of new banking regulations, such as Basel Accord III, on the financial performance of commercial banks.

Kaizen Implementation and Performance of Manufacturing Firms in Nairobi County Kenya

All across the world, firms are experiencing dynamic changes in their environments and this may present challenges. The Kenyan manufacturing sector is key in the development plan as envisioned in Kenya’s vision 2030. To achieve this, the manufacturing sector in Kenya must therefore come up with ways to ensure their sustainability moving forward. The general objective of the study was to establish the effects of Kaizen implementation on operations performance in the case of manufacturing firms in Nairobi, Kenya. Specifically, the study sought to establish the effect of quality circles, teamwork, total productive maintenance systems and personal discipline on the operations performance of manufacturing firms in Nairobi County. The study was guided by the operations management theory, dynamic capabilities theory, the kaizen theory and the balance score card theory. The study used the descriptive research design and targeted 52 manufacturing firms in Nairobi, Kenya. Simple random sampling was used to select 175 respondents from the 52 manufacturing companies were conducted where the unit of observation was the operations manager, human resource managers, finance managers, strategic managers, marketing managers and the sales manager from each of the manufacturing companies. The researcher collected primary data using questionnaires while secondary data from the companies’ financial statements was collected. Content validity was established by subjecting the research instruments thorough scrutiny by the supervisors overseeing the study while Cronbach’s alpha coefficient was used to determine reliability. Descriptive analysis was conducted to establish percentages, means and standard deviation. Further, inferential data analysis techniques that include correlation (Pearson Correlation Momentum) and regression statistics (multiple regression analysis) was used to draw inferences on the relationship between kaizen implementation and operations performance of manufacturing firms in Kenya. The study concluded that quality circles aim to give individual members the opportunity to contribute to problem-solving and have an emphasis on teamwork and collaboration. Teamwork is one of the most important tools when it comes to organizational efficiency as it cultivates effective communication. Total productive maintenance system helps to frame maintenance as a business advantage. Implementing total productive maintenance system enables manufacturers to decrease planned and unplanned downtime from breakdowns, equipment and maintenance cost, defects, and risk of damage or accidents. Discipline ensures individuals maintain silence at workplace and work as a single unit with their team members to achieve organization goals and objectives. The study recommended that the firms should recruit volunteers from different departments as volunteers are more likely to take their role seriously and want to see the group succeed. The management of the firm should build diverse and inclusive teams for effective decision making. The management should aim at reducing worry and stress to allow employees to stay on track with personal and professional goals and prevent them from getting behind or submitting work after the deadline has passed.

Sustainable green revolution through the development of solar power projects in Pakistan: a techno-economic analysis.

Energy is essential to a recent way of life that needs to be addressed in economic and environmentally supportable improvement negotiations. The economic output of solar energy development has become the primary concern, particularly in emerging nations like Pakistan. The present research estimates a techno-economic analysis and sustainable green revolution by improving this country's solar energy projects (SEP). The study observes the moderating role of top management and risk factors of the procedures between financial management procedures and the economic output of SEP. A comprehensive opinion poll assessment accomplishes the investigation on facts from 61 respondents (finance executives, financial managers, shareholders, and owner investors). Partly least squares structural equation modeling (PLS-SEM) evaluates the hypotheses. The findings indicate that a techno-economic analysis and green revolution favor the ecological improvement of solar energy installations. The cash-flow analysis significantly contributes to the SEP's improved economic output. In addition, the results reveal that the role of top management and risk factors suggestively moderate the relationship between financial management procedures and the economic output of SEP. These outcomes give policymakers, competent authorities, and regulators an excellent guide to upsurge cleaner fabrication and ecological improvement of SEP.