This study conducts a comprehensive bibliometric analysis of scholarly research on green economy and sustainable finance from 2014 to 2024. Drawing upon a dataset of 692 peer-reviewed publications indexed in Scopus and analysed using the Bibliometrix R package, the study maps the field’s intellectual landscape, thematic development, and collaborative networks. The findings reveal a consistent increase in scientific output, with a pronounced surge in publications after 2018. This growth trend aligns with global policy milestones such as the Paris Agreement, the European Union [EU] Sustainable Finance Action Plan, and the proliferation of Environmental, Social, and Governance [ESG] integration and green bonds. China emerges as the most productive country, while institutions such as Jiangsu University, the Southwestern University of Finance and Economics, and the Lebanese American University lead in publication volume and collaboration intensity. Keyword co-occurrence and thematic mapping identify dominant themes related to green finance, environmental sustainability, ESG frameworks, and renewable energy, alongside emerging topics like climate risk disclosure and transition finance. Conceptual and co-word network analyses further reveal the interdisciplinary integration of finance, economics, policy, and environmental science. The study also demonstrates the growing decentralization of institutional influence and the rise of both North–South and South–South collaborations. These findings offer valuable insights into the evolving structure of research in sustainable finance and inform future academic inquiry and policy development.

Purpose This study examines the relationship between financial literacy, vulnerability to financial fraud, and perceptions of the digital euro, highlighting their influence on trust and readiness to adopt central bank digital currencies (CBDCs). In particular, it investigates the potential of the digital euro not only as a tool for enhancing the efficiency and security of cross-border payments but also as a means to foster financial inclusion and mitigate fraud-related risks through increased transparency and traceability. Design/methodology/approach The research adopts a quantitative approach using data from a Computer-Assisted Web Interviewing (CAWI) survey. The questionnaire included 38 items on financial literacy, fraud risk, and attitudes toward digital payments, including the digital euro. A total of 502 valid responses were analysed. Chi-square tests were performed to assess associations among categorical variables across demographic groups. Findings Results show that higher financial literacy significantly reduces vulnerability to fraud and promotes more favourable views of the digital euro. Financially literate people are more aware of risks, adopt preventive behaviours and show greater openness to emerging financial technologies. Research limitations/implications The study is limited by its regional scope and cross-sectional design, which can restrict the generalisability of the findings in different cultural and institutional contexts. Future research could employ longitudinal and cross-country analyses using advanced statistical methods to strengthen causal interpretation and capture dynamic changes in financial behaviour. Originality/value The article demonstrates the dual role of financial literacy as both a safeguard against fraud and a catalyst for the adoption of digital currencies, offering insights for policy and education in the evolving European financial landscape.

The emergence of cryptocurrencies has revolutionised the global financial landscape, providing a decentralised alternative to traditional investment instruments. With this rise, online information, particularly from social media platforms, has become a powerful influence on investor behaviour, especially in how risk is perceived and managed. This study examines the influence of online information on cryptocurrency risk perception and adoption, with a focus on the mediating roles of financial literacy, perceived value, and perceived risk. The research further examines how demographic factors such as age, gender, education, and income influence these dynamics. Employing a quantitative research design, the study draws on data collected through a structured online survey distributed via Google Forms between April and May 2025. The survey was administered to 200 active users of cryptocurrency-focused Telegram groups, selected using purposive and snowball sampling methods. Telegram was chosen as the primary platform due to its unrestricted communication features and strong presence among retail crypto investors. The survey instrument was divided into three key sections: demographic details, a financial literacy scale, and validated measures for perceived risk, perceived value, and cryptocurrency adoption. Data were analysed using Structural Equation Modelling with Partial Least Squares (SEM-PLS). The findings reveal that financial literacy significantly reduces perceived risk and enhances perceived value, both of which strongly influence an individual's intention to adopt cryptocurrencies. Perceived risk acts as a critical barrier, while perceived value serves as a powerful motivator. Intention, in turn, is the most significant predictor of actual adoption. Additionally, linear regression analysis confirms that demographic factors, particularly education and income, have a significant impact on adoption behaviour. From a managerial perspective, the study underscores the importance of targeted investor education and transparent digital communication. Financial institutions and fintech platforms should prioritize building trust and reducing complexity by addressing misinformation prevalent on social media channels. For regulators, the findings call for policies aimed at improving digital financial literacy and establishing safeguards against misleading online content. The study contributes to theoretical advancements in behavioural finance by embedding cognitive constructs, such as perceived value and risk, within a framework of online information exposure. It aligns with models like the Theory of Planned Behaviour and UTAUT, emphasising intention as a key mediator of technology adoption. Finally, the study suggests future research directions, including longitudinal studies, qualitative methods, and cross-cultural analyses to further explore the evolving relationship between online information, risk perception, and cryptocurrency adoption.

Many young adults lack the necessary skills to follow a sustainable budget, responsibly manage debt, and plan for future spending needs. However, financial education interventions, although common, are often unsuccessful. Cognizant of today’s financial landscape, we conducted a six-study mixed-methods needs assessment framed around social cognitive theory and informed by data collected on young adults in the United States to explore young adults’ (a) financial literacy knowledge and skills gaps and (b) barriers to effective financial behavior. Our findings converged around two primary knowledge and skills gap factors (income and debt management) comprising six subfactors (budgeting, long-term planning, investing, credit cards, student loans, and core financial concepts) and three behavioral barriers factors (cognitive, behavioral, and environmental) comprising seven subfactors (proactiveness, emotions, self-efficacy, priority, education funding source, social environment, and the economy). Our findings provide insight into how to design future financial literacy interventions to increase today’s young adults’ financial knowledge and support improved financial decision-making.

I.ABSTRACT This paper explores the changing tax planning and financial behavior landscape in India, particularly with regard to the transition from previous generations to Generation Z professionals. Findings suggest that age and maturity are key considerations in tax planning, with previous generations taking a more scientific approach to financial planning, while younger people require simpler instruments for savings because of a lack of understanding about more complex planning strategies. More recent findings suggest that while Indian students and young professionals have a broad understanding of taxation concepts, they often lack a detailed understanding of particular procedural requirements and legalities. This is an important consideration, as it would appear that the inclusion of formalized tax education within academic institutions is a necessary step in ensuring that young professionals become responsible, tax-savvy citizens who can effectively manage the complexities of the Indian tax system. The literature also examines the role of financial literacy as the key driver of budgeting, savings, and intelligent investment decisions among young professionals. However, it is suggested that while digital access to information is important, it is not necessarily a key driver of sound financial decision-making; rather, behavior, psychological considerations, and social support are more important in determining actual financial well-being. Generation Z professionals are often characterized as a group of "cautious optimists" who "hustle" towards financial independence by combining family influence with personal income. They are also said to play a "dual game" in which they secure their financial futures through traditional means such as SIPs, equity, and gold, while also seeking high-risk opportunities in the world of crypto. Despite their tech-savviness, their journey is often influenced by herd mentality and the fear of loss first, which shows that their financial peace is more dependent on behavioral changes than simply using technology. Comparative studies between generations reveal that, whereas Gen X focuses on stability and the “long game,” Gen Z requires ethical and sustainable solutions and high-risk digital assets. Interestingly, older millennials tend to be more confident in navigating complex financial regulations than Gen Z. The lack of experience and confidence in navigating financial regulations acts as a barrier, preventing Gen Z from participating in more organized and proactive tax planning. Moreover, studies on compliance behavior reveal that institutional factors, particularly the use of e-filing systems and tax penalties, have a more substantial positive effect on compliance than tax knowledge alone. Keywords: Generation Z, Tax Planning, Financial Literacy, Tax Compliance, Investment Behavior, Digital Taxation, Indian Taxpayers, Financial Awareness.

This research aims to determine whether heuristics bias mislead financial decision into more accurate ones or not among individuals in Uttar Pradesh. Utilizing a sample size of 60 participants, this study investigates the impact of heuristic biases on financial decision-making, with a particular focus on overconfidence, anchoring, availability, representativeness, and gambler fallacy bias. By analysing the ways these biases shape financial choices, the research highlights how individuals often depend on mental shortcuts instead of thorough, systematic analysis. Findings reveal that reliance on these heuristics frequently results in suboptimal investment decisions, increased risk misjudgement, and market inefficiencies. The study identifies distinct behavioural tendencies—such as preference for recent information, pattern recognition, and confirmation of existing beliefs—that drive investors to bypass comprehensive evaluation in favour of quick judgments. Ultimately, this research will contribute to a deeper understanding of investors behaviour in the contemporary financial landscape.

Examining the financial landscape of emerging economies, sustainable banking is the new reality, driven by tighter regulations, ESG disclosure requirements, and investors seeking banks that can weather economic downturns. Coming into this space in a hurry, “green banks” or “sustainable banks” are still being studied to see if they offer higher returns than traditional banks, and they are being referred to as the way of the future. The study examined the stock performances of 38 listed banks from 2020 to 2024 and compared the day-to-day performances of green and conventional banks. The returns of both types of banks were roughly the same, but the green banks showed consistently lower volatility and bounced back more quickly from economic slumps. A closer examination of the study also revealed that a bank’s profitability and level of debt were the primary determinants of its shareholder returns, but that sustainability was not a significant factor in forecasting returns. Additionally, the green banks had a soothing effect in calming the market, but it was not enough to transform the investment.

Purpose: This study explores how green bonds and impact investments contribute to advancing Environmental, Social, and Governance (ESG) objectives within Zambia’s evolving financial landscape. It responds to the country’s exposure to climate vulnerability, energy insecurity, biodiversity loss, and persistent socio-economic challenges, positioning sustainable finance as a key mechanism for mobilizing long-term capital toward inclusive and low-carbon development pathways. Methodology: The study employs a qualitative analytical approach based on a review of policy frameworks, regulatory instruments, and market evidence related to sustainable finance in Zambia. Particular attention is given to the Zambia Green Finance Taxonomy (ZGFT), early green bond issuances, and selected impact investment initiatives, assessing their alignment with national development priorities and ESG principles. Findings: The analysis finds that green bonds finance renewable energy, climate-resilient infrastructure, and environmental conservation while delivering social co-benefits such as employment and community development. Impact investments complement these outcomes by supporting health, education, and biodiversity projects, strengthening governance and measurable ESG performance. Nevertheless, regulatory fragmentation, limited technical capacity, and weak project-preparation mechanisms continue to constrain market scalability in Zambia’s context. Unique Contribution to Theory, Policy and Practice: The study contributes to sustainable finance theory by extending ESG and impact investment analysis to a climate-vulnerable, lower-income economy. From a policy perspective, it underscores the importance of regulatory harmonization, capacity building, blended-finance approaches, and project-preparation facilities to de-risk investments. Practically, it offers insights for policymakers, investors, and development partners seeking to position Zambia as a regional leader in sustainable finance, leveraging green bonds and impact investments to enhance climate resilience and inclusive economic growth.

The prediction of credit facility defaulters is quite a challenge in Uganda, particularly for those without a formal banking history. Existing prediction models cater for prediction using conventional banking records which is not sufficient. The use of integrated data to cater for the unbanked population is required to further enhance financial inclusivity and stability in Uganda’s financial landscape. This study therefore aims at filling this gap by using machine learning techniques on a rich blend of financial data, including mobile money and Fintech (Financial Technology) services, as well as traditional banking records. Several machine learning algorithms used for loan default prediction were compared, such as Random Forest, Logistic Regression, Support Vector Machines (SVM), and Extreme Gradient Boosting (XGBoost). Random Forest Model showed 96.66% accuracy, 79.65% recall, 96.52% precision and 0.85 AUC. XGBoost model was found to have an accuracy of 95.23%; recall, 73.32%; precision, 94.11%; and Area Under the Curve (AUC) of 0.81. However, Random Forest performed best by all metrics with XGBoost following slightly. Logistic Regression showed 89.53% accuracy but had a very low recall at 43.24% and precision at 66.59%. SVM performed averagely with 93.21% accuracy and 62.80% recall all falling below that of XGBoost and Random Forest. Thus, the study revealed the significance of machine learning models like Random Forest and XGBoost for credit scoring prediction. Overall, it will improve the ability of institutions and policymakers to identify potential default borrowers so as to mitigate loan default rates and ensure economic growth in underserved communities through more accurate and inclusive credit evaluation tools.

Alternative Investment Funds (AIFs) have become an important source of funding for startups in India. This is especially true because traditional banks often hesitate to provide credit due to high risk, lack of collateral, and uncertain revenue streams. AIFs are regulated under the SEBI (Alternative Investment Funds) Regulations, 2012. They include Venture Capital Funds, Angel Funds, and Private Equity Funds, which are essential in supplying early-stage, growth, and expansion capital to innovative and promising businesses. These funds offer not just financial support but also bring in management expertise, strategic advice, mentorship, and market access. This assistance improves the chances of startups surviving and thriving. Their contributions drive innovation, promote entrepreneurship, create jobs, and aid economic growth. This aligns well with national initiatives like Startup India and Atmanirbhar Bharat. Despite facing challenges such as regulatory issues, high risk, and exit uncertainties, AIFs continue to boost India’s startup ecosystem and financial landscape. This study looks at the role, significance, economic impact, and policy support surrounding AIFs in financing startups in India, emphasizing their increasing importance in building a vibrant and resilient entrepreneurial economy

The rise of digital transformation in the global financial landscape has reshaped how people manage, store, invest, and spend their money. Indonesia, as one of the most rapidly developing nations in Southeast Asia, has experienced a notable growth in the utilization of financial technology (fintech). Within this development, the millennial generation represents the largest group of fintech users, yet they also remain highly susceptible to poor and unsustainable financial practices. This study aims to examine how digital financial literacy impacts sustainable financial behavior, incorporating self-control as a mediating factor and fintech trust as a moderating factor. A quantitative method was applied using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with the SmartPLS 3.2.9 software. Data were gathered from 250 millennial fintech users located in South Kalimantan. The results reveal that digital financial literacy significantly improves sustainable financial behavior, both directly and indirectly through the role of self-control. However, fintech trust does not significantly moderate this relationship. These results broaden the application of Behavioral Finance Theory by highlighting that digital financial behavior is shaped not only by rational economic decision-making but also by psychological aspects such as self-regulation and trust in fintech systems. The study offers empirical insights into digital financial literacy in developing economies and provides practical recommendations for policymakers and fintech companies to strengthen digital financial education and public trust strategies.

The Securities Commission Islamic Fund and Wealth Management Blueprint 2017 was the precursor for the establishment of waqf-featured funds in Malaysia. This is in line with the intention of Bank Negara Malaysia to employ social finance for the delivery of social goods and services. To date, there are five unit trust funds and one wholesale fund that are linked with waqf. The former are the Makmur myWakaf Fund, PMB-An-Nur Waqf Income Fund, Kenanga Waqf Al-Ihsan Fund, Maybank Mixed Assets-I Waqf Fund, and BSN Dana Wakaf Al-Ikhlas. Yet to the knowledge of the researchers, there is a dearth of studies that examine the performance of these funds. This could be attributed to the fact that the first unit trust waqf-featured fund, the Makmur myWakaf Fund, was only launched in 2021. Therefore, this study aims to compare the performance of unit trust waqf funds and identify the top consistent fund. By employing the modified Sharpe ratio method, we found that the top consistent fund is PMB An-Nur Waqf fund while the Makmur myWakaf fund should be considered for further analysis. This study is significant to aid investors in making sound decision in regards to unit trust waqf investments and may help the finance regulatory institution to further develop the social finance landscape in Malaysia.

Abstract This study explored the impact of e-banking service quality (EBSQ) on customer loyalty (CL) in Sierra Leone's banking sector, using customer satisfaction (CS) and trust as mediating variables. Using a quantitative research approach, structural equation modelling (PLS-SEM), 500 valid responses were collected from e-banking users across the commercial banks in Sierra Leone. The results showed that EBSQ significantly impacts CS, trust and CL. It also shows that CS and trust directly impact CL, emphasising their essential role in building long-term customer relationships. The mediation analysis indicated that CS and trust partially mediated the relationship between EBSQ and CL, suggesting that higher EBSQ indirectly leads to higher CL through greater satisfaction and trust. The study highlights the importance of digital service quality, relational factors in maintaining CL in developing economies. These findings offer valuable insights for banks seeking to optimise e-service strategies, improve digital customer experiences in Sierra Leone's evolving financial landscape.

This study explores the impact of Bitcoin on the Indonesian banking sector, emphasizing both the innovative opportunities and the challenges it presents. The research highlights Bitcoin's potential to enhance financial inclusion and drive technological growth while also identifying significant hurdles such as regulatory issues, security risks, and market volatility. Utilizing a mixed-methods approach, the study provides a nuanced analysis of Bitcoin's dual role as both a beneficial and threatening force within the financial landscape. It categorizes research variables into dependent, independent, and control groups to better understand their interactions and influence on traditional banking systems. The paper identifies a critical gap in existing literature regarding Bitcoin's specific effects on Indonesian banking operations, offering an empirical foundation for future research. The findings underscore the evolving regulatory frameworks and Bitcoin's complex role in the banking sector, highlighting the need for strategic management and careful regulation to harness its potential benefits while mitigating associated risks.

Abstract This article examines how financial institutions functioned as “carriers of history” in the American South’s economic development through two pivotal transformations. Using an evolutionary economic geography framework, I argue that distinct monetary-financial arrangements created path-dependent trajectories that reshaped the region’s economic landscape. In the antebellum period, state-level banking regulations, unit banking and agricultural credit systems produced a fragmented, undercapitalised financial system that became “locked in” through increasing returns and institutional complementarities. This initial configuration constrained industrial development and urbanisation, reinforcing the South’s peripheral economic status. The second transformation occurred during the post-Depression and post-WWII eras, driven by federal interventions, technological innovation and interstate banking. This shift created a new financial landscape characterised by increased capital availability and emerging regional financial centers — essential conditions for the South’s “economic revolution” in the latter 20th century. The analysis reveals how financial institutions can both constrain and enable regional economic transformation through path-dependent processes.

ABSTRACT: Digital payments and transactional payment systems have significantly transformed the global financial landscape by enabling fast, secure, and cashless transactions. The increasing adoption of smartphones, internet connectivity, and financial technologies has accelerated the shift from traditional cash-based payments to digital platforms. This study examines the concept, evolution, and importance of digital and transactional payments, highlighting their role in enhancing convenience, efficiency, and financial inclusion. The research also analyzes the advantages and challenges associated with digital payment systems, including security concerns, regulatory issues, and technological barriers. The findings suggest that while digital payments offer substantial economic and operational benefits, addressing cybersecurity risks and digital literacy is crucial for their sustainable growth. KEYWORDS: Digital Payments, Transactional Banking, UPI, Financial Inclusion, Banking Technology, India

The rapid advancement of India’s digital economy following the COVID-19 pandemic—fueled by initiatives such as UPI transactions, e-wallet usage, and electronic Know-Your-Customer (e-KYC) systems—has enhanced financial accessibility while simultaneously intensifying exposure to online financial fraud. This study adopts a quantitative cross-sectional design, surveying 100 participants from varied demographic backgrounds, including 29 victims of digital fraud and 71 non-victims. Standardized psychological measures (PHQ-9, GAD-7, and the PTSD Checklist-PCL) were linguistically and culturally adapted for Indian respondents. Statistical results revealed significantly elevated levels of depression (M = 12.7), anxiety (M = 11.3), and post-traumatic stress (M = 36.4) among victims compared to non-victims (p < .01). Furthermore, mental-health distress showed a strong negative relationship with perceived digital trust (r = –.52, p < .001). These outcomes suggest that the repercussions of online financial fraud extend well beyond monetary loss, manifesting in profound psychological distress and diminished confidence in digital platforms. The findings highlight the urgent requirement for trauma-responsive, mental-health-integrated policies to strengthen user resilience in India’s rapidly expanding digital finance landscape.

This study examines the evolving landscape of loss and damage finance within and beyond the United Nations Framework Convention on Climate Change, highlighting the Republic of Vanuatu's significant role in shaping both global policy and national practice. Through a comparative analysis of Vanuatu's engagement in international processes, including at the International Court of Justice, and its domestic innovations, such as locally constructed loss and damage funding modalities, devolved decision-making, and grassroots policy-lab approaches, the study reveals how small island developing states have been able to drive conceptual and institutional advances in loss and damage resourcing. The study considers how principles of subsidiarity, complementarity, coherence, and direct access have been used by Vanuatu's political and technical stakeholders to contest dominant, top–down models of climate governance and provide a compelling framework for operationalizing new loss and damage funding arrangements, including the Fund for Responding to Loss and Damage (FRLD). The findings underscore the transformative potential of locally rooted climate justice approaches to reshape global funding architectures in ways that are more inclusive, effective, and grounded in the lived realities of frontline communities in small island developing states.

Type of the article: Research ArticleAbstractThe balance between stability and profitability in banking systems has gained renewed urgency as rising interest rates, persistent inflation, and credit risks reshape the global financial landscape. Regulators, such as the IMF, ECB, and OECD, emphasize that while robust capital buffers are indispensable for resilience, excessive capitalization may constrain lending. In contrast, weak asset quality undermines returns regardless of capital strength. Against this backdrop, this article aims to explore how capital adequacy and asset quality jointly influence bank profitability. The analysis uses IMF Financial Soundness Indicators for 133 countries over 2010–2024 and applies two-way fixed-effects panel regressions with Driscoll-Kraay robust inference. The results reveal a consistently concave relationship: Tier 1 capital to assets is positively related to return on assets (ROA) with diminishing returns, though the turning point lies at an implausible 161.7%. In contrast, Tier 1 capital to risk-weighted assets shows an economically plausible peak around 26.3%, with gains tapering beyond that level. Within typical ranges (15-20% RWA), a one percentage point increase in capital is associated with a 0.06-0.03-point rise in ROA, but additional accumulation yields little benefit. Asset quality exerts a strong negative influence, with a 1-point increase in non-performing loans lowering ROA by 0.04-0.05 points, while liquidity remains statistically insignificant. These findings highlight that capital deepening contributes to profitability only up to moderate levels, and that poor asset quality can offset the benefits of stronger capital buffers, underscoring the need for integrated regulatory approaches to stability and performance.

The rapid proliferation of digital currencies, including the emergence of central bank digital currencies (CBDCs), is transforming the global economy. This shift unleashes new opportunities alongside regulatory challenges that will reshape the financial landscape through 2030. It prompts critical questions about monetary stability, the future of traditional banking, and the demand for robust international governance. This paper explores the multifaceted digital currency revolution, analysing drivers of adoption, technological readiness, and public acceptance—particularly in major economies such as Bangladesh, China, and India. Employing a mixed-methods approach, this study integrates quantitative data analysis with qualitative policy review. The qualitative component draws on an extensive literature review of academic publications, industry reports, and news analyses. Quantitative data, sourced from central bank reports, government publications, and adoption statistics since 2020, emphasizes metrics like infrastructure readiness, public acceptance, and adoption rates in Bangladesh, China, and India. Findings reveal a complex and uneven path to digital economies. Digital currencies increasingly pressure traditional banking models and complicate monetary policy implementation. The transition demands tailored, far-reaching reforms by governments and financial institutions. Notably, the interplay between state-backed CBDCs, legacy financial systems, and decentralized cryptocurrencies fosters a dynamic, unpredictable environment. KEYWORDS- Digital Currencies, Regulatory Challenges, Monetary Policy, Central Bank,