This paper extends behavioral finance by developing an integrated and process-oriented framework explaining how cognitive and emotional biases shape entrepreneurial strategic decision-making under conditions of uncertainty, with particular relevance to crisis-affected startup environments such as Lebanon. While behavioral finance has traditionally focused on investor behavior and financial market anomalies, its application to entrepreneurial contexts remains theoretically underdeveloped, particularly in explaining how biases influence strategic action rather than discrete financial choices. Addressing this gap, the paper reconceptualizes behavioral biases as structured drivers of decision-making that operate through a set of interrelated mediating mechanisms. Specifically, it proposes that cognitive and emotional biases influence entrepreneurial decisions, understood through risk-taking, resource allocation, and opportunity evaluation, both directly and indirectly through perceived risk, emotional stimulation, and entrepreneurial resilience, which jointly shape how uncertainty is interpreted, how decision modes are activated, and how strategic responses evolve over time. By articulating these mechanisms within a unified framework, the study develops a process-based explanation of how biases are translated into entrepreneurial strategic action under structural uncertainty. The paper further advances the literature by conceptualizing biases as an interacting cognitive–emotional system and by introducing a dynamic dimension through entrepreneurial resilience, thereby capturing the adaptive and evolving nature of entrepreneurial decision-making. In doing so, it repositions behavioral finance as a broader theoretical framework for understanding strategic action in complex and uncertain environments, while providing a foundation for future empirical research in behavioral entrepreneurship and strategic decision-making.
Education builds a country's human capital, leading to inclusive economic development. This paper examines the impact of fiscal capacity on Odisha's public expenditure on education. The study relies on secondary sources of data like the annual financial statements of Odisha budget estimations from 1990-2024 and the RBI handbook. The study period is 1990-2024, where it tries to reflect what the major fiscal factors that influence education expenditure are. ARDL-ECM model has been used to examine the influence of explanatory variables, whose result accepts a long-run relationship of the tax revenue and fiscal deficit of the state on its educational expenditure. The study takes the implementation of the SSA programme as a dummy variable that shows the relationship between the state and center’s financial interconnection. The result advocates a long run relationship, where the dummy variable shows that the assistance of the central govt to the state through the SSA programme reduces the burden of education expenditure of Odisha. Policymakers should follow the education expenditure evidence to wisely utilise the fiscal funds in an appropriate way.
This study investigates the direct relationship between Fear of Missing Out (FOMO) and impulsive online buying behavior (IOBB) among Gen Z college students, as well as the indirect relationship through variables of perceived scarcity (PS) and social media influence (SMI). A structured questionnaire was developed using a 5- point Likert scale to collect primary data from 202 respondents in Sambalpur city, and convenience sampling was employed in the selection of subjects. Collected data were analyzed using Structural Equation Modeling (SEM) to explore the association between variables of interest. The results conclude that FOMO has a direct and substantial impact on IOBB. Additionally, FOMO indirectly impacts IOBB through both PS and SMI. Results from this study indicate that social media platforms can create a sense of FOMO by providing exposure to popular items, advertisements for trending items, promotional influencers, and online content related to popular items. PS factors such as time sensitivity and lack thereof can also increase IOBB for Gen Z college students
This study examines the causal relationship between financial development and economic growth—the financegrowth nexus—in Thailand from 1970 to 2022. By identifying whether the finance-growth nexus is bidirectional or unidirectional, this research provides Thai policymakers with empirical evidence to balance financial liberalization with macroeconomic stability. Recognizing the non-linearity and asymmetry inherent in Thailand’s finance-growth nexus, the study employs two approaches: the Autoregressive Distributed Lag (ARDL) and Nonlinear Autoregressive Distributed Lag (NARDL) techniques. While economic growth is represented by real GDP per capita, financial development is proxied by both financial size (private credit-toGDP) and financial efficiency (private credit-to-total deposits). The analysis also incorporates critical control variables, including carbon emissions (carbon emissions per capita), globalization (KOF globalization index), and government expenditure (general government final consumption expenditure-to-GDP). Empirical results indicate that financial size and economic growth share a bidirectional, nonlinear causal relationship. In contrast, the results for financial efficiency are more mixed: while efficiency nonlinearly influences growth, there is no evidence of a feedback effect from growth to efficiency. These findings highlight the asymmetric nature of Thailand's financial evolution and its implications for macroeconomic stability. We conclude that Thailand should shift from quantity-based growth toward quality-driven sustainable development, which will enable the country to more efficiently align financial development, environmental responsibility, and global integration with macroeconomic stability.
Health financing plays a pivotal role in improving healthcare accessibility, reducing financial hardship, and achieving sustainable health outcomes. This study investigates the dynamic relationship among key health financing indicators in India using annual time-series data spanning 2000–2022. Secondary data were obtained from the World Health Organisation (WHO) Global Health Expenditure Database and the World Bank World Development Indicators (WDI). The study focuses on major health financing indicators, including Domestic General Government Health Expenditure (GGHE), Out-of-Pocket (OOP) Expenditure, and Current Health Expenditure (CHE). To ensure the robustness of the empirical analysis, a combination of descriptive statistics and econometric techniques was employed. The stationarity properties of the variables were examined using the Augmented Dickey–Fuller (ADF) unit root test, while the degree of association among the variables was assessed through the Pearson correlation matrix. The determinants of Current Health Expenditure were analysed using multiple linear regression, supported by ANOVA, Durbin–Watson, and Jarque–Bera diagnostic tests. The ADF results indicate that the selected variables are non-stationary at levels but become stationary after first differencing, confirming their integration of order one, I(1). The correlation analysis reveals strong positive associations among government health expenditure indicators and a significant negative relationship between public health expenditure and Out-of-Pocket expenditure, suggesting that increased public investment contributes to reducing households' financial burden. Multiple regression results demonstrate that Out-of-Pocket expenditure and government health expenditure as a percentage of GDP significantly influence Current Health Expenditure, whereas government health expenditure per capita does not exert a statistically significant effect. The model explains approximately 85% of the variation in Current Health Expenditure and is statistically significant overall. The findings underscore the importance of sustained public investment in healthcare financing to strengthen financial protection, reduce reliance on direct household spending, and advance India's progress towards Universal Health Coverage (UHC)
Financial influencers, widely known as finfluencers, have taken over social media in a big way and completely changed how young people learn about money. In a country like India, where a large number of young adults still have very limited financial knowledge, these digital creators have stepped in to fill a gap that schools, banks, and government programmes have struggled to fill for years. But the real question is whether this shift is actually helping people make better financial decisions or whether it is quietly doing more harm than good. This paper looks at how finfluencer content influences the financial knowledge, trust, and investment behaviour of Generation Z investors in India. It draws on the work of Lusardi and Mitchell on financial literacy, Bandura's Social Learning Theory, Cialdini's principles of persuasion and influence, and Kahneman and Thaler's behavioural finance frameworks to understand the mechanisms behind finfluencer impact. A secondary research approach was used, pulling together findings from existing studies to build a fuller picture of both the benefits and the risks. The findings showed that while following finfluencer content did help young investors become more financially aware and more willing to invest, it also brought with it some serious concerns. These included the spread of inaccurate information, creators advising without proper qualifications, hidden promotional content, and young investors falling into traps like FOMO and herd behaviour. Crucially, trust in finfluencers was found to be based far more on how elatable they seemed than on whether they actually knew what they were talking about. Taken together, these findings suggest that finfluencers hold real promise for financial inclusion in India, but also pose genuine risks that call for stronger regulation and better digital literacy education.
The rapid emergence of the metaverse as an immersive digital ecosystem has transformed contemporary marketing practices, offering novel opportunities for consumer engagement and brand experience. This study investigates the impact of metaverse-based marketing environments on consumer engagement, brand experience, and purchase intention through a comparative analysis of Banaras and nearby cities such as Prayagraj, Mirzapur, and Jaunpur. A quantitative research design was adopted, with primary data collected from 350 respondents using a structured questionnaire. Statistical tools including descriptive statistics, correlation, regression, ANOVA, and t-tests were employed for data analysis. The findings reveal that metaverse-based engagement significantly enhances brand experience, which in turn strongly influences purchase intention. Regional differences were observed, with nearby cities showing slightly higher digital adaptability. Digital literacy emerged as a significant moderating factor. The study highlights the growing importance of immersive marketing strategies and provides practical implications for marketers targeting diverse urban and semi-urban populations in India
This paper looks at how government bailouts affect systemic financial stability. It does this by examining two episodes: the US Troubled Asset Relief Program and the 2012 Spanish bank recapitalisation. Using difference-in-differences and synthetic control methods, alongside systemic risk measures CoVaR and SRISK, the analysis evaluates both the immediate stabilising effects of intervention and its longer-run implications for risk-taking behaviour. Bailouts do reduce systemic risk in the short run, but the effect erodes. Moral hazard is not just a theoretical concern here. Risk-taking recovers after intervention, and in some specifications the initial stabilisation reverses entirely. Intervention design shapes how quickly this happens. Where bailouts shielded existing shareholders from loss and were not accompanied by regulatory reform, the implicit guarantee of future support seems to have worsened the underlying incentive problem. More conditional interventions fared better. Bailouts, the evidence suggests, do not eliminate systemic risk, but instead shift it. The immediate crisis is contained while the conditions for the next one are quietly made more permissive.
The buyback of Shares or buying once own company’s shares are a capital restructuring decision, through which a company will decide to repurchase their own earlier issued shares. Section 77A, 77AA and 77B of the Companies Act, 1956 are few provisions that are relating to buyback of shares in India along with Securities Exchange Board of India (Buyback of Securities) Regulations, 1998, and the amended SEBI (Buy-back of Securities) Regulations, 2018. Till the current days the buyback are done in three ways, such as; a) Open Market Repurchase of shares through stock market or book building process. b) Tender offer /fixed price offer method. c) Odd - Lot holders’ method of Repurchase. Buy back of shares creates value for rest of the shareholders, as we all know that, shareholders value maximization should be the primary objective of all organisations. When an organisation creates value for shareholders, it means that they are trying to satisfy some of the objective of the firm. In this study the authors analysed the short term and long term impact of buyback announcements on share price by calculating the abnormal return before and after the buyback announcement and by calculating the financial performance of the selected Nifty 50 companies. Further, this paper tries to analyse the impact of share buyback during commencement of buyback by the company. To assess the data various statistical tools have been used such as mean, standard deviation, CAGR, T-test, Paired-T-test, Anova, regression and multiple regressions were used. The risk free return considered during the study is 10 years sovereign bond prices. Through the results, it was found that; there is no significant differences between before and after buyback announcement by the firms on stock prices and financial performance.
Fraud and cybercrime are now found in embedded finance and buy-now-pay-later (BNPL) as well as regular banking and this paper examines these shifts by looking at worldwide trends seen since 2020. Integrating banking products onto other applications is becoming much more popular (Bin Hendi, 2025). BNPL’s popularity has also grown quickly: from $2.3 billion in e-commerce in 2014, its global share grew to $342 billion in 2024 and it is expected to reach $580 billion in 2030 (O’Connor, 2025; Malkoochi, 2025). Because of the scale and speed of cryptocurrency operations, fraudsters have taken notice. New studies indicate that fraud cases rose by about 60% in BNPL since 2021 (Malkoochi, 2025) and most frauds are now synthetic identity creation, account takeovers and misusing bank cards stolen from people. These cyber risks create new problems: attackers take advantage of convenient banking services supported by APIs to circumvent usual banking safety measures (Alloy, 2023; F5, 2021). Due to this, industry and regulators are particularly focused on strong identity checking, ML-driven detection and compliance (CFPB, 2022; OCC, 2023; Bello & Olufemi, 2024). This research reviews both academic and industry materials, focuses on main fraud areas and presents ways to protect against identity theft, hacking and group scams. The discussion looked at actual events (attacks against BNPL partners) and recent rules introduced in the UK and US to highlight how these matters impact cybersecurity. It seeks to chart new fraud threats and methods to prevent them because finance is being integrated into various applications.
In the present scenario, mutual funds have become very popular among the common people. In the last few years, the mutual fund industry has shown tremendous growth by providing higher returns on the investment. The AUM of the Indian Mutual Industry had shown a more than 6fold increase in 10 years. It has grown from ₹ 10.13 trillion as of August 2014 to ₹ 66.70 trillion as of August 2024. In the present study, the researcher attempts to evaluate the performance of the selected mutual fund schemes of HDFC, KOTAK, and SBI Mutual funds. The study was conducted using various statistical tools like rate of returns, standard deviation, Beta, Jenson’s Alpha, Treynor’s Ratio, and Sharpe ratio. The study measures the risk-return relationship and measures the volatility of the selected mutual fund schemes. The facts were collected from the official websites of the mutual fund houses and factsheets of the AMFI. The research concludes that according to the calculated Sharpe Ratio, Jensen ratio, and Treynor’s ratio, most mutual funds had performed well and provided good returns to the investors. In contrast, SBI Magnum Mid Cap Fund, HDFC Small Cap Fund, Kotak ELSS Tax Saver Fund, Kotak Equity Opportunities Fund, and SBI Large & Mid Cap are the best performers in their category.
This research explores the risk-return characteristics of five selected Nifty Index stocks—Hindustan Unilever, Infosys, TCS, Bajaj Finance, and Reliance—over the ten-year period from 2014 to 2023. Employing advanced statistical tools such as standard deviation, variance, beta, correlation, regression analysis, and return calculations, the study evaluates the performance and market sensitivity of these stocks. The findings reveal substantial variations in risk-return profiles, highlighting differences in systematic and unsystematic risks that significantly influence stock returns. The analysis underscores the importance of sectoral trends, diversification, and macroeconomic factors in optimizing portfolio performance. By offering actionable insights into the dynamics of the Indian equity market, this study serves as a valuable resource for investors, policymakers, and researchers seeking to develop data-driven strategies for risk management and portfolio optimization.
Around the world, schemes such as psycho-phishing and investment frauds cause huge economic and social problems. In the U.S., people lost more than $10 billion to fraud in 2023. These schemes rely on the usual ways people make decisions. Within behavioural economics, researchers are finding out how fraudsters abuse common shortcuts and feelings and how guidance and policies can help people become more resistant to fraud. This article looks closely at this area of research, stressing examples from all over the globe as well as from Nigeria. The paper discussed how behavioural economics sheds light on both why victims fall for scams and what tactics scammers use and how it can lead to helpful steps such as public awareness campaigns and redesigning the way choices are laid out to combat fraud
Pension schemes serve as a primary means of social security, providing financial support to individuals for many years following their retirement from employment. The traditional pension scheme is particularly beneficial for public sector employees, ensuring they have a reliable source of financial assistance even after they retire. To address the shortcomings of the old pension scheme and to reduce the government's financial burden, a national pension system was initiated in 2004. The aim of this system is to offer financial security and stability to employees who have retired from the central government, especially during their old age when they lack a consistent source of income. Under the national pension system, the funds for post-retirement pensions are contributed jointly by both the employee and the employer. The transition from the old pension scheme to the national pension system sparked significant public unrest, which continues to this day. In response to the implementation of the national pension system, several states across the country have adopted it; however, the central government has now introduced a new pension scheme known as the unified pension scheme. This scheme is designed to provide pensions to public employees upon their retirement. The unified pension scheme will take effect on April 1, 2025, at which point central government employees will be transitioned from the current national pension system to the unified pension scheme. Additionally, state governments will have the option to independently adopt and implement the newly introduced unified pension scheme.
Background:This research analyzes factors influencing job satisfaction in the context of public sector banks in Karnataka, concentrating on contentment with the digitalisation of tasks, income, occupational stress, quality of life, and work-life balance. The study seeks to examine these dynamics within a modern framework of digitalized workplaces. Materials and Methods: The survey sample included 202 employees from five selected public sector banks and covered different levels in the organizational hierarchy. Upon employing PLS-SEM for structural model analysis and IPMA for impact assessment, several relationships were established between work roles. Constructs’ reliability and validity were assessed through Cronbach’s alpha, Composite Reliability, Average Variance Extracted (AVE), and Fornell–Larcker tests confirming robustness. Results: The results show that satisfaction stemming from the degree of digitalization in the workplace as well as compensation have strong positive relationships with overall job satisfaction. Occupational stress alongside quality of life only has minimal influence while work-life balance shows no effect at all. The model has moderate explanatory power with R² and Q² indicating predictive capability as well. Results from IPMA classifies digitalization as high importance/high performance; however, income is important but underperforming despite its relevance to overall satisfaction. Conclusion: The findings emphasize the urgency for human resources interventions focusing on digital change management, stress mitigation, and financial wellbeing. By situating job satisfaction within the framework of the digital economy, this study contributes to the literature and offers valuable evidence to inform policymakers and executives in the banking sector
Inventory management is one of the greatest factors in the company’s success or failure. It is a vital function in any business that deals with physical goods, whether it is manufacturing, retail, distribution, or e-commerce. It involves planning, organizing, controlling, and optimizing the flow of materials and products from the source to the customer.This study examined the impact of inventory management on customer satisfaction of retail stores in Bur Dubai and Al Nahda areas of Dubai. The study adopted a quantitative approach, using- item, five-point Likert scaled questionnaire administered to 110 participants where 51 responses were retrieved and recorded for the survey. The target population was the employees who are directly or indirectly linked to the inventory management system of the retail outlets of Al Nahda and Bur Dubai area. The data were presented in a tabular, pie charts, percentages and descriptive statistics and inferential analyses were carried out using statistical package for social studies (SPSS). Correlation analysis was used to find the correlation between the variables, and it was revealed there was a positive and significant correlation between all independent variables and dependent variables; Information Technology (r=0.494, p=0.000), Lean Inventory Management (r=0.510, p=0.000), and Strategic Supplier Partnerships (r=0.669, p=0.000). Multiple regression analysis with ANOVA technique was used to determine the effect of independent variables on the dependent variable. The findings showed that 95.3 % of the customer satisfaction is explained by the three variables that are Lean inventory management system, Information Technology, and Strategic Supplier Partnerships. The findings of this study provide key insights to retail outlets managers that seek to design excellent inventory management practices and programs to achieve customer satisfaction
Purpose This paper examines the evolving role of the Chief Financial Officer (CFO) in integrating ESG into business strategy. It explores the challenges, opportunities, and financial implications of embedding ESG into a company’s strategies. Methodology This paper adopted an exploratory research approach, reviewing secondary data from peer-reviewed journals, industry reports, and case studies published between 2018 and 2025. The methodology combined quantitative and qualitative analysis, from case studies on John Hopkins University, Microsoft and Unilever. Findings The results show that ESG integration is increasingly material to financial performance, as demonstrated by higher return on equity among high-ESG firms and the rapid growth of ESG assets under management. CFOs play a central role in translating ESG metrics into financial reporting, risk assessment, and capital structure decisions. The adoption of instruments such as green bonds and sustainability-linked loans highlights the financial market’s growing demand for credible ESG strategies. Sectoral variations further underscore the need to tailor ESG priorities to industry-specific risks and opportunities. Practical Implications For CFOs, ESG should be treated as a financial imperative rather than a compliance exercise. For policymakers, the findings point to the necessity of harmonised disclosure standards and stronger oversight to reduce greenwashing risks. For researchers, the results highlight opportunities to explore materiality, assurance, and governance mechanisms that shape ESG adoption in their regions.
This research paper delves into the intricate interplay of behavioral economics and emotional drivers in shaping consumer behavior within the dynamic Indian retail landscape. Moving beyond the traditional economic models that assume rational decision-making, this paper explores how cognitive biases and emotional responses significantly influence the purchasing choices of Indian consumers. Through a comprehensive review of existing literature, analysis of key behavioral principles, and illustrative case studies of successful Indian retail brands, this paper argues that emotion is not merely a tangential factor but a central force in the decision-making process. The paper also examines the profound impact of India's unique cultural fabric, including the role of festivals and social norms, in shaping these emotional responses. By presenting conceptual diagrams, illustrative graphs, and analytical tables, this paper aims to provide a multi-faceted understanding of the non-rational drivers of consumer behavior in one of the world's most vibrant and complex retail markets. The findings of this research offer valuable insights for marketers, retailers, and researchers seeking to understand and effectively engage with the modern Indian consumer
The escalating frequency and severity of climate-related events, coupled with the global transition towards a low-carbon economy, present unprecedented risks to the stability of the international financial system.1 This paper provides a comprehensive evaluation of the role of green finance in mitigating these climate-related financial risks and fostering greater financial stability. Climate risks are broadly categorized into physical risks, stemming from the direct impacts of climate change, and transition risks, arising from the process of adjustment towards a greener economy.2 These risks are transmitted to the financial system through a multitude of channels, including the impairment of asset values, increased credit and market risks, and heightened operational and underwriting risks for financial institutions.3 Green finance, defined as any financial instrument or service that promotes environmental sustainability, has emerged as a critical mechanism to address these challenges.4 This paper examines the various instruments of green finance, such as green bonds, green loans, and sustainable investment funds, and analyzes their potential to reallocate capital towards climate-resilient and low-carbon investments. The analysis extends to the role of policy frameworks, regulatory initiatives, and financial innovation in scaling up green finance. The paper argues that while green finance holds immense promise, its effectiveness is contingent on addressing several key challenges, including the lack of standardized definitions and taxonomies, the potential for "greenwashing," and the need for robust climate-related financial disclosures. Through an examination of theoretical frameworks, empirical evidence, and in-depth case studies, this research demonstrates that a wellstructured and transparent green finance ecosystem can not only help mitigate the financial stability risks posed by climate change but also unlock new investment opportunities and drive sustainable economic growth. The paper concludes by offering policy recommendations to enhance the contribution of green finance to a resilient and stable global financial system, emphasizing the need for greater international cooperation, stronger regulatory oversight, and a more proactive role for central banks and institutional investors.
Self-help groups (SHG) have emerged as influential platforms that promote women's empowerment and particularly in rural India. The participation of women in SHGS improves their economic, social and political situation. Through access to collective savings and microcredit, women gain economic freedom, increase income, and link with formal banking institutions, which in turn increase their financial literacy and decision-making ability. SHGs promote regular savings, facilitate easy access to credits, and encourage women's entrepreneurial ambitions, leading to a better standard of life and self -esteem. Statistically important evidence suggests that SHG membership is directly related to an increase in financial inclusion as it bridges the difference between bridges the gap between women and formal financial services. In addition, SHG provides facilities for the development of leadership skills, increases confidence, and supports women's participation in community level and domestic decisions. While challenges are particularly around stability, market access, and shifting deep-seated gender norms -SHG's collective functions have played an important role to change women financially self-sufficient and socially empowered agents, which lead to continuous and inclusive growth in their communities
