Financial Goals Research Articles

Building Financial Wellness: Randomized Controlled Trial of a Financial Education and Support Intervention.

Many people receiving services for psychiatric disorders live on low incomes, navigate complex financial situations, and have limited economic security. The authors sought to determine whether a financial wellness intervention delivered virtually by peers would increase financial literacy, reduce economic strain, and improve financial competency. One hundred participants receiving services for psychiatric disorders were recruited from community programs and via social media and were randomly assigned (1:1) to receive either an intervention called Building Financial Wellness (N=51) or services as usual (N=49). The intervention involved six virtual 1.5-hour group sessions, followed by three virtual one-on-one booster sessions. Outcomes were assessed with the Consumer Financial Protection Bureau's Financial Well-Being Scale (primary), Financial Strain Questionnaire, Financial Capability Scale, and Financial Self-Sufficiency Scale. Knowledge regarding money management was measured with a financial literacy assessment based on class content. Intent-to-treat longitudinal multivariable analysis included random-effects linear and logistic regression models. Overall, 86% of the study participants either lived in poverty (46%) or met the federal definition of low income (40%). Participants assigned to the intervention had greater improvement over time in financial well-being, capability, strain, self-sufficiency, and literacy. Satisfaction with the intervention was high. Reports from participants receiving booster sessions indicated that ongoing support facilitated their achievement of longer-term financial goals. Provision of financial education and support improved monetary well-being, competence, and literacy. With poverty long considered to be an intractable problem associated with psychiatric disorders, peer-taught financial education focused on financial wellness can help people acquire money management skills and manage economic stressors.

JUSTIFICATION OF THE FEASIBILITY OF IMPLEMENTING CHANGES AT THE ENTERPRISE

The article provides a rationale for the feasibility of implementing changes at the enterprise. Following crisis phenomena in the economy, actions to achieve short-term, mainly financial goals prevail in organizations. At the same time, worldwide experience shows that companies that focus only on current problems of survival have no guarantee of success in the future, and only those organizations that lay the foundations for this development today, in crisis conditions, will be able to fully develop in the future. For managers of Ukrainian enterprises, mastering the theoretical and practical aspects of change management is especially relevant, since work in the conditions of continuous economic, political and technological changes is accompanied by internal disintegration and the lack of systematicity in the implemented changes. The feasibility of implementing changes at the enterprise was analyzed and provided. The readiness of the organization for changes determines the sufficiency of forces in the organization to carry out changes at present. The main purpose of this article is to improve change management processes in organizations, using organizational support to improve the efficiency of these processes. Research methods: dialectical method of scientific knowledge, structural and logical - for clarifying the essence and content of change management, comparative analysis for grouping criteria for the implementation of successful organizational and economic changes. The practical significance displays a list of strategic changes offered to the enterprise to increase the efficiency of business functioning and a set of approaches to assessing the effectiveness and risks of implementing organizational changes. The proposed triad of elements of a comprehensive assessment of the key success factors of changes in the organization fits well into the model of D. Khayat - the ADKAR model, which allows you to assess the situation and manage changes both at the level of the organization as a whole and a specific employee.

Death dealers: Dynamics of Israel’s permanent war economy

This study critically explores Israel’s permanent war economy, examining its core principles and strategic impacts. It analyzes how the war economy is integral to Israel’s settler-colonial structures and functions, fulfilling various ideological, geopolitical, and financial goals through a sustained conflict footing, rather than being a transient occurrence. To this end, the study identifies and analyzes four key dynamics underpinning Israel’s war economy: First, acute societal militarism serves as an economic growth engine, nurturing skilled military capital and advanced technologies that feed the war economy system. Second, the role of American patronage is examined as a key enabler of the Israeli war economy. In the absence of a traditional colonial metropole, the United States functions as an imperial sponsor, providing extensive military aid, technological transfers, financial assistance, and diplomatic backing–without which Israel’s military posture would be inconceivable. Third, the article investigates Israel’s exploitation of the occupied Palestinian territories as a laboratory for testing, optimizing and marketing military systems’ performance to international clients. Fourth, examines how Israel’s arms export multiplies revenues for the Israeli war economy while also providing diplomatic leverage to advance Israel’s geopolitical agendas and foreign policy objectives.

The Moderating Effects of Size and Experience in Balancing Social and Financial Performance in Social Enterprises: Evidence From Microfinance Institutions

Social enterprises address societal problems with conventional business models. While scholars have extensively theorized the trade-offs between social and financial goals, little is known about the factors that affect the co-existence of these dual objectives. We theorize social enterprises’ ability to balance their social and financial performance as a function of their size and experience. We argue that the acuteness of social-financial trade-offs varies across organizations and that social enterprises get better at balancing their dual objectives as they grow larger and older. We study microfinance institutions (MFIs), which are social enterprises that provide financial services to the poor. Using data on 611 MFIs, the empirical analysis confirmed our predictions. We attribute our findings to learning effects and efficiency gains. Overall, in contrast to studies that gloss over heterogeneities among social enterprises, our study shows that the ability of these organizations to balance their dual goals depends on firm-level characteristics.

Household Budgets Among Different Income Groups in Klang Valley

Budgeting is a common approach financial advisors introduce to teach individuals how to manage their expenses. Without budgeting, however, family living expenses may exceed the available income and jeopardise the family's overall financial goals. Financial issues are one of the significant causes of instability among families, especially lowincome earners who live below the usual standard and have an income that can only go for food and housing, making it impossible to satisfy their family's needs and attain goals. This scenario puts low-income families in a problematic state or condition that can be resolved through adequate financial support. This study examines the dynamics of household budgeting practices across various income groups within the Klang Valley region. The study also aims to identify the importance of budget allocation and expenditure priorities among low-income, middle-income, and high-income households. It underscores the crucial role of financial literacy and planning factors in budgeting practices, empowering individuals with the knowledge to manage their finances effectively. Data were collected from 65 tourism industry workers with multiple backgrounds by distributing questionnaires using a convenient sampling approach. The data collected were analysed using the Statistical Package for Social Science (SPSS) software. The findings contribute to a better understanding of how income disparities shape household finances and inform policy interventions to enhance financial resilience and equity within the Klang Valley community.

Impact of behavioral finance on financial decision making

This paper highlights the disproportionate effect of behavioral finance on investor’s investing decisions. While making any financial decisions, one easily gets influenced by psychological and emotional factors. Past individual experiences, tendency or opportunity for herd behavior, personal judgment, overconfidence in one's abilities, aversion to feelings of regret, reliance on advice from experts, and last but not least, something known as the disposition effect—by which investors tend to hold on to losing investments and professionally sell profitable ones too early. The impact of these factors on the investment decision-making process varies; on the one hand, they may enhance the quality of the decision-making process by aligning investments with risk tolerance and financial goals. However, on the other hand, behavioral factors can be a cause of inefficiency if investment decisions are based more on emotions than objective analysis. In our recent research, we questioned 187 investors, using a questionnaire from whom we acquired crucial information regarding the impact of behavioral finance on financial decisions. The primary objective of the questioning was to determine the effect of behavioral finance on financial decision-making. The secondary objective was to suggest some methods for making one aware of the repercussions of impulsive or emotional decision-making and making prudent investments.

Corporate Social Responsibility and Financial Performance of Nawiri Sacco Society Limited in Embu County, Kenya

This study explored the relationship between Corporate Social Responsibility (CSR) and financial performance in the context of Nawiri Sacco Society Limited in Embu County, Kenya. Given the dynamic nature of CSR and the divergent results from global studies on its impact on financial performance, this research aimed to shed light on whether CSR activities contributed positively to Nawiri Sacco's financial outcomes. Specifically, it examined how stakeholder expectations, regulatory compliance, CSR-related costs and risks, and industry characteristics affected the Sacco’s financial performance. The research employed a regression model to evaluate these factors, with a notable emphasis on how stakeholder pressures and regulatory frameworks shaped CSR's financial implications. Data was collected from 85 executive members through structured questionnaires, achieving an impressive 88.9% response rate, which supported the reliability of the results.The findings indicated a significant relationship between CSR and financial performance, revealing mixed effects among the different CSR factors. For instance, stakeholder expectations showed a negative impact on financial performance, suggesting that while stakeholder engagement was critical, excessive focus could strain financial resources. Conversely, regulatory compliance, cost implications, and industry characteristics demonstrated a positive association, highlighting the potential of CSR to improve financial outcomes when effectively managed. These insights reinforced the need for a balanced CSR strategy that aligned with both social responsibilities and financial goals. This study contributed to existing literature by focusing on a Sacco's CSR practices, adding a unique perspective on how socially responsible initiatives could affect financial performance in cooperative institutions, particularly within the Kenyan context.

Does digitalization drive sustainable transformation in finance and accounting?

PurposeThis paper investigates the interplay among Finance-Accounting Digitalization (FAD), Advanced Finance-Accounting System (AFAS) and Accounting 2.0 and FinTech (AFT). It aims to elucidate how FAD impacts the adoption of AFAS, the evolution of AFT, and the ensuing sustainable evolution of finance and accounting practices.Design/methodology/approachA comprehensive survey was conducted from 2021 to 2023, involving 500 companies in Kosovo, spanning various sectors and sizes. The data were meticulously analyzed using SPSS and AMOS software, using structural equation modeling (SEM) to assess hypotheses, model fit and direct and indirect effects.FindingsSignificant relationships emerged between FAD, AFAS and AFT, highlighting the importance of computerized financial and accounting systems, the role of AFAS in achieving financial goals and the accessibility and adaptability of accounting data. In particular, the SEM analysis underscored a robust positive correlation between FAD and AFT, highlighting the transformative potential of digitalization. In addition, AFAS as a technological solution facilitates sustainability and operational efficiency. These findings provide crucial insights for future research and advocate for the use of digitalization to improve the efficiency of financial management.Research limitations/implicationsThe research is constrained by its focus on Kosovo’s companies, potentially limiting generalizability. Additionally, the study’s reliance on survey data might introduce response bias.Originality/valueThis research contributes to the literature by delineating the intricate relationships between FAD, AFAS and AFT, shedding light on their implications for financial and accounting practices. It underscores the transformative value of digitalization in these domains, offering novel perspectives for academic and managerial discourse.

Exploring the Impact of Employee Motivation on Investment Decisions: - A Study of Factors Influencing Mutual Fund Investment Among Corporate Employee

This study explores the impact of employee motivation on investment decisions, specifically focusing on the factors influencing mutual fund investments among corporate employees. As financial literacy and investment participation grow, understanding the underlying motivations that drive investment choices is crucial for both individuals and financial institutions. Utilizing a mixed-methods approach, we conducted surveys and in-depth interviews with corporate employees across various sectors. The findings reveal that intrinsic motivations, such as personal financial goals and career advancement, significantly influence mutual fund investment decisions. Additionally, extrinsic factors, including company-sponsored financial education programs and peer influence, play a critical role in shaping employees' investment behaviors. Our analysis indicates that motivated employees are more likely to engage in proactive financial planning and make informed investment choices. We also identified barriers such as risk aversion and lack of confidence in investment knowledge that hinder mutual fund participation. The implications of this study suggest that organizations should enhance employee motivation through targeted financial education initiatives and create a supportive investment culture. By doing so, companies can not only improve employee financial well-being but also foster a more engaged and motivated workforce. This research contributes to the existing literature on employee motivation and investment behavior, offering insights for corporate stakeholders and financial advisors aiming to enhance mutual fund investment strategies among employees.

Analyzing Savings Behavior Among University Students: A Case Study of Bank's Financial Education Initiatives

This study investigates the impact of Maybank’s Financial Education Initiatives and financial goal-setting on the savings behavior of university students. Utilizing both primary and secondary data, the study aims to determine how financial education and the establishment of measurable financial goals influence students' savings habits. Primary data was collected through an online survey distributed to 200 university students using a Five-Point Likert Scale to measure responses regarding their participation in financial education programs, financial goals, and savings behavior. Secondary data was sourced from relevant academic journals focusing on accounting and finance research in the Asia Pacific region. The results reveal that both financial education and goal-setting significantly influence savings behavior, with financial goals exhibiting a stronger effect. Regression analysis shows that financial goals (β = 0.386) have a higher impact on savings than Maybank’s Financial Education Initiatives (β = 0.270). The study concludes that while financial literacy is crucial, goal-setting plays a more pivotal role in promoting consistent saving behavior. The findings imply that financial literacy programs should integrate goal-setting strategies to maximize their effectiveness in fostering long-term financial responsibility among students

Enhancing Portfolio Decarbonization Through SensitivityVaR and Distorted Stochastic Dominance

Recent trends in portfolio management emphasize the importance of reducing carbon footprints and aligning investments with sustainable practices. This paper introduces SensitivityVaR (SensitivityVaR), an advanced distortion risk measure that combines Value-at-Risk (VaR) and Expected Shortfall (ES) with the Cornish–Fisher expansion. SensitivityVaR provides a more robust framework for managing risk, particularly under extreme market conditions. By incorporating first- and second-order distorted stochastic dominance criteria, we enhance portfolio decarbonization strategies, aligning financial objectives with environmental targets such as the Paris Agreement’s goal of a 7% annual reduction in carbon intensity from 2019 to 2050. Our empirical analysis evaluates the impact of integrating carbon intensity data—including Scope 1, Scope 2, and Scope 3 emissions—on portfolio optimization, focusing on key sectors like technology, energy, and consumer goods. The results demonstrate the effectiveness of SensitivityVaR in managing both risk and environmental impact. The methodology led to significant reductions in carbon intensity across different portfolio configurations, while preserving competitive risk-adjusted returns. By optimizing tail risks and limiting exposure to carbon-intensive assets, this approach produced more balanced and efficient portfolios that aligned with both financial and sustainability goals. These findings offer valuable insights for institutional investors and asset managers aiming to integrate climate considerations into their investment strategies without compromising financial performance.

Digital technology‐based business model design and innovation to address grand challenges: A process model

AbstractResearch SummaryThe question of how a new venture designs and innovates on its business model (BM) to leverage digital technology to address multiple grand challenges has received little attention in the literature. We address this through a longitudinal case study of a new social enterprise in China. We develop an accessing‐embedding‐strengthening‐expanding process model of BM design and innovation by which a venture may increase both the scale and scope of its impact as a complementor in ecosystems addressing grand challenges. We identify the specific actions and contingencies underlying this process. Our findings contribute to the understanding of BM design and innovation based on digital technologies and propose that assessment of a BM's impact on grand challenges may be in terms of scope as well as scale.Managerial SummaryHow may founders build a BM that exploits a technology's potential to address diverse sustainability challenges? Our study derives insights from one for‐profit Chinese venture whose founders had the explicit objective of leveraging remote sensing data and analytics to address important and diverse social and environmental challenges. We identify the steps in its ecosystem‐based strategy (accessing, embedding, strengthening, and expanding) by which the founders targeted and entered successive application ecosystems as a complementor. This strategy has enabled them to achieve financial goals and also increase their contribution to sustainability objectives in terms of both scale (vis‐à‐vis one grand challenge) and scope (across multiple grand challenges). We also identify the specific questions that the founders had to answer in the process of executing this strategy.

A Study on Benefits of Financial Planning of an Individual

this research examines the role of financial planning in promoting financial stability and success among individuals. Using a mixed-methods approach, this study finds that financial planning is positively associated with increased savings, wise investment decisions, and reduced debt. The results highlight the significance of financial planning in enhancing financial resilience and achieving long-term financial goals. This study investigates the benefits of financial planning for individuals, examining its impact on investment decisions, savings, and overall well-being. Keywords— promoting financial stability, investment decision, financial planning.

Advanced Personal Budget Analytics: Combining Optical Character Recognition and Natural Language Processing for Automated Budget Categorization and Insight Extraction

A budget tracking system is a tool designed to help users monitor their financial resources, categorize expenses and control their financial resources. An Intelligent Personal Budget Analysis System is designed to redefine personal finance management. IntelliFinance is a user- friendly app designed for seamless and efficient daily expense management removing the necessity for conventional paper documentation. This project inculcates the concepts of Computer Vision, Machine Learning and Data Analytics, aims to surpass traditional budget tracking by incorporating innovative features such as receipt scanning and analysis. The project is implemented using Android Studio and Firebase, incorporating advanced features such as Optical Character Recognition (OCR) to capture receipt images, extract text, and process it for further analysis. Firebase ML Kit is utilized for scanning and text recognition, while Natural Language Processing (NLP) is applied for categorizing the extracted text. The system provides a personal budget analysis that enhances the accuracy of financial tracking by offering users a comprehensive overview of their spending habits, complemented by detailed reports and visualizations. Ultimately, this project serves as a financial companion, empowering users to take control of their finances, make informed decisions, and achieve their financial goals.

THE IMPACT OF GREEN FINANCE ON BANKING PERFORMANCE IN INDONESIA

Green Finance refers to financial practices that can be described through financial services and products that take environmental sustainability to support sustainable development. The role of green finance is to connect financial goals with the environment to encourage inclusive economic growth. One form of green finance implementation is in financial institutions, especially banking. This study aims to analyze the impact of green finance implementation in the banking sector on banking performance as proxied by the profitability ratio in the 2018-2022 period. The Generalized Method of Moments (GMM) dynamic panel is used. The Green Daily Operation (GDO) and Green Finance Policy (GFP) variables indicate the implementation of green finance in banking. Other independent variables use banking performance ratios consisting of the capital adequacy ratio, non-performing loans, and the bank's operational efficiency ratio. The study results show that green finance represented by implementing GFP can increase profitability, while GDO does not significantly affect banks' profitability in Indonesia. Furthermore, the internal banking ratio that is not significant to profitability is the capital adequacy ratio, while increasing non-performing loans and operational efficiency ratio significantly negatively impacts bank performance because it reduces profitability. This research supports applying the green concept in the banking sector to improve sustainable bank performance.

Impact of Islamic Financial Literacy, Money Attitude, and Social Environment on Young Muslim Couples' Financial Planning

Disciplined financial planning can create a more durable and financially stable marriage. However, many people still depend on fate, leading to financial planning being overlooked in daily life. Economic factors remain the second most common cause of divorce in Surabaya. Indonesia’s Sharia financial literacy index is only 8.93%, and only 6.3% of the population prepares for long-term financial goals. This study has the purpose of observing the modification theory of planned behavior with the variable Islamic financial literacy, attitude towards money, and social environment on family financial planning among young Muslim couples, especially in Surabaya. This research uses a quantitative approach used multiple linear regression analysis, utilizing IBM SPSS version 27 as the analytical tool. The subjects of this research are young Muslim couples in Surabaya, as younger generations often lack sufficient financial knowledge and tend to make poor financial decisions. The total sample consists of 75 respondents. The results show that Islamic financial literacy and social environment variables positively and significantly affect family financial planning. Meanwhile, the attitude towards money variable also shows an influence but is not statistically significant. These findings highlight the importance of improving Islamic financial literacy and leveraging the social environment to enhance family financial planning outcomes.

Determinants of financial planning decisions for salaried individuals: Evidence from India

In the Indian context, financial planning for salaried individuals has gained increased importance due to economic fluctuations, rising living costs, and the need for robust retirement planning. Despite its importance, there is limited research on the specific factors that influence financial decision-making among salaried employees in India. Understanding these determinants is essential for developing effective strategies to enhance financial well-being among employees. This study explores the key factors influencing financial decision-making among employees, including financial goals, emergency savings, retirement planning, budgeting, financial confidence and literacy, financial stress, use of tax-saving instruments, income level, risk tolerance, and debt levels. A sample of 549 employees from diverse sectors in Uttar Pradesh participated in this research, highlighting the critical aspects of personal financial management that impact financial well-being. The study used a questionnaire-based survey to gather data on factors affecting financial decision-making. Descriptive statistics, correlation, and regression analyses were employed to identify significant predictors. The results reveal that financial literacy, access to resources, attitudes toward retirement planning, and cultural norms significantly influence financial decisions. Additionally, income level, job stability, and social support are crucial in shaping employees’ financial planning. The study recommends enhancing employees’ financial decision-making by offering financial education programs, budgeting tools, retirement planning assistance, debt management programs, tax planning workshops, financial counselling services, and employer match programs for retirement savings. These initiatives aim to boost financial literacy and confidence, enabling employees to make informed financial decisions and improve their financial well-being.

Socially Responsible Investment: A Bibliometric Analysis

Socially responsible investment is one of the emerging investment themes that aim to achieve financial goals while being aware of and sensitive to the environment, society and governance. Several studies have empirically explored the field of socially responsible investing and its benefit to investors, society and the economy as a whole. However, bibliometric studies that organise the production in this field are still very scarce. The research attempts to map socially responsible investment studies at the global level that are indexed by Scopus using a bibliometric analysis that identifies trends, the state of the art and other indicators by monitoring the articles published between 2012 and 2022. A collection of 234 research studies was obtained. With the help of the VOSviewer programme, the data were processed and the outcomes were visually represented. The research examined the simultaneous occurrence of publications by year, publications by author, publication by journal, keyword trends, co-citations and bibliographic coupling. It indicates that the literature on socially responsible investing is growing at a quick pace. There are several prolific authors in this field having more than 100 citations each. In this context, the United States is the leading nation. This study highlights knowledge gaps and future directions in the field of socially responsible investment while offering insight into the current state of the art.

ФОРМУВАННЯ ФІНАНСОВО-ІНВЕСТИЦІЙНОГО ПОТЕНЦІАЛУ ПІДПРИЄМСТВА З ПОЗИЦІЇ СТРАТЕГІЧНОГО ПІДХОДУ

The article analyzes approaches to the concepts of "financial potential" and "investment potential", reveals their content and features. Based on the results of a critical analysis of scientific sources, it is justified that the financial and investment potential of the enterprise must be considered as a single definition, which is determined by a set of general characteristics. Based on the conducted research, the author's definition of the concept of "financial and investment potential" of an enterprise is proposed. The financial and investment potential of an enterprise is the ability of an enterprise to accumulate a set of internal and external financial and investment resources, to use them as efficiently as possible for the purpose of obtaining economic benefits, to ensure strategic and tactical development goals. It has been proven that the financial and investment potential of a business entity has a number of varieties. The classification features of the financial and investment potential of the business entity are singled out, namely: according to the time required to achieve a certain value of the financial and investment potential of the business; depending on the degree of realization of the financial and investment potential of the business entity; depending on the method of obtaining information necessary for assessing the financial and investment potential of the business entity; on the basis of the expected results of the realization of the financial and investment potential of the enterprise. The classification of factors affecting the financial and investment potential of a business entity is generalized. The sequence of development and implementation of the strategy for the formation of the financial and investment potential of the enterprise is proposed. It determines the priority directions of development, the sources of investment resources and the sequence of stages of realization of long-term financial and investment goals, which ensure the overall development of the enterprise's activities in the future. The formation of the financial and investment potential of the enterprise in the strategic perspective is aimed at restoring the stable state of enterprises, including as a result of investment. And it includes the effect of the joint action of financial and investment resources, combining current and strategic goals with the possibility of attracting internal and external sources for financial support of the enterprise's investment activities.

How Can Industrial SMEs Achieve Sustainability through Cleaner Production? Green Marketing’s Role as a Mediator

For small and medium-sized enterprises (SMEs) seeking to adhere to sustainable standards and gain a sustained competitive edge, green marketing and cleaner production are increasingly imperative. Green marketing has grown a lot in popularity in the present market, which makes it possible to rebrand and repackage existing products. This study looks at how green marketing in Algerian industrial SMEs might help achieve sustainability through cleaner production. Data analysis was performed using Smart PLS 4 softwareV.4.1.0.8 and structural equation modeling. With a mediation effect of 47.4%—higher than the direct impact of cleaner production on sustainability—the study’s conclusion is that green marketing strongly mediates the relationship between cleaner production and sustainability. This suggests that by combining green marketing with cleaner production methods, SMEs can reap significant profits. In accordance with their financial and environmental goals, SMEs can effectively incorporate cleaner production methods and green marketing with the help of the research’s practical recommendations.