Financial Management Practices Research Articles

A Study of Retirement Preparedness among Malaysian Female Millennials

The purpose of this study is to examine the effect of financial literacy, financial stress, financial management practices, saving behaviour, household size and income adequacy, on Malaysian female millennials’ retirement preparedness. A total of 268 questionnaires were self-administered and collected from Malaysian female millennials residing and working in the Klang Valley aged between 26 to 41 years old using a purposive stratified sampling method. Regression analyses were performed using SPSS software to determine the influence of variables investigated on retirement preparedness. Findings indicate that financial literacy level (β = 0.154, t-statistic = 2.669), financial stress level (β = 0.108, t-statistic = 2.207), saving behaviour (β = 0.281, t-statistic = 5.713) and household size (β = 0.242, t-statistic = 2.616), have significant positive effects on retirement preparedness. Income adequacy (β = – 0.298, t-statistic = – 2.595) on the other hand, is significantly and negatively associated with retirement preparedness, while financial management practices are found to have no influence. This study contributes to extant literature by examining the increasingly significant segment of the working population in our country. Hence, our findings should provide more insights to interested stakeholders in designing new or improving existing financial planning programs or mechanisms, particularly those related to retirement to better promote sound retirement planning among Malaysian female millennials.

Analysis of Intelligent Financial Management Systems in Enterprises

With the advent of the era of artificial intelligence, traditional corporate financial management cannot adapt to the rapid development of modern economic society and scientific and technological progress. Therefore, they need to pay more attention to digital transformation and artificial intelligence. Artificial intelligence is a new technology that has changed the business and operation models of various industries and has put forward new requirements for corporate financial management. This paper explores the concept of intelligent finance, delves into the principles underlying intelligent financial management, discusses the significance of adopting intelligent financial management practices, and proposes a roadmap for constructing a intelligent financial management system.

Internal control and financial management in the treasury of a Caribbean religious organization

This study investigates the role of internal control in predicting financial management within the Treasury Department of a Religious Organization in the Caribbean, aiming to address financial mismanagement issues prevalent in faith-based organizations. Utilizing a non-probabilistic quota sampling method, 733 church treasurers were surveyed, with 147 treasurers forming the final sample, ensuring demographic diversity. Data collection employed a reliable questionnaire adapted from prior research. Results from simple linear regression analysis revealed that internal control significantly predicts financial management, explaining 69.2% of the variance. The findings underscore the importance of robust internal controls in enhancing financial management practices within religious organizations. Strengthening internal control mechanisms is crucial for fostering credibility and member loyalty, thereby promoting financial and spiritual well-being in faith-based institutions.

A Study on the Digital Transformation Trends in Financial Management for Small and Micro Enterprises

This paper explores the impact of digital transformation trends on the financial management practices of small and micro enterprises (SMEs). It delves into the profound effects these trends have had on how SMEs handle their finances, from enhanced efficiency and transparency to new opportunities and challenges posed by technological advancements. The paper discusses how digital transformation has revolutionized the way SMEs collect, store, and analyze financial data, and how it has increased the transparency of SMEs’ financial operations. It also highlights how the application of digital technologies in financial management has opened up new avenues for SMEs to access financing and facilitated their integration into the global economy. However, the paper also acknowledges the challenges that come with the digital transformation of financial management in SMEs, such as data security concerns and the cost of adopting and maintaining digital financial management systems. Despite these challenges, the paper concludes that the overall impact of digital transformation on SME financial management has been overwhelmingly positive. It also discusses the significant impact of digital transformation on the way SMEs conduct their financial planning and budgeting. The paper further explores the various applications of digital technologies in the financial management of SMEs, focusing on areas such as automation, data analytics, cloud computing, blockchain, and artificial intelligence. It emphasizes the importance of integrating these technologies to create a comprehensive financial management system that is both efficient and effective. Finally, the paper explores the primary challenges encountered during digital transformation and outlines effective strategies for advancing this process in SMEs. It concludes that by adopting cost-effective solutions, seeking external expertise, fostering a culture of change, and prioritizing data standardization, SMEs can successfully navigate this transformation and reap the benefits of increased efficiency, transparency, and competitiveness.

Dynamic Capabilities and Competitive Advantage of Deposit Taking Savings and Credit Cooperative Societies in Nairobi City County, Kenya

Despite providing financial support and access to over 48% of the adult population and 82% of small enterprises in Kenya, Deposit Taking Savings and Credit Cooperatives faced intense competition from other financial institutions, leading to reduced competitiveness. The general objective of the study was to investigate the effect of dynamic capabilities on the competitive advantage of Deposit Taking Savings and Credit Cooperatives in Nairobi City County, Kenya. The specific objectives were to explore the effect of marketing capability, knowledge management capability, technological innovation capability, financial management capability on the competitive advantage of Deposit Taking Savings and Credit Cooperatives in Nairobi City County, Kenya. The study was grounded in Marketing Mix Theory, Knowledge-Based Theory, Technology Acceptance Theory, Resource-Based Theory, Dynamic Capabilities Theory, and Competitive Advantage Theory. It employed a descriptive research design, with a target population of 47 Deposit Taking Savings and Credit Cooperatives operating in Nairobi City County. The units of observation included 384 top and middle-level management staff in key departments. The study used a stratefied random sampling for sampling, involving all 47 Deposit Taking Savings and Credit Cooperatives in Nairobi. Additionally, a sample of 196 top and middle management staff was selected using the Yamane Formula. A structured survey tool was utilized for gathering data. Secondary data on competitive advantage was sourced from published articles, referred journals, and other relevant materials. The data gathered included both quantitative and qualitative elements, analyzed descriptively and inferentially, with averages, frequencies, and percentages serving as useful metrics. Qualitative data was analyzed using content analysis and presented in narrative form. The relationships between variables were examined through regression analysis, with tables used to summarize responses. The study analyzed the response rate to understand the participation and engagement level of 196 respondents in a sample of Deposit Taking SACCOs, consisting of 55 senior managers and 141 middle-level managers. The overall response rate was 94.4%, with senior managers returning 90.9% of questionnaires and middle-level managers returning 95.7%. The regression analysis showed that marketing capability, knowledge management capability, technological innovation capability, and financial management capability had a significant positive impact on the competitive advantage of Deposit Taking SACCOs in Nairobi City County. These capabilities contributed to competitive advantage through various factors, such as market expansion, communication efficiency, and financial stability. Recommendations for SACCOs included developing strong marketing strategies, implementing knowledge management systems, investing in robust technology, and enhancing financial management practices. Suggestions for future studies encouraged further exploration of dynamic capabilities and competitive advantages in SACCOs, as well as other financial institutions in Kenya.

Project Management Practices and Implementation of Somali Humanitarian Fund Projects by Local Non-Governmental Organizations in Mogadishu, Somalia

The effective management and control of a project are fundamental to its success. In the context of intricate projects, such as those associated with the Somali Humanitarian Fund (SHF), strict adherence to a defined scope, schedule, and budget is crucial to attaining the desired outcomes. Humanitarian and Development (SHF) projects carried out by local NGOs in Mogadishu, Somalia. The specific goals of the study included scrutinizing the role of communication in SHF project performance, evaluating the impact of planning on project success, assessing the effects of financing on project performance, and determining the importance of monitoring and evaluation in the implementation of SHF projects. The study was grounded in the Theory of Change, Management by Objective Theory, Adaptive Structuration Theory, and the Theory of Constraints. Employing a descriptive survey design, the research involved a population of 50 SHF projects. Data collection utilized a semi-structured questionnaire, and the analysis was conducted using SPSS, with findings presented through mean scores, standard deviation, and percentages. The findings highlight the critical role of effective communication, comprehensive planning, adequate financing, and robust monitoring and evaluation (M&E) mechanisms in project success. Communication challenges were identified as hindrances to timely project completion, emphasizing the need for improved communication channels and strategies. Planning was deemed essential, but the recognition of inadequate planning as a challenge suggests a need for capacity building and best practice adoption. Financial support was seen as crucial, but there's room for improved assessment by financiers to ensure transparency. M&E processes were acknowledged as integral, yet areas like demonstrating corrective actions and aligning deliverables with objectives need attention for enhanced effectiveness and accountability. Recommendations include enhancing communication channels, bolstering planning capacities, improving financial management practices, and institutionalizing M&E processes. These steps aim to mitigate challenges, optimize resource utilization, and maximize the impact of SHF projects on vulnerable populations in Mogadishu.

THE INVESTMENT PATTERN AND BANKING NEEDS OF THE HOUSING SOCIETIES.

THE INVESTMENT PATTERN AND BANKING NEEDS OF THE HOUSING SOCIETIES THE INVESTMENT PATTERN AND BANKING NEEDS OF THE HOUSING SOCIETIES. UNDER THE GUIDANCE OF Prof. Reji john SOB, GALGOTIAS UNIVERSITY SUBMITTED BY Bineet yadav 22GSOB2010640 MBA 2022-2024 SCHOOL OF BUSINESS GALGOTIAS UNIVERSITY ABSTRACT This study delves into the investment patterns and banking requirements of housing societies, examining their financial management practices for sustainability and growth. Through a comprehensive analysis of market dynamics, company performance, risk assessment, valuation methods, investment strategies, and portfolio management, this research aims to provide insights into effective financial decision-making within the housing society sector. • Market Analysis: The market analysis section explores the macroeconomic factors influencing the housing society sector, including demographic trends, urbanization rates, regulatory environment, and economic indicators. It assesses the demand for residential properties, rental yields, and competition among housing societies. Additionally, it examines the impact of market volatility and economic cycles on investment decisions within the sector. • Company Analysis: Company analysis focuses on the financial performance and operational efficiency of housing societies. It evaluates key metrics such as revenue growth, profit margins, asset utilization, and liquidity ratios to assess the financial health of individual housing societies. Furthermore, it examines governance structures, management capabilities, and strategic initiatives undertaken by housing societies to enhance shareholder value and mitigate risks. • Risk Assessment: Risk assessment involves identifying and evaluating various risks inherent in investing in housing societies. These risks may include market

Integrating accounting fintech innovations in the U. S. healthcare sector: opportunities, challenges, and impacts on financial management and patient care

Integrating accounting fintech innovations in the U.S. healthcare sector presents significant opportunities for enhancing financial management and patient care. This paper examines the current landscape of accounting fintech solutions in healthcare, highlighting key opportunities, challenges, and impacts on financial management and patient care. The healthcare industry is increasingly adopting fintech innovations to streamline financial processes, improve efficiency, and enhance patient care. Accounting fintech solutions such as automated billing and payment systems, blockchain technology for secure transactions, and predictive analytics for financial forecasting are revolutionizing financial management practices in healthcare organizations. However, integrating accounting fintech innovations in the healthcare sector also presents several challenges. These include concerns about data security and privacy, the need for regulatory compliance, and the potential for disruption to traditional financial management practices. Addressing these challenges will be crucial to realizing the full potential of accounting fintech in healthcare. The impact of integrating accounting fintech innovations in the U.S. healthcare sector is significant. Improved financial management practices can lead to cost savings, increased revenue, and better resource allocation, ultimately benefiting both healthcare organizations and patients. Additionally, enhanced financial transparency and efficiency can lead to improved patient care outcomes and experiences. In conclusion, integrating accounting fintech innovations in the U.S. healthcare sector offers numerous opportunities for improving financial management and patient care. However, this integration also presents challenges that must be addressed to realize these benefits fully. By overcoming these challenges and leveraging the potential of accounting fintech, healthcare organizations can enhance their financial management practices and provide better care to their patients.

Optimizing retail prosperity: Strategic working capital management and its impact on the global economy

This study explores the critical role of the retail sector in the global economy and the importance of working capital management within retail businesses. Recognizing retail’s influence beyond just income generation, the research examines its impact on economic stability, job creation, and national GDP, and how it links industries such as manufacturing and logistics. Employing a blended-methods approach, the study integrates quantitative analysis using AMOS software with qualitative insights from interviews with financial managers and retail experts. Key focus areas include cash flow management, market demand, and supplier relationship management in the context of working capital management. Findings highlight the necessity of effective working capital management in maintaining financial stability, optimizing shareholder wealth, and ensuring long-term business viability in the retail sector. Strategies for enhancing profitability, such as improving supplier relationships and adapting to market demands, are identified. This research contributes to understanding the economic impact of the retail sector and the intricacies of working capital management. It offers insights for policymakers, retail managers, and academics, emphasizing the need for supportive retail industry measures and effective financial management practices. The study fills a gap in literature and sets a foundation for future research in this critical area of economic studies and retail management.

The Role of Economic Education in the Family on the Consumptive Behavior of University Students

Consumptive behavior is a behavior in humans where people spend their money to fulfill needs that tend to prioritize not only needs but unrestrained wants. This behavior is identical to the tendency in spending too much money with the inability to control purchase of goods and services that are not in priority. Impulsive shopping, lack of financial planning and the tendency to prioritize prestige within their social setting. These behaviors are frequently observable among teenagers or, in this case, university students. They would be avoidable, if students have self-control to follow a rational consumption pattern. Consumptive behavior among university students should be watched carefully because it would have an impact on students’ personal wellbeing, mental health and academic advancements. Overbuying on goods should be controlled through improvement of personal financial awareness, development of prudent financial management habit and learning to differentiate between needs and wants. The family setting, as an informal education to support formal education, has a role in forming students’ mindset. Habit formation, exemplar and explanation from parents are major elements in forming a child’s mindset to behave in an economically rational way. Habits are taught by parents. Financially responsible habits are formed by the parents in their children. Through exemplars, parents provide examples on how to consume through the practices of financial management. Explanations are provided by the parents on the importance of living prudently

The Financial Performance of Commercial Banks and Their Financial Management Practices: A Case Study

The research used IDBI Bank's Hazratganj Branch in Lucknow as a case study to look at how financial management methods affect the bottom line of commercial banks in the city. Its direction came from three main points: i) to investigate the impact of risk management on IDBI Bank, Riyadh's financial performance ii) research the effects of working capital management on the financial performance of IDBI Bank's Hazratganj Branch; and iii) evaluate the effects of assets management on the same branch's financial performance. Integrating qualitative and quantitative methods, the study followed a phenomenological trend. So far, sixty-two people have participated in the research. Analysis of the data showed that the following management functions had the highest Adjusted R Square values: risk (66.4%), working capital (51.9%), and assets (82.5%). Finally, the financial performance was much improved because to the crucial role that risk management played. Evidence from this study supports the idea that risk management is an essential management function for sound financial results. Furthermore, it was shown that the commercial bank's financial performance was significantly improved by better asset management. Management should handle creditors and cash inventories well, according to the report, so that institutions may fund their activities without financial constraints. They also said that as commercial banks deal with liquid currency, it makes sense for them to improve their liquidity by maintaining good relationships with their shareholder

EXAMINING THE FINANCIAL RISK MANAGEMENT OF DONOR FUNDS: CASE OF MINISTRY OF HEALTH IN ZAMBIA

<p>This study examines the financial risk management of donor funds using the Ministry of Health (MOH) in Zambia as a case study. The study employs an exploratory case study methodology on a sample of 224 MOH employees. Zambia, being a developing country, significantly relies on donor funds to support its healthcare sector. Prudent management of donor funds is crucial for the sustained delivery of quality healthcare services. However, there has been concerns regarding the financial risk management practices at the MOH in the efficient utilization and accountability of donor funds. From the literature review, it seems no study has been done regarding the financial risk management of donor funds focusing on the MOH in Zambia. Therefore, this study fills this gap. The study findings seem to show evidence of the misappropriation of donor funds exhibited by misallocation of donor funds to unplanned projects or activities. The misappropriations of donor funds seem to be amplified by a lack of strategic planning, lack of coordination, and the absence of effective monitoring and evaluation systems. Additionally, fraud and corruption posed significant risks to donor funds at MOH. Therefore, to mitigate the risks, the study recommends that robust anti-misappropriation measures, enforcement of due diligence on implementing partners, a thorough review of procurement processes, and regular monitoring and evaluation of donor-funded projects be strengthened at the MOH in Zambia. Whistleblower protection and reporting mechanisms should be promoted to help detect and deter fraudulent activities at this Ministry.</p><p><strong> </strong></p><p><strong>JEL:</strong> H51, I18, O23</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/soc/0787/a.php" alt="Hit counter" /></p>

Financial Management Practices and Small and Medium-scale Enterprises' Performance in Sri Lanka

Small and Medium-scale Enterprises (SMEs) add value to an economy by creating employment, contributing to Gross Domestic Production (GDP), making innovations, and minimising poverty. They are partnering with the development of the country. Most small and medium-scale enterprises face issues like lack of knowledge, outdated skills, fear of taxation, adoption of accounting standards, and accounting information records. Therefore, this study aims to identify the relationship between financial management practices and SMEs' performance in the southern province of Sri Lanka. This study measures financial management practices using financial reporting analysis, working capital management, fixed asset management, and accounting information systems. SME performance was measured by the profitability of SMEs using return on assets. Considering data constraints, time constraints, and the COVID-19 situation, 107 Small and Medium Enterprises operating in the manufacturing and service sectors were selected as samples. A questionnaire was chosen as the primary data-gathering method. The sample was chosen using a convenience sampling procedure, and the data were analysed using the Statistical Package for Social Scientists (SPSS) software. Multiple regression analysis was done to examine the hypothetical association. This study found that financial management techniques such as fixed asset management, working capital management, accounting information systems, and financial performance of SMEs have a significant association with performance. The findings support aiding investors, workers, and policymakers in making effective decisions.

Financial Management Practices and Financial Performance of Table Banking Self-Help Groups in Kenya

Effective financial management is critical to the sustainability and growth of organizations, including support groups such as table banking groups. Table banking involves pooling members' financial resources to provide loans at reasonable interest rates to improve their socioeconomic status. This study examines the impact of financial management practices on the performance of self-help groups using the table banking model in Kenya. Theoretical frameworks, including monetary theory and financial theory, guide the investigation alongside empirical findings from previous studies. The study examines the importance of record keeping, debt management, credit assessment and cash flow management in improving the financial performance of table banking self-help groups. The results highlight the importance of these practices in maximizing savings, facilitating credit, and ultimately promoting economic empowerment within communities. The study concludes that financial management practices play a crucial role in shaping the performance of self-help groups engaged in table banking. By adopting effective strategies such as record keeping, debt management, credit assessment, and cash flow management, these groups can improve their financial stability, promote prudent lending, and ultimately contribute to poverty alleviation and economic development.

DINAMIKA MANAJEMEN KEUANGAN DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN: Studi Kasus Pada PT Indomarco Prismatama

PT Indomarco's financial management practices are analyzed using a qualitative descriptive approach to understand the complexity and dynamics of managing financial resources. The study reveals that financial management is a dynamic area that requires a deep understanding of business strategies and the ability to adapt to market changes. This research provides valuable insights for practitioners and academics to develop more effective and responsive financial strategies. Understanding the dynamics of financial management is crucial for achieving optimal financial performance, and PT Indomarco's financial strategies are designed to address these challenges. Thus, PT Indomarco's financial management practices are a testament to the importance of understanding and adapting to market changes.

DEVELOPMENT OF THE VALUE BASE MANAGEMENT CONCEPT AND ITS ROLE IN MAXIMIZING THE VALUE OF THE CORPORATE ENTERPRISE

The purpose of the study is to critically review and summarize the main world approaches to building Value Base Management and to substantiate, on this basis, recommendations for its implementation in the domestic practice of financial management. The article describes the evolution of VBM development and conceptual approaches to corporate enterprise management. The objective necessity of transforming approaches to the management of corporate enterprises from traditional financial models to value-based management is substantiated. It is established that VBM is not only one of the main directions of improving the efficiency of management decisions, but also has a significant impact on the value of a corporate enterprise in the long term. The article proves that the use of the value-based concept of enterprise financial management implies the selection of appropriate methods and tools at all levels of management aimed at sustainable value reproduction. 
 The article considers the process of transformation of the VBM concept and its main elements. A comprehensive analysis of the main approaches and models to business valuation is presented. A comparative characterization of VBM and the traditional approach to corporate enterprise management is systematized and provided. 
 The generalization of the economic content of management theories has allowed to substantiate that VBM differs significantly from the previously accepted management criteria and is a more effective concept of equity management than other systems. It should be borne in mind that the value of an enterprise, on the one hand, is an indicator of its sustainable development, and on the other hand, it is a regulator of value distribution for various participants in economic relations, so, of course, the management mechanism should focus on the key factors of value creation

The Impact of Personal Financial Management and Emotional Intelligence on Financial Well-being with The Mediation of Risk Management Attitude

This study investigates the intricate relationships among personal financial management, emotional intelligence, risk management attitude, and financial well-being. The study employs a random sampling technique with a sample size of 41 individuals from Bank Mandiri KCP Solo Slamet Riyadi. Path analysis, using the SmartPLS software, is utilized to explore direct and indirect effects. The results reveal a significant positive impact of personal financial management on risk management attitude and financial well-being. However, emotional intelligence is not found to be a significant predictor of risk management attitude or financial well-being. The study concludes that effective personal financial management practices play a crucial role in enhancing financial well-being, both directly and indirectly through influencing risk management attitudes. These findings provide insights for interventions and educational programs aimed at improving individuals' financial resilience and satisfaction by emphasizing responsible financial habits and decision-making.

Mapping the role of financial management in healthcare: Bibliometric analysis of Middle Eastern region

The study aims to emphasize the importance of financial management within the healthcare sector using bibliometric analysis techniques like influential authors, countries, journals, and publications. The researcher used the Scopus database for the extraction of required data. For this purpose, several relevant keywords and synonyms related to financial management in healthcare were used as advanced search options in the Scopus database. The bibliometric keyword cluster analysis indicated that financial management plays a significant role in health insurance, funding, cost, expenses, financing, and insurance related to healthcare units in Middle Eastern regions. The most influential top 5 countries for research in the financial management of healthcare units in the Middle Eastern region are Iran, Lebanon, Egypt, UAE, and Saudi Arabia respectively. Similarly, the most influential journal in this domain is “Eastern Mediterranean Health Journal published by World Health Organization”. Additionally, the most influential authors in this research domain are Ammar, Walid S from Lebanon, and Rashidian, Arash from Iran. The findings of this bibliometric study are specifically important for practitioners, administrators, and policymakers in the healthcare sector of the Middle East region for making valuable decisions regarding financial management practices.

Accountability And Financial Transparency Of Mosques Based On Sharia Enterprise Theory (Case Study Of Masjid Al-Muhajirin Desa Sidoraharjo)

This research aims to determine the accountability and transparency practices of financial management carried out by the administrators of the Al-Muhajirin Mosque, Sidoraharjo Village, South Sukamaju sub-district, North Luwu district. This research uses a qualitative approach based on interviews, observation and documentation. The data analysis technique used in this research is descriptive qualitative. The results of the research show that in its financial management, the Al-Muhajirin Mosque has done things that reflect responsibility (accountability) and openness (transparency) based on enterprise sharia theory, namely related to the awareness of the Mosque Committee/Manager that their duties are trust and worship of Allah. The management also realizes that reporting the mosque's financial accountability is not only to the community/congregation and donors but also to Allah SWT. Apart from that, mosque funds have been used for worship of Allah and there is nothing to cover up.

PELATIHAN JURU BUKU KSP/USP KOPERASI BERBASIS KOMPETENSI SKKNI KABUPATEN/KOTA DI PROVINSI SUMATERA SELATAN

Cooperatives as economic entities based on the principles of togetherness and shared prosperity require the existence of bookkeepers who are skilled and knowledgeable in managing finances and administration. Training for KSP/USP Cooperative Bookkeepers Based on Competency in Districts/Cities in South Sumatra Province has had a positive impact on the competency, skills and knowledge of Savings and Loans Cooperative/Usp bookkeepers. The training methods used include a practical approach with a focus on direct application in the cooperative context. The training participants consisted of cooperative bookkeepers from various cooperatives in different regions in South Sumatra province. Training focuses on basic understanding of organizational management, cooperative accounting, cash flow management, accurate financial reporting, and the application of technology in administration. The training results showed a significant increase in the bookkeeper's technical skills and conceptual knowledge after attending the training. Participants also reported increased confidence in managing their day-to-day administrative tasks. Apart from that, this training also encourages collaboration between cooperatives and the exchange of best practices in financial management. The final result is that participants are provided with a certificate from BNSP. In conclusion, competency-based training has proven effective in improving the skills and knowledge of cooperative bookkeepers. This has important implications in increasing the operational efficiency of cooperatives as well as increasing members' and stakeholders' trust in cooperative financial management