Purpose This paper aims to explain distrust in Türkiye’s Individual Pension System (BES) as a problem of cognitive coordination, asking which mental models are salient among field actors and how their collisions erode trust. Design/methodology/approach This study draws on 16 semi-structured interviews with pension-company, portfolio-management and regulatory professionals, conducted between August 2019 and April 2020. Data were analysed abductively through thematic analysis, using shared mental models as a sensitising concept. Findings Four competing models structure the field: the BES as a long-term retirement plan, high-return investment, national economic instrument and short-term piggy bank. Distrust emerges when these models collide at point of sale, auto-enrolment and early withdrawal. Research limitations/implications Based on one case and professional informants, this study offers analytic rather than statistical generalisation. Participant-side models are inferred, and the interviews pre-date Türkiye’s post-2021 inflationary regime. Practical implications Firms and regulators should align sales, onboarding, disclosure and service around a consistent retirement purpose while reducing deposit-style comparisons and acquisition-driven incentives. Social implications Misaligned mental models in private pension fields generate distrust that falls disproportionately on liquidity-constrained households, with downstream consequences for retirement adequacy, intergenerational fragility and confidence in long-term financial institutions in volatile emerging-market economies. Originality/value This paper reframes pension trust as a problem of cognitive alignment and extends shared mental models theory to a loosely coupled institutional field.
Purpose Constant regulatory and operational flux makes stability elusive in the financial services industry. Financial advisors serve as strategic navigators for clients, guiding them toward financial security alongside financial firms, government agencies, regulators and associations. Yet, limited scholarly attention has been given to the self-reported ethical values and ethical challenges of financial advisors. The purpose of this study is to examine the values that shape financial advisors' client-related decisions, the interplay between these values and sociocultural norms and the circumstances in which aligned interests may also become conflicts. Design/methodology/approach The authors used a qualitative research design, using 11 individual in-depth interviews to explore the values and ethical dilemmas of financial advisors in the USA. Guided by an inductive, exploratory grounded theory approach, the authors shifted from purposive to theoretical sampling to derive concepts foundational for future survey development. Findings The results reveal the top ethical dilemmas financial advisors face, shared through their own voices. The authors report how advisors identify and try to navigate conflicts of interest, compensation pressures and the complexities that can undermine client trust. The authors share insights into how personal values influence professional choices and where industry systems may fall short in supporting ethical behavior. Originality/value This study uncovers how advisors’ self-reported values influence ethical choices in financial advisory practices, a neglected area in the field. It provides a necessary voice-centered account that fills the gap between theoretical ethics and lived experience and uncovers the nuance of “moral injury” in the profession.
Purpose The study provides a comprehensive scoping review of women’s financial well-being, a key dimension of economic security, financial inclusion and gender equality in the post-pandemic context. This study aims to examine research trends and identify future research directions. Design/methodology/approach The study uses bibliometric and thematic content analysis within the Preferred Reporting Items for Systematic Reviews and Meta-Analyses-2020 framework to analyze 159 peer-reviewed articles indexed in Scopus (2012–2023), identifying key contributors, research trends and gaps. Findings The findings reveal key contextual and personal determinants of women’s financial well-being, with dominant themes, including financial literacy, gender inequality, psychological well-being and institutional trust. The literature relies heavily on cross-sectional surveys, with limited use of qualitative, longitudinal and mixed-method approaches. Research limitations/implications The study highlights key gaps in theoretical integration, geographic diversity and contextual analysis, offering directions for future research and policy development. Originality/value This study contributes by synthesizing fragmented research, proposing an integrative conceptual framework and a working definition linking structural conditions and individual capabilities to women’s financial well-being.
Purpose The purpose of this study is to demystify the most crucial accruals in the banking industry, i.e., loan loss provisions (LLP). This study seeks to systematically review, integrate and synthesize the extensive body of literature on LLP. Furthermore, this study aims to identify the topical debates and their theoretical underpinnings, emerging themes and avenues for potential research in this field. Design/methodology/approach This study utilizes the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol to identify, organize and evaluate 120 studies over a 35-year period (spanning 1988–2023) from the Scopus database. This study uses VOSviewer and RStudio for performance analysis and science mapping. Findings This study documents the prominent authors, journals, countries and methodologies used in empirical research based on performance analysis. Moreover, science mapping reveals six themes that collectively summarize the existing body of knowledge. The findings indicate an increased scholarly interest in LLP over the 35-year period; however, the extant literature largely focuses on exploring the opportunistic use of LLP. Lastly, it proposes future research avenues and provides pertinent insights to researchers. Originality/value This is the first SLR in the LLP field, using the most advanced and scientific approach, i.e., SPAR-4-SLR, to present an updated and comprehensive overview of various strands and research hotspots in the domain. Next, it offers a novel contribution by developing an integrated framework that combines the key factors, moderators and consequences of LLP literature. Finally, it outlines emerging research areas, namely, environmental, social, governance (ESG), corporate social responsibility (CSR), International Financial Reporting Standards 9/current expected credit loss model and fintech, that have remained less well explored in the previous research.
Purpose This research explores the transformative potential of leveraging crowdfunding mechanisms to revolutionise higher education funding in Malaysia. As traditional funding sources for higher education face challenges, this study aims to uncover how crowdfunding can be harnessed to address these issues and drive positive change. This study assesses the potential impact of crowdfunding on expanding access to education, promoting innovation and fostering community engagement within the higher education sector. Design/methodology/approach This research used a semi-structured interview method to achieve comprehensive insights. The interview involved collecting data on existing crowdfunding campaigns in the education sector, focusing on their success rates, funding levels and donor demographics. The qualitative analysis involved in this study involved in-depth interviews with higher education stakeholders, including officers, institutional leaders and potential donors. Findings The findings of this study revealed that crowdfunding is a feasible and sustainable funding mechanism for higher education institutions in Malaysia. The research demonstrated that crowdfunding has the potential to expand access to education for underprivileged students and catalyse innovative educational programmes. The study uncovered the regulatory and equity challenges linked with crowdfunding for education, offering insights into potential solutions to overcome these obstacles. This research contributes to the existing body of knowledge by offering empirical insights into the uncharted territory of using crowdfunding as a transformative force in higher education funding in Malaysia. Originality/value The study’s findings will guide policymakers, institutions and stakeholders in making informed decisions about the feasibility, benefits and challenges of implementing a crowdfunding mechanism. By unpacking the potential of crowdfunding, this research advances discussions on diversifying and democratising funding sources for higher education, ultimately contributing to the advancement of Malaysia’s education landscape.
Purpose This study aims to examine the financial status and user characteristics of the urban poor in Pune, Maharashtra. It also seeks to understand their perceptions of mobile payment applications and explore how such platforms contribute to financial inclusion. Design/methodology/approach A qualitative research approach was adopted using convenience sampling. Data were collected through focus group discussions with residents of Patil Wasti in Balewadi, Pune, representing the urban poor. Findings Participants’ responses were categorised into 11 major themes. Barriers to adopting mobile payment applications include difficulty adapting to digital platforms, lack of financial resources, weak internet connectivity, unavailability of smartphones, illiteracy, and the absence of required documentation. Conversely, factors such as willingness to use digital payments, awareness of mobile banking services, access to bank accounts, acceptance of digital platforms, financial decision-making capacity, and availability of necessary documents encourage the use of the unified payment interface (UPI) and contribute to financial inclusion. Practical implications The results suggest that government bodies and non-governmental organisations should implement targeted literacy and awareness programs to address the challenges faced by the urban poor. This study is significant because it focuses specifically on the use of UPI applications among the urban poor in Pune, an area that has received limited research attention. Originality/value To the best of the authors’ knowledge, this study is unique, as no other study has been found specifically related to Pune city in the context of UPI apps.
Purpose The purpose of the study is to explore the dominant biases that retail investors experience in the digital era when investing in safe haven and green investments. These two investment options have become exceedingly popular among investors for different reasons, and the role of digitalisation is imperative in making these investment decisions. Understanding these nuances provides new insights for the dynamic paradigm in the investment arena. Design/methodology/approach The author applied interpretative phenomenological analysis, a qualitative technique which uses semi-structured interviews to dig deep into the psychological nuances. This methodology provides exploratory insights into unexplored topics, thus helping to contribute to the literature with plausible practical solutions. Findings Six primary themes surfaced based on various scenarios and identified dominant biases for green and safe haven investments, which include: market trend vs market opportunity; social norms vs self-beliefs; digital inclination vs fundamental analysis; risk vs profits; short-term vs long-term investments; and experienced vs new investors. Originality/value The study elucidates the nuances of investors’ experiences, emphasising the behavioural biases at play. It examines the rising popularity of green investments, driven by climate change-related sustainability challenges faced by businesses globally. This trend is contrasted with the appeal of safe-haven investment options prompted by the COVID-19 pandemic and the contemporary global political conflict. The study’s theoretical implications extend the literature on behavioural finance, while its practical implications offer valuable insights for investors, financial advisors, fintech developers and policymakers.
Purpose This study aims to examine the unique characteristics of the ultra-micro SMEs digital Islamic microfinance, focusing on the personal, social and financial factors. In addition, it also aims to investigate the determinants of digital adoption among the Islamic microfinance ultra-micro small- and medium-sized enterprises (SMEs). Grounded in asymmetric information theory (AIT), the study explores how information gaps between borrowers and lenders influence participation and financing decisions in digital Islamic microfinance. Design/methodology/approach This study uses a qualitative research approach by conducting in-depth interviews with 12 ultra-micro SME owners. Subsequently, the data collected was merged and converged, and undergone the coding process. Findings Consistent with the AIT, the findings suggest that ultra-micro SMEs often operate with informal financial reporting and unstable income, resulting in information asymmetries between the borrowers and digital Islamic microfinance institutions. This study shows that dimensions of personal life (comprising business and socioeconomic elements), social life and finance (comprising repayment method and financing characteristics) affect the ultra-micro SMEs’ common traits. Meanwhile, religious reasons, social dynamics, technological features, ease of access and trust-related apprehensions drive the acceptance of digital Islamic microfinance by ultra-micro SMEs. Originality/value This study contributes to the growing literature by integrating the AIT into analyzing the ultra-micro SMEs’ engagement with digital Islamic microfinance. It highlights the importance of understanding how informational imbalances influence financing behavior and institutional design. Moreover, it sheds light on the novel characteristics of ultra-micro SMEs in choosing digital Islamic microfinance services.
PurposeBecause of unequal distribution of wealth and varied income groups across the globe, there is a widening gap in the kinds of investment solutions used by high-net-worth investors (HNWIs) and retail investors. With the advent of fintech firms, there are various technological disruptions observed. The purpose of this paper is to analyze the effectiveness of democratizing investment solutions on the investment behavior of retail investors in the context of fintech firms by using a qualitative research study approach. Design/methodology/approachThe study used a qualitative approach with semi-structured interviews of fintech, wealth management and asset management experts to investigate the democratization of investment solutions in India. Interview guides were emailed to participants beforehand to ensure preparation and data was analyzed using NVivo software through thematic coding aligned with research objectives. The flexible methodology, guided by a carefully crafted interview framework reviewed by an industry professional, enabled deep insights into fintech's impact. FindingsThe results of this paper indicate that fintech firms have a significant effect on democratizing investment solutions for the retail investors. Furthermore, level of financial literacy and risk appetite were considered crucial factors to determine the scope of democratizing investment solutions. Practical implicationsThis study aids fintech firms in understanding how democratizing investment solutions impacts retail and HNWIs, highlighting key factors influencing effectiveness. It helps retail investors recognize behavioral patterns, encouraging cautious risk-taking when investing in exotic asset classes recently made accessible, previously exclusive to HNWIs. Additionally, it evaluates the role of artificial intelligence and machine learning in enhancing fintech-driven democratization of investments. Originality/valueUnlike prior studies that focus primarily on technological access, this study highlights behavioral and ethical dimensions, such as fear-based decision-making, myths about government securities and trust in human advisors, that mediate democratization outcomes in India's fintech ecosystem. The present study addresses the gap related to the democratization of investment solutions for retail investors in the context of fintech firms by identifying several unique factors of democratization that were overlooked in prior literature through the use of a qualitative research approach.
PurposeThis study aims to investigate whether professional financial traders predominantly perceive their decision-making processes as rational or intuitive. Although recent scholarship has increasingly acknowledged the intuitive nature of financial market decisions, it was hypothesized that traders may persist in identifying their decisions as analytical, potentially due to entrenched industry conventions. This study further aims to assess whether traders attribute greater positive value to rational decision-making relative to intuitive decisions. Additionally, this study explores the extent to which traders' perceptions are informed by the culturally pervasive construct of hegemonic masculinity, wherein financial markets are symbolically associated with gendered norms of aggression, competitiveness and rationality.Design/methodology/approachTrader perception of decision-making was explored through interviews with 14 professional financial traders working in the City of London. Interviews were analyzed through a content analysis and a discourse analysis.FindingsTraders view their decision-making as significantly more rational than intuitive. Rational decisions were viewed significantly more positively than intuition. Traders may "valorize" rationality because of the construction of hegemonic masculinity in their accounts.Originality/valueThis research is the first investigation into financial traders' perceptions of both rationality and intuition within the context of decision-making. The findings reveal a tendency among traders to characterize their decisions as rational, even when presented with opportunities to acknowledge the significance of intuitive processes. One explanation for this preference considered here is the cultural association between rationality and hegemonic masculinity. These insights advance our understanding of the enduring appeal of rationality in traders' perception of their decision-making, highlighting the persistence of these beliefs despite potential misalignment with actual decision-making practices.
PurposeThis study aims to examine how financial exclusion, kinship networks, trust and resilience strategies shape informal borrowing practices among urban informal workers in India. It aims to highlight how socially embedded credit systems function as structural alternatives to formal banking.Design/methodology/approachA qualitative, case-based methodology was used. Semi-structured interviews were conducted with 15 informal workers in Mumbai, of which four diverse cases were selected for vignette construction. Data were thematically coded, combining inductive insights with theory-informed categories.FindingsThe findings reveal four interconnected dynamics: financial exclusion by banks reinforces dependence on shadow lending; kinship and friendship networks operate as embedded credit systems, ensuring liquidity through reciprocity; repayment is enforced through social collateral, trust and reputation rather than contracts; and diversified borrowing across multiple lenders functions as a resilience strategy akin to portfolio risk management. Together, these themes demonstrate that informal finance is a relational architecture sustaining livelihoods and enterprise in the absence of inclusive formal credit.Research limitations/implicationsThe study focuses on a small sample in Mumbai, limiting generalizability but offering depth. Future research can extend to cross-city comparisons.Practical implicationsPolicies that integrate trust-based mechanisms and multi-source flexibility from informal systems into microfinance and banking products could enhance financial inclusion.Social implicationsThe findings underscore the role of kinship and community ties in sustaining resilience, suggesting that financial inclusion strategies must account for embedded social practices.Originality/valueThis study contributes to financial inclusion literature by showing that informal borrowing is not merely residual but structurally embedded within urban social networks. By using narrative vignettes, it humanizes financial practices and highlights how resilience emerges from collective social mechanisms rather than individual financial behaviors.
PurposeThis study aims to gain in-depth insights into good corporate governance (CG) practices in Indonesian state-owned enterprises (SOEs) and to explore how these practices are perceived to influence performance from the lens of institutional theory and Type II agency theory.Design/methodology/approachIn all, 16 in-depth interviews were conducted with regulators, directors and top management from listed and unlisted SOEs using a qualitative exploratory research design.FindingsDespite efforts to integrate the Anglo-Saxon CG system into the Indonesian context, the findings of this study reveal that, for most respondents, SOEs predominantly fulfil a legitimacy function within the institutional framework rather than fully embracing Good Corporate Governance (GCG) principles. Furthermore, this research found that the current GCG scoring system remains heavily compliance-oriented. This research recommends enhancing SOE performance through targeted educational programmes for directors to clarify the true spirit of CG and the objectives of the GCG scoring system, rather than treating it as a mere compliance exercise.Research limitations/implicationsThis study implicates policymakers and regulators to integrate performance-linked indicators into governance assessments, ensuring governance effectiveness beyond compliance, with lessons applicable to other developing economies seeking stronger governance outcomes. The data scope of this study is limited to the Indonesian context. Future research may explore SOE governance in other developing economies, offering comparative insights and identifying transferable best practices.Originality/valueDespite its limitations, this study contributes to the body of knowledge surrounding SOEs, especially in the Indonesian context, from the perspectives of agency and institutional theories.
Purpose-This study aims to identify, map and analyze the intellectual and structural development of carbon market research using bibliometric analysis. It seeks to provide a comprehensive overview of how the field has evolved and to highlight emerging linkages between environmental policy, financial systems and sustainability transition. Design/methodology/approach-This qualitative research applies bibliometric analysis to published articles indexed in Scopus from 2000 to July 2024. VOSviewer and Biblioshiny are used to visualize publication trends, citation networks and keyword cooccurrences, enabling the identification of influential authors, institutions and research clusters within the carbon market domain. Findings-The results show a significant increase in research on the carbon market over the past two decades. China and the United States are the leading contributors and collaborators, with strong institutional and author networks. Keyword mapping reveals four dominant research themes: carbon market policy, carbon and environment, financial carbon market and carbon trading. The analysis also indicates a gradual shift from policy-oriented studies toward research linking carbon markets with financial mechanisms and sustainability objectives. Practical implications-The findings provide insights for governments, regulators, corporations and investors to strengthen policy coordination, enhance market transparency and develop innovative financial instruments in the carbon market. Originality/value-This study provides an updated, structured mapping of global carbon market research, emphasizing its role as a bridge between environmental governance and financial systems. It also identifies potential directions for future empirical research, particularly in market efficiency, risk assessment and carbon pricing in developing economies.
PurposeIslamic bank financing is considered asset-based financing rather than conventional banking. Asset-linked financing and Islamic principles make Islamic banking closer to the real economy than the paper-based economy. This paper aims to explore the patterns of financed assets and Islamic financing contracts in the context of selected Islamic banks in Pakistan, Malaysia and the Maldives.Design/methodology/approachThis study used a case study research approach, focusing on 14 selected Islamic banks in three jurisdictions. The primary source of data for this research was the analysis of information gathered from the websites and annual reports of these selected banks.FindingsThe study finds that Islamic banks in Pakistan, Malaysia and the Maldives primarily finance long-term assets through Diminishing Musharakah and Ijarah, while short-term and working-capital needs are largely met through sale-based contracts such as Murabahah and Musawamah. Partnership-based modes, including Musharakah and Mudarabah, are used selectively and mainly for corporate clients, reflecting cautious risk-sharing practices. Cross-country differences show greater contractual diversity in Malaysia, stronger use of Running Musharakah in Pakistan and application of Service Ijarah (Ijaratul- Ashkhaas) in the Maldives.Originality/valueThis study is significant as it enriches the literature on Islamic banking by analyzing financed asset patterns and Islamic financing contracts. It also holds practical importance by helping those unfamiliar with Islamic banking better understand its distinctions from conventional banking, while dispelling misconceptions and emphasizing its alignment with the real economy.
PurposeClimate-related risks and opportunities (CROs) have a significant impact on companies' financial prospects. Furthermore, climate-related financial disclosures influence investor decision-making depending on how companies assess and provide a fair presentation of material CROs. However, there is a notable dearth of studies that explores the drivers of climate-related financial disclosures, specifically within the context of emerging markets. To promote the widespread disclosure of climate-related financial risks, this paper aims to explore the driving factors of climate-related financial disclosures in South Africa.Design/methodology/approachThis paper adopts a qualitative exploratory approach by interviewing experts with a cumulative experience of preparing 16 climate-related financial disclosure reports. The interview data from the report preparers with 19 years average in the financial services industry were analysed using the qualitative thematic process to identify the drivers of climate-related financial disclosures.FindingsThe thematic analysis of the semi-structured interview responses from experienced report preparers identifies institutional investors, activist shareholders, the board, commitment to disclosures, policy and regulation, competitors, working groups and clients as the drivers of climate-related financial disclosures in South Africa.Practical implicationsThe empirical findings highlight the important role of organisational and external forces in enhancing the disclosure of climate-related financial risks and opportunities in South Africa.Social implicationsBased on the critical role of financial institutions in financing sustainable development and the just transition, understanding the motivations for the disclosure of climate-related financial risks becomes vital for enhancing the flow of financial resources towards sustainable business practices.Originality/valueAs far as the authors are concerned, this paper presents one of the earliest evidence on the drivers of climate-related financial disclosures in emerging markets.
PurposeThis study aims to examine the psychological and external factors that influence the disposition effect among retail investors in Nepal's emerging stock market. It seeks to understand how emotions, social influences and market conditions impact investor decision-making, ultimately contributing to market volatility and inefficiency.Design/methodology/approachUsing a transcendental phenomenological approach within a soft-positivist paradigm, the research conducted semi-structured interviews with 15 experienced Nepalese investors. Data analysis was performed using thematic analysis, which identified six core themes. To ensure validity and reliability, methods such as audio-recording, bracketing, triangulation and member checking were rigorously applied.FindingsThe study found that external shocks, social networks and media overload trigger emotional responses like fear, overconfidence and regret. These emotions, coupled with biases such as loss aversion, anchoring and probability overweighting, reinforce the disposition effect, leading investors to sell winners prematurely and hold onto losers longer. This behavior intensifies market volatility and hampers efficiency. The findings also underscore the importance of self-awareness, effective coping strategies and financial literacy in mitigating biases and fostering rational investment decisions.Practical implicationsResults suggest that targeted investor education, enhanced regulatory transparency and behavioral nudges are crucial in reducing irrational biases, stabilizing the market and fostering resilient investor behavior in emerging economies.Originality/valueThis study advances behavioral finance by developing a context-specific, six-theme-based model grounded in qualitative data. It offers new insights into investor psychology in Nepal's socio-economic environment, providing a practical framework for policymakers and practitioners to address biases and enhance market stability in emerging markets.
Purpose This paper aims to bridge a critical gap in behavioral finance by examining how physiological or visceral states – such as hunger, thirst, sexual arousal, mental fatigue and physical pain – influence financial decision-making. While the literature has advanced beyond rational models to account for cognitive biases and bounded rationality, it has yet to adequately consider the role of bodily states in shaping economic behavior. Design/methodology/approach An integrative review of interdisciplinary literature is conducted to explore how key visceral states affect nervous system functioning and impair cognitive processing. Based on this synthesis, a theoretical framework is proposed to explain the mechanisms through which these states disrupt rational deliberation in financial contexts. Findings The review identifies five core visceral states that significantly alter decision-making processes by reducing self-control, increasing impulsivity and narrowing attention. These effects are shown to have meaningful implications for high-stakes financial behaviors such as saving, borrowing and investing. Practical implications Recognizing the influence of visceral states on financial decisions can help policymakers and financial service providers design better interventions. Timing financial education or nudges to avoid moments of fatigue or hunger, and structuring decision environments to support self-control, can improve outcomes. Financial tools could also incorporate real-time cues to mitigate impulsive choices under physiological strain. Originality/value To the best of the authors’ knowledge, this paper is among the first to systematically integrate physiological psychology with behavioral finance, offering a novel perspective on how bodily states influence economic behavior. It calls for a reevaluation of financial decision-making models to include visceral influences and highlights the importance of incorporating these factors in both theoretical development and practical financial interventions.
PurposeThis study aims to investigate the persistent underrepresentation of women in equity investing by examining how socio-cultural norms, religious beliefs and digital environments shape their participation in the UK stock market. It addresses a key gap in existing research, which tends to isolate psychological factors such as risk aversion or confidence, by adopting an intersectional, role-theoretical perspective that integrates structural, cultural and technological influences.Design/methodology/approachA qualitative design was employed, using semi-structured interviews with 23 experienced female investors in the UK. Participants were recruited through purposive and snowball sampling via LinkedIn. Thematic content analysis supported by NVivo was used to identify and interpret patterns in the data.FindingsThe study reveals that women's investment behaviours are shaped by a combination of financial literacy, confidence and deeply embedded gendered expectations. Role conflict emerges as a central mechanism as women negotiate traditional family responsibilities, religious norms and aspirations for financial autonomy. The findings also introduce the concept of digital ambivalence, showing that while fintech platforms expand access and reduce reliance on male gatekeepers, concerns about trust, privacy and digital literacy constrain full engagement.Practical implicationsThe findings highlight the need for targeted interventions that go beyond generic financial literacy initiatives. Policymakers and educators should develop culturally sensitive financial education programmes, while fintech providers should prioritise trust-building features, enhanced privacy controls and user-centred platform design to better support women's diverse needs and constraints.Originality/valueThis study advances the literature by extending role theory into the domain of financial behaviour and demonstrating how identity, social roles and digital infrastructures interact to shape women's investment decisions. It conceptualises the UK as a hybrid financial context where advanced market systems coexist with enduring cultural constraints, offering insights relevant to both developed and emerging economies.
PurposeThis study aims to examine how institutional voids across the regulative, normative and cultural-cognitive pillars shape governance failures in emerging financial markets. Using four major Indian corporate cases, the authors show how institutional weaknesses enable opportunistic behaviour, delayed enforcement, opaque disclosures and contested control transfers.Design/methodology/approachUsing Siggelkow's (2007) illustrative case approach, the authors analyse four prominent cases spanning four decades: Escorts-Caparo, Satyam, L&T-Mindtree and NDTV-Adani. Qualitative textual analysis (QTA) is applied to Supreme Court judgments, Securities and Exchange Board of India (SEBI) orders, regulatory filings and company reports to identify institutional voids. Voids are classified across seven sub-dimensions of institutional theory.FindingsThe findings demonstrate that governance failures arise not merely from weak regulations, but from patterned interactions among regulative gaps, normative weaknesses and cultural-cognitive misalignments. Systemic voids enable long-duration fraud (Satyam), selective voids create opportunities for indirect control (NDTV) and normative-cultural voids generate legitimacy conflicts even within functioning rules (Mindtree). Effective investor protection requires coordinated action across all three institutional pillars.Research limitations/implicationsThe study relies on publicly available documents but offers transferable insights for researchers, regulators and policymakers seeking to strengthen governance systems in emerging markets.Originality/valueTo the best of the authors' knowledge, this is the first study to systematically identify and compare institutional voids in Indian financial markets using institutional theory and QTA. It provides a structured diagnostic framework to enhance regulatory design, disclosure enforcement and governance oversight.
PurposeThis study proposes a unified framework for understanding capital structure decisions by integrating economic, psychological, sociological and biological perspectives. It challenges traditional models focused on rational optimization, highlighting how bounded rationality, social influences and adaptive behavior shape real-world decisions. This study aims to offer a more holistic, behaviorally grounded understanding of how finance managers navigate complex capital structure choices.Design/methodology/approachA unified framework was first developed through an interdisciplinary literature review that integrated economic, psychological, sociological and biological perspectives. This was followed by a qualitative, phenomenological study involving 16 semi-structured interviews with finance managers in the Delhi NCR region.FindingsThe unified framework revealed that psychological, sociological and biological forces jointly influence capital structure decisions. The qualitative study confirmed that managers often satisfice, rely on intuition, conform to group norms and adapt based on past crises. Themes such as psychological forces, group influence, norms, organizational culture, stress, fatigue, adaptive behavior and preference for funding reliability emerged consistently.Research limitations/implicationsThe study expands capital structure theory through interdisciplinary integration and qualitative validation. However, findings are context-specific, which limits their generalizability. Future research could apply the framework across sectors and geographies.Social implicationsUnderstanding nonfinancial drivers of capital structure decisions can enhance corporate accountability, promote ethical financing behavior, and inform policies that support financially sound, psychologically aware and socially inclusive decision-making.Originality/valueThis study presents a novel, unified framework that integrates psychological, sociological and biological insights into capital structure theory, supported by qualitative data. It advances a more holistic, behaviorally grounded understanding of financial decision-making.
