This study aims to analyze the influence of Intellectual Capital (IC) and Corporate Social Responsibility (CSR) on Firm Value with Financial Performance as a mediating variable. The focus on the financial sector is driven by intense competition and the need to enhance firm value through effective IC management and CSR implementation. Moreover, inconsistencies in previous research findings and issues related to CSR fund misuse further strengthen the urgency of this study. The method used is a Systematic Literature Review (SLR) involving 15 articles obtained from Google Scholar. The findings indicate varied results: (1) IC and CSR are expected to positively affect Firm Value, yet some studies report negative or insignificant effects due to poor CSR governance or the market’s limited recognition of IC. (2) Financial Performance has been proven to positively influence Firm Value. (3) Financial Performance can mediate the effect of IC and CSR on Firm Value, although some studies show that the mediation does not occur. In conclusion, effective management of IC and proper implementation of CSR must be able to improve financial performance first to provide a strong and sustainable contribution to Firm Value.

The study looks into the intersection of Artificial Intelligence (AI) with the Internet of Things (IoT), especially the legal, regulatory, and cybersecurity integration challenges within the context of UAE and Jordan's financial sectors. The objective of the study was to assess the relative impact of the cybersecurity challenges, legal infrastructures, and e-governance maturity on the cyber threats and trust of clientele. The study utilized a quantitative research design, gathering data through a survey distributed to employees and managers within a number of financial institutions. With a data sample of 400 employees, the survey data were analyzed through a variety of methods, such as descriptive statistics, reliability, Pearson correlations, and Structural Equation Modelling (SEM). The study established that the risks posed by inadequate cybersecurity infrastructures substantially increase the threats. Also, the risks posed by inadequate legal regulations and low e-governance maturity do not appear to increase the challenges. Legal adequacy positively impacts trust. Exposure to cyber threats with unmitigated risks and poor legal regulations and low e-governance maturity do not appear to increase the challenges. The study relies on the trust of cyber clientele to validate and uphold the proposed theoretical framework suggesting the need for an integrated approach consisting of high-quality legal regulations, comprehensive governance, and secure advanced cybersecurity to ensure the safe merging of AI and IoT. In addition, the study sheds light on the perspectives of policymakers, regulators, and financial institutions aiming to build safe and reliable digital financial systems in the UAE and Jordan.

Machine learning (ML) processes combined with serverless architecture, both on Amazon Web Services (AWS), have already proved to be a successful development of scalable, efficient, and cost-effective data pipelines, i.e., in the financial sector. The specified paper assumes the elaborate examination of the existing practices, frameworks, and approaches toward the implementation of serverless data pipelines to process financial ML systems. With the AWS services being used, i.e., Lambda, SageMaker, Glue, and Kinesis, financial institutions can now get real-time analytics, predictor models, and resource management on demand without incurring the operational overhead that they had to incur with traditional infrastructure. The architecture and the addition of ML, the characteristic of real-time analytics, the consideration of compliance, and the optimization of the cost of the serverless pipelines on the basis of AWS are critically checked. Moreover, it explores the idea of the resilience of the multi-cloud environment as well and points out the transformational aspect of AI in automated scaling and performance management. The article could be considered an illustration of the ways the implementation, functionality, and modifications of the financial ML applications in a cloud-native environment occur as a synthesis of existing literature and the market dynamics.

Given sharp increase in ecological problems, focus of environmental discussions is on carbon neutrality and sustainable development. This study explores how environmental taxes, investment in renewable energy, and reliance on natural resources and sustainable technologies affect progress of sustainable development. This research established for OECD analysis from 1994 to 2024 by using a novel intelligent Bayes topology based on structure learning shows that environmental taxes, renewable energy investment, climate mitigation technologies and economic progress will ensure environmental sustainability of the OECD economies. With increase of external factors of climate change, the financial sector and reliance on natural resources are undermining ecological sustainability. In addition, we are conducting economic classification on OECD dataset to identify the differences in experience between the G7 and other OECD economies. At the conclusion of our analysis, we put forward strong suggestions on environmental policies that enhance sustainability.

Background: This study investigates the impact of the Full Call Auction mechanism implemented by the Indonesia Stock Exchange in 2024 on stocks listed under the Special Monitoring Board. The research aims to evaluate how the FCA affects market liquidity, particularly bid-ask spreads and trading volume, within the financial sector stocks. Methods: Employing a heterogeneous Difference-in-Differences approach, the analysis compares stock-level liquidity indicators before and after the FCA implementation. Findings: While overall treatment effects appear statistically insignificant, subgroup analysis reveals that stocks with longer exposure to the FCA exhibit significantly wider bid-ask spread and persistent reductions in trading volume. These findings indicate that, although the FCA was introduced to improve transparency and market integrity, it may have inadvertently reduced market participation and liquidity. Conclusion: The study highlights the critical role of market design in emerging markets and recommends adopting complementary mechanisms, such as Designated Market Makers, to support liquidity in auction-based systems. Novelty/Originality of this article: This research contributes to the market microstructure literature and provides practical insights for regulators seeking to enhance trading efficiency in emerging capital markets.

Purpose The stock market and banking sector facilitate the allocation of funds, supporting both short-term and long-term capital distribution, which in turn drives economic activity. The study explores the dynamics of return and volatility spillovers between public and private sector banks in India. Design/methodology/approach This study employed the EGARCH model, utilising time-series data from April 1, 2008, to March 31, 2024, sourced from Investing.com. Findings The results reveal that Indian Overseas Bank experiences the highest degree of volatility transmission, while Citibank shows the lowest. Additionally, the study finds that positive shocks tend to create more volatility than negative shocks for public-sector banks. In contrast, negative shocks lead to greater volatility for private-sector banks. The analysis also reveals both unidirectional and bidirectional return and volatility spillovers between public and private sector banks. Research limitations/implications These findings underscore the banking sector’s vulnerability to contagion effects, highlighting the need for financial institutions and policymakers to implement strategies that mitigate systemic risks. It is crucial to adopt enhanced risk management practices, enforce appropriate regulatory measures, and maintain ongoing monitoring of financial interconnections to mitigate the impact of volatility transmission and ensure the stability of the banking sector. Originality/value This study contributes to the existing literature by providing a comprehensive examination of return and volatility spillovers between public and private sector banks in India, utilising an extensive time-series dataset spanning 16 years (2008–2024). Employing advanced econometric models, the study will provide novel insights into market integration within the Indian financial sector and contribute to the broader literature on volatility spillovers in emerging economies.

The object of research is global investment processes in the financial services sector. The problem is the gaps in the development of analytical tools for assessing and forecasting the volume of global investments in the financial services sector when the role of financial institutions changes in the digital transformation of the financial ecosystem. Correlation-regression analysis methods serve as the methodological basis of this research, implemented on the basis of Oxford Economics statistical data. A theoretical analysis of scientific approaches has been conducted to identify potential key factors influencing investments in financial services. A sample of statistical data on the dynamics of the international capital market has been formulated, characterizing changes in indicators of the financial services sector for the period 2004–2024. A correlation analysis has been conducted to identify multicollinearity of the identified factors and the resulting indicator – investments in financial services to assess their density and direction of the relationship. As a result of modeling, a regression equation with high reliability has been obtained. The model showed that gross output (X1) acts as a dominant positive driver of investment activity. In turn, the most significant result is the detection of a statistically significant negative impact of the share of the financial sector in GDP (X4) on total investment in the sector. The main forecast scenarios of the dynamics of global investments in financial services are formulated. The multidirectional impact on the dynamics of investment processes is determined – scale and structural balance within the integrated model. The practical result of its implementation is the application of the proposed toolkit for making investment and regulatory decisions in the medium term by investment funds, fintech companies and financial market regulators.

This study aims to comprehensively examine the implementation and mechanisms for results in Al-Mudharabah financing at Bank Muamalat Rangkasbitung, while also assessing the level of compliance of its implementation with sharia principles. This study applies a qualitative descriptive method with a field study approach involving direct observation, interviews, and review of documents related to Mudharabah financing procedures. The research findings show that Bank Muamalat Rangkasbitung implements a profit-sharing system based on the principles of justice (al-'adl) and trustworthiness (al-amanah). The profit-sharing scheme is carried out proportionally according to the ratio agreed upon in the initial contract, so that both parties have clarity regarding rights and responsibilities. The implementation of this system not only ensures the avoidance of usury but also strengthens the partnership between the bank and customers through practices of transparency, information disclosure, and a shared commitment to business management. Overall, these findings show that the implementation of Al-Mudharabah financing at Bank Muamalat Rangkasbitung has been running in line with several sharia values ​​and even supports the realization of fair, ethical, and sustainability-oriented Islamic economic practices. Thus, Mudharabah financing at the branch can be an example of the effective implementation of sharia contracts and is able to encourage the development of the sharia financial sector at the local level.

This study examines the effect of credit of commercial banks on international trade in Nigeria using annual time-series data from 1990 to 2023 from the Central Bank of Nigeria statistical bulletin. The estimation is done using the Fully Modified Ordinary Least Squares (FMOLS) estimation method to determine the contribution of bank credit, exchange rate, inflation, gross domestic product, and structural reforms to trade performance. The findings show that these effects of bank credit and GDP on international trade are positive and relatively strong, whereas the exchange rate has both positive but moderate impacts. On the other hand, inflation shows no substantial effect, showing how little short-term fluctuations in price levels matter in trade. The results emphasize the role of financial sector development, macroeconomic stability and structural reforms, most notably the banking sector consolidation in 2005, in facilitating long-term trade growth. The paper has provided relevant policy recommendations to improve trade finance, exchange rate stability as well as financial inclusion as instruments of bolstering Nigerian integration into the global economy.

This study investigates the impact of macroeconomic variables on stock market growth in selected West African countries (Nigeria, Ghana and Côte d’Ivoire, with a particular focus on the moderating role of governance measured through regulatory quality, framed within the Arbitrage Pricing Theory (APT). Using panel data spanning 1995 to 2024, obtained from the World Development Indicators (WDI) and World Governance Indicators (WGI), the research examines key macroeconomic indicators including inflation, exchange rate, interest rate, trade openness, foreign direct investment (FDI), and GDP per capita. The Panel-Corrected Standard Error (PCSE) estimation technique was employed for empirical analysis to account for cross-sectional dependence and heteroscedasticity among the selected countries. Aligned with Arbitrage Pricing Theory (APT), the empirical results reveal that inflation has an insignificant effect on stock market growth, while interest rate and exchange rate negatively and significantly affect market capitalization in the baseline and governance-inclusive models. Trade openness also shows a negative influence. Conversely, FDI and GDP per capita exert positive and significant effects, though GDP per capita turns negative in the interaction model. Governance quality exhibits a negative and significant direct impact, suggesting that weak regulatory institutions constrain market expansion. The interaction term between macroeconomic variables and governance is negative and significant, indicating that governance moderates the influence of macroeconomic factors on stock market growth, consistent with APT’s assertion that multiple risk factors and institutional conditions jointly determine stock market performance. The study concludes that while macroeconomic variables are important drivers of stock market growth, their effectiveness depends on the quality of governance, which shapes how these factors translate into market outcomes. It therefore recommends that West African policymakers enhance regulatory frameworks, strengthen institutional quality, and implement financial sector reforms to foster sustainable stock market development and ensure resilience against macroeconomic shocks.

The purpose of this study is to analyze the impact of Environmental, Social, and Governance (ESG) disclosure on company value and to demonstrate the role of audit quality in moderating this impact. This study applies a quantitative approach. The population in this study includes all companies in the financial sector listed on the Indonesia Stock Exchange, while the sample consists of financial companies that regularly publish annual reports and sustainability reports between 2021 and 2023. This study applies panel data regression analysis, which combines two types of data, namely time series and cross-section, and applies Random-Effect Model (REM) analysis. The findings of this study indicate that ESG disclosure has a positive effect on company value, but individually, environmental disclosure has no effect, social disclosure has a significant positive effect, and governance disclosure has no effect, and audit quality moderation has no effect on ESG disclosure on company value.

Introduction: Almost every aspect of life can be addressed through technology, including the business and financial sectors. Financial technology (fintech) has emerged as a transformative innovation in Indonesia, presenting both opportunities and challenges. Sharia-based fintech, in particular, has attracted attention for its efforts to align financial innovation with Islamic principles. Objective: This article aims to outline the conceptions, opportunities, and challenges of fintech in the Indonesian context, with a particular focus on sharia fintech Method: A descriptive method is used. The descriptive approach is used to systematically describe facts, characteristics, and relationships within the fintech ecosystem without manipulating variables. Data are obtained from literature reviews, official regulations, and reports from relevant authorities, including Bank Indonesia, OJK, and DSN-MUI. Result: The Development of fintech in Indonesia presents a significant opportunity to encourage technology-based businesses, but also poses serious management challenges. Islamic fintech has received regulatory support from Bank Indonesia, DSN-MUI, and OJK to strengthen financial inclusion and smooth payment systems. However, obstacles such as DPS access, the length of the licensing process, and minimum capital requirements remain the primary barriers. Therefore, collaboration among all stakeholders is necessary to create a healthy and sustainable ecosystem for Islamic fintech. Implication: The Development of Sharia fintech in Indonesia has the potential to strengthen financial inclusion and technology-based financial services. However, overcoming regulatory and economic challenges is essential to ensure the sustainability and growth of the sharia fintech ecosystem.

Arabic language education holds significant importance in shaping the socio-economic landscape of Bangladesh. Traditionally associated with religious instruction, its potential extends beyond the theological domain, serving as a key tool for socio-economic development. This article seeks to explore the multifaceted role of Arabic language education in Bangladesh, analyzing how it contributes to the counHtry’s economy, cultural identity, and global connectivity. Drawing on various disciplines, including education, economics, and cultural studies, the research examines how Arabic language proficiency influences employability, trade relations with Arab countries, and the development of the financial sectors. The paperc argues that the expansion of Arabic language education could enhance Bangladesh’s economic ties with the Arab world, opening up new avenues for trade, investment, and employment, particularly in sectors like migration and tourism. Despite its potential, Arabic language education remains underutilized in the broader socio-economic fabric of Bangladesh. The paper aims to explore (a) the ontic basis of Arabic language instruction as embedded in the Islamic education system of Bangladesh, (b) how Arabic proficiency may be integrated into vocational and technical education to improve employability, and (c) the impact of Arabic language education on social mobility, particularly among the Muslim population. In addition, the present paper emphasizes identifying key challenges in the current Arabic language curriculum that hinder its wider applicability in the job market and economic sectors. The study employs a multidisciplinary methodology, including qualitative interviews with educators, economic analysis, and a review of Arabic language instruction models from other countries. The findings reveal that a stronger emphasis on Arabic language education could lead to broader economic opportunities for Bangladesh, particularly in the Middle East, while also reinforcing the cultural and religious identity of its Muslim majority. This paper contributes to the academic discourse on the role of language education in economic development, highlighting how Arabic proficiency can influence socio-economic behavior, migration patterns, and international relations. By connecting linguistic education with economic prospects, the research advocates for a more integrated approach to Arabic language teaching in Bangladesh, aligned with national development goals. The role of language education in economic development, highlighting how Arabic proficiency can influence socio-economic behavior, migration patterns, and international relations. By connecting linguistic education with economic prospects, the research advocates for a more integrated approach to Arabic language teaching in Bangladesh, aligned with national development goals. Mother Language, 2024; 8(1-2): 123-152

ABSTRACT Using data from A‐share listed companies in China from 2010 to 2023, this paper examines the impact and mechanisms of Social Security Fund holdings on corporate real investment. The findings reveal that Social Security Fund holdings significantly increase corporate real investment, promoting the transition of enterprises from the financial sector to the real economy. Improved internal governance and enhanced external supervision of the held companies are the main mechanisms behind this effect. This effect varies significantly depending on the number of companies held by the Social Security Fund, the duration of holdings, agency costs, differences among auditing firms, and the nature of enterprise property rights. Other institutional investors' holdings do not promote an increase in corporate real investment. The Social Security Fund holdings have a stronger promoting effect on companies with insufficient real investment, and it can reduce investment in financial assets. This research holds significant implications for better leveraging the Social Security Fund to improve corporate governance, enhance external supervision, increase real investment, and promote the transition of enterprises from the financial sector to the real economy.

INTRODUCTION. This article examines Hong Kong’s sanctions, countermeasures and unilateral restrictions policy and practices existing within and determined by the China’s approach in this sphere. Although Hong Kong, as a special (autonomous) administrative region of the People’s Republic of China (PRC), should strictly abide by the basic tenets of PRC’s policy – recognition of legitimacy of only United Nations Security Council’s (UNSC) sanctions, legality of countermeasures introduced in response to delinquent acts of international actors and formal and rhetorical rejection of unilateral restrictive measures, – the autonomy has certain distinct characteristics in this area which reflects a special status of Hong Kong in the constitutional and political system of the PRC. MATERIALS AND METHODS. The author used publicly available documents and materials of the United Nations, PRC’s government bodies, Hong Kong’s Legislative Council and executive bodies, academic sources of Russian, Hong Kong, Mainland Chinese and Western scholars and experts, as well as periodical publications, to examine how the sanctions, countermeasures and unilateral restrictions regime of Hong Kong works and what distinguishes Hong Kong’s policy in this area from China’s. For the purposes of this study the author employed general methods of scholarly research and special methods of legal research. RESEARCH RESULTS. Led by the foreign policy imperatives of China, Hong Kong must adhere to UNSC sanctions recognized and implemented by the PRC. However, Hong Kong is not legally bound to comply with China’s countermeasure and unilateral restrictive measures (official or informal). Likewise unilateral restrictive measures imposed by Western states have no legal force in Hong Kong. Yet, paradoxical it may sound, Hong Kong business community (linked with the West by numerous long-standing business ties), foremost banking and financial sector, do in fact by and large adhere to such unilateral restrictive measures because of fear of being targeted by Western secondary restrictive measures. Thus, Hong Kong constitutes a subsystem of rules, regulations and practices on implementation of sanctions, countermeasures and unilateral restrictive measures, on the one side, premised on the principles and rules of the PRC, and, on the other side, detached and distinguished from regulations and practices of China in this area. Considering Hong Kong business circles’ keenness to comply with Western unilateral restrictive measures, including anti-Russian restrictive measures, and go even further by halting all transactions and relations with any person having a nexus to jurisdictions heavily targeted by the Western unilateral restrictive measures, this autonomous region of China is and will continue to be quite a difficult place for Russian entrepreneurs to do business. DISCUSSION AND CONCLUSIONS. This study demonstrated distinct features of the Hong Kong’s regime of sanctions, countermeasures and unilateral restrictions which one may rightly classify as a special subsystem of China’s regime. The author came to the following conclusions. First, Hong Kong shall implement UNSC sanctions in accordance with the instructions of the Ministry of Foreign Affairs of the PRC but on the basis of autonomy’s own laws and regulations. Second, Hong Kong, as a non-sovereign entity, does not impose its own countermeasures or unilateral restrictive measures on sovereign states (institution of such measures falls squarely within the responsibility of the PRC central government). Third, anti-unilateral restrictive measures laws and regulations, enacted by the PRC, are not applied in Hong Kong unless they are added to Annex III to the Basic Law (mini-constitution) of Hong Kong. Fourth, countermeasures and unilateral restrictive measures instituted by China against third countries in compliance with her antiunilateral restrictive measures laws and regulations, as well as unofficial bans, have no legal force in the autonomy, except prohibitions on entry of persons, targeted by China, to Hong Kong. Fifth, a large number of Hong Kong companies (foremost local, Mainland Chinese and foreign banks and financial institutions) with long-standing trade and economic connections with Western counterparts routinely comply with Western, mostly the United States, unilateral restrictive measures (including unilateral restrictive measures against Hong Kong) and the Hong Kong Monetary Authority (a de facto central bank of the autonomy) even makes it mandatory for the financial institutions, operating in the territory, to comply with Western unilateral restrictive measures.

Green finance has emerged as a prominent developmental trend in the financial sector, owing to its growing worldwide significance. It has become common practice to address both concerns at once by combining environmental conservation measures with economic growth. But whether green finance can effectively tackle the global economic problems of today is still up for debate. The goal of this study was to identify understudied regions of the world by examining publication patterns in the literature on green finance and economic growth. The study attempted to identify trends in green finance and economic development research publications across nations, continents, contributing authors, and journals. 289 publications that were taken from the Scopus database were used in this bibliometric analysis. The study used a bibliometric technique using R Studio software. The study identifies the most prolific and noteworthy authors, articles, and related publications. Specifically, co-citations and collaboration analysis allowed for the mapping of the most current and oldest research fronts. With a disparate quantitative production of scientific literature among nations and organizations, this field of study is still relatively young. As a means of promoting research in the field of green finance and economic development, this study painted a picture of an emergent, multidisciplinary sector that may be of interest to all stakeholders dealing with similar problems. The findings offer solid recommendations for more research in this area.

ABSTRACT As Africa endeavors to enhance its financial sector through formalization, the impact of governance and Information and Communication Technology (ICT) on this process is crucial. However, the interactive effect of these factors has not been comprehensively investigated, which limits prudent policy formulation for a robust and productive inclusive financial sector. Therefore, this research explores the direct and indirect effects of ICT and governance in enhancing financial formalization within the African context. The primary purpose is to establish empirical evidence that supports policymaking, practice, and theory related to the interconnection of governance, ICT, and finance. A panel dataset was created from 2004 to 2021 using data from 48 countries. The paper utilized the two-step system, Generalized Method of Moments (GMM) approach and Principal Component Analysis (PCA). The major findings indicate that, first, ICT indirectly enhances financial formalization through governance. Second, the overall net effect is positive. Third, the degree of interactive effect related to fixed broadband is revealed to be the highest among the indicators of ICT. Fourth, the established thresholds are 14.70 for fixed broadband, 61.92 for internet usage, and 174.06 for mobile subscriptions. Policymakers are challenged to develop strategies that harness the transformative power of technology and good governance.

Green growth is an essential issue for many countries due of climate change and global warming. The complexity of environmental problems is increasing along with the rate of economic growth that ignores ecological sustainability. The financial sector is of key supporting factor for green growth. Likewise, Indonesia, as a developing country, requires the financial sector to play of role in achieving sustainable green development. This study aims to analyze the banking performance sector and green growth in Indonesia during the period 1990Q1-2023Q4. This study uses time-series data and the Vector Error Correction Model (VECM) to analyse the data. The results of the analysis show that the banking performance sector has a positive and significant influence on green growth in both the short and long terms.

Foreign direct investment and financial development are critical in enhancing the growth of the host economy. This study investigates the asymmetric impact of foreign direct investment (FDI) and financial development (FD) on growth in Nigeria. To accomplish this objective, the study employs time-series data and a nonlinear Autoregressive Distributed Lag (NARDL) framework to decompose FDI and FD into positive and negative changes. We use GDP growth as the regressor, FDI and trade openness as explanatory variables, financial development as a mediating variable, and the human development index and the exchange rate (EXR) as control variables. The results of this study show that FDI and positive financial development (+ve) significantly increase the GDP growth rate in the short and long terms. At the same time, negative FDI and financial development shocks reduce growth, suggesting that improvements in the financial sector and FDI potentially drive economic growth. Results also indicate that the mediating variable (FDI*FD) is significant, showcasing that financial development facilitates FDI's growth impact. Based on our empirical outcome, the paper concludes that FDI and FD are critical in enhancing growth. The findings of this study suggest that government and policy analysts should encourage FDI by initiating environmentally friendly policies and establishing an adequate institutional framework to protect and promote foreign investment not only in Nigeria but also in other developing countries. Significantly, absorptive capacity, such as the financial sector, should be strengthened to optimize FDI's impact on growth.

This paper presents a comprehensive comparative study of the legal regulation of smart contracts in the United States and the People’s Republic of China, taking into account both theoretical frameworks and practical applications. Smart contracts are examined as both technological and legal instruments that facilitate the automation of contractual obligations, enhance transactional transparency, and streamline the management of digital assets within the digital economy. The relevance of this research arises from the rapid integration of blockchain technology into the financial sector, public services, international trade, logistics, and insurance. Nevertheless, despite the widespread use of the technology, the legal status of smart contracts and their recognition by national and international courts remain subjects of academic and professional debate. The methodological basis of this study combines comparative legal analysis, a systematic review of regulatory acts and judicial practice, an examination of academic literature, and the synthesis of information from diverse sources. This research highlights the key features of the Chinese and American regulatory models. The Chinese model is characterized by centralized control, where smart contracts are integrated into state-backed digital platforms, including the Blockchain-based Service Network (BSN) and the digital yuan. This approach ensures standardization and security, however constrains the pace of innovative adoption. By contrast, the American model demonstrates flexibility and fosters innovation by recognizing program code as a legally significant instrument under digital transactions and contract law (e.g., the E-SIGN Act of 2000 and various state laws). However, it lacks clear standards and uniform security protocols.