This study explores the intersection of financial performance and sustainable economic development in Malaysia, emphasizing the role of interdisciplinary education in fostering long-term growth. In light of Malaysia’s 2021 budget priorities and the Sustainable Development Goals (SDGs), particularly economic sustainability, the research investigates how stock market performance influences national output growth. Using Ordinary Least Squares (OLS) regression analysis, the study evaluates five macroeconomic variables—stock market capitalization (MCAP), inflation rate, government expenditure, school enrollment, and openness—over a 23-year period (1989–2011). The findings reveal that MCAP is the most significant variable affecting output growth, highlighting the importance of robust financial systems in driving sustainable development. The study underscores the need for interdisciplinary approaches that integrate finance, education, and policy to enhance economic resilience. School enrollment, though less statistically significant, represents a critical link between education and economic performance, suggesting that financial literacy and education reform are essential for empowering future generations. By bridging economic theory, financial analytics, and educational policy, this research contributes to a holistic understanding of sustainable development. It advocates for finance education as a strategic tool to equip individuals with the knowledge to navigate and contribute to increasingly complex global financial systems. Ultimately, the study supports the integration of interdisciplinary education into national development strategies to ensure inclusive, informed, and sustainable economic growth.

Purpose In the contemporary business landscape, the interplay of gender, sustainability and digitalization has emerged as a critical factor influencing firm performance. This study aims to systematically integrate scientific knowledge on these dynamics through a comprehensive literature review, identifying key trends and themes that link gender diversity policies, technological innovations and firm outcomes. Design/methodology/approach The study conducted a comprehensive literature review of 211 journal articles, with 63 selected for in-depth analysis using PRISMA. Thematic clusters were identified through qualitative analysis, focusing on how gender diversity, sustainability and digitalization contribute to firm performance. Findings Five thematic clusters were identified: “Corporate Social Responsibility (CSR) and Environmental Management,” “Gender Diversity, Sustainable Development and Digital Platforms,” “Academic Research, Motivation and AI/Technology in Learning,” “Adoption and Behavioral Intention in Technology Use” and “Performance in Business and Agriculture with a Focus on Environmental Impact.” The findings demonstrate that integrating gender equality with sustainability initiatives and digital education enhances organizational adaptability and resilience. Gender diversity was also found to significantly foster innovation capabilities, making sustainability a strategic element that drives superior financial performance. The role of technology in bridging gender gaps and promoting equitable business practices was emphasized, showcasing its potential to empower women. Research limitations/implications The study is limited by its reliance on secondary data from journal articles, which may introduce selection bias. Future research could benefit from primary data collection to further validate these findings. Originality/value This study provides a novel integration of gender diversity, sustainability and digitalization in the context of firm performance. It highlights the synergistic effects of these factors on innovation and organizational success, advocating for gender mainstreaming and digitalization as essential strategies for sustainable management aligned with the United Nations sustainable development goals (SDGs).

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on financial performance. The independent variables include environmental disclosure, social disclosure, and governance disclosure, while the dependent variable is financial performance, proxied by Return on Assets (ROA t +1). The research focuses on coal mining and oil and gas companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The data analysis method employed is panel data multiple linear regression using the Random Effect Model (REM), processed with EViews 12 SV software. The study comprises 84 observations selected through purposive sampling. The findings reveal that environmental and governance disclosures have no significant effect on financial performance. In contrast, social disclosure has a negative impact on financial performance. Additionally, the simultaneous disclosure of ESG dimensions significantly influences financial performance, indicating that transparent and consistent ESG reporting may help reduce business risk and enhance firm value. These results highlight the need for more strategic ESG practices to support long-term financial sustainability.

This study investigates the effect of board of directors’ characteristics on the financial performance of banks in Iraq, while also examining the moderating role of voluntary risk disclosure (VRD). Drawing on agency theory and legitimacy theory, the study explores how specific governance mechanisms namely board size, board independence, and frequency of board meetings influence key performance indicators: return on assets (ROA), return on equity (ROE), and Tobin’s Q. VRD is conceptualized as a transparency tool that may enhance or weaken the effectiveness of board-level governance in shaping firm outcomes. The study employs a panel dataset of 34 Iraqi banks over the period 2010–2023 and applies multiple regression techniques to test the hypotheses. The results reveal that board size and board independence have a significant positive impact on financial performance, while board meetings exhibit a mixed findings with negative effect on Tobin’s Q. Importantly, VRD is found to positively moderate the relationship between board characteristics and ROA but not ROE or Tobin’s Q. These findings offer theoretical contributions to the corporate governance literature in emerging markets and provide practical implications for policymakers, bank executives, and regulators seeking to improve governance and performance in the post-conflict Iraqi banking sector.

Enterprises’ income is a key object of both accounting and financial and business analysis, and in particular, of the analysis of the financial statements. The issue of income is relevant at all stages and phases of the enterprises’ development and business. The importance and relevance of this issue is determined by the significance of the income and of changes that occur in its amount, with regard to the formation and dynamics of both the absolute indicators (financial performance) and the relative indicators (income effectiveness and return) that define the effectiveness of the enterprises’ business and their positioning on the competitive and dynamic market characterised by certain level of entropy. The object reviewed in this publication refers to the going concern in Bulgaria operating in the field of public services – organization and provision of cultural, scientific, educational, congress, conference, information, political and other various types of public services. The owner of the enterprise’s capital is the state represented by the Minister of culture of Bulgaria. The subject of this study covers the enterprise’s income and the methods for its analysis. Enterprise’s income for the period 2019 – 2021 is analysed. The interest to the question of enterprise’s income is due to the fact that at the beginning of 2020 a number of measures have been implemented in the country and state of emergency, and later on – epidemiologic emergency, were in place for some time, due to the spread of the coronavirus and the announced global Covid-19 pandemic. In 2020, the enterprise has almost fully discontinued its business with view of the restrictive measures undertaken by the Bulgarian government due to the spread of Covid-19. As a result, the main functional and administrative indicators that characterise the enterprise’s specific business – namely, the provision of services in public benefit, have been deteriorated. Covid-19 affected the enterprise’s income gained form the provision of cultural, conference, congress, and other entertainment public services most. The author’s objective here is to analyse the impact of the health, economic and social crises caused by the Covid-19 on the amount, structure, and dynamics of income for the analysed period. The author has the task to improve the methods for analysis of enterprise’s income. The resultative analytical information is useful for the enterprise’s management allowing it to make informed, timely, and appropriate operational and strategic decisions for overcoming the consequences of the Covid-19 crises and continuing the enterprise’s business.

Purpose: The study investigated the effect of green-technology application on financial performance of accredited hospitality facilities in Kenya. The study particularly examined the effect of energy-efficient appliances, water-efficient appliances and waste management appliances on financial performance of accredited hospitality facilities in Kenya. Methodology: Anchored on resource-based view and Porter’s Competitive Advantage theories, a quantitative approach with a cross-sectional survey research design was used to collect and analyze data. A sample size of 216 respondents from 449 targeted hospitality facility managers was obtained via stratification and proportionate sampling technique. Findings: The findings revealed that green-technology application has a significant positive effect on financial performance of accredited hospitality facilities. The energy-efficient appliances had the strongest effect (β = .354, t = 5.73, p < .001) on financial performance of accredited hospitality facilities, followed by waste management appliances (β = .315, t = 5.17, p < .001) and water-efficient appliances (β = .230, t = 3.81, p < .001). Unique Contribution to Theory, Policy and Practice: The study isolates the relative financial effect of water-efficient, energy-efficient and waste management appliances empirically, hence advancing the Resource-Based View and Porter’s Competitive Advantage. This establishes a hierarchy of strategic value among green technologies in hospitality facilities. Also, the study gives evidence-based justifications for government agencies and regulators to incentivize energy-efficient technologies, embrace public-private partnerships for training, encourage sustainability standards and align hospitality operations with national sustainability goals. Hospitality managers get actionable guidance from the study to prioritize energy-efficient appliances for immediate financial benefits while integrating water and waste management technologies as a strategic lever for long-term financial performance and competitiveness.

This study employs a combination of quantitative and qualitative methodologies to conduct a deep analysis of digital banking regulation. Statistical analysis is used to evaluate numerical data on regulatory effectiveness, financial security, and consumer behavior in digital banking. A comparative analysis is conducted to evaluate Azerbaijani digital banking laws and best practices in international countries, and to identify gaps and areas for improvement. A survey study seeks primary information from banking professionals, fintech professionals, and consumers to evaluate perceptions of regulatory concerns and the impact of financial services. Linear regression (multiregression) analysis is conducted to evaluate the impact of regulatory policies and key financial performance indicators, and to conclude on the impact on financial market stability and the use of digital banking. Correlation analysis helps identify potential relationships among cybersecurity controls, regulatory compliance, and financial fraud events in digital banking. Document analysis examines legal, financial, and policy documents to understand the development and effectiveness of supervision in digital banking. SPSS software is used to process and analyze survey data, producing accurate statistics and reliable outputs.

The increasing adoption of Artificial Intelligence (AI) and data-driven analytics has transformed Customer Relationship Management (CRM) in the financial services industry. This study examined the impact of AI-enabled CRM tools, including chatbots, predictive analytics, and automated recommendation systems, on customer satisfaction, engagement, and operational efficiency. A quantitative research design was employed, involving 350 respondents comprising banking customers and professionals. Structured questionnaires and semi-structured interviews were used to collect primary data, while secondary sources provided contextual insights on AI adoption and CRM performance. Descriptive statistics, correlation analysis, and regression modeling were applied to evaluate relationships between AI adoption and CRM outcomes. The findings indicated that AI-driven CRM tools significantly improved service responsiveness, personalization, and customer retention. Chatbots were the most frequently used AI application, whereas predictive analytics and recommendation systems were occasionally utilized, reflecting gaps in awareness and trust. While overall satisfaction with AI-enabled CRM was high, trust in AI recommendations and perceived personalization were moderate, highlighting the importance of transparency, ethical implementation, and user education. The study concluded that AI enhances CRM efficiency and effectiveness but requires careful integration with human oversight and governance to maximize benefits. Recommendations included adopting hybrid intelligence approaches, strengthening data governance, and implementing user-focused training programs. Future research should explore emerging AI technologies, cross-cultural adoption, and longitudinal impacts on customer loyalty and financial performance.

This study to check out to whether culture organization affects firm financial performance in sudan in terms of institution government during the war and innovation and leanrning. We find consistent evidence that corporate culture is positive effected by war from different orientation of employees, also positively related to innovation and learning output and significantly affected by related to firm financial performance. In addition, the negative effect of corporate culture promotion on firms located in less developed provinces. Furthermore, we find that some specific corporate culture, such as innovation culture and integrity with objective the institutions reduce performance.

Purpose The theoretical framework that conceptualizes the interaction between entrepreneurial orientation (hereinafter EO) and family business (hereinafter FB) in Gastronomic Hospitality Industry (hereinafter GHI) is quite fragmented. This paper seeks to close this gap by offering a study that aims to examine the relationship between the dimensions of the EO and more specifically those of risk-taking, proactiveness and innovation with the businesses' financial performance. It also analyses the additional effect of the businesses' size on this performance to determine which types of entrepreneurial behavior are particularly important for family businesses within the gastronomic hospitality sector. Design/methodology/approach The quantitative approach was selected as the most appropriate method for testing the hypotheses that investigated the effect of the three dimensions of EO on the firm's financial performance as well as the interaction with the firm size. The target group of the research was Greek FB operating in the gastronomic hospitality industry and the sample of this survey included 150 family businesses. Factor analysis and hierarchical multiple regression analyses were chosen as the preferable methodological approach to fully examine these interactions. Findings Findings from a sample of the family businesses in the gastronomic hospitality industry indicate that innovation and proactiveness, as dimensions of the EO, significantly explain performance, whereas risk-taking does not. Furthermore, smaller business sizes negatively moderate the relationship between proactiveness and performance. The study also proposes strategies to foster corporate collaboration to overcome the limitations associated with small business size and enhance entrepreneurship and innovation. Originality/value This study is the first attempt to systematically investigate the EO of the family-owned firms in the gastronomic hospitality industry.

The Du Pont system is a comprehensive analysis that covers all activities and profit margins on sales to show the ratios that influence each other in determining the profitability of assets in which there are several financial ratios used in this study including Net Profit Margin, Total Asset Turn Over, Return On Investment, Equity multiplier, and Return on equity. This study was conducted to determine how effective the company is in managing the company's financial performance. This study aims to determine the financial performance of the company PT. Indosat Tbk and PT. Telkom (Persero) Tbk in 2020-2024 which is measured using the Du Pont system method. The approach used is comparative descriptive with secondary data obtained from the company's annual financial reports. The population in this study is PT. Indosat Tbk and PT Telkom (Persero) Tbk. The results of this study indicate that the company's financial performance measured using the Du Pont system, PT Indosat Tbk is better than PT Telkom (Persero) Tbk which can be seen from the value of return on investment and return on equity value.

This study examines the impact of corporate governance practices on the financial performance of companies listed on the Muscat Stock Exchange (MSE) in Oman. The research focuses on key governance variables such as board size, board independence, audit committee effectiveness, and ownership structure. Financial performance is evaluated using indicators including Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) over a five-year period (2019–2023). A quantitative methodology employing regression analysis is used to identify relationships between governance mechanisms and performance outcomes. The findings reveal a significant positive correlation between strong corporate governance and improved financial performance, particularly in companies with independent boards and active audit committees. The study underscores the importance of governance reforms in enhancing corporate accountability and investor confidence in Oman's capital market

The purpose of this study is to determine the level of financial distress in automotive and component sub-sector manufacturing companies listed on the IDX in 2018-2020 using the Altman Z-Score model. The type of research used in this study is quantitative descriptive research. Sampling in this study used the purposive sampling method, which is a method carried out by collecting population data based on certain criteria. The total sample was 24 observers. The results of the study showed that of the eight companies analyzed, there were two companies in financial distress, four companies in the safe zone category, while the other two companies were in the gray area. The Covid-19 pandemic that occurred in 2020 had a significant impact on the eight companies, this affected the company in obtaining profits and resulted in a decrease in the Z-Score value of the eight companies, which means that the financial performance in that year decreased from the previous year.

This study aims to analyze and compare the financial performance of food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research uses a descriptive quantitative approach with secondary data obtained from the companies’ annual financial reports. The population in this study includes all food and beverage sub-sector companies, while the sample was selected using purposive sampling based on specific criteria, namely companies that consistently published financial reports over five years and did not experience consecutive losses. The data analysis method used is financial ratio analysis, consisting of liquidity, solvability, activity, and profitability ratios. The analysis was conducted using a time series approach to observe changes over time, and a cross-sectional approach to compare performance among companies in the same period. The results of the study indicate that, in general, the financial performance of the companies is in relatively good condition, as reflected in stable liquidity and profitability ratios. However, some companies recorded extremely high or negative ratios, particularly in profitability, which may require further review of the data or financial conditions of the companies involved.

The digital era demands that organizations be fast-moving, adaptable, and innovative. With the advancement of information technology, changes in work methods, global competition, and stakeholder demands are becoming increasingly complex. Knowledge Management (KM) plays an important role as a strategic mechanism for identifying, acquiring, storing, sharing, and utilizing knowledge to improve organizational effectiveness and efficiency. In this context, knowledge management becomes one of the important elements for organizations to enhance performance. Knowledge management is not just about collecting data or information, but how organizations can store, share, create, and utilize knowledge to gain a competitive advantage. This article aims to analyze the importance of knowledge management for organizational performance in the digital age, including how the digital era changes the dimensions of knowledge management, how knowledge management contributes to organizational performance, the challenges faced, and their implications. The data obtained for this study were gathered from observations thru interviews with relevant parties and a literature review study by examining the results of empirical research from the past five years (2020–2025). The method used was descriptive literature analysis of 15 scientific articles from accredited national journals. The analysis focuses on the relationship between knowledge management dimensions (knowledge creation, storage, sharing, and application) and organizational performance indicators (financial performance, innovation, productivity, and customer satisfaction). The study results show that the implementation of knowledge management significantly contributes to improving organizational performance, both directly thru increased efficiency and effectiveness of work processes, and indirectly thru strengthening a culture of innovation and organizational learning. This article asserts that an organization's success in the digital age is not solely determined by its ability to adopt technology, but also by its ability to manage and leverage knowledge as a strategic resource. Therefore, knowledge management needs to be systematically integrated into the organization's digital strategy, accompanied by strengthening a learning culture, human resource training, and adaptive information technology systems.

Purpose. This study aims to assess the impact of Industry 4.0 technologies - specifically Big Data, Internet of Things (IoT), collaborative robots, and Cyber-Physical Systems (CPS) - on the financial performance of manufacturing companies in Cameroon, addressing the research gap in the Sub-Saharan context. Methodology. Adopting a quantitative approach, primary data were collected via questionnaires from 104 manufacturing firms. The study employed Chi-square tests and binary logistic regression to analyse the relationship between technological adoption and key performance indicators, including Return on Assets (ROA), Return on Equity (ROE), turnover, and productivity. Results. The empirical findings indicate that integrating Big Data and IoT has a statistically significant positive effect on all measured financial indicators. Collaborative robots positively impact turnover, whereas Cyber-Physical Systems showed no significant correlation with financial performance in the studied context. The theoretical contribution. This research extends economic production theory to developing economies. It provides empirical evidence that digital transformation serves as a critical production input, significantly enhancing firm output and challenging the “IT productivity paradox” in African manufacturing sectors. Practical implications. The study suggests that manufacturing leaders in developing regions should prioritise investments in Big Data and IoT for immediate efficiency gains. Furthermore, it advocates for government-led subsidy policies to lower entry barriers for automation and foster international competitiveness. Sustainable Development Goals (SDGs): SDG 8: Decent Work and Economic Growth; SDG 9: Industry, Innovation and Infrastructure

PT Wijaya Karya (Persero) Tbk, which consistently shows low in financial performance, has led to allegations of fraudulent financial statements behind this research. The main objective and focus of the research is to analyze indications of fraudulent financial statements at PT Wijaya Karya (Persero) Tbk using the fraud hexagon model. The type of data used in this research is secondary data in the form of annual reports from 2016-2023 which come from the official website of PT Wijaya Karya (Persero) Tbk. The analysis technique in this research is qualitative with a descriptive approach. Based on the research findings, the Fraud Hexagon Model consists of 6 elements, where Stimulus (ROA) can detect indications of fraudulent financial statements. Meanwhile, capability (change of directors), collusion (concurrent positions), opportunity (BDOUT), Rationalization (change of auditors), and Ego (frequency of CEO photos in the annual report) cannot detect fraudulent financial statements at PT Wijaya Karya (Persero) Tbk.

The growing relevance of sustainable finance has positioned green bonds as central instruments in debates on how capital markets can contribute to climate transition while creating value for firms. This article conducts a literature review to examine the relationship between green bond issuance, corporate financial performance, and the cost of debt. Using the PRISMA 2020 protocol, 59 articles published between 2019 and 2025 were identified and classified according to study type, methodological approach, analytical technique, sectoral and geographic focus, and performance indicators. A bibliometric analysis was also performed to map publication trends, research clusters, and thematic evolution. The results indicate a fragmented but expanding field, with most studies concentrated in developed markets, especially Europe, the United States, and China, and limited evidence from emerging economies. Empirical findings converge on modest but heterogeneous financial benefits, frequently reflected in the so-called “Greenium,” typically ranging between 1 and 63 basis points. Accounting-based effects on profitability (ROA, ROE) remain mixed, while econometric/regression, panel analysis and event studies dominate the empirical landscape. The paper’s incremental contribution lies in consolidating these quantitative insights into a reproducible classification framework that enables systematic comparison between developed and emerging markets, supporting future research on long-term financial and sustainability outcomes.

Purpose. This study investigates the impact of e-business platforms for animation services on environmental sustainability metrics and revenue performance in the European hospitality sector. It aims to determine how digital transformation in entertainment services contributes to the Sustainable Development Goals while simultaneously optimizing hotel profitability. Methodology. A mixed-methods comparative analysis was conducted on a sample of 147 hotels (3–5 stars) across eight EU countries (2022–2024). The study compared 74 properties utilizing digital booking platforms for animation services against 73 using traditional methods. Data sources included Booking.com analytics, corporate sustainability reports, and Eurostat tourism data. The analysis employed multiple linear regression, independent-samples t-tests, and Pearson correlation to assess the relationships between digital adoption, environmental metrics, and financial outcomes. Results. Hotels adopting digital animation platforms demonstrated a 43.9% reduction in paper consumption, a 10.1% increase in energy efficiency, and a 25.4% improvement in waste reduction compared to traditional operators. Financially, these properties achieved a 26.5% increase in animation service revenue per room night. Mobile-friendly interfaces and real-time availability were identified as critical drivers of guest adoption and satisfaction. Theoretical contribution. The research provides the first systematic empirical evidence linking the digitalization of animation services to measurable sustainability outcomes, extending the Technology Acceptance Model to experiential hospitality services. It validates the integration of environmental impact measurement with financial performance analysis in the context of hotel entertainment. Practical implications. The findings offer hotel managers a validated framework for digital investment, indicating a 4.0-year payback period. The results support decision-making for digital transformation strategies that align operational efficiency with EU Green Deal objectives and corporate sustainability targets. Sustainable Development Goals (SDGs): SDG 8: Decent Work and Economic Growth; SDG 9: Industry, Innovation and Infrastructure; SDG 12: Responsible Consumption and Production

The increasingly rapid development of the Indonesian business world has driven companies to increase their competitiveness. Companies strive to continuously innovate their businesses to improve their performance and survive amidst intense competition. The fundamental purpose of establishing a company is to maximize profits, one of which is by maximizing its performance. This study aims to uncover the impact of financial performance on profit growth in telecommunications companies registered with the Indonesian Stock Exchange (ISSI) between 2020 and 2023. The data used in this study are secondary. The sample size was eight companies, using purposive sampling. The method used was quantitative. The data analysis techniques used were descriptive statistics, panel data regression analysis, classical assumption testing, and hypothesis testing, assisted by eViews-12. The results of the study revealed that partially, the current ratio had a negative but insignificant effect on profit growth, the debt-to-equity ratio had a negative but significant effect on profit growth, and the net profit margin had a negative but insignificant effect on profit growth. Simultaneous testing revealed that the current ratio, debt-to-equity ratio, and net profit margin had a significant effect on profit growth.