Financial Transactions Research Articles

Tackling Corruption in the Public Sector: Innovative Approaches and Policy Reforms

Corruption in the public sector remains a significant challenge that undermines governance, economic growth, and public trust. This paper examines innovative approaches and policy reforms aimed at addressing corruption in public institutions. By exploring case studies from various countries, the research identifies successful strategies that incorporate technology, transparency, and accountability. Digital solutions such as blockchain, e-governance systems, and data analytics have emerged as effective tools in reducing corrupt practices by improving transparency in public procurement, financial transactions, and service delivery. Additionally, the paper highlights the importance of fostering a culture of integrity within public institutions through ethical leadership, whistleblower protections, and comprehensive legal frameworks. Policy reforms, including the implementation of anti-corruption agencies, stronger regulatory oversight, and international cooperation, are also discussed as essential components in the fight against corruption. The findings suggest that a multi-faceted approach combining technological innovations, institutional reforms, and public participation is critical to curbing corruption in the public sector. This study contributes to the broader discourse on governance and offers actionable insights for policymakers seeking to implement effective anti-corruption measures.

Impact of digital financial inclusion on economic growth: a study on Bangladesh

PurposeThe purpose of the study is to find out the impact of Digital Financial Inclusion (DFI) on economic growth [(Industrial Production Index (INDP)] of Bangladesh.Design/methodology/approachUsing the monthly data over the period 2018 M12 to 2021 M12, this study applied the Auto-regressive Distributed Lag (ARDL) model to assess the effect of DFI indicators on INDP. The secondary data was collected from the Bangladesh Bank and CEIC Global Economic Data.FindingsThe study found that the majority of DFI indicators are positively associated with INDP. From the short-run ARDL, it is seen that one unit positive increase in Point of Sales Transactions (POST) can increase the INDP by 0.055 units. From the long-run ARDL, it is seen that POST and e-commerce transactions (ECOMT) have a significant positive impact, while Automated Teller Machine Transactions (ATMT) have a significant negative effect on INDP. One unit increase in POST and ECOMT increases INDP by 0.13544 and 0.11611 units, respectively.Research limitations/implicationsDuring the era of the fourth industrial revolution, the findings will be beneficial for policymakers, financial technology service providers, manufacturers, consumers, corporations and investors as they pave the way for a more inclusive approach to financial transactions for economic growth.Originality/valueThe study’s novelty is that it explored the influential DFI indicators and shed light on both short-run and long-run relationships between the indicators and macro-economy from the context of a developing nation.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-04-2023-0306

New Wave of Digitalization: The Financial Transaction Medium of Foodpreneurs in Perlis

New Wave of Digitalization: The Financial Transaction Medium of Foodpreneurs in Perlis

Financial Accountability, Resources and Competence of Proprietors, and Performance of Private Universities in Uganda

Abstract: The purpose of this study was to examine the effect of financial accountability on performance of private universities in Uganda. The study is guided by a hypothesis, that financial accountability have a statistically significant effect on the performance of private universities. The study taps into the voices of university stakeholders seeking their opinion on how to address the university performance challenges and 162 sample units were selected and participated in the study. The study follows the post-positivism philosophical stance which calls for the use of mixed techniques, while a descriptive, analytical and cross-sectional research design was utilized. Data was analyzed using two statistical software programs: Analysis of Moments of Structures (AMOS) for structural equation modeling (SEM), and SPSS was used for preliminary data analysis. In contrast, content analysis was employed in the qualitative approach. The results were presented using, Scatter plots, regression analysis, correlation coefficients and percentage tables while SEM was used to perform confirmatory factor analysis, principle component analysis, variance analysis, correlation coefficients and regression analysis. There was positive significant correlation between the financial accountability and the University performance (r = 0.641, P<0.01). The results further indicate that financial accountability individually explains 41.1% (R Square Change = .411) of the variations in University performance. The study found out that all dimensions of financial accountability exhibit a positive and significant relationship with performance. Hence value for money, financial reporting and audited accounts can ensure transparent financial transactions avoid diversion of funds, create robust strategies for mobilizing resources and save funds that can be utilized to improve financial sustainability and education quality in private universities. The study recommends that private universities should establish transparent financial reporting, promote active engagement of proprietors in financial decision making and resource mobilization, adherence to fiscal responsibilities, and effective financial governance as well as training proprietors in university financial management.

Pelatihan Digital Accounting guna Peningkatan Kinerja Keuangan UMKM

This community service program aims to improve the financial performance of Micro, Small, and Medium Enterprises (MSMEs) in the Bandulan sub-district of Malang city through digital accounting training. This training is designed to improve understanding of basic accounting concepts and the use of accounting software to facilitate the recording of financial transactions that previously used manual recording. The training activities were carried out online and offline and were attended by 10 MSME participants, either as owners or in the finance department. The implementation method used was lectures to convey basic accounting concepts for MSMEs and practice operating digital accounting applications. The results of monitoring and evaluation showed that the value of MSME partners was at least 75 points, which means that partners can absorb the knowledge that has been carried out by the service team well. The results of this service can improve financial performance and effective and efficient management decision-making.

Analysis of The Flow of Funds of Money Laundering Crime With Predicate Crime of Narcotics Crime by Foreign Nationals, A Case Study at the National Narcotics Agency of Bali Province

The flow of funds of foreign nationals at home and abroad can be used in proving money laundering crimes in Indonesia because based on Article 69 of Law Number 8 of 2010 concerning Prevention and Eradication of Money Laundering Crimes, which states that in order to be able to carry out investigations, prosecutions, and examinations in court against money laundering crimes, it is not mandatory to prove the original criminal act first, with this intention it does not mean that in conducting investigations, prosecutions, and examinations in court it is not mandatory to prove the original criminal act. This study aims to determine and analyze the analysis of the flow of funds of money laundering crime with predicate crime of narcotics crime by foreign nationals. This research method uses normative research supported by empirical research using various types of primary legal materials. The results show that the flow of funds of foreign nationals at home and abroad can be used in proving money laundering crimes in Indonesia because based on Article 69 of Law Number 8 of 2010 concerning Prevention and Eradication of Money Laundering Crimes, which states that in order to be able to carry out investigations, prosecutions, and examinations in court against money laundering crimes, it is not mandatory to prove the original criminal act first. This research has implications for the importance of strengthening international cooperation in tracing and tracking the flow of funds involving foreign nationals, as well as the need to strengthen regulations related to the supervision of cross-border financial transactions.

Simulated Misuse of Large Language Models and Clinical Credit Systems.

Large language models (LLMs) have been proposed to support many healthcare tasks, including disease diagnostics and treatment personalization. While AI may be applied to assist or enhance the delivery of healthcare, there is also a risk of misuse. LLMs could be used to allocate resources via unfair, unjust, or inaccurate criteria. For example, a social credit system uses big data to assess "trustworthiness" in society, penalizing those who score poorly based on evaluation metrics defined only by a power structure (e.g., a corporate entity or governing body). Such a system may be amplified by powerful LLMs which can evaluate individuals based on multimodal data - financial transactions, internet activity, and other behavioral inputs. Healthcare data is perhaps the most sensitive information which can be collected and could potentially be used to violate civil liberty or other rights via a "clinical credit system", which may include limiting access to care. The results of this study show that LLMs may be biased in favor of collective or systemic benefit over protecting individual rights, potentially enabling this type of future misuse. Moreover, experiments in this report simulate how clinical datasets might be exploited with current LLMs, demonstrating the urgency of addressing these ethical dangers. Finally, strategies are proposed to mitigate the risk of developing large AI models for healthcare.

Factors affecting the liquidation of allocated funds in public elementary schools

This study aimed to discover the factors affecting the liquidation report that leads to delayed or non-submission of the public elementary schools of the Department of Education – Division of Aklan. Using descriptive research method, the 46 public elementary school heads, teacher-in-charge, and head teacher from the District of Banga, Lezo, Makato, Libacao and Malay were surveyed using researcher-made questionnaire. Findings revealed that that demographic profile, timely submission of requirements, leveraging appropriate technologies, and addressing external factors are key determinants in facilitating the liquidation process. Findings underscore the factors influencing the utilization and liquidation of allocated funds in terms of provision and procurement within the public elementary education sector. Addressing these factors requires a comprehensive approach that involves improving budget allocation mechanisms, enhancing administrative capacity through training and support, promoting efficient resource management practices, and fostering transparency and accountability in financial transactions. There is a positive relationship between the factors affecting the liquidation of allocated funds and extent of the factors affecting the utilization and liquidation of allocated funds. This study recommends providing training sessions and capacity-building programs for school administrators and personnel involved in financial management, investing in modern accounting and reporting technologies and enhancing communication channels between the Department of Education Division of Aklan and public elementary schools.

Pelatihan Penggunaan Aplikasi SIAPIK Bank Indonesia Kepada Pelaku UMKM Desa Krikilan

This community service aims to improve the financial literacy of MSMEs in Krikilan Village, Kalijambe District, Sragen Regency through training in the use of the SIAPIK application from Bank Indonesia. SIAPIK, or the Financial Information Recording Application System, is designed to make it easier for MSMEs to record financial transactions and prepare financial reports in accordance with MSME Financial Accounting Standards. Participants in this activity were MSMEs from Krikilan Village, Kalijambe District, Sragen Regency, totaling 20 people. This activity involved socialization and training using lecture, dialogical, and direct practice methods. The implementation of the training on July 18, 2024 showed positive results, with MSME participants now having a better understanding of the use of the SIAPIK application. This program is expected to improve the technical skills of MSMEs, facilitate access to financing, and improve the quality of their financial reports.

Who watches the watchdogs? Central bank board members and banking supervisors in Switzerland (1907–2008)

ABSTRACT The Swiss financial center developed spectacularly during the 20th century, becoming one of the main hubs for cross-border financial transactions. The regulatory environment that enabled this growth is still poorly understood. This contribution examines the government appointees who controlled the banking supervisory institutions (Swiss National Bank and Federal Banking Commission). The focus is on the individuals who supervised those two institutions and analyzes the evolution of their board members from their creation, in 1907 and 1935 respectively, to 2008. This prosopographical study – using indicators such as gender, age, education, career paths and political affiliation – seeks to determine: a) their typical socio-professional profile, b) their closeness to the banking industry and c) their representativeness of society, politics, and business. My findings highlight both significant changes in the last decade of the century, with an increase in the level of education and a drop in political affiliation, and a long-term stability of the socio-professional profile of the board members: middle-aged to elderly men, with a PhD in law or economics, considerable experience in the banking or business world, and often an affiliation with the governing political parties. Both institutions were supervised by individuals with close connections to the financial industry. They became arenas for elite networking, simultaneously failing to represent large segments of society.

Market tempo: Decoding information speed across global stock markets

This study explores the speed of information absorption in global stock markets using the Damodaran model. Analysing daily stock returns from 2005 to 2015 across 25 countries and 26 indices, the research categorizes markets into major, OECD, and emerging types. Major markets demonstrate the fastest adjustment, achieving a remarkable 1-day speed, followed by OECD markets with a 2–4-day span and emerging markets showing a 2–6-day duration for full information absorption. The results highlight significant mean speed variations across these market categories, offering practical insights for international businesses, corporations, and mutual funds navigating financial transactions globally. This study contributes valuable insights into information absorption speed, emphasizing the hierarchy of major, OECD, and emerging markets based on their speediness. Limitations include the exclusive focus on daily stock returns and the absence of specific diagnostic statistics for the Damodaran model.

Facing the economic tribunal: how calculative techniques impede effective finance capital taxation in Europe

ABSTRACT The rise of new financial transaction schemes enabled new forms of tax fraud in Europe in the 2010s. Despite extensive public attention to this issue, the political measures adopted to strengthen taxation control have remained remarkably lax. The article analyses the emergence and spread of US neoliberal problematisations of administrative burdens to the OECD, and how these problematisations coalesced with the development of standardized regulatory cost‒benefit techniques. Focusing on the Danish case, this constellation of problematizations and techniques is argued to have worked as an economic tribunal, effectively obstructing the control of tax dividend reclaims.

The Needs and Readiness of the Islamic Banks to Adopt the Comprehensive Islamic Accounting Standards: The Malaysian Experience

The Islamic finance sector in Malaysia has seen substantial growth over the past few decades, becoming one of the leading markets for Islamic financial products and services. This growth has brought about significant challenges in financial reporting, primarily due to the limitations of conventional International Financial Reporting Standards (IFRS) in addressing the unique characteristics of Islamic financial transactions. The shari’ah transactions are governed by Shariah principles, which prohibit interest (riba) and emphasize on risk-sharing, ethical investments, and social justice. The study aims to provide a comprehensive analysis of the current issues and debates surrounding the need for comprehensive Islamic accounting standards in Malaysia. It will review recent literature, regulatory developments, and the experiences of practitioners in the particular field. Furthermore, the report seeks to highlight the readiness of Bank Negara Malaysia and all Islamic Banks to adopt Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) standards and explore the feasibility of integrating these standards within the International Financial Reporting Standard (IFRS) framework. Additionally, this report aims to contribute to the ongoing discourse on Islamic accounting by offering critical insights and recommendations for policymakers, regulators, and financial institutions. The ultimate goal is to enhance the transparency, comparability, and reliability of financial reporting in the Islamic finance sector, thereby promoting its sustainable growth and integration into the global financial system.

Prosedur Penyelesaian Perkara Wanprestasi Atas Perjanjian Pinjam Uang Yang Dilakukan Oleh Debitur Koperasi

Cooperatives which regulate the movement of business fields in the formation of capital from the savings of its members regularly and continuously and can also be lent to its members in a practical, easy and fast way are called Savings and Loans Cooperatives for welfare purposes. That way the aim of establishing it is to make it easier for the community to make financial transactions easier, with the existence of a savings and loan cooperative that provides small interest but opportunities in capital can be cheap. With normative law implemented in the method used in this study, allowances from sources such as principles, principles, and legal literature are used in resolving cases of default on borrowing money in cooperatives. The results of this study are the results of evidence in court proceedings, evidence can be submitted by the plaintiff and the truth of the lawsuit and the defendant does not deny it. The proof of the case made the judge declare that it was legal to have defaulted on borrowing money within the scope of the cooperative.

Dynamic analysis of a novel hyperchaotic system based on STM32 and application in image encryption

This paper presents a novel 4D hyperchaotic system derived from a modified 3D Lorenz chaotic system. A key aspect of this system is the presence of a single equilibrium point, and its stability is carefully analyzed. The dynamic properties, including the Lyapunov exponent spectrum, bifurcation diagram, and chaotic attractors, are investigated using MATLAB simulations. The results reveal that the system displays hyperchaotic behavior across a wide range of the parameter d\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$d$$\\end{document}, with its chaotic attractor transitioning through four states: hyperchaotic, chaotic, periodic, and quasi-periodic, showcasing the system's complex dynamics. Experimental validation using STM32 embedded hardware successfully reproduces these four types of chaotic attractors, confirming the theoretical predictions. The proposed hyperchaotic system is then applied to image encryption, introducing a novel encryption method. The hyperchaotic key sequence generated by this system meets 15 tests of the NIST SP800-22 standard, and further experimental validation with STM32 hardware demonstrates the algorithm's effectiveness, simplicity, non-linearity, and high security. The encrypted images and sequences are rigorously tested key space analysis, histogram similarity analysis, information entropy analysis, statistical attack analysis, differential attack analysis, key sensitivity analysis, and correlation analysis, highlighting the robustness and reliability of the proposed system. This method is versatile and can be extended to various fields, including audio and video encryption, text encryption, IoT security, financial transaction security, and medical data protection.

Information asymmetry, policy shocks, and international equity investment: Evidence from the anti‐corruption campaign in China

AbstractInformation plays a critical role in financial transactions and markets, especially in international investment where foreign investors are at an informational disadvantage relative to domestic investors. Prior studies show a positive reaction of the Chinese capital market to China's anti‐corruption campaign, which is also consistent with improved performance of Chinese listed firms following the campaign. We document a contrasting reaction of less‐informed foreign investors. Exploiting staggered anti‐corruption investigations across provinces as plausibly exogenous shocks, we find that foreign institutional investors increase their equity investments in Chinese listed firms headquartered in affected provinces following the anti‐corruption campaign; foreign individual investors, by contrast, reduce their equity investments after the campaign, which is driven by those with non‐Chinese ethnicity. Further analyses show that the increased equity investments of foreign investors stem primarily from those residing in jurisdictions sharing a similar cultural tradition with China. Our study has significant implications for foreign investors in the context of the increasingly intense relationship between China and the West.

Adoption of cashless economy in Bangladesh

Bangladesh has seen significant strides in technological developments that have positively affected its GDP. Different modes of financial transactions, such as mobile banking, and credit and debit cards, have proven beneficial for the economy. bKash, Nagad, and other online transaction platforms are widely used by the population of Bangladesh. People, starting from Dhaka to many other rural areas of Bangladesh, are gradually becoming habituated to the digital mode of payment. The case thoroughly analyzed and highlighted the concept of a cashless society and showed how technological advancements in financial services can contribute to broader sustainability goals, including carbon-reduction. Moreover, the case presented three different scenarios on Bangladesh’s devotion towards going cashless. Additionally, the case utilized the diffusion of innovation (DOI) theory, to identify the different categories of innovation adopters, and elucidated their traits in the context of adopting a cashless economy.

Returns Management of Maize and Paddy Seeds

This study focuses on examining the returns management processes in the selected seed firm, particularly for maize and paddy seeds in the Telangana districts of Karimnagar and Nizamabad. The research identifies significant challenges in managing seed returns, such as inefficiencies that affect seed quality and availability, as well as the financial costs involved in handling returns. The study underscores the importance of a well-organized returns management system, especially since approximately 15 per cent of seed returns occur every year. Viable seeds are reprocessed and stored for future use, while non-viable seeds are safely disposed of or repurposed for other uses. The financial transactions associated with the returns process are carefully managed, ensuring efficient compensation for distribution partners. The findings highlight that an effective returns management process is crucial for preserving seed quality, minimizing waste and improving customer satisfaction. The study concludes with suggestions for refining the returns management process to bolster the sustainability and competitiveness of the selected firm. This manuscript offers valuable insights for researchers, policymakers and industry professionals involved in the agricultural supply chain.

Prevention of credit card fraud transaction using GA feature selection for web-based application

Credit card fraud (CCF) is a regular event that generates financial losses. A considerable share of the significantly increased volume of internet transactions is made with credit cards. CCF detection programmes are consequently highly prioritised by banks and other financial organisations. These fraudulent transactions can come in a wide variety of formats and categories. To maintain data integrity, financial institutions support digital transactions. One of the most popular ways to pay the products and services can be done by both online and offline by using a credit card. Thus, there is a higher possibility of fraud during these financial transactions. This informs programmers to the requirement for a reliable technique for identifying successful fraud. Credit card users and businesses that accept credit cards have recently had to contend with the serious issue of CCF. Application-level frauds and transaction level frauds are the two categories into which CCF controlled frauds are divided. Therefore, utilizing genetic algorithm (GA) feature selection for web-based applications, it is advised to use this strategy as a method for the prevention of CCF transaction. This method's performance is evaluated based on a number of factors, including accuracy, recall, and specificity.

Factors Influencing Customer Satisfaction with Cashless-Payment Services at Restaurants in Malaysia

Cashless payment is gradually replacing physical currencies in almost every financial transaction worldwide. Since the growth of technology is inevitable, the use of cashless-payment services has increased, especially in the hospitality industry. However, due to the existence of numerous types of cashless-payment systems in the marketplace, consumer acceptance of electronic payment has still been challenging. The use of cashless-payment services has even now remained a barrier for most Malaysian customers due to a lack of information and understanding about how to use such systems. Thus, the purpose of this study is to determine factors that lead to customer satisfaction with cashless-payment services at restaurants in Malaysia and discover the most influence factor leading to customer satisfaction with the cashless-payment services. There are three factors, which are perceived usefulness, perceived ease of use, and perceived risk. 385 complete samples have been collected online, with SPSS used for data analysis. The findings reveal that all the three factors significantly predict customers satisfaction with the cashless-payment services at the restaurants in Malaysia. Among these three factors, the most significant one influencing customer satisfaction is perceived risk. Based on the study’s findings, the pleasure of using cashless-payment services has turned out to be a sense of motivation and willingness for the customers to use them in the future. Consequently, the intention of the customers to engage in electronic-payment transactions is extremely high.