ABSTRACT This paper examines whether public data openness affects insider trading behaviour and profitability. Utilizing China’s staggered municipal launch of open government data (OGD) platforms and a stacked difference-in-differences design, we find that public data openness reduces insider trading profitability. Mechanism tests reveal that OGD platforms operate through an information channel by enriching the firm-level information environment, specifically increasing analyst coverage, narrowing bid-ask spreads, and reducing stock price synchronicity. Further analyses show that OGD platforms compress insider trading on both the extensive margin (reducing overall trading likelihood) and the intensive margin (lowering the probability of trade success conditional on trading). Cross-sectional tests show that this deterrent effect is more pronounced for firms with weaker corporate governance and those located in regions with superior digital infrastructure. These findings offer insights for policymakers that public data infrastructure generates positive externalities for financial market integrity.

This article analyzes the scientific and methodological foundations of managing ecotourism services in the international tourism market. The study examines the definitional boundaries of the concept of ecotourism, market dynamics, and the negative impacts of the phenomenon known as “green tourism silence.” The article conceptually substantiates three key components of ecotourism: financial integration, cooperation with local communities, and comprehensive environmental education. The role of digital technologies, including IoT, artificial intelligence, blockchain, and virtual reality (VR), in ensuring the sustainability of ecotourism is analyzed on the basis of empirical data. Practical recommendations for introducing a national sustainability certification system in Uzbekistan have also been developed.

Fable Hospital 3.0 aims to demonstrate the economic return on investment (ROI) of high-performing design strategies towards regenerative healthcare. Building on the legacy of Fable Hospitals 1.0 (2004) and 2.0 (2011), this third iteration seeks to refute the persistent myth that high performance is unaffordable while addressing current healthcare challenges, including financial pressures, workforce burnout, climate resilience and technological integration. Fable Hospital 3.0 is a cost-benefit analysis of a hypothetical 300-bed, 750 000-square-foot community hospital located in 'Anywhere, USA'. The design incorporates more than 20 high-performance and healing strategies, ranging from biophilic design and energy-efficient systems to flexible infrastructure and community integration. Each strategy is evaluated for its construction cost and potential operational benefits. Excluding the cost of the land, the analysis uses conservative cost estimates based on national averages and industry benchmarks, quantifying ROI reductions in medical errors, energy and water consumption, staff turnover, renovation costs and inpatient length of stay, along with improvements in operational resiliency, material first costs and speed to market. The study demonstrates that an estimated additional investment of $25-30 million (approximately 3% of total construction costs) can be recovered within the first 2 years of operation. Key annual savings include: a major contribution of ~$7.25 million from reduced inpatient length of stay, ~$1.0 million from fewer medical errors, ~$1.2 million from improved staff retention, ~$500 000 from maintaining operations during emergencies, ~$250 000 from energy savings, ~$1.5 million from lowered renovation costs, ~$5.4 million from lower material first costs and ~$100 000 from water use reduction. Fable Hospital 3.0 proposes a model for analysing the impact of adopting high-performance design strategies in healthcare and demonstrates that this approach is environmentally and socially responsible and financially wise, aligning with healthcare's mission to promote health and resilience within and beyond hospital walls.

Purpose This study examines how supply chain digitalization and process integration influence supply chain resilience and viability among manufacturing firms. Drawing on dynamic capability theory and the stimulus-organism-response framework, it investigates the mediating role of supply chain process integration and the necessary conditions for achieving superior resilience and viability. Design/methodology/approach Survey data from 300 manufacturing firms in Ghana were collected. Covariance-based structural equation modeling (CB-SEM) using AMOS software was employed to test the hypothesized relationships. Necessary condition analysis (NCA) was subsequently applied to determine the threshold requirements for supply chain resilience and viability. Findings Supply chain digitalization positively influences supply chain resilience and viability. Financial and physical flow integration partially mediate the digitalization-resilience relationship, while supply chain resilience mediates the relationship between process integration dimensions and viability. NCA reveals that digitalization and resilience are foundational necessary conditions, followed sequentially by financial and physical flow integration, and finally by information flow integration at advanced performance levels. Originality/value This study advances supply chain viability research by integrating dynamic capability theory and the stimulus-organism-response framework to explain how digitalization drives process integration, which in turn enhances resilience and viability. It is among the first to combine CB-SEM and NCA in this domain, enabling differentiation between sufficient and necessary capabilities for resilience and viability in resource-constrained manufacturing contexts.

This study examines earnings management practices from the perspective of Immanuel Kant’s moral philosophy. While earnings management has been widely studied in the accounting literature, most research focuses on economic incentives and financial consequences rather than ethical evaluations. This study addresses this gap by applying Kantian deontological ethics to evaluate the moral legitimacy of earnings management practices. The study employs a qualitative approach using a systematic literature review of Immanuel Kant’s philosophical works and relevant literature on accounting ethics and earnings management. Relevant literature was identified through academic databases, including Scopus, Google Scholar, and ScienceDirect, using keywords related to earnings management, business ethics, and Kantian philosophy. The findings indicate that earnings management often exists in ethically ambiguous areas due to managerial incentives, pressure to achieve performance targets, and flexibility in accounting standards. From a Kantian perspective, earnings management practices that intentionally manipulate financial information violate moral duty and the principle of treating individuals as ends rather than mere means. Such practices fail to satisfy the categorical imperative because they cannot be universally applied without undermining the credibility of financial reporting systems. This study contributes to the accounting ethics literature by integrating Kant’s deontological moral theory as a normative framework for evaluating earnings management practices. The findings highlight the importance of ethical awareness in financial reporting and encourage companies and regulators to develop financial reporting policies grounded not only in technical compliance but also in moral responsibility

This paper studies the topic that has been rather less explored until now—the internal diversification of trading. Unlike looking at aggregate measures of financial development such as market capitalization and liquidity, the study focuses on trading diversification, defined as the portion of trading volume attributed to firms other than the ten most actively traded (VTX). The empirical analysis is based on the World Bank’s Global Financial Development database. It covers an unbalanced cross-country dataset of 2004–2021. Due to limited data availability, the resulting database became smaller and has an unbalanced panel structure. Four main independent variables in the core regression specification are related to financial structure (bank deposits) and financial integration (remittances, international public debt), as well as external measures of financial development (market capitalization, excluding firms within VTX). A broad range of control variables are introduced into the model to account for macroeconomic conditions, financial development, market size, liquidity, and participation. Lagged regressors are introduced to address persistence, delays, and potential endogeneity issues. The methodology relies on panel data econometrics, hierarchical clustering, and machine learning. The findings show that market structure and remittances positively affect trading diversification, whereas banks’ dominance and international public debt contribute to its concentration. The results persist across alternative specifications and robustness tests. The country-level analysis shows a core–periphery pattern, while machine learning demonstrates the critical importance of market structure.

This article invetigates whether the integration of sustainable finance into the Indonesian financial regulatory framework aligns with established principles of financial regulation and whether such integration strengthens or potentially undermines financial sector integrity. This study assesses Indonesia’s sustainable finance framework through a normative legal research approach. The study applies indicators derived from the principles of financial regulation, namely prudential risk integration, transparency and disclosure reliability, market integrity, supervisory effectiveness, and enforceability of sustainability-related obligations. Sustainable finance aims to incorporate environmental and social risks, especially those related to climate, into financial decision-making, but its regulatory implementation prompts significant inquiries about prudence, transparency, market integrity, and public confidence. The research indicates that Indonesia's sustainable finance governance faces three critical challenges: legitimacy risks stemming from vague green product classifications that enable greenwashing and erode trust, reputational risks caused by a lack of rigorous verification and mispricing concerns. Additional shortcomings include weak verification mechanisms for sustainability claims and the risk of symbolic compliance without substantive integration into prudential supervision. The research further finds that sustainable finance has a dual nature: when firmly rooted in legal authority, incorporated into prudential oversight, backed by uniform disclosure frameworks, and upheld through reliable supervisory systems, it boosts systemic resilience and strengthens regulatory legitimacy. On the other hand, disjointed execution, lax verification criteria, symbolic compliance, and inadequate enforcement can lead to greenwashing, regulatory arbitrage, mispricing, and reputational spillover, thereby threatening reputation of financial sector. The research finds that the effectiveness of sustainable finance in Indonesia relies on careful regulatory frameworks, strong institutional capabilities, and efficient enforcement to maintain the integrity of the financial sector.

Global risk versus financial integration in portfolio bond flows

The paradox of strong institutions: when better governance intensifies public debt’s drag on economic growth in Heavily Indebted Poor Countries (HIPCs) in Africa

Many countries seek universal health coverage through national health insurance schemes based on payroll contributions from formal sector employees. Zambia, having recently adopted such a scheme, faces challenges in collecting contributions from its large informal sector. Expanding insurance to this sector requires trust and private information, qualities often found in community-based organizations such as savings groups (SGs). This study explores stakeholder perspectives on the feasibility of leveraging SGs for contribution collection from the informal sector in Zambia's national health insurance scheme. We conducted an exploratory qualitative research study in two districts of Zambia, comprising nine focus group discussions with community members and eight key informant interviews with stakeholders. We applied thematic analysis using the motivation and ability framework, which stipulates several dimensions of assessing feasibility including the triggers, abilities, motivation, and action. Participants indicated that there were existing "insurance" features in the SGs that could be leveraged to make members appreciate the concept of health insurance. They emphasized the importance of enhanced knowledge about the national health insurance scheme at community level as a key trigger to facilitate engagement of the SG members. The ability of these groups to be used for contribution collection was strengthened by the presence of a collective constitution governing all members. Furthermore, the results revealed a promising opportunity to utilize mobile technology to collect contributions from rural communities. Notably, the motivation within the community was underscored by the recognition of social advantages emanating from the SG and the members' eagerness to contribute towards emergencies such as healthcare. However, participants identified potential threats to using the SGs for contribution collection, including inconsistent income, mishandling of contributions, and instability within the SGs. Our study suggests the feasibility of utilizing SGs for contribution collection, yet their effective use may necessitate government oversight, policy development, and capacity building. Interventions such as proper financial management and technology integration can optimize the potential of leveraging SGs for inclusive healthcare coverage.

Healthcare consolidation has transformed physician employment, with 74% now working for health systems or corporate entities. While physicians increasingly consider collective bargaining to address these changes, the legal frameworks and practical pathways remain unclear, particularly for highly specialized fields like neurosurgery. We conducted a policy analysis synthesizing federal labor statutes, National Labor Relations Board rulings, judicial decisions, and comparative frameworks from international healthcare systems and US industries with similar characteristics. Analysis focused on private sector physicians covered under the National Labor Relations Act. Recent legal developments have created new possibilities within persistent constraints. The 2022 Piedmont Health Services decision clarified that employed physicians focused on patient care may unionize under the National Labor Relations Act. However, private practice physicians remain excluded as independent contractors, and antitrust law prohibits collective negotiation without structural integration. The 2023 withdrawal of antitrust "safety zones" eliminated predictable compliance pathways while allowing case-by-case innovation. Available options include messenger model networks for information sharing, Independent Practice Associations with genuine financial integration, and fully integrated cooperatives. Professional societies can advocate but cannot bargain collectively. International models and US industries demonstrate that collective frameworks can preserve individual contract flexibility and merit-based compensation. Neurosurgery's unique characteristics-small specialty size, high revenue generation, emergency obligations, and practice diversity-require tailored approaches to collective representation. While legal barriers persist, viable pathways exist within current frameworks. Success depends on matching organizational models to regional market conditions and practice characteristics. As healthcare consolidation continues, understanding these options becomes essential for neurosurgeons seeking to preserve professional autonomy and economic sustainability, whether through collective action, individual negotiation, or hybrid approaches.

Type of the article: Research ArticleAbstractFraud remains a pervasive challenge undermining financial integrity and stability in the banking sector, particularly in developing economies. This study investigates the determinants of fraud detection effectiveness in Indonesian Regional Development Banks (RDBs), focusing on auditor competency, internal control effectiveness, risk-based internal audit, risk management processes, and information technology utilization. The study population consisted of internal auditors, managers, and audit committee members at Indonesian Regional Development Banks. Using a quantitative approach with 204 survey responses analyzed through Partial Least Squares-Structural Equation Modeling (PLS-SEM), the results show that all five factors have a significant positive effect on fraud detection (R2 = 0.554). Risk-based internal audit demonstrates the strongest influence (sig 0.000 < 0.05), followed by risk management processes (sig 0.003 < 0.05), information technology (sig 0.002 < 0.05), internal control effectiveness (sig 0.001 < 0.05), and auditor competency (sig 0.017 < 0.05). The results reveal that all five factors significantly enhance auditors’ ability to detect fraud. These findings indicate that governance mechanisms and digital capabilities jointly enhance fraud detection effectiveness in RDBs.AcknowledgmentThe authors would like to thank the Universitas Sumatera Utara, Indonesia, especially the Research Institute, for its support and the Ministry of Education and Research through the Directorate of Research, Technology, and Community Service program for providing intellectual assistance and funding for this project in the PMDSU grant (number: 83/UN5.4.10.K/PT.01.03/KP-DRTPM/2025).

This study investigates what factors influence financial statement integrity within the property and real estate sector. This particular sector carries two distinctive characteristics: operational complexity and high financial pressure. Prior research examining CEO duality, audit tenure, and firm complexity has yielded inconsistent findings across different studies. Furthermore, the moderating role of firm risk in these relationships remains largely underexplored. These conditions point to a clear research gap. The present study analyzes how governance attributes influence financial statement integrity. It also examines whether firm risk moderates these relationships. Secondary data from the 2020 to 2024 period provides the empirical foundation. Panel regression combined with a moderated regression analysis approach serves as the analytical technique. Several findings emerge from the results. Audit tenure shows a significant negative effect on financial statement integrity. CEO duality and firm complexity demonstrate no significant impact. Firm risk significantly moderates the effects of audit tenure and firm complexity. However, firm risk does not moderate the CEO duality relationship. The study concludes that auditor independence and firm risk levels occupy an essential role in determining financial reporting quality.

The relevance of this study stems from the imperative to discern the most investment-attractive green innovations in light of the global climate crisis, to ensure sustainable development, and to establish a systemically integrated international investment and environmental circuit. The purpose of this study is the objective identification and analytical structuring of priority green innovations with the highest investment potential, particularly in terms of attracting international capital and optimizing the functionality of global financial and environmental instruments. The research methods employed include the typology of green innovations, the computation of investment and environmental metrics, the formulation of the Green Innovation Investment Attractiveness Index (GIIAI), the evaluation of investment efficiency and conversion, a comprehensive assessment of international environmental interactions. Among the 15 green innovations analyzed, the top five (Photovoltaic Megaparks, Green Building Materials, ESG Scoring Platforms, MRV Systems, Smart Grid Energy Networks) were identified, achieving a GIIAI range of 0.85–0.92, investment mobilization of 77–85%, and ROI conversion rates of 0.77–0.83, with a Performance Index (PI) of 0.83–0.87. These innovations have facilitated comprehensive international environmental integration through Foreign Direct Investment (FDI), ESG Bonds, the UNFCCC, the Asian Infrastructure Investment Bank (AIIB), and Climate Fintech Funds, thereby confirming the strategic relevance and pivotal role of key drivers within global investment and environmental markets. Scientific novelty of this study lies in the development of a comprehensive indicator, the Green Innovation Investment Attractiveness Index (GIIAI), predicated on entropy weighting and normalized investment and environmental metrics, which substantiates the systemic allure of green innovations within the framework of international financial and environmental integration.

ABSTRACT This article examines the impact of financial integration on consumption smoothing among Chinese households. Using household-level data from 1997 to 2018, we adapt the empirical framework that decomposing income shocks into permanent and transitory components to assess this effect. We find Chinese households have limited ability to insure against permanent income shocks but can more effectively insure against transitory shocks. Financial integration significantly enhances households’ consumption smoothing ability to insure against both types of shocks, with a more pronounced effect on transitory shocks. However, the 2008–2009 global financial crisis amplified households’ consumption response to transitory shocks, thereby weakening their consumption smoothing ability. These results remain robust across alternative consumption measures and various cohort groups. Furthermore, by incorporating Qualified Domestic Institutional Investor (QDII) fund data, we find that cross-border investment serves as a key channel through which financial integration enhances consumption smoothing among Chinese households. This article offers important policy implications for China’s ongoing financial opening process, underscoring the benefits of financial integration in enhancing households’ ability to smooth consumption against income shocks.

This study examines the relationship between Chinese-funded infrastructure initiatives in Kenya between 2003-2023 and the country’s broader economic patterns, particularly in relation to productivity, economic growth, and improvements in logistical networks. Rather than establishing direct causality, the analysis identifies correlations and development trends to evaluate how modernization theory may explain Kenya's infrastructure-centric development trajectory. The paper explores both the benefits, such as enhanced connectivity, skills transfer, employment generation, and the drawbacks, including concerns related to debt sustainability, governance, and procurement transparency. Key projects, including the standard gauge railway and the Nairobi-Thika superhighway, are discussed to illustrate the tangible Socio-economic impacts of Chinese infrastructure investments.These impacts encompass trade facilitation, job creation, and capacity building, alongside emerging challenges related to financial dependency and institutional integrity. This research contributes to the growing body of literature on Sino-kenya relations by offering a focused analysis of the infrastructural dimension within the broader context of China- Africa engagement.

The present study provides a high-frequency empirical assessment of the financial performance, volatility, and market integration of thematic sustainability-oriented equity funds, focusing on clean energy and environmental innovation indices. Specifically, the study compares the financial performance of representative thematic green equity funds, such as ICLN and QCLN, and an emerging-market benchmark (ECON) with conventional developed-market indices (SPY, QQQ, GSPC, and XLE) using daily stock prices from 2010 to 2025. The analysis employs a transparent and replicable framework based on daily logarithmic and cumulative returns and incorporates the compound annual growth rate (CAGR), Sharpe and Sortino ratios, beta estimation, correlation analysis, and maximum drawdown. The research frequency is appropriate for a thorough analysis of short-term market structures and performance. The results indicate that sustainability-oriented equity indices exhibit higher volatility, deeper drawdowns, and greater sensitivity to broad market movements than conventional benchmarks. Sustainability-focused equity indices that emphasize clean energy exhibit higher market sensitivity (betas above 1) and strong correlations with traditional equity indices. Correlation and beta estimates suggest a high degree of integration with traditional equity markets, implying limited diversification benefits within an equity-only framework. Periods of relative outperformance appear to be associated with favorable policy conditions and energy market dynamics, but are not consistently sustained over the sample period. In addition, the overall results suggest that sustainability investments generate substantial environmental and social externalities. Risk-adjusted performance measures suggest weaker historical performance over the sample period relative to conventional benchmarks. These findings should be interpreted as a comparative historical assessment rather than a structural risk model. From a policy perspective, the findings suggest that stable and credible regulatory frameworks, including long-term climate policy support and investment-enabling institutions, may be important for improving the financial resilience and long-term viability of green equity instruments. From a sustainability transition perspective, the observed volatility and market dependence of sustainability-oriented equity indices may constrain their effectiveness as standalone market-based financing mechanisms without complementary institutional and policy support.

Purpose This study aims to identify the factors influencing the adoption of machine learning in libraries. It also aims to reveal challenges linked to implement machine learning in library settings. Design/methodology/approach Systematic literature review methodology was applied to address the study’s objectives. Twelve digital databases and Google Scholar were used to conduct the study. Findings The findings showed that enhanced user experience, operational efficiency, strategic value, technological innovation and capacity building were the key factors influencing the adoption of machine learning in libraries. Results also revealed that financial constraints, skills deficiency, ethical concerns and integration challenges negatively affected the adoption of machine learning in library settings. Originality/value This study has developed a framework based on evidence-based findings to adopt machine learning-based systems and services in libraries. It has provided significant theoretical, managerial, methodological, economic and policy and social implications through the addition of valuable literature to the existing body of knowledge.

The Money Services Business (MSB) Act was passed to stop money laundering and combat the funding of terrorism in Malaysia. However, the Act is limited to licensed MSB operators, like money changers and remittance providers, not SMEs in general. Many SMEs function as users of digital payment systems rather than possessing MSB licenses. This distinction is therefore important when assessing the regulatory impact. The current review study contextualises the effects of the MSB Act and more general AML/CFT regulatory requirements on the adoption of digital payments among Malaysian SMEs, with a focus on (i) licensed MSB operators and (ii) non-MSB SMEs interacting with regulated payment intermediaries. The study examines the regulatory requirements, such as Know Your Customer (KYC), Customer Due Diligence (CDD), Ongoing Due Diligence (ODD), and suspicious transaction reporting, using institutional theory, Diffusion of Innovation Theory (DIT), and Technology Acceptance Model (TAM). The results show that while non-MSB SMEs experience indirect compliance effects because of onboarding requirements, payment provider controls, and documentation demands imposed by regulated intermediaries, MSB-licensed SMEs bear a great deal of the direct compliance burdens. The article offers policy recommendations to regulatory bodies, including Bank Negara Malaysia, SMEs, payment service providers, and technology providers, to achieve a balance between financial integrity and digital payment innovation in emerging economies like Malaysia.

This study develops an XAI-driven Digital Twin Audit Framework designed to enhance cybersecurity risk assurance within capital market environments, with empirical evidence from the Egyptian Exchange (EGX). Purpose: The research aims to address the growing limitations of traditional audit approaches in detecting, simulating, and inter-preting cybersecurity threats that affect financial integrity and operational continuity in highly digitalized trading ecosystems. Method and Design: The study adopts a multi-layer digital twin architecture combining real-time market data, process simulation, attack vector modeling, and explainable AI (XAI) analytics. A mixed-method empirical design is applied, integrating trading logs, cybersecurity incident records, and interviews with auditors, IT security specialists, and EGX operational experts. Approach: The framework simulates cyber-attacks (e.g., order-book manipulation, API hijacking, DDoS scenarios) to assess their impact on control effectiveness, data integrity, and audit risk judgments. XAI models provide interpretable insights to support professional skepticism and enhance audit decision-making. Findings: Results indicate that digital twin-enabled auditing improves early detection of anomalies, strengthens the assessment of cyber-risk materiality, and significantly enhances assurance over IT controls and data reliability. The XAI layer increases trans-parency and enables auditors to justify risk-based decisions more accurately. Originality and Value: This research is the first to integrate digital twin technology and XAI into an audit framework for cybersecu-rity assurance in an emerging-market stock exchange. Theoretical Implications: It advances audit theory by embedding simulation and explainable analytics within the risk assessment process. Practical Implications: It offers regulators, audit firms, and stock exchanges a scalable tool for cyber-assurance. Social Implications: Enhancing cybersecurity assurance supports investor confidence, market stability, and financial system resili-ence.