Journal of Advanced Business and Finance Studies
journal title: Journal of Advanced Business and Finance Studies Initial: JABFS Frequency: Semiannual DOI: Prefix 10.66382 by Print ISSN: 3106-1311 Online ISSN: 3106-132X Nature: Print and Online Submission: Via OJS System Language: English Publisher: CODEX ACADEMIA (SMC-PRIVATE) LIMITED The Journal of Advanced Business and Finance Studies (JABFS) is a peer-reviewed international academic journal published by CODEX ACADEMIA (SMC-PRIVATE) LIMITED. The journal publishes high-quality original research, review papers, conceptual studies, and case analyses in the areas of business, management, and finance. It provides a scholarly platform for researchers, academicians, practitioners, and policymakers to present innovative findings, theoretical developments, and practical applications that address the complex challenges of the modern business and financial environment. JABFS is committed to academic excellence through a rigorous double-blind peer-review process, timely publication, and the global dissemination of research. The journal aims to bridge the gap between theory and practice by fostering dialogue and collaboration among academia, industry, and government institutions. Frequency: Semiannual
Assessing the Impact of COVID-19 on Global Supply Chains and Financial Markets: A Comparative Study of Developed and Developing Economies
The COVID-19 pandemic represents one of the most severe global economic disruptions in modern history, profoundly affecting financial markets and international supply chains. This study empirically examines the impact of the pandemic on financial market stability and supply chain performance across developed and developing economies using a mixed-method research framework. Employing cross-country panel data, volatility indicators, trade disruption measures, and policy response indices, the analysis reveals that the pandemic induced sharp declines in economic growth, extreme financial market volatility, and widespread trade and logistics disruptions. The results show that stock market volatility intensified significantly during the initial outbreak, accompanied by severe contractions in global trade and unprecedented oil price shocks. Strong volatility spillovers between energy markets and equity markets were observed, highlighting heightened financial interconnectedness during crisis periods. The findings further indicate pronounced heterogeneity across economies, with developing countries experiencing deeper financial instability, weaker policy buffers, and slower recovery trajectories compared to developed economies. Economies with stronger fiscal and monetary responses demonstrated greater resilience and faster stabilization. The study also documents persistent volatility during recovery phases, suggesting long-term economic scarring effects. Overall, the results underscore the importance of institutional strength, economic diversification, and coordinated policy interventions in mitigating the adverse effects of systemic global shocks. These findings contribute to the growing literature on crisis-induced financial instability and provide important policy insights for enhancing global economic resilience.
COVID-19 pandemic, financial market volatility, global supply chains, oil price shocks, economic resilience, policy response
Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Technology and the Evolution of Microfinance: Exploring the Potential of Digital Platforms in Supporting Entrepreneurs
The rapid diffusion of financial technology has fundamentally reshaped the microfinance landscape, offering new mechanisms to support entrepreneurial activity and financial inclusion. This study empirically examines the impact of fintech and artificial intelligence integration on microfinance performance and entrepreneurial outcomes using a mixed-methods experimental framework. Quantitative results reveal that higher levels of fintech adoption are strongly associated with increased entrepreneurial revenue growth, improved loan allocation efficiency, and reduced default rates. The integration of AI-based credit scoring significantly enhances risk assessment accuracy, enabling microfinance institutions to expand loan sizes and outreach while maintaining portfolio quality. Graphical and tabular analyses further demonstrate substantial reductions in loan processing time, improved operational efficiency, and stronger employment generation effects among fintech-enabled enterprises. Qualitative insights complement these findings by highlighting improved accessibility, personalization of financial services, and trust in digital platforms among micro-entrepreneurs. The results confirm that the joint application of fintech platforms and advanced analytics produces synergistic effects that outperform traditional microfinance models. Overall, the study concludes that fintech-driven microfinance is a powerful enabler of sustainable entrepreneurship and inclusive economic growth, providing evidence-based guidance for policymakers and financial institutions aiming to leverage digital innovation to support SMEs in emerging economies.
Financial Technology, Microfinance, Artificial Intelligence, Entrepreneurship, Financial Inclusion, SME Growth
Examining the Role of Digital Wallets and Payment Solutions in Shaping the Future of E-Commerce and Online Retail
The rapid advancement of digital payment technologies and artificial intelligence has fundamentally transformed the operational dynamics of e-commerce platforms. This study empirically investigates the impact of digital wallets, mobile-first payment solutions, and AI-enabled systems on transaction efficiency, customer satisfaction, and security performance within e-commerce ecosystems. Employing a mixed-methods experimental research design, the study integrates quantitative analysis of transaction-level performance indicators with qualitative insights from industry practices. The results reveal that digital wallet adoption significantly improves transaction efficiency and payment accuracy, while mobile-centric payment infrastructures enhance customer satisfaction and operational scalability. Furthermore, the findings demonstrate a strong positive relationship between AI integration and fraud reduction effectiveness, highlighting the critical role of machine learning and predictive analytics in real-time risk management. Platforms utilizing advanced security mechanisms, including biometric authentication and tokenization, exhibit higher transaction success rates and greater consumer trust. The integrated performance assessment confirms that the combined adoption of AI-driven analytics and digital payment technologies delivers superior overall outcomes compared to traditional payment systems. These findings underscore the strategic importance of intelligent digital payment ecosystems in driving efficiency, security, and competitiveness in e-commerce. The study offers valuable implications for policymakers, platform providers, and retailers seeking to leverage emerging financial technologies for sustainable digital transformation.
Digital Payments, Artificial Intelligence, E-commerce, Mobile Wallets, Fraud Detection, Financial Technology
Exploring the Impact of Geopolitical Risks on Financial Market Volatility and Investor Behavior in Global Capital Markets
This study investigates the impact of geopolitical risks on financial market volatility and investor behavior in global capital markets using a mixed-methods empirical framework. Drawing on quantitative volatility modeling and panel regression analysis across multiple asset classes, complemented by qualitative assessment of investor sentiment, the study examines how geopolitical uncertainty propagates through financial systems. The results reveal a strong and positive relationship between geopolitical risk and market volatility, with equity and foreign exchange markets exhibiting the most pronounced responses, followed by commodity and bond markets. The findings also indicate significant volatility clustering, nonlinear effects, and time-varying correlations during periods of heightened geopolitical tension. Investor sentiment deteriorates markedly in high-risk regimes, reflecting increased risk aversion and shifts toward defensive investment strategies. Regional comparisons further highlight heterogeneity in market reactions, suggesting that economic structure and institutional resilience influence the transmission of geopolitical shocks. Overall, the study provides compelling evidence that geopolitical risk is a major driver of financial market instability and behavioral change, underscoring the importance of incorporating geopolitical considerations into investment decision-making, risk management practices, and policy formulation.
Geopolitical risk, Financial market volatility, Investor behavior, Global capital markets, Risk transmission, Market uncertainty
The Role of RegTech (Regulatory Technology) in Enhancing Compliance and Reducing Costs for Financial Institutions
The growing complexity of financial regulation has significantly increased compliance costs and operational burdens for financial institutions, necessitating innovative technological solutions. This study examines the role of Regulatory Technology (RegTech) in enhancing compliance effectiveness and reducing compliance-related costs within financial institutions. Adopting a mixed-methods experimental research design, the study integrates quantitative econometric analysis with qualitative insights derived from expert interviews and regulatory document analysis. Empirical results based on institutional-level data reveal a strong positive relationship between RegTech adoption and compliance effectiveness, alongside a statistically significant reduction in regulatory breaches and operational compliance costs. Difference-in-differences and regression analyses confirm that RegTech-enabled institutions outperform non-adopting counterparts across key performance indicators, including audit outcomes, reporting accuracy, and cost efficiency. Qualitative findings further highlight improved regulatory transparency, stronger internal governance, and enhanced trust between regulators and regulated entities. The study contributes to the growing RegTech literature by providing comprehensive, data-driven evidence that RegTech adoption delivers both efficiency and governance benefits. The findings have important implications for policymakers, regulators, and financial institutions seeking to promote resilient, cost-effective, and technology-driven compliance frameworks.
RegTech, regulatory compliance, financial institutions, compliance cost reduction, financial regulation, regulatory technology
The Role of Work-Life Balance Programs in Reducing Employee Turnover
Work-life balance (WLB) programs have become a strategic priority for organizations seeking to reduce turnover and sustain competitiveness in dynamic labor markets. This study investigated the impact of WLB initiatives—including flexible scheduling, wellness programs, and family-supportive policies—on employee turnover using a mixed-methods experimental design. Quantitative analyses revealed significant reductions in turnover rates across organizations implementing WLB interventions, with flexible scheduling and family-supportive initiatives demonstrating the strongest retention effects. Regression and correlation models confirmed that job satisfaction mediated the relationship between WLB practices and turnover, while stress reduction emerged as a critical predictor of retention. Experimental interventions showed measurable decreases in turnover rates, validating the causal role of WLB programs in workforce stability. Qualitative insights further underscored that employees valued supportive organizational cultures that encouraged equitable use of these programs without stigma, thereby enhancing their effectiveness. The findings also highlighted industry-level differences, with knowledge-intensive and service sectors experiencing the greatest benefits. However, the study identified challenges, such as cultural resistance and uneven access, which may limit the reach of WLB initiatives if not addressed. Overall, the results confirm that WLB programs are not peripheral benefits but strategic levers for reducing attrition, enhancing engagement, and fostering organizational sustainability. Organizations that align WLB practices with supportive leadership and cultural integration are better positioned to attract and retain talent while strengthening long-term competitiveness.
Copyright (c) 2025 Imran Waheed, Farah Naz (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Performance Appraisal Systems and Their Effect on Employee Productivity
Performance appraisal systems remain one of the most widely used human resource management tools for evaluating employee performance and fostering productivity. This study employed a mixed-methods experimental design to examine the extent to which appraisal systems influence employee productivity across diverse organizational contexts. Quantitative analyses revealed that employees exposed to appraisal systems emphasizing fairness, transparency, and developmental feedback demonstrated significantly higher productivity scores compared to those under traditional annual review systems. Regression and structural equation modeling confirmed that appraisal fairness and feedback quality were strong predictors of productivity, while motivation and organizational commitment served as mediating factors. Experimental interventions further showed that organizations adopting continuous performance management systems and 360-degree evaluations achieved greater productivity growth than those retaining conventional appraisal methods. Industry comparisons highlighted that knowledge-intensive and service sectors reported the strongest productivity gains, underscoring the contextual importance of appraisal design. Qualitative findings complemented these results by demonstrating that employees viewed appraisal systems as valuable when they promoted growth and skill development, but disengaged when appraisals were perceived as biased or punitive. Collectively, these results suggest that appraisal systems can be powerful levers for productivity when designed with fairness, feedback quality, and developmental orientation. The study concludes that appraisal systems should evolve from administrative exercises into strategic frameworks that integrate transparency, continuous development, and leadership support to maximize employee performance and organizational competitiveness.
Copyright (c) 2025 Khalid Hussain, Ayesha Noor (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Organizational Culture on Job Satisfaction
Organizational culture is widely acknowledged as a central determinant of employee job satisfaction, influencing perceptions of fairness, recognition, leadership support, and belonging. This study employed a mixed-methods experimental design to investigate how different cultural orientations affect satisfaction levels across industries. Quantitative analyses revealed strong positive correlations between collaborative, inclusive, and recognition-driven cultural values and higher job satisfaction scores, while hierarchical and rigid cultures were linked to reduced satisfaction. Regression and structural equation modeling confirmed that fairness and leadership support acted as critical mediators between culture and satisfaction outcomes. The qualitative phase further demonstrated that employees evaluated culture through daily practices such as recognition initiatives, equitable decision-making, and opportunities for development, all of which reinforced positive satisfaction levels. Experimental interventions introducing culture-enhancing practices—such as recognition programs, collaborative workshops, and flexible policies—produced measurable increases in satisfaction, validating the causal impact of cultural reforms. Cross-industry comparisons highlighted that knowledge-intensive and service sectors benefitted most from adaptive and supportive cultures. However, the study also identified risks of excessive cultural uniformity, which may undermine diversity and stifle creativity. Collectively, the results affirm that organizational culture is not a peripheral factor but a strategic driver of satisfaction, engagement, and long-term organizational performance. By cultivating inclusive, adaptive, and fair cultures, organizations can significantly enhance employee morale, reduce turnover, and sustain competitiveness in dynamic environments.
Copyright (c) 2025 Amir Qureshi, Sana Fatima (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Training and Development in Enhancing Workforce Skills
This study investigates the role of training and development in enhancing workforce skills by employing a mixed-methods experimental design that integrates quantitative measurements with qualitative insights. A structured training program was implemented across diverse organizational cohorts, with pre-test and post-test assessments used to evaluate improvements in technical, behavioral, and leadership competencies. The quantitative findings revealed statistically significant gains in employee performance, with regression models confirming the predictive value of training interventions on skill acquisition and productivity outcomes. Tables highlighted increases in engagement, cross-functional adaptability, and communication competencies, while figures depicted multidimensional patterns such as skill progression trajectories, departmental variations, and correlations between training hours and performance growth. The heatmap analysis further indicated strong interdependencies between technical and behavioral skills, suggesting that improvements in one domain positively reinforce others. Qualitative insights gathered from interviews and focus groups emphasized heightened motivation, confidence, and commitment among participants, supporting the statistical evidence of measurable development. Furthermore, leadership competencies demonstrated substantial growth, reinforcing the strategic role of training in fostering organizational resilience. Hybrid visualizations revealed that while initial learning curves are steep, sustained reinforcement is required to ensure long-term skill retention. Collectively, the results affirm that training and development initiatives serve as strategic investments that not only enhance workforce capabilities but also strengthen adaptability, innovation, and overall organizational performance. This research contributes both theoretically and practically by highlighting the multidimensional impact of training, thereby offering valuable guidance for organizations seeking to optimize human capital in rapidly evolving environments.
Copyright (c) 2025 Asif Mahmood, Sadia Khurshid (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Remote Work Policies on Employee Retention
This study investigates the effect of remote work policies on employee retention by employing a mixed-methods experimental design that combined quantitative analysis of organizational data with qualitative interviews. Archival human resource records spanning three years were examined alongside survey data and thematic interview insights, enabling a comprehensive exploration of how remote, hybrid, and on-site policies influence retention outcomes. The quantitative findings demonstrated that remote work policies significantly reduced turnover rates, with hybrid arrangements yielding the highest retention levels. Regression analysis confirmed that flexibility and organizational support were strong predictors of retention, while ANOVA revealed statistically significant differences across job roles and age groups. The qualitative analysis reinforced these results, revealing that employees valued autonomy, reduced commuting burdens, and improved work–life integration, but also identified challenges related to social isolation and career visibility in fully remote settings. Figures visualized retention trends, satisfaction distributions, engagement patterns, and exit reasons across multiple policy types, while tables provided detailed metrics on tenure, job satisfaction, and managerial support. Collectively, the results suggest that hybrid policies provide the optimal balance between flexibility and collaboration, thereby enhancing retention more effectively than rigid or fully remote models. The findings contribute to the ongoing debate on the future of work by demonstrating that remote work policies, when supported by leadership and cultural integration, are not merely short-term crisis responses but enduring strategies to strengthen employee loyalty. The study offers both theoretical contributions to organizational behavior literature and practical implications for human resource management.
Copyright (c) 2025 Noman Rahman, Hira Saeed (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Entrepreneurial Education in Fostering Innovation
This study investigates the role of entrepreneurial education in fostering innovation by employing a mixed-methods design that integrates quantitative surveys and regression analyses with qualitative interviews and thematic exploration. Data were collected from 1,200 students across six universities, with results indicating that students exposed to entrepreneurial education consistently outperformed peers in innovation indices, entrepreneurial self-efficacy, and project engagement. Regression models confirmed a statistically significant relationship between entrepreneurial education and innovation outcomes, while qualitative findings revealed that experiential learning, institutional support, and opportunity recognition served as key mediators. Nine detailed tables and twelve figures visualized descriptive statistics, regression models, innovation distributions, and comparative outcomes, reinforcing the empirical evidence. Results highlight that entrepreneurial education not only strengthens individual competencies but also fosters systemic innovation through collaboration between students, faculty, and ecosystems. The discussion confirmed alignment with global scholarship while also emphasizing contextual challenges, including limited resources and uneven access to mentorship. Overall, the study concludes that entrepreneurial education is a transformative mechanism that cultivates innovative capacities and serves as a driver of sustainable development and competitiveness in both developed and emerging contexts.
Copyright (c) 2024 Rashid Mehmood, Shazia Khalid (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Business Incubators on Start-Up Success
This study examines the impact of business incubators on start-up success, employing a mixed-methods approach that combines quantitative performance analysis with qualitative insights from entrepreneurs and incubator managers. Using data from 500 start-ups, equally divided between incubated and non-incubated firms, the research investigates survival, growth, innovation, and funding outcomes. Logistic regression, panel models, and Poisson analysis reveal that incubated firms demonstrate significantly higher survival rates, stronger revenue and employment growth, and greater innovation outputs compared to non-incubated firms. Qualitative interviews further highlight the role of incubators in providing legitimacy, mentorship, and networking opportunities that enhance resource access and investment readiness. Results indicate that incubation effects vary across regions, with greater impact in resource-constrained ecosystems. The findings also emphasize that while incubators create long-term benefits for firms and entrepreneurial ecosystems, effectiveness depends on governance quality and program design. The study concludes that incubators function as strategic ecosystem actors, contributing to innovation-driven growth and regional competitiveness.
Copyright (c) 2024 Kashif Raza, Amina Bibi (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Link Between Innovation and Competitive Advantage in SMEs
This study investigates the relationship between innovation and competitive advantage in small and medium-sized enterprises (SMEs), employing a mixed-methods experimental design integrating survey-based quantitative analysis and qualitative interviews. A dataset of 362 SMEs across diverse sectors was analyzed using structural equation modeling, principal component analysis, and thematic coding. The results show that innovation positively influences profitability, market share, export performance, and customer retention, confirming its central role in building competitive advantage. Incremental innovation enhanced operational stability, while radical innovation yielded breakthrough competitiveness despite higher volatility. Digital adoption, including cloud technologies and e-commerce platforms, significantly improved efficiency and international competitiveness, whereas sustainability-oriented innovation enhanced customer loyalty and reputational capital. Regional and firm-level factors, such as age and resource availability, moderated innovation outcomes, suggesting that contextual elements shape competitiveness. The integration of quantitative and qualitative findings underscores the multidimensional role of innovation as a driver of resilience and growth. The study contributes to the literature by empirically validating the multifaceted link between innovation and competitive advantage in SMEs and offers practical implications for managers and policymakers in fostering innovation ecosystems.
Copyright (c) 2024 Imran Ali, Saira Gul (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Entrepreneurial Leadership and Its Effect on Organizational Culture
This study investigates the relationship between entrepreneurial leadership (EL) and organizational culture (OC), examining both their direct linkages and the mediating role of culture in firm performance. Drawing on a mixed-method design, quantitative data were collected through surveys of 650 employees across multiple industries and analyzed using structural equation modeling, while qualitative insights were obtained from 55 interviews with managers and employees. The results demonstrate that EL significantly predicts OC, with organizational culture partially mediating the relationship between leadership and performance outcomes. Sectoral differences emerged, with technology-intensive firms exhibiting stronger EL–OC alignment compared to more stable industries. Qualitative analysis revealed that entrepreneurial leaders foster psychological safety, empowerment, and knowledge sharing, thereby embedding entrepreneurial values into everyday practices. The study also highlights how EL shapes subcultures within organizations, creating incubators for innovation and intrapreneurship. These findings provide both theoretical contributions, by extending leadership and culture research, and practical implications, by underscoring the importance of leadership development programs that emphasize entrepreneurial competencies. Overall, the research concludes that entrepreneurial leadership serves as a cultural catalyst, creating adaptive, innovative, and performance-enhancing organizational environments.
Copyright (c) 2024 Asad Jamil, Naila Farooq (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Social Entrepreneurship in Achieving Sustainable Development Goals
This study investigates the role of social entrepreneurship in achieving the United Nations Sustainable Development Goals (SDGs) through a mixed-methods research design. Quantitative analysis was conducted using data from global indices, complemented by regression modeling to assess the impact of social entrepreneurship factors, investment flows, and policy support on SDG progress. Qualitative insights were drawn from interviews with social entrepreneurs across multiple sectors, capturing the mechanisms driving social and environmental outcomes. The findings indicate that social enterprises significantly contribute to poverty alleviation, education access, healthcare provision, and clean energy adoption, while also generating substantial employment. Regression results confirm that the Social Entrepreneurship Factor (SEF) is a significant predictor of SDG advancement, with investment and supportive policies acting as enabling conditions. Furthermore, the study highlights the increasing role of women and youth-led enterprises in fostering inclusivity and resilience. Comparative analysis shows that while commercial enterprises excel in financial returns, social enterprises outperform in sustainability, inclusivity, and innovation. These results reinforce the view that social entrepreneurship is a transformative mechanism for delivering multidimensional value and accelerating global progress toward the SDGs. The study offers theoretical contributions to hybrid organizing literature and practical implications for policymakers, investors, and practitioners seeking to design enabling environments for sustainable social innovation.
Copyright (c) 2024 Javed Ahmed, Sadia Riaz (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Women Entrepreneurship and Barriers to Growth
This study investigates the barriers that hinder women’s entrepreneurial growth using a mixed-methods research design. Quantitative analysis of survey data from 500 women entrepreneurs and qualitative insights from 40 semi-structured interviews reveal the interrelated challenges women face across financial, institutional, socio-cultural, and technological domains. Results show that financial exclusion, manifested in limited access to credit and biased investment decisions, significantly constrains growth. Institutional support policies, though widely promoted, are inconsistently implemented and often fail to reach marginalized groups. Socio-cultural constraints such as family responsibilities, patriarchal norms, and gender stereotypes continue to impede entrepreneurial participation. Networking and mentorship are shown to enhance growth potential, yet access to these resources remains limited. The findings also highlight the transformative potential of digital adoption, although the digital gender divide restricts equitable participation.The study contributes to entrepreneurship theory by emphasizing the intersectionality of barriers and underscores the need for integrated interventions. Policy recommendations include enhancing gender-sensitive financial instruments, expanding mentorship platforms, and implementing regionally tailored programs that address socio-cultural norms and infrastructural constraints. Practically, the research provides actionable insights for policymakers, development agencies, and entrepreneurial associations seeking to foster inclusive and sustainable growth. The findings confirm that supporting women entrepreneurs is both an economic imperative and a pathway to social transformation.
Copyright (c) 2024 Shamim Akhtar, Farzana Shahid (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Government Policies on Start-Up Ecosystems
Start-up ecosystems are increasingly recognized as engines of innovation, employment, and economic growth, with government policies playing a decisive role in shaping their success. This study investigates the impact of policy interventions on entrepreneurial ecosystems through a mixed-methods approach that combines quantitative econometric analysis with qualitative case studies. Quantitative data from international sources such as the World Bank, OECD, and Global Entrepreneurship were analyzed using panel regression models, incorporating variables such as tax incentives, grants, R&D subsidies, and regulatory reforms. The results indicate that multi-dimensional government interventions, particularly when combining financial incentives with regulatory support, significantly improve start-up growth, survival rates, and innovation output. Complementing this, qualitative evidence from case studies in Silicon Valley, Berlin, and Bangalore revealed that supportive visa schemes, incubator programs, and targeted crisis measures not only sustain ventures during uncertainty but also foster long-term resilience. Importantly, the findings highlight that while subsidies and grants stimulate early-stage survival, their effectiveness is maximized when aligned with broader institutional reforms that reduce market inefficiencies and attract private investment. Conversely, poorly designed or fragmented policies risk generating dependency and undermining entrepreneurial dynamism. The study contributes to institutional and entrepreneurship theory by demonstrating how government actions interact with market forces and entrepreneurial agency to produce ecosystem outcomes. Practically, the research underscores the importance of policy coherence, adaptability, and inclusiveness in designing interventions that ensure sustainable and competitive start-up ecosystems. By adopting holistic frameworks, governments can catalyze innovation and position their economies for long-term global competitiveness.
Copyright (c) 2024 Rehan Hasan, Maria Khan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Relationship Between Entrepreneurial Orientation and Firm Performance
This study investigates the relationship between entrepreneurial orientation (EO) and firm performance by employing a mixed-methods approach that integrates quantitative survey data from 320 firms with qualitative insights from 30 executive interviews. Drawing on structural equation modeling (SEM), the results demonstrate that innovativeness, proactiveness, and risk-taking significantly enhance both financial performance (sales growth, ROA, ROE) and non-financial outcomes (innovation capacity, customer satisfaction, adaptability). Competitive aggressiveness also emerged as a significant contributor, while autonomy displayed weaker direct effects. The moderating role of industry turbulence was evident, as EO–performance linkages were stronger in dynamic industries, particularly technology, than in stable or regulated environments. Comparative analyses revealed that while larger firms benefit from resource advantages, SMEs with high EO achieved proportionally greater growth, highlighting EO’s strategic relevance for resource-constrained enterprises.Qualitative findings further emphasized the role of leadership and strategic agility in fostering EO, as well as the growing integration of sustainability and digitalization into entrepreneurial strategies. This underscores the evolving nature of EO as not only a driver of competitive advantage but also a mechanism for aligning with stakeholder expectations and long-term resilience. The study makes theoretical contributions by extending contingency perspectives on EO, while offering practical implications for managers to calibrate entrepreneurial strategies according to environmental conditions. Policymakers are also encouraged to promote EO-driven initiatives to strengthen national competitiveness, innovation, and sustainable growth.
Copyright (c) 2024 Shahid Qureshi, Nadia Shabir (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Innovation Management and Its Impact on Firm Competitiveness
This study investigates the impact of innovation management on firm competitiveness using a mixed-methods experimental design. Quantitative analysis was conducted on a panel dataset of 500 firms, examining the role of innovation scores, R&D intensity, absorptive capacity, and organizational agility in shaping competitiveness outcomes. Complementary qualitative evidence was gathered through in-depth interviews with 40 executives and innovation managers, providing insights into cultural, leadership, and strategic enablers of innovation. Results demonstrate that firms with higher levels of innovation activity achieve superior competitiveness indices, greater market share, and more sustainable long-term growth. Importantly, the findings show that innovation effectiveness is mediated by absorptive capacity and organizational culture, suggesting that financial investments in R&D are most effective when supported by leadership and cross-functional collaboration. Sectoral and international comparisons further reveal that contextual conditions shape the innovation–competitiveness relationship, with firms in technology-intensive sectors and emerging markets adopting distinct strategies to maintain competitiveness. The integration of sustainability-oriented innovation underscores that eco-innovation enhances not only firm reputation but also long-term strategic advantage. Collectively, the study advances theoretical debates on dynamic capabilities and resource-based views of innovation, while offering actionable implications for managers and policymakers seeking to foster competitiveness through innovation management.
Copyright (c) 2024 Khalid Mahmood, Ayesha Zafar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Venture Capital in Supporting Entrepreneurial Growth
This paper examines the role of venture capital (VC) in supporting entrepreneurial growth through a mixed-methods experimental approach that integrates quantitative econometric analysis with qualitative case studies. Using firm-level data from 2018 to 2024, the results demonstrate that VC-backed firms significantly outperform non-VC-backed firms in terms of revenue growth, employment generation, and innovation outcomes. Tables and figures confirm that venture capital fosters firm scalability across diverse sectors, while regional analysis highlights disparities between developed and emerging economies. The findings further reveal that VC contributes to sustainability by encouraging environmental, social, and governance (ESG) practices among supported ventures. Case study evidence underscores the non-financial contributions of venture capital, including mentorship, strategic networks, and governance oversight. The integration of both quantitative and qualitative strands suggests that venture capital is a multidimensional enabler of entrepreneurship, driving not only financial performance but also ecosystem development and societal impact. Policy implications emphasize the need for governments to foster inclusive VC ecosystems by reducing institutional voids and incentivizing sustainable investments. Collectively, this study concludes that venture capital plays a transformative role in shaping entrepreneurial trajectories and strengthening innovation-driven economies.
Copyright (c) 2024 Atif Ansar, Sana Iqbal (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Portfolio Diversification Strategies Across International Markets
This study is based on the mixed-method approach which involves a combination of quantitative econometric modelling and qualitative analysis of institutional and policy frameworks and it focuses on the effectiveness of portfolio diversification techniques in foreign markets. To evaluate the performance of risk and returns in different economic regimes, the study constructs domestic, regional and global portfolio with global financial information that covers both developed and emerging markets. The results demonstrate that international diversification, compared to domestic-only strategies, keeps growing portfolio performance; it reduces volatility, increases downside protection, and generates high quality risk-adjusted returns. More sophisticated optimization techniques, e.g. Bayesian portfolio selection and Hierarchical Risk Parity, also performed better than traditional mean-variance models, further endorsing the role of methodological innovation in portfolio design. The findings also indicate that the advantages of diversity decline in the case of systemic crisis due to a rise in market correlations, yet they still do better than non-diversified allocations. The report indicates that long-term resilience and stability are added by adding cross-asset classes such as bonds and commodities, developing markets, and alternative assets to the portfolio. By and large, the evidence suggests that international diversification remains practically and empirically valid, giving asset managers, investors and regulators a flexible model, which they can use to maximise portfolio performance amidst global financial volatility.
Copyright (c) 2023 Tariq Javed, Mehwish Batool (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Effect of Exchange-Traded Funds (ETFs) on Market Liquidity
This study will establish the role of Exchange-Traded Funds (ETFs) in liquidity of the market by conducting a mixed-method research based on a detailed research methodology involving econometric modelling and qualitative analysis. The metrics of liquidity performance results are the predetermined measures of bid-ask, illiquidity ratios, ten-year turnover ratios and effective spread, as presented by Amihud and Roll respectively. The findings suggest that high-ETF ownership stocks are less illiquid, trading more and with a smaller spread than ETF-light assets, which shows conclusively that ETF trading greatly increases market liquidity. The difference in differences computations are used to measure the validity of these improvements and the consistency of the results are verified by the robustness checks of the results with other liquidity measures. The heterogeneous impact is revealed through sectoral analysis as the most liquidity gains are seen in the financial and technology sectors as compared to energy and utility sectors. When comparing across countries, it can be identified that the high penetration of ETF in such markets as US and Japan is a highly liquidated market unlike emerging countries. In addition, the possible hazards are also identified in the research. Involving macroeconomic shocks and synthetic ETFs, when volatility spillovers are aggravated, then there is the concern of structural weaknesses and systemic vulnerability. These findings are confirmed by the qualitative aspect as it is based on policy documents and regulatory reports. It further highlights the reality that although ETFs are effective conduits of liquidity during a crisis, they may induce shocks on underlying stocks. All said and done, this study concludes that ETFs provide access to new risk transfer opportunities and to a certain extent, more efficiently and liquidly trade. This is of great interest to policymakers, regulators and investors who are struggling to reconcile measures taken to curb systemic instability and the advantages of ETF induced liquidity.
Copyright (c) 2023 Muhammad Arif, Sara Khan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Mutual Fund Performance Evaluation Using Different Benchmarking Models
This study examines mutual fund performance evaluation using a range of benchmarking models to determine how different frameworks influence conclusions about managerial skill and risk-adjusted returns. Recognizing that traditional single-factor approaches often fail to capture the multifaceted drivers of fund performance, the research adopts an integrated methodology combining quantitative econometric models with qualitative analysis. Benchmarking models employed include the Capital Asset Pricing Model (CAPM), Fama-French multi-factor frameworks, conditional performance models incorporating macroeconomic variables, and risk-adjusted measures such as the Sharpe, Treynor, Information ratios, and Conditional Value-at-Risk (CVaR).Results from nine detailed tables and twelve graphical analyses confirm that benchmarking choice significantly alters fund rankings and risk assessments. CAPM provided a baseline view of systematic risk, but multifactor models demonstrated superior explanatory power by accounting for size, value, profitability, and investment effects. Conditional models revealed time-varying betas and showed that funds adjust differently to interest rate shifts, inflationary pressures, and volatility regimes. Risk-adjusted ratios highlighted diversification benefits, while downside-risk metrics captured vulnerabilities that variance-based measures overlooked. Sectoral allocation analysis indicated that exposure to technology and finance enhanced performance during growth cycles, whereas healthcare and energy sectors displayed defensive attributes. Cross-market comparisons further revealed that international funds offered diversification benefits despite higher volatility.The findings carry important implications for stakeholders. For investors, the evidence highlights the need to consider multiple benchmarks before making allocation decisions. For fund managers, the results emphasize consistency and transparency in strategy, as style drift can distort performance assessments. For regulators, the study advocates multifactor benchmarking disclosures to ensure fairer performance reporting. Ultimately, this research underscores that comprehensive fund evaluation requires a multidimensional approach, integrating traditional and advanced models to reflect the realities of dynamic financial markets.
Copyright (c) 2023 Kashif Saleem, Samina Qamar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Hedge Funds in Global Financial Stability
This study investigates the role of hedge funds in global financial stability by employing a mixed-methods experimental framework that integrates quantitative econometric modeling with qualitative case study analysis. We analyze hedge fund leverage ratios, returns, volatility patterns, and systemic risk indicators through Vector Autoregression (VAR), GARCH models, Conditional Value at Risk (CoVaR), and Marginal Expected Shortfall (MES) frameworks. Complementary qualitative evidence from regulatory filings and crisis episodes, including the Archegos collapse and COVID-19 liquidity shock, provides contextual insights into hedge funds’ dual role in global markets.The results, presented in nine structured tables and twelve complex figures, reveal that hedge funds contribute significantly to market efficiency and liquidity provision under normal conditions but exacerbate systemic vulnerabilities during crises. Specifically, large and highly leveraged funds disproportionately amplify volatility clustering and contagion channels, creating tail-risk exposures that undermine global financial stability. Regional evidence suggests that hedge fund inflows to emerging markets intensify volatility, while concentrated exposures in developed markets magnify systemic fragility. Crisis-period performance highlights how rapid deleveraging and fire sales by hedge funds transmit shocks across asset classes and jurisdictions.The discussion underscores the paradoxical role of hedge funds: they foster innovation, arbitrage opportunities, and market depth, yet remain potential amplifiers of systemic fragility. Existing macroprudential frameworks, while strengthened since the 2008 financial crisis, remain insufficient to fully capture hedge funds’ opacity, interconnectedness, and leverage cycles. Policy implications stress the need for enhanced transparency, real-time data collection, systemic stress testing, and coordinated cross-border regulation.Overall, the study concludes that hedge funds are indispensable actors in global finance, yet their stabilizing role can only be secured through robust macroprudential oversight. Without adequate safeguards, hedge funds will continue to pose systemic threats that challenge global financial stability.
Copyright (c) 2023 Saad Azmat, Nida Malik (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Risk-Return Tradeoff in Emerging vs. Developed Markets
This study investigates the risk–return tradeoff in emerging versus developed markets, integrating quantitative econometric models with qualitative contextual analysis. Using data from Bloomberg, the IMF, and the World Bank covering, the research applied CAPM, GARCH models, and panel regressions to assess volatility, return efficiency, and systemic risks. Results reveal that emerging markets offer higher average returns but are accompanied by elevated volatility, downside risk, and volatility clustering, while developed markets demonstrate greater stability, superior Sharpe and Treynor ratios, and more efficient risk-adjusted performance. Jensen’s alpha estimates indicate occasional abnormal returns in emerging economies, reflecting inefficiencies and growth opportunities, though such returns come with substantial fragility during crises. Figures further demonstrate that diversification benefits between the two market groups diminish under stress, as correlations converge during global downturns. Qualitative findings highlight the role of institutional quality, macroeconomic shocks, and behavioral finance dynamics in explaining observed differences. Developed markets benefit from stronger regulatory environments and sustainability integration through ESG frameworks, while emerging markets face challenges in policy consistency and investor protections. Collectively, the study contributes to academic debates and practical investment strategies by emphasizing that the risk–return relationship is context-dependent, non-linear, and sensitive to global integration. The findings underscore critical implications for portfolio diversification, investor decision-making, and policy reforms aimed at strengthening financial stability in emerging economies.
Copyright (c) 2023 Naveed R. Syed, Farah Naz (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Behavioral Biases and Their Impact on Individual Investment Decisions
This study investigates the influence of behavioral biases on individual investment decisions by integrating quantitative experiments and qualitative insights. A sample of 500 investors participated in structured surveys, simulated portfolio allocations under varying market conditions, and lottery tasks designed to elicit loss aversion, overconfidence, herding, anchoring, and confirmation bias. Complementary interviews with 25 investors and advisors provided contextual depth. The data were analyzed using multiple regression, structural equation modeling (SEM), and confirmatory factor analysis, alongside thematic coding of qualitative responses.The results highlight significant deviations from rational decision-making. Overconfidence was associated with excessive trading and reduced portfolio returns, while loss aversion produced strong disposition effects, consistent with Prospect Theory. Herding behavior emerged as a key driver of volatility, particularly under market stress, whereas anchoring and confirmation bias constrained adaptive decision-making. Demographic analysis revealed that younger investors exhibited higher overconfidence, while older investors displayed stronger loss aversion. Cross-country comparisons indicated greater susceptibility to herding and anchoring in collectivist cultural contexts.These findings underscore the enduring role of behavioral biases in shaping investment behavior, even in structured environments. They reveal that psychological distortions not only undermine portfolio efficiency but also contribute to systemic risks in financial markets. The study contributes to behavioral finance literature by providing empirical evidence from both developed and emerging markets, while also integrating technological and cultural perspectives. From a practical standpoint, the results highlight the importance of incorporating behavioral insights into policy, investor education, and financial advisory practices. By addressing these biases through regulatory interventions, digital nudges, and improved financial literacy, stakeholders can foster more resilient and rational decision-making in increasingly complex investment landscapes.
Copyright (c) 2023 Abdul Rashid, Hina Naz (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Market Timing and Capital Structure Adjustments
This study investigates the relationship between market timing and capital structure adjustments by employing a mixed-method design that integrates dynamic panel regressions, event-study methodologies, and qualitative managerial insights. Using data from 3,000 firms across developed and emerging markets , the findings reveal that firms frequently exploit market conditions by issuing equity during favorable valuation periods and increasing debt reliance during downturns. Results demonstrate that deviations from target leverage are significant but not fully permanent, with adjustment speeds ranging between 0.25 and 0.45, indicating partial convergence toward optimal structures. Sectoral differences are evident, as technology and healthcare firms rely more on equity financing, while capital-intensive industries maintain greater dependence on debt. Cross-regional evidence shows that emerging-market firms exhibit more persistent timing effects due to weaker institutional frameworks and heightened investor sentiment volatility compared to developed markets.Event-study analysis confirms that opportunistic equity issuances are often met with positive investor reactions, signaling managerial confidence and growth potential. However, qualitative evidence suggests that behavioral biases, including overconfidence and herd behavior, influence managerial decisions, occasionally leading to financing policies misaligned with firm fundamentals. Furthermore, the COVID-19 pandemic and subsequent liquidity pressures accelerated capital structure adjustments, underscoring the role of systemic shocks in shaping financing decisionsOverall, the study concludes that market timing effects are conditional rather than absolute, influenced by macroeconomic volatility, institutional environments, and managerial behavior. These findings contribute to both theory and practice by demonstrating that capital structure dynamics are complex, multifaceted, and context-dependent, providing valuable implications for policymakers, corporate managers, and investors navigating financial decision-making in volatile markets.
Copyright (c) 2023 Asim Khwaja, Sadia Javed (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Corporate Payout Policies in Family-Owned vs. Public Firms
This paper investigates the differences in corporate payout policies between family-owned and publicly listed firms, employing a mixed-method design that combines panel econometric modeling with qualitative case analysis. Drawing on data , the study demonstrates that family firms pursue conservative payout strategies characterized by lower dividend yields, reduced repurchase intensity, and stronger dividend smoothing behavior. These patterns reflect family owners’ emphasis on socioemotional wealth preservation, succession planning, and financial flexibility. In contrast, public firms adopt more aggressive payout policies, maintaining higher dividend yields and frequent buybacks to satisfy shareholder expectations and signal financial stability. Institutional environments further shape these outcomes, with weaker investor protection amplifying payout conservatism in family firms and stronger legal systems narrowing the ownership gap. Evidence from the COVID-19 pandemic confirms that family firms reduced payouts to safeguard liquidity, while public firms sustained dividends despite rising leverage pressures. The results underscore that payout policy is influenced not only by financial fundamentals but also by governance, cultural, and institutional factors. The study contributes to corporate finance literature by integrating agency theory, behavioral governance, and institutional perspectives, while offering implications for regulators, investors, and managers.
Copyright (c) 2023 Kamran Ahmed, Rabia Nawaz (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Ownership Structure and Its Implications for Corporate Risk-Taking
This study investigates the relationship between ownership structure and corporate risk-taking, drawing on a mixed-methods approach that integrates econometric analysis and qualitative content review. Using panel data from publicly listed firms across multiple industries , the study examines how different ownership forms—including family, state, institutional, managerial, and foreign ownership—influence firm-level financial and strategic risk-taking. Risk-taking was measured through earnings volatility, leverage ratios, investment-to-assets ratio, and R&D intensity, while qualitative content analysis of corporate disclosures was used to interpret governance practices and shareholder influences.The quantitative results demonstrate that institutional and foreign ownership are strongly associated with greater willingness to assume risk, particularly through innovation and R&D investment, consistent with their growth-oriented mandates. Conversely, family and state ownership exhibit more conservative strategies, prioritizing long-term stability, political considerations, or socioemotional wealth preservation. Ownership diversity was found to encourage balanced risk-taking by fostering complementary governance logics. The qualitative findings reinforce these patterns, showing that firms with institutional investors emphasize expansion and sustainability, while family- and state-owned firms highlight continuity and cautious governance.The study advances theory by confirming that ownership structures are not neutral but act as strategic determinants of corporate behavior, shaped by institutional contexts and governance environments. The integration of statistical and interpretive evidence provides a holistic understanding of how ownership influences both risk outcomes and risk narratives. The findings have important implications for regulators, investors, and corporate leaders, suggesting that governance frameworks must be adapted to recognize heterogeneous ownership-driven preferences in balancing innovation, risk, and sustainability.
Copyright (c) 2023 Faisal Abbas, Shahid Ali (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Role of Institutional Investors in Corporate Decision-Making
This study investigates the role of institutional investors in shaping corporate decision-making, drawing on a mixed-method approach that integrates panel data econometrics with qualitative content analysis. Quantitative analysis of firms across developed and emerging markets demonstrates that institutional ownership significantly influences financial policies, governance structures, and sustainability practices. Results reveal that higher levels of institutional ownership are associated with more efficient investment allocation, stable dividend policies, balanced leverage, stronger governance indicators, and improved profitability. Furthermore, long-term institutional investors positively affect R&D intensity and promote high-quality ESG disclosures, while transient investors exert short-term pressure through higher dividend payouts and riskier capital structures. The qualitative evidence, drawn from stewardship codes, proxy voting reports, and ESG disclosures, reinforces these findings by highlighting investor-driven demands for accountability, transparency, and sustainability. The convergent analysis underscores the heterogeneity among institutional investors, showing that their impact varies according to ownership concentration, time horizon, and market context. Overall, the study contributes to corporate governance and finance literature by offering empirical insights into how institutional investors function both as monitors and as potential sources of short-termism. These findings carry important implications for policymakers, corporate managers, and global regulators, particularly in designing frameworks that harness the positive monitoring role of institutional investors while mitigating risks of short-term opportunism.
Copyright (c) 2023 Nishat Azmat, Aamir Shah (Author) https://creativecommons.org/licenses/by-nc-nd/4.0