Purpose We investigate the relation between political connections and the level of financial distress based on Indonesian listed companies from 2010 to 2022 in two different regimes. Design/methodology/approach The final sample is 3,505 firm-year observations. To estimate the associations, we apply Ordinary Least Squares (OLS) regression, Logistic Regression, Stratified Analysis, and several additional tests, including endogeneity tests using the generalized method of moments (GMM). Findings The results show that firms with politically connected board of commissioners experience higher levels of financial distress. Additionally, we find that politically connected firms face greater financial distress during leadership transitions due to political instability and policy changes. Research limitations/implications We limit our investigation on SBY (Susilo Bambang Yudhoyono) and JKW (Joko Widodo) regimes. Another limitation is political connection information which relies on information published in the annual report. Also, we only use the Altman Z-score model to estimate financial distress. Practical implications We extend the literature by highlighting the interplay among political connections, political regimes, and financial distress. Additionally, our study has implications for policymakers to improve corporate governance regulations by considering political factors. Originality/value We first address the impact of political connections via board of commissioner members on financial distress in two different regimes in an emerging economy.
Purpose The study examines the role of AI disclosure in the Malaysian banking sector by investigating its effects on profitability and operational efficiency. Grounded in signalling and stakeholder theories, it considers how AI transparency relates to financial performance within an evolving banking environment. Design/methodology/approach Using panel data from 32 Malaysian commercial banks over the period 2019 to 2023, the study applies the two-step GMM estimator and quantile regression to examine both the overall and distributional effects of AI disclosure. Findings The findings show that AI disclosure is positively linked with profitability, as shown in ROA and ROE, and negatively connected with CTI, indicating better cost efficiency. The quantile regression further shows that the cost-saving effects of AI disclosure are more visible among both efficient banks and banks facing higher cost pressures. Research limitations/implications The study is based on quantitative analysis within a single-country context and does not include cross-market comparisons. Its five-year period may also limit the ability to observe the longer-term financial effects of AI disclosure. Practical implications The findings suggest that banks should treat AI disclosure as a strategic practice that can strengthen investor confidence, improve cost efficiency, and build stakeholder trust. For policymakers, the results highlight the importance of developing a balanced regulatory framework that encourages innovation while preserving financial stability, transparency, and inclusiveness. Originality/value The study contributes to the literature by applying signalling and stakeholder theories to explain the financial implications of AI disclosure in banking. It also introduces a structured and measurable approach to measuring AI transparency, showing how disclosure may strengthen financial resilience, operational efficiency, and investor confidence in a developing economy setting.
Digital transformation and sustainability performance have attracted extensive academic attention in developed economies; however, research within developing markets such as Indonesia remains scarce. This study investigates publicly listed companies in Indonesia to address this gap. Grounded in the resource-based view (RBV) and dynamic capability (DC) theory, this study employs panel regression that includes industry and year-fixed effects to ensure a more accurate assessment of the relationship between digital transformation and sustainability performance. The sample covers 255 firm-year observations from companies listed on the Indonesian Stock Exchange between 2019 and 2023. The findings reveal an insignificant relationship between digital transformation and sustainability performance in the pre- and post-COVID-19 periods in the context of underdeveloped digital infrastructure. However, during periods of economic uncertainty, such as the COVID-19 pandemic, accelerated digital transformation efforts were significantly associated with improved sustainability performance among Indonesian companies. These findings underscore the importance of robust digital infrastructure and highlight the role of economic factors in driving digital advancements and sustainability outcomes. The findings extend RBV and DC theory by demonstrating the critical role of strategic resources in gaining competitive advantages. In the context of digital transformation, these strategic resources encompass not only technological advancements but also strategic implementation and organizational capabilities. This study offers a novel perspective on the relationship between digital transformation and sustainability performance in the context of a developing economy. By incorporating macroeconomic conditions, this study suggests that the stage of economic development can significantly influence this relationship.
This study examines the effect of monitoring mechanisms, specifically board attributes, audit committee characteristics and ownership types, on environmental disclosure environmental disclosure levels (ENDL) among listed firms in Nigeria, a context where such integrated analysis is lacking. Using panel data from 95 firms (2012–2022), we apply the Global Reporting Index to assess ENDL. The analysis utilizes panel data regression techniques, including both fixed-effects and random-effects specifications, along with the Generalized Method of Moments to control for endogeneity in the estimation. Firms with independent board, board environmental committees, environmental expertise, independent audit committees, audit committee financial expertise, audit committee gender, government and foreign ownership exhibit higher ENDL. However, chief executive officer’s gender and the audit committee meeting frequency negatively impact ENDL. The generalizability of this study's conclusions is potentially constrained by its country-specific context, as the data are drawn solely from the Nigerian market. To enhance the external validity of the findings, subsequent studies should replicate this analysis in other national settings. This study also paves the way for future inquiry by suggesting that the theoretical model could be expanded through the inclusion of moderating or mediating variables, which would provide a more nuanced explanation of the mechanisms driving environmental disclosure. Policymakers should strengthen governance mandates to enhance environmental transparency. For theory, it extends agency and stakeholder theory by demonstrating that general governance mechanisms are insufficient drivers of non-financial disclosure in emerging economies. This study has the potential to positively impact social outcomes by promoting environmental sustainability, corporate accountability and informed decision-making in Nigeria. This study uniquely integrates board, audit and ownership monitoring mechanisms into a single framework, offering insights for Nigerian regulators and firms.
This study examines the relationship between Environmental, Social, and Governance (ESG) scores and abnormal stock returns in the ASEAN-5 countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). The study utilizes the financial data of listed companies in year of 2023. Cross-sectional regression analysis is used to investigate the study. The results indicate that ESG scores do not significantly impact stock performance across all five markets. Possible explanations include low ESG awareness among investors, a preference for short-term financial gains, evolving regulatory frameworks, and sectoral dominance of industries with high ESG compliance costs. The findings suggest that ASEAN-5 investors prioritize traditional financial indicators over ESG factors in their investment decisions. This study contributes to the ESG–performance literature by focusing on the underexplored ASEAN-5 emerging markets—Indonesia, Malaysia, Singapore, Thailand, and the Philippines—where ESG awareness and regulatory frameworks remain nascent. Unlike prior research in developed economies that often reports a positive ESG–return relationship, our findings reveal no significant association between ESG scores and abnormal returns across all markets, underscoring the influence of local market structures, sectoral composition, and investor behavior.
Purpose This study investigates the impact of a multidimensional board efficiency index (BEI) on firm financial performance (FP) and examines the moderating role of government ownership (GO) in China’s emerging market. It addresses gaps in prior literature by integrating six board attributes into a holistic governance metric and testing the government influence.Design/methodology/approach Using panel data from 1,226 Shanghai Stock Exchange-listed firms (2018–2022), the study employs a system Generalized Method of Moments (GMM) model to mitigate endogeneity. BEI is constructed by synthesizing board size, independence, CEO duality, meeting frequency, political connections and financial expertise. FP is measured via Economic Value-Added Rate and Tobin’s Q. GO is operationalized as a moderating variable, with controls for firm size, leverage, R&D, age and management turnover.Findings BEI significantly enhances FP, validating contingency theory’s governance–performance linkage. However, GO negatively moderates this relationship, attenuating BEI’s efficiency due to socio-political objectives and bureaucratic constraints. Enterprises with high GO exhibit weaker alignment between governance rigor and FP. Robustness checks using alternative performance metrics (ROA and ROE) and fixed-effects models confirm these results.Research limitations/implications The focus on Chinese listed firms limits generalizability to other emerging markets. Unobserved factors, such as regional policy variations or market competition, may further influence governance dynamics. Future studies should explore cross-country comparisons.Originality/value This research contributes by proposing BEI as a novel composite governance measurement, advancing beyond fragmented analyses of board attributes. Providing empirical evidence from China’s hybrid economy, offering policymakers actionable insights to balance state influence with market-driven governance.
PurposeThis study investigated the environmental disclosure practices in Indonesia's manufacturing and mining sectors, examining the trends, quality and governance related drivers behind these disclosures.Design/methodology/approachInvolving a sample of 286 firm-year observations from companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2022, the study utilizes panel regression and robustness testing to evaluate the determinants of disclosure. It also disaggregates results by sector to validate empirical consistency.FindingsThe research findings indicate that environmental disclosure practices in manufacturing and mining sectors were relatively good, with an average score of 54.94%. Companies favor disclosures related to environmental management, certifications and compliance over operational impacts like pollution. Board independence, audit committee size and affiliation with Big Four accounting firms positively influence disclosure levels. Foreign ownership shows no significant effect.Research limitations/implicationsThis study provides critical insights into how environmentally sensitive industries, particularly manufacturing and mining, manage environmental transparency. The research highlights the need for stronger regulatory frameworks to standardize environmental reporting practices in Indonesia. Furthermore, it contributes to agency and stakeholder theories by demonstrating how governance structures affect environmental disclosure.Originality/valueWhile many previous studies have focused on general perspectives regarding environmental disclosure practices, the present study offered a sector-specific analysis focusing on industries with high environmental impacts. The novelty of this research lies in its comprehensive assessment of environmental disclosure practices in Indonesia's manufacturing and mining sectors industries that have been largely underexplored in this context.
Existing research suggests that CEO personality traits, including narcissism, can significantly affect a firm's performance and strategic decision-making. This study evaluates the direct outcome of CEO narcissism on ESG performance in Indonesia. This research is using non-financial firms listed on the Indonesian Stock Exchange from 2017 to 2022, a total of 132 firm-year observations, and the data are processed by ordinary least squares (OLS) regression fixed effect. Empirical results exhibit that narcissistic CEO significantly influences a firm's social performance positively, whilst indicating insignificance towards overall ESG performance, environmental and governance performance in Indonesia. While many empirical works have assessed the relationship of CEO narcissism and ESG performance in other countries, very few studies have been conducted in Indonesia and none is using LinkedIn profiles to measure CEO narcissism levels.
This study investigates the impact of ESG performance on earnings management practices in Indonesia and also examines whether gender diversity on the board of commissioners moderates this relationship. The sample of this study consisted of nonfinancial companies listed on the Indonesia Stock Exchange from 2014 to 2022. ESG performance is proxied by the ESG score; earnings management is calculated by the Jones modified model. Gender diversity is represented by the proportion of female board commissioners. This research employs a balanced panel; after conducting model tests, the common effect model is used to test the first hypothesis, and the fixed effect model is applied to test the second hypothesis. This study provides empirical evidence that higher ESG performance in a company is associated with lower earnings management. Companies with a diverse gender composition on their board of commissioners demonstrate a stronger negative relationship between ESG performance and earnings management. Empirical evidence on company ESG performance is important because Indonesia, as a G20 member, is striving to maximize the implementation of the SDGs. This study provides empirical evidence on the significance of Goal 5 of the SDGs, which pertains to gender equality in Indonesia. This study complements previous research on ESG in Indonesia by providing empirical evidence on the impact of strong ESG performance among companies. Referring to Indonesia’s two-tier board system and Goal 5 of the SDGs, which focuses on gender equality, this study examines the value of gender diversity on the board of commissioners.
This study investigates how ownership structure affects environmental, social and governance (ESG) performance in Indonesian companies using stakeholder theory and resource-based view perspectives. The study analyzes 41 Indonesian companies over 2018–2022, generating 205 firm-year observations. Data were collected from multiple databases with comprehensive robustness testing, including lag-1 analysis, propensity score matching with entropy balancing and generalized method of moments to address endogeneity concerns. Foreign ownership, government ownership and institutional ownership demonstrate significant positive effects on ESG performance, while blockholder ownership exhibits significant negative effects. Results confirm that stakeholders with strong ESG expectations drive corporate behavior, with different ownership types providing unique strategic resources including international expertise and institutional legitimacy. Conversely, blockholder concentration creates stakeholder conflicts and constrains ESG resource development. The study is limited by its focus on ownership variables, short observation period and geographic concentration on Indonesia. Findings extend stakeholder theory and resource-based view by demonstrating how stakeholder groups influence corporate ESG behavior. Companies should optimize ownership composition through collaboration with foreign or institutional investors. Policymakers can develop evidence-based regulations including tax incentives. This study simultaneously analyzes four ownership types within Indonesia's unique institutional environment, providing novel insights into ownership–ESG dynamics.
PurposeThis study examines whether diversification moderates the relationship between capital structure and bank profitability in Islamic and conventional banks in the Middle East and North Africa (MENA) region.Design/methodology/approachA sample of 82 MENA banks covering the period 2006–2021 is employed. The generalized method of moments technique is applied to test the hypothesis that diversification moderates the relationship between capital structure and the profitability of Islamic and conventional banks, with particular attention to the COVID-19 pandemic.FindingsThe results indicate that both diversification and capital structure enhance profitability within both banking systems during the pandemic. Furthermore, the findings reveal that diversification moderates the relationship between capital structure and bank profitability. The COVID-19 pandemic exerted a negative impact on the profitability of both Islamic and conventional banks.Practical implicationsThis study provides important insights for policymakers, bank managers and regulators, highlighting the importance of designing strategies and regulatory frameworks that promote sound capital structures and income diversification to strengthen bank profitability, especially during crises like COVID-19.Originality/valueThis study contributes to the existing literature by emphasizing the moderating role of diversification, providing a comparative analysis of Islamic and conventional banking systems in the MENA region and capturing the effects of these dynamics during the COVID-19 crisis.
PurposeThis study explores the moderating role of the COVID-19 crisis on the association between ESG scores and “Earnings Management (EM)” practices.Design/methodology/approachThe developed hypotheses were tested using ordinary least squares (OLS) regression based on data from 50 Jordanian family businesses in the finance industry between 2010 and 2024. Furthermore, this investigation assessed the analytic results by employing a variety of robustness tests, such as the generalised method of moments (GMM) regression.FindingsMultivariate regression shows that Jordanian family firms with stronger EM procedures have higher ESG sustainability scores during crisis period. For COVID-19’s moderating effects on each ESG component, “environmental and social” disclosure maximizes company capitalization and ESG disclosure as a whole boosts market value. However, governance factors unrelated to stakeholder interests play no significant role.Practical implicationsThis study impacts enterprises, administrations and stakeholders. The moderating COVID-19 component increased the beneficial connection between EM practices and ESG scores. Thus, the findings encourage legislators and regulators to pass sustainable practice monitoring and company transparency and engagement laws. After COVID-19, businesses must rebuild the economy and accelerate and hold themselves accountable for adopting environmentally friendly decisions into their planning and governance control. The findings may help regulatory bodies and policymakers boost ESG reporting credibility by providing assurance from an impartial third party with strong duties. Developing ESG reporting dependability and comparability requires institutional support and professional pressure. Jordan may increase punishments for prohibited ESG building and combine federal direction with voluntary industry efforts to maximise economies of scale and reduce transformation costs.Originality/valueThis study examines whether EM procedures improve ESG sustainability scores and whether the COVID-19 pandemic caused this. This is novel when examined in a family business. Developmental Jordanian data makes this study important. Growing global economic trends and fundamental societal differences between wealthy and developing countries require more CSR/ESG research. ESG sustainability disclosure has been studied less than how the COVID-19 pandemic affected a company’s finances and non-financials. EM procedures directly affect ESG sustainability disclosure in Jordanian family firms, but COVID-19 moderates this link.
PurposeThis research seeks to examine the direct impact of audit committee characteristics on carbon emission practices. Furthermore, it attempts to find how corporate social responsibility committee (CSRC) moderates the association between audit committee characteristics on carbon emission practices.Design/methodology/approachThe data for 5,480 firms were retrieved from the Refinitiv Eikon Database for the period from 2017 to 2022. For analyzing the data, the study utilized fixed-effect (FE) and random-effect (RE) estimation methods. Moreover, the study used two-stage least squares (2SLS) estimation and generalized method of moments (GMM) as robust tests to confirm the findings.FindingsResults revealed that the audit committee positively and significantly affects carbon emission practices. Regarding the moderation effect, it is revealed that CSRC positively and significantly moderates the association between audit committee and carbon emission practices.Originality/valueThis research offers a novel contribution to the existing literature by focusing on emerging economies, and it offers a distinct perspective by examining how the presence of a CSRC influences the relationship between audit committee and carbon emissions practices. Further, it provides significant recommendations for policymakers, regulators, board members, auditors, analysts and academics regarding carbon emissions issues. This emphasizes the need to strengthen stakeholder engagement mechanisms involving regulatory bodies, external and internal auditors, shareholders and board oversight to promote ethical and responsible practices.
PurposeThe effects of corporate governance characteristics such as board independence, board gender diversity, board experience and sustainability committee on sustainability reporting are examined in the context of Malaysian agro-industry companies.Design/methodology/approachA fixed effects regression with Driscoll-Kraay standard error and generalized method of moments (GMM) analysis was employed in this study to analyze the sustainability reporting of 56 publicly listed agro-industry companies over eight years (2016–2023) using a newly developed sustainability reporting index (SRI).FindingsThe findings suggest that having a sustainability committee is vital in enhancing sustainability reporting, as demonstrated by its strong positive relationship with sustainability reporting disclosure. Additionally, board gender diversity and board experience show a significant positive relationship with sustainability reporting, whereas board independence shows a negative relationship.Practical implicationsThe observations from this study provide important perspectives on the significance of sustainability committees in companies, diversity and experience with sustainability-related board of directors' appointments.Social implicationsThe findings provide practical insights for corporate governance stakeholders and policymakers in striving to enhance clarity as well as responsibility in sustainability reporting.Originality/valueThe newly constructed SRI enhances the ability to evaluate sustainability practices, making a meaningful contribution to the literature by offering a robust, multidimensional measure.
PurposeThis study examines the association between corporate sustainability disclosure (CSD) and investment efficiency.Design/methodology/approachThe study uses a sample of 410 firm-year observations drawn from 41 nonfinancial firms listed in the East African Community (EAC) partner states’ stock/securities exchanges between 2013 and 2022.FindingsThe study findings provide empirical evidence that high levels of CSD leads to improved investment efficiency. Based on the findings, high CSD firms benefit from reduced information asymmetry and strong stakeholder engagement.Practical implicationsThe study highlights the importance of CSD in predicting a firm’s investment efficiency; thus, it has both practical and policy implications. First, corporate managers can attract more investors through social and environmental disclosures. Second, regulators and financial reporting standards setters can enhance corporate investment efficiency through policies geared towards adoption of CSD.Originality/valueThis study is the first attempt to investigate the nexus between CSD and investment efficiency within the EAC. The results of this study demonstrate the impact of CSD on corporate investment efficiency. Furthermore, CSD is not only focused on maximizing shareholder value but also on promoting corporate social and environmental accountability aimed at mitigating climate change.
PurposeThis study aimed to thoroughly examine the impact of government responses to the COVID-19 pandemic on market reactions to company dividend announcements in the Association of Southeast Asian Nations (ASEAN) countries. It also explored how these government responses influenced market reactions based on country-specific factors, dividend types and company characteristics.Design/methodology/approachIn order to achieve the stated objectives, the event study method was adopted for this investigation using 5,648 dividend announcements made by various companies listed in 5 ASEAN countries from 2020 to 2022 to assess market reactions. Additionally, regression analysis with robust standard errors was conducted to examine the impact of government responses to COVID-19 on these market reactions.FindingsThe results showed that government responses to COVID-19 negatively affected market reactions to dividend announcements across the five explored ASEAN countries, with the strongest impact in Thailand and Indonesia. Investors in these countries were observed to be more concerned about the pandemic and strict policies such as lockdowns. This is particularly evident in dividend decreases and no-change announcements, as investors viewed stringent measures as signs of economic uncertainty, thereby reducing confidence in company stability. Accordingly, firm-level analysis showed that large, highly profitable and low-leverage companies experience stronger negative reactions, emphasizing the varying sensitivity of companies to government interventions.Originality/valueThe current study is the first to provide novel insights into government responses with the aim of determining the effectiveness of dividend announcements to market reactions during COVID-19 among companies in ASEAN countries.
PurposeThis study examines the relationship between sustainability reporting, guided by Global Reporting Initiative standards, and dividend policy among Vietnamese listed firms.Design/methodology/approachMultinomial logistic regression is employed to analyse how disclosures aligned with the Sustainable Development Goals (SDGs) influence dividend policy in the 100 largest firms listed on the Hanoi and Ho Chi Minh stock exchanges between 2021 and 2023. The study investigates whether higher levels of SDG disclosure affect both the form and magnitude of dividend payouts.FindingsThe results reveal that firms with more extensive SDG disclosures are significantly more likely to pay dividends, either in cash or shares. Notably, higher disclosure levels are positively associated with dividend payouts exceeding 50% and negatively associated with the decision to omit dividends altogether.Research limitations/implicationsThe study contributes to signalling theory by highlighting the strategic role of SDG disclosures in communicating corporate stability and governance quality through dividend policy.Practical implicationsThe findings underscore the relevance of sustainability disclosures in shaping corporate dividend strategies, especially during periods of financial uncertainty, offering practical guidance to managers on improving reporting practices.Social implicationsGiven Vietnam's vulnerability to climate-related risks, robust sustainability reporting is essential for maintaining investor trust and supporting broader economic resilience.Originality/valueThis is the first study to provide a comprehensive assessment of how GRI-based sustainability reporting influences dividend policy in Vietnam. It offers novel insights into how transparency in sustainability practices informs financial decision-making in emerging markets.
PurposeThe purpose of the study is to examine the association between audit committee (AC) characteristics and audit quality of the listed companies of Bangladesh.Design/methodology/approachA total of 140 firm years covering the period of 2017–2021 of DS30 index listed companies have been taken as the sample size. Auditor type and audit fee have been used as the proxies of audit quality. AC size, independence, diversity, number of meetings and presence of professional expertise have been used as the proxies of AC characteristics. Both logit regression and pooled OLS with panel-corrected standard error (PCSE) methods have been used in the study.FindingsThe outcomes of the study intimate that the existence of professional experts in the AC and the committee size have positive and significant association with audit quality. The rapport between other characteristics and audit quality are found to be insignificant.Practical implicationsPolicymakers, researchers and other stakeholders such as investors, lenders, auditors may find the findings useful. The findings of the study will help the policymakers to investigate the conformance and efficacy of the corporate governance code and introduce new guidelines for the committee.Originality/valueTo the best knowledge of the authors, this is the first study to investigate the relationship between AC characteristics on audit quality in the context of Bangladesh.
PurposeThe emergence of peer-to-peer (P2P) lending in Indonesia is expected to increase financial inclusion by allowing more individuals to access formal financial services. Even with its rapid development, only a few studies have empirically investigated its impact on Indonesian banking profitability. This study aims to investigate the effect of liquidity and credit risk on the profitability of Indonesian conventional banks before and after (P2P) lending and whether P2P lending weakens or strengthens the impact.Design/methodology/approachThis study uses data from Indonesian conventional banks listed on the Indonesian Stock Exchange. The data are analyzed using a dynamic panel data model of the system generalized method of moments (SYS-GMM) and moderated regression analysis.FindingsThe results indicate that credit risk positively affects banks' profitability. P2P lending significantly weakens the impact of credit risk on banks’ profitability.Research limitations/implicationsThe P2P lending is measured as a dummy variable since we do not have access to a higher measurement scale data of P2P lending in Indonesia.Practical implicationsThe findings indicate that the intensive competition after the presence of P2P lending put pressure on banks to implement risk management better. This implies that banks should practice sound risk management to maintain their profitability, especially in responding to technology-driven increased competition from P2P lending providers.Originality/valueThis is the first study that focuses on banks' liquidity and credit risk after the presence of P2P lending and the enactment of the bank prudential risk management regulation in Indonesia.
PurposeThis study aims to investigate the association between behavioral intention in adopting digital accounting technology (BIDAT) and three key factors: performance expectancy (PE), effort expectancy (EE) and social influence (SI). This study also investigates the moderating role of technology type and economic level on the associations.Design/methodology/approachA compilation of 47 research articles, collectively investigating 132 associations involving PE, EE, SI and BIDAT, underwent analysis through the meta-analysis methodology. In addition to the overarching meta-analysis, an extensive subgroup analysis was conducted to assess the influence of technology type and economic level as moderators.FindingsThis meta-analysis confirms significant associations between BIDAT and its predictors: PE, EE and SI. While technology type lacks a moderating effect, the economic level significantly moderates PE’s relationship with BIDAT, underscoring the universality of predictors and the influence of economic factors.Practical implicationsThe study’s implications are significant for practitioners and policymakers. The findings show that practitioners must adopt different accounting technology implementation strategies based on the economic context, such as focusing on productivity in developed countries and competitiveness in developing countries. Policymakers should implement contextual regulations, such as incentives and performance reporting standards. These findings also support a technology-neutral approach with a consistent adoption framework for various accounting solutions.Originality/valueThis study pioneers digital accounting technology adoption through meta-analysis, offering novel insights into adoption dynamics. By synthesizing existing research, it enriches understanding of contextual influences, such as technology type and economic level, thereby advancing theoretical discourse in the field.
