Financial Resilience Research Articles

Sustainable business operations in technology startups: A model for leadership and administrative excellence

Sustainable business operations have become a critical factor for success in technology startups, where rapid growth and resource constraints pose unique challenges. This review proposes a comprehensive model for sustainable operations management in tech startups, emphasizing the synergy between leadership and administrative excellence. The proposed model aims to guide startups in balancing profitability, scalability, and environmental responsibility while fostering long-term growth. The explores the challenges of achieving sustainability in startups, including limited resources, pressures of rapid scaling, and the environmental impact of tech-driven innovations. It emphasizes the pivotal role of visionary leadership in setting long-term sustainable goals, fostering a culture of innovation, and effectively managing change. Leadership’s ability to align sustainability with operational goals is critical in navigating the dynamic and competitive nature of the tech industry. Additionally, the review highlights the importance of administrative innovations in optimizing resource management, implementing data-driven decision-making, and streamlining processes. By leveraging automation and technology, startups can create more efficient and environmentally friendly operational systems. The model integrates leadership vision with administrative processes, creating a holistic approach that encourages continuous improvement and innovation. The benefits of adopting sustainable operations, such as enhanced financial resilience, competitive advantage, and improved brand reputation, are also discussed. Moreover, sustainability offers tech startups a significant edge in attracting and retaining top talent while fostering customer loyalty. Ultimately, this model serves as a blueprint for technology startups to build scalable, efficient, and responsible operations, ensuring their success in the long term by aligning leadership and administrative strategies with sustainability objectives. Keywords: Sustainable Business, Technology Startups, Leadership, Administrative Excellence.

Comprehensive Budgeting Frameworks And Financial Performance Of Smes In Bayelsa State, Nigeria

This study investigates the impact of a comprehensive budgeting framework on the financial performance of Small and Medium-sized Enterprises (SMEs) in Bayelsa State, Nigeria. Given the critical role of SMEs in the Nigerian economy, effective financial management practices, particularly budgeting, are essential for their sustainability and growth. The study adopts a quantitative research design, utilising secondary data obtained from existing sources such as financial statements, annual reports, and industry databases from 2017-2021. The analysis was conducted using both descriptive and inferential statistics, including correlation and regression analysis. The findings reveal a significant positive relationship between the comprehensive budgeting framework and key FP indicators, such as profitability, RG, and ROI. Specifically, the study demonstrates that SMEs with more structured and thorough budgeting practices have more tendency to experience higher PR, sustained RG, and higher ROI. The regression analysis confirms that a CBF significantly influenced FP, underscoring its importance in financial planning and control. The study contributes to the existing literature by providing empirical evidence on the benefits of comprehensive budgeting for SMEs in a developing country context, where financial management practices are often less formalized. It highlights the need for SMEs to adopt structured budgeting processes that include regular reviews, adjustments, and alignment with business objectives. By doing so, SMEs can enhance their financial resilience, better navigate economic challenges, and achieve long-term success. The research recommends that policymakers and SME support organizations should promote the adoption of CBFs among SMEs as a strategy to improve their financial performance and contribute to broader economic growth.

Beyond volatility: Systemic resilience and risk mitigation in interconnected commodity markets

In today's interconnected commodity markets, understanding volatility spillover dynamics is crucial. This research builds on Diebold & Yilmaz (2012, 2014) to estimate System Resilience, a vital measure for investors and policymakers. By using connectedness-based estimates, a unique stability score for each system component is constructed and aggregated to estimate overall System Resilience. This concept is applied to three key commodity segments: Energy, Agriculture, and Metals. Results show that most commodities, especially bullion, maintain moderate stability, offering investment alternatives even during periods of heightened systemic risk. The study also examines rolling estimates of System Resilience to identify early warning signals through increased standard deviation in successive resilience series. Tipping points indicate critical slowdowns where recovery to a stable state is hindered. Findings suggest that apart from the Global Financial Crisis (GFC), commodity portfolios remain relatively stable. The implications are significant for energy policymakers, traders, and financial investors. Early detection of warning signals supports strategic risk management. This research contributes to academic discourse and provides actionable insights, highlighting the importance of early warning indicators in enhancing financial resilience in an ever-evolving market landscape. It underscores the value of foresight in navigating global financial stability.

Advancing Financial Resilience: A Systematic Review of Default Prediction Models and Future Directions in Credit Risk Management

This research presents a systematic review of a substantial body of high-quality research articles on Default Prediction Models published from 2015 to 2024. It is a comprehensive analysis of a DPM wide spectrum approaches including Textual Models, Systematic Review Studies, Hybrid Models, Intelligent Models and Statistical Models. The reason behind this study is rooted in the critical need to mitigate and understand the credit default risk that poses a significant threat to financial stability worldwide. By employing an evidence-based approach and methodological rigorously, this research critically evaluates the gaps, effectiveness and evolution in existing DPM methodologies. It is not only synthesized the current landscape of DPM study but also identified the direction for the future research, by offering novel insights and bridging theoretical gaps for enhancing the strategies of credit risk management. This study stands out by focusing on high citation research from top tier publishers, ensuring the quality and relevance of its analysis. The findings of this study have profound implications for stakeholders across the financial sector, including bankers, investors, regulatory bodies, and researchers. It aims to advance financial stability by providing a comprehensive overview of DPM advancements and pointing towards areas that require further exploration. By doing so, it contributes significantly to the development of more effective and sophisticated DPM strategies, thereby enhancing the robustness of financial institutions against potential defaults.

Consumer Buying Behaviour Towards Life Insurance Post-COVID-19 in Ghana

The current study explores consumer buying behaviour towards life insurance among private basic school teachers in the Cape Coast Metropolis of Ghana, focusing on the post-COVID-19 landscape. Utilizing a descriptive survey design, data were gathered through a five-point Likert-type scale questionnaire and analyzed using various statistical methods, including frequencies, percentages, mean, standard deviation, and Pearson Product Moment Correlation. Using a population of 224 private school teachers, the results indicated that teachers primarily opt for life, hospital, and education support plans, signifying an aspiration to secure their future and further their education. The study underscores the imperative for financial resilience post-COVID-19 to protect the emerging middle class from reverting to poverty. Although teachers employ strategic coping mechanisms during the pandemic, they expressed concerns over delayed life policy settlements, which have compounded their challenges. Recommendations include targeted engagement by insurance companies at private basic schools to elucidate the benefits of life policies, as well as the formulation of insurance packages that offer effective risk coverage and promote long-term investment, rather than merely focusing on tax benefits.

Development Strategy School Financial Resilience in Yogyakarta Private High School

The success of educational institutions in providing quality services is influenced by various factors, including planning, facilities, human resources, and financial support. This research focuses on school financial management, emphasizing the importance of financial resilience to support operational resilience and sustainability, especially in private schools with limited funds. Financial resilience is the capacity of an institution to survive and adapt to financial challenges, which includes effective and efficient management of income and expenditure. This research uses qualitative methods with a descriptive approach to explore strategies for developing financial resilience at SMA Muhammadiyah 1 Yogyakarta. Data was collected through observation, semi-structured interviews, and document study, and analyzed using triangulation techniques to ensure the validity of the information. The main focus of research is on absorptive, adaptive and transformative strategies in school financial management. Absorptive strategies emphasize the importance of effective budget planning and evaluation. Adaptive strategies include the use of financial information systems and the involvement of external parties. Transformative strategies involve student service innovation, awards, and seeking additional funding Research findings show that SMA Muhammadiyah 1 Yogyakarta has succeeded in overcoming financial challenges through good management and implementing innovative strategies. This research recommends regular evaluation of financial management systems, staff training, and collaboration with other educational institutions to improve financial management strategies. It is hoped that further research can contribute to the development of policies and best practices in educational financial management.

Forecasting financial stability in SMEs: A comprehensive analysis of strategic budgeting and revenue management

Small and medium-sized enterprises (SMEs) are vital contributors to global economies, but they often face unique financial challenges that threaten their long-term stability. This review presents a comprehensive analysis of forecasting financial stability in SMEs, focusing on strategic budgeting and revenue management as key pillars. Strategic budgeting plays a crucial role in aligning financial plans with business goals, managing risks, and adapting to market changes. Techniques such as zero-based budgeting, activity-based budgeting, and rolling budgets offer SMEs flexibility in allocating resources and ensuring optimal cash flow management. Meanwhile, effective revenue management involves the use of pricing strategies, sales channel diversification, and customer segmentation to optimize revenue streams and improve profitability. The interplay between strategic budgeting and revenue management is critical for creating dynamic forecasting models that help SMEs anticipate financial challenges and make informed decisions. By integrating both strategies, SMEs can better manage risks, enhance financial predictability, and achieve long-term sustainability. This review also explores the role of technological tools, such as financial software and predictive analytics, in supporting financial decision-making processes. Tools like customer relationship management (CRM) systems and AI-driven forecasting platforms enable SMEs to optimize revenue potential and refine budgetary practices. The review provides recommendations for SMEs to implement best practices in financial planning, suggesting regular budget reviews and proactive revenue management strategies to respond to market fluctuations. By leveraging strategic budgeting and revenue management, SMEs can enhance their financial resilience and improve their capacity to navigate economic uncertainties. The review concludes with insights into emerging trends in financial forecasting, emphasizing the importance of continuous adaptation to maintain financial stability.

A model for assessing the economic impact of renewable energy adoption in traditional oil and gas companies

The adoption of renewable energy presents significant economic implications for traditional oil and gas companies. This paper proposes a model for assessing the economic impact of integrating renewable energy into traditional oil and gas operations, focusing on cost efficiency, revenue potential, and overall financial performance. The model evaluates key metrics, including capital investment, operational cost savings, revenue generation from renewable energy projects, and potential impacts on profitability and shareholder value. By incorporating various renewable technologies such as solar, wind, and geothermal, the model provides a comprehensive framework for understanding the financial benefits and challenges associated with transitioning to cleaner energy sources. The model incorporates both direct and indirect economic impacts, such as reduced energy costs, enhanced energy security, and improved corporate reputation. It also considers the effects of regulatory incentives, including tax credits and subsidies, which can influence the financial viability of renewable energy projects. Additionally, the model examines potential risks and uncertainties, such as market volatility and technological limitations, which can affect the economic outcomes of renewable energy investments. Case studies of traditional oil and gas companies that have successfully integrated renewable energy are analyzed to illustrate the practical application of the model. These case studies demonstrate how companies have achieved cost reductions, diversified revenue streams, and enhanced their long-term financial resilience through renewable energy adoption. The paper concludes that while the initial investment in renewable energy technologies can be substantial, the long-term economic benefits—including cost savings, revenue growth, and alignment with sustainability goals—can significantly outweigh the challenges. By adopting the proposed model, oil and gas companies can better assess the economic implications of renewable energy integration and make informed decisions to drive sustainable growth and profitability.

Post-project financial auditing as a continuous improvement tool for SMEs

Post-project financial auditing is a critical tool for ensuring transparency, accountability, and financial accuracy within small and medium-sized enterprises (SMEs). As SMEs navigate project-based operations, it is essential to assess the financial outcomes of completed projects to inform future decision-making and resource allocation. This review explores the role of post-project financial auditing as a continuous improvement tool in SMEs, highlighting its ability to enhance financial discipline, improve cost control, and promote long-term financial sustainability. By examining key aspects of project revenues, expenditures, and profitability, post-project financial audits provide insights into financial performance that are essential for strategic planning. These audits help identify budget deviations, resource misallocations, and cost inefficiencies, enabling SMEs to adjust future financial planning and project management practices. In doing so, audits contribute to refining budgeting processes, promoting data-driven decision-making, and reducing financial risks in subsequent projects. The review also emphasizes the benefits of post-project auditing in fostering a culture of financial responsibility within SMEs. Through the audit process, SMEs can strengthen internal controls, monitor compliance with financial regulations, and ensure that project outcomes align with organizational financial goals. Additionally, the integration of audit findings into future financial strategies enables SMEs to continuously improve their profitability, mitigate risks, and enhance overall financial stability. Despite the clear advantages, challenges such as resource constraints, data management issues, and limited audit expertise can hinder the adoption of post-project audits in SMEs. The review offers practical recommendations to address these challenges, advocating for the use of scalable audit frameworks, digital tools, and ongoing staff training to support effective auditing practices. Ultimately, post-project financial auditing represents a vital mechanism for driving continuous improvement and ensuring the financial resilience of SMEs in an increasingly competitive marketplace.

Enhancing MSMEs Financial Resilience: Integrating Working Capital Management and Sustainability Reporting

This study examines the influence of sustainability reporting (SR) comprehension and working capital management (WCM) on the financial performance of small and medium-sized manufacturing enterprises (MSMEs). Furthermore, the study emphasizes WCM's impact on financial performance, which is linked to understanding SR among MSMEs actors. The study incorporates control variables in the model (e.g., age, size, ownership type, organizational culture, market orientation, entrepreneurial orientation). The sample is selected using quota sampling of MSMEs in the manufacturing sector in Palembang, Indonesia, from October to November 2023. Primary data collection is distributed online through questionnaires. The results show that understanding SR and WCM positively affect the financial performance of MSMEs. The findings deliver several contributions. Firstly, the implementation of SR of MSMEs – in the long term – would benefit the government in supporting sustainable development goals (SDGs). Secondly, it bridges the literature gap regarding the implementation of SR and WCM to examine the performance of MSMEs.

Cash Flow Dynamics: Amplifying Swing Models in a Volatile Economic Climate for Financial Resilience and Outcomes

In a volatile economic climate, understanding cash flow dynamics is crucial for companies to improve financial resilience and outcomes. This research focuses on amplifying swing models such as Cash Flow Management (CFM), Solutions (CFS), Dynamics (CFD), Boosters (CFB), Innovations (CFI), and Strategic (CFS) - on cash flow dynamics in a volatile economic climate. By examining the relationship between these models and determinant variables, the study aims to provide insights that can assist companies in achieving financial resilience and outcomes. The data were collected from finance and accounting representatives of 200 companies ((manufacturing (107), services (56), and trade (37)) in Kosovo in 2023 (quarters 1, 2, 3, and the first two months of quarter 4), while processing was done through exploratory factorial, reliability, and multiple regression analyses conducted using SPSS and AMOS software. The results of the study reveal a significant relationship between each cash flow model and the determinant variables. This highlights the importance of these models in comprehending cash flow dynamics within a volatile economic climate. Factors such as optimization strategy clarity, continuous monitoring, effective working capital management, accurate financial decision-making, and technological improvements contribute to positive cash flow. Additionally, precise management of fluctuations, financial advantage, cooperative departmental approaches, and effective communication also play a role in cash flow dynamics. By extending swings models, the study provides valuable insights that can assist firms in achieving financial resilience and overcoming the challenges of a volatile economic environment.

Assessing Household Financial Behavior During COVID-19: A Focus on Expenditure and Savings

This study aims to investigate the effects of the COVID-19 pandemic on household expenditure, savings, and financial behavior in low- to middle-income households in Indonesia. The research analyzes how the pandemic influenced household financial management, particularly in terms of spending reductions and shifts in saving behaviors. Data were collected from 100 households through structured surveys, and the analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The methodology allowed for both direct and indirect relationships between household expenditure, savings, and the economic shock of COVID-19 to be explored. The results indicate a positive correlation between household expenditure and savings, where higher-income households were able to save more despite greater spending. However, the pandemic negatively impacted both expenditure and savings, with households reducing non-essential spending and relying on their savings due to income uncertainty. Additionally, the pandemic indirectly influenced savings by affecting household expenditure. These findings highlight the financial vulnerability of lower-income households during economic disruptions and underscore the importance of enhancing financial resilience. Policy recommendations include promoting financial literacy, expanding access to financial resources, and providing targeted support to help households navigate future economic crises.

Multilayer asset association network, green technical cooperation innovation, and default risk: Evidence from China's high energy-consuming industries

High energy-consuming industries are expected to play a significant role in energy conservation and emissions reduction. This study collects data on China's high energy-consuming listed companies from 2009 to 2022. Using the complex network theory, we construct a multilayer asset association network for high energy-consuming enterprises and examine how different layers and totality affect default risk. The results revealed that node-weighted degree centrality in the asset association networks of high energy-consuming enterprises, particularly in the guarantee association network, significantly increased default risk. Further mechanistic analysis reveals that the level of green technical cooperation innovation mitigates the impact of increased weighted degree centrality on the default risk of high energy-consuming enterprises. For high energy-consuming enterprises located in the eastern region, central region or non-heavily polluting industries, the influence of weighted degree centrality in the asset association network on default risk is more significant. This study enriches complex network research and provides guidance for managing default risk in high energy-consuming enterprises. Additionally, these studies align with global trends toward enhanced asset transparency, sustainability, and financial resilience, and contribute emerging markets to the transition toward more sustainable energy practices.

Navigating Financial Constraints: Understanding Causes, Effects, and Strategic Solutions across Individual, Corporate and Governmental Sectors

Limitations in financial resources were a widespread obstacle in the interdependent global economy, impacting people, firms, and governments. These limitations were evident in the limited availability of financial resources, high levels of debt, and constricted cash flow, often resulting from an intricate interaction of internal and external elements. This paper offered an extensive investigation of the causes, consequences, and strategic remedies for financial limitations in these three areas. On an individual level, financial constraints were often caused by stagnating salaries, excessive living expenses, and insufficient financial knowledge, resulting in heightened susceptibility to financial shocks. Corporations, especially small and medium-sized firms (SMEs), have financial limitations caused by restricted capital access, increased operating expenses, and market instability, which may impede development and prevent innovation. As a result of fiscal mismanagement, increasing public debt, and economic recessions, governments, particularly in emerging countries, have financial limitations that might hinder their capacity to fund vital services and infrastructure. Financial limitations had extensive consequences, affecting economic stability, growth, and general living standards. Individuals with financial constraints encountered a decline in their quality of life and heightened levels of stress, while firms may endure declining profitability and competitiveness. Governments may be compelled to enforce austerity policies, resulting in enduring socio-economic repercussions. To tackle these difficulties, it was crucial to use customised approaches such as enhancing financial literacy, optimising corporate financial management, and advancing fiscal consolidation and structural changes at the governmental level. The objective of this research was to provide practical insights for improving financial resilience and fostering sustainable economic growth by adopting a comprehensive strategy that took into account the interdependence of financial limitations across different sectors. Keywords: Financial constraints, Global economy, Financial resources, Debt levels, Cash flow.

Financial resilience, growth and risk sharing in the EU

We build a financial resilience index capturing the structure and stability features of financial systems and benchmark EU financial systems against their ability to enhance stable growth and international risk sharing. The index comprises financial openness, market orientation, equity deepening, maturity structure, and institutional soundness. Our results show that: (i) EU financial systems are highly heterogeneous and converge to a clustered pattern; (ii) the index is highly significant in growth regressions, suggesting that financial structure and institutional soundness are key to enduring growth; (iii) the heterogeneity of EU financial systems has implications for the vulnerability to domestic output shocks: the risk-sharing mechanism is more effective in the market-based and institutionally sound economies that group in the top financial clusters, whereas unsmoothed consumption is higher in economies belonging to the low-resilience clusters, especially in the aftermath of the global financial crisis, when the credit channel is significantly downsized.

Anticipating financial distress: Leveraging financial information, financial ratios, and corporate governance for proactive risk management

This article presents significant findings from a logistic regression model that analyzes the factors contributing to corporate financial distress. It emphasizes the crucial role of financial information quality, financial ratios, and corporate governance in predicting financial distress. The study's results show that high-quality financial information can significantly reduce the likelihood of distress by enhancing investor confidence and facilitating access to capital. Effective corporate governance, on the other hand, can mitigate financial vulnerability through robust risk management and ethical leadership. The study also highlights the risk of distress associated with high debt levels, underscoring the importance of prudent debt management. Profitability, it finds, can bolster financial resilience by generating healthy cash flows. The study also identifies certain industries more susceptible to risk due to specific factors such as competition and technological disruptions. Interestingly, the study reveals that larger companies may present a slightly higher risk of distress due to the complexity of their management. In light of these findings, the study provides actionable recommendations for companies to enhance their financial reporting, adopt good governance practices, manage debt prudently, and assess sector risks to reduce the likelihood of financial distress, thereby empowering finance professionals, researchers, and stakeholders with practical tools to manage and mitigate financial risks effectively

Assessing Financial Stability through ESG: The Impact of Sustainable Finance on Commercial Banks listed in Pakistan Stock Exchange (PSX)

The notion of sustainable finance, which encompasses environmental, social, and governance (ESG) considerations, has become increasingly prominent in assessing the financial resilience of companies, particularly within the banking industry, in recent times. The primary objective of this research is to examine the influence of ESG practices on the financial stability of commercial banks that are publicly traded on the Pakistan Stock Exchange (PSX). The study utilizes an extensive dataset of 10 years from 2014 to 2023 that includes significant ESG indicators as well as financial performance metrics, spanning multiple years. The study seeks to analyze the impact of sustainable finance practices on the overall financial stability of the chosen banks using advanced statistical techniques and regression analysis. The results of this study are anticipated to provide insight into the possible advantages and drawbacks of incorporating ESG factors into the operational plans of commercial banks. Moreover, this study will make a valuable contribution to the current body of knowledge on sustainable finance, particularly in the context of emerging economies like Pakistan. In such markets, the importance of ESG factors in shaping financial decision-making is undergoing rapid transformation.

Crisis Management Research (2014-2023) in the MICE Industry: A Review and Research Agenda

The 21st century is seen as a volatile business environment and requires a proper crisis management standard for most organizations including the MICE sector. Nowadays, managers seek to deal with a potential crisis effectively, with minimum losses or to avert the potential crisis in the best case. The goal is obvious: minimize the impact of the crisis or avoid a potential crisis. This study aims to investigate relevant research domains in the MICE/business events industry context. This paper found that there was very limited study on the topic. The topic of crisis management in the MICE/business events industry only started to gain much attention after COVID-19. To understand how crisis management practices have been adopted in the industry, the authors reviewed 32 articles including 29 papers on COVID-19, spanning 10 years, between 2014 and 2023. The findings showed that the research focuses on crisis management, crisis impact, response, resilience, communication, and recovery. Looking back, health-related crises (including COVID-19), political disturbances and terrorism themes are the biggest trends. This study addressed the need for more study on the topic for advancing knowledge, addressing emerging challenges, and applying findings to improve practice and decision-making as well as to develop a newly conceptual framework that places operational resilience on an equal footing with financial resilience, with indicators adapted to the risk profile of the operating model.

Corporate Social Responsibility and Financial Risk: Exploring Default Risk in Indian Firms

This paper examines the impact of corporate social responsibility (CSR) expenditure on default risk for Indian firms during the period from 2015 to 2021. Using distance to default (DTD) and probability of default (PD) at different time horizons as proxies for default risk, we find that CSR expenditure is negatively related to default risk. This indicates that CSR engagement enhances a firm’s reputation and financial stability, thereby reducing the likelihood of default. Surprisingly, we find that this relationship is less pronounced for group-affiliated firms, as stand-alone firms rely more on CSR to establish market credibility. Our findings highlight the strategic importance of CSR compliance, emphasizing its role in risk management and financial resilience. Our study provides insights for policymakers and managers in emerging economies, underscoring how mandatory CSR can foster a more sustainable and risk-averse corporate environment, particularly for firms without the support of business group affiliation.

An Analysis of the Effect of Financial Planning on the Financial Resilience of Teachers Who Use Online Loans

This study aims to examine the impact of financial planning on financial resilience among teachers who use online loans. The methodology used is Moderated Regression Analysis (MRA) conducted on 109 teachers in Surabaya and Sidoarjo using Google Forms questionnaire. The results show a significant positive impact of financial planning on financial resilience. teachers who are actively involved in financial planning manage their income and expenses better and are better prepared for financial shocks.