World Academy of Science, Engineering and Technology

Authors: Iliya Etemadishalamzari

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Under the current volatile economic conditions and the presence of imperfect markets in Iran, the accurate assessment of companies' financial sustainability has become increasingly vital. Many previous studies have relied on simplifying assumptions and classical estimation methods, resulting in insufficient precision when analyzing the financial factors influencing sustainability. Moreover, the existing taxation system lacks an adaptive and data-driven framework to accurately assess the real tax-paying capacity of companies. This study utilizes advanced statistical estimation methods to offer a scientific response to these challenges. The primary objective of this research is to analyze the factors affecting the financial sustainability of listed companies using the Generalized Least Squares (GLS) method. Furthermore, the study aims to develop initial strategies for optimizing the taxation system based on empirical indicators of corporate financial performance. The study’s statistical population includes financial data from 100 companies listed on the Tehran Stock Exchange over the period 2016 to 2023. The dependent variable is the financial sustainability index, while the independent variables include the debt ratio, liquidity, return on assets (ROA), and inflation rate. To address heteroscedasticity and autocorrelation, a GLS model with AR(1) error structure was employed. The analysis was conducted using Stata software, and model validity was tested through Durbin-Watson, Wald, and F-tests. The results revealed that the debt ratio and inflation rate exerted a significant negative influence on financial sustainability, while liquidity and return on assets had a significant positive effect. Compared to the Ordinary Least Squares (OLS) model, the GLS model provided more stable and reliable results, making it a highly useful tool for financial policymaking. The findings suggest that companies’ real financial performance indicators can serve as a foundation for developing a dynamic, adaptive, and risk-based taxation system. Such an approach could promote tax justice, reduce tax evasion, and enhance the efficient allocation of governmental revenue. Future research is encouraged to explore dynamic and multi-equation models linking corporate financial structures with taxation policies.

Keywords: estimation methods, financial sustainability, imperfect markets, taxation system

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Authors: Alexis Andre Jacques Girard

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Artificial intelligence (AI) integration within company’s business and marketing strategy has emerged as a crucial strategy for firms seeking not only for competitive advantage but also sustainability endeavors. Despite gathering significant attention from both researcher and practitioners, as well as noteworthy capital investments, AI adoption rates remain modest, with only a minority of companies embracing its transformative potential. Across this study, it is aimed to explore the impact of AI-driven growth strategy on marketing effectiveness in small and medium-sized companies (SMEs) while ensuring that business growth and profitability align with sustainability goals. A comprehensive investigation will be performed to explore the potential correlation between AI usage and marketing effectiveness through qualitative, quantitative, and systematic literature reviews. In terms, a predictive analytics model will assess AI’s potential impact on marketing outcomes. The finding of this study will offer actionable insights for SMEs active in the business-to-business sector, considering AI adoption and inform policymakers in promoting an AI-driven innovation ecosystem.

Keywords: artificial intelligence, business-to-business, growth, marketing, marketing effectiveness, sustainable business development

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Authors: Damena Abebe Gemeda, Lakew Alemu Berhane

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Corporates sometimes recover sooner from legitimacy challenges they face in connection with corporate social irresponsibility (CSI). Regaining legitimacy after a CSI induced protest often depends on how a company frames communications and employs counteraction tactics in response to the incidents. There are limited studies from the global south concerning how companies regain legitimacy following a period of corporate misconduct. To advance knowledge in this regard, we explore how framing is employed to regain legitimacy following a protest that resulted in the closure of a gold mine, accused of economic exclusion and causing damage to a community and economically excluding the local community in Guji zone of Oromia, Ethiopia. By exploring the framing perspectives around the reopening of the gold mine, this study aims at uncovering the role of framing in dealing with CSI initiated conflict. By analyzing how issue framing influence power dynamics, in either amplifying or marginalizing voices, to impact decisions, this study contributes to our understanding of the role frames within context of developing country that is characterized by weak institutional arrangements. Analysis of data from fieldwork and media review indicate that frames focusing on blame diversion and denial, prioritization of economic benefit over socio-environmental concern, absence of counter narratives against company-based narrative and use of violent counteraction played key role resulting in corporate hegemony in pursuit of regaining of legitimacy.

Keywords: corporate irresponsibility, legitimacy, framing, developing country

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Authors: Syed Shah Sauood, Sajad Ali

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Financial literacy, a critical life skill, is essential for personal financial security and broader economic stability, yet many students struggle with financial management, leading to challenges such as excessive debt and poor savings habits. This study conducted a comparative analysis of financial literacy between business and non-business college students in Khyber-Pakhtunkhwa, Pakistan, to explore the role of academic specialization in shaping financial knowledge, skills, attitudes, behavior, and planning. Using a stratified random sampling method, 300 self-administered questionnaires were distributed equally among business and non-business students in Peshawar. Reliability analysis confirmed the internal consistency of the constructs, with Cronbach’s Alpha values ranging from 0.7076 to 0.8120, all exceeding the 0.7 threshold. The findings reveal significant disparities in financial literacy between the two groups. Business students outperformed non-business students in Financial Knowledge (mean difference = 14.872, p = 0.000), Financial Skills (mean difference = 3.626, p = 0.002), Financial Attitude (mean difference = 5.697, p = 0.004), and Financial Behavior (mean difference = 1.311, p = 0.001). However, no significant difference was observed in Financial Planning (p = 0.121), indicating a shared gap in long-term financial strategies. These results highlight the role of academic specialization in shaping financial competencies and underscore the need for integrating financial education into non-business curricula to address disparities. The study's implications call for targeted interventions to enhance financial literacy among all students, equipping them for informed decision-making and improved financial well-being.

Keywords: financial literacy, comparative analysis, stratified random sampling, self-administered questionnaires, independent sample t-test

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Authors: Jibal Baig, Bi Gongbing, Isaac Ahakwa, Touqeer Abbas

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Accurate future earning forecasting is essential for firms for their production and sales planning because it leads the enterprise to optimize costs and enhance financial efficiency. Based on the scarcity of existing literature, this study employs four machine learning models to explore the predictive power of our five financial indicators on the future earnings of Chinese-listed firms and associated risks. We examine whether influential financial indicators fall into distinct categories of greater importance for predicting future earnings or profitability. The findings demonstrate that financial indicators across five categories hold predictive power for future earnings in the context of Chinese listed firms, with the neural network model (NN) outperforming the random forest (RF), decision tree (DT), and gradient boosting machines (GBM). Solvency and growth indicators were found to be the most influential indicators among all. Furthermore, we applied the feature importance of variables to highlight the essential variables for the model performance. Besides this, Shapley's additive explanation was made via the SHAP value scattered diagram in order to identify the contribution of each feature on firms’ future earnings forecasting. The paper presents significant theoretical and managerial contributions for a better understanding of financial indicators and demonstrates the effectiveness of machine learning models in future earnings forecasting of Chinese listed enterprises via superior portfolio-allocation decisions. This research also advances the methodological frameworks in the firms’ future earnings forecasting literature based on the ML-assisted hybrid-input model, highlighting less well-known endogenous factors that affect company precision to enhance businesses’ practical operations.

Keywords: financial metrics, corporate profitability, machine learning, predictive analytics, financial performance

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Authors: Tamta Todadze

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The economic partnership between Israel and the United States has evolved into a robust and dynamic relationship that continues to strengthen over time. This article explores the key factors driving this collaboration, including shared technological innovations, defense cooperation, and mutual trade agreements. It delves into how both nations benefit from this alliance, with Israel emerging as a global leader in technology and innovation while the U.S. gains strategic and economic advantages. The study explores both the challenges and opportunities on the horizon, highlighting the significance of this lasting partnership amid a rapidly evolving global economy. This article examines the factors that have contributed to the strength of this economic friendship, exploring the role of trade, investment, technology, and defense cooperation in shaping a relationship that benefits both nations. By understanding the dynamics of this partnership, we can gain insights into the broader implications of such alliances in the global economy. Conclusions and recommendations are given based on the analysis of the results obtained within the research framework.

Keywords: Israel-US economic relations, bilateral trade, bilateral agreements, technology and innovation, defense cooperation, strategic partnerships, economic alliances, global trade, economic diplomacy

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Authors: Ziba Habibi Lashkari, Gurdip Kaur, Barjinder Kaur, Arash Habibi Lashkari, Engerst Yedra

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Securing financial institutions from targeted cyber risks has become a key challenge over the years owing to significant monetary losses, threatened critical infrastructure, and data breach. Failure to mitigate these severe risks can bring catastrophic ramifications on the economy of business. Security threats disrupt business and hence, financial stability, especially in financial market infrastructure. The attractiveness of financial gain and access to confidential data are the two most important reasons for making the financial sector one of the biggest targets. Therefore, cybersecurity risk management is vital to every financial organization in combating these security threats. This paper reviews state-of-the-art cybersecurity risk management for financial institutions identifies requirements for a comprehensive cyber risk management model, and reports challenges to cyber risk management. We also propose a comprehensive cybersecurity risk management model for financial institutions, named FinCyRisk, which digitally profiles users in the FinTech industry. FinCyRisk provides two-fold functionality: (1) It maps the cybersecurity challenges in FinTech with vulnerabilities and (2) It proposes mathematical equations that formulate cyber risk assessment and analysis. The mathematical equations measure the effect and likelihood of vulnerabilities in cybersecurity risk management process. By profiling the user, FinCyRisk identifies different types of general and specific vulnerabilities that can be fixed to reduce a cyberattack probability. FinCyRisk also presents risk mitigation strategies to lower down the negative impact of cyber risk on FinTech. It significantly helps the FinTech industry to identify, assess, analyze, and mitigate targeted cyber risks to prevent financial losses.

Keywords: risk assessment, risk analysis, risk management, cybersecurity, cybercrime, fintech

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Authors: Nasim Sadat Mosavi

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Human decision-making is often constrained by bounded rationality, a concept introduced by Herbert Simon. While traditional decision-making models focus on analytical processes, this paper argues that intuition, an empirically validated cognitive phenomenon, plays a critical role in transcending these limitations. By integrating Simon's decision-making framework with interdisciplinary perspectives, we propose that intuitive insights, derived from subconscious processing, can complement, or even exceed cognitive constraints. Furthermore, we explore the connection between intuition and emotional healing, particularly through reconnection with the inner child, a psychological concept related to subconscious emotional memory. This reconnection empowers individuals to access deeper truths, optimizing decision-making in complex or uncertain situations. Drawing from cognitive science, psychology, quantum theory, and metaphysical studies, we advance a hypothesis in which intuition serves as a fundamental mechanism for accessing truths essential for effective decision-making. Finally, we highlight the benefits of this approach for individual decision-making and personal growth.

Keywords: truth, intuition, soul, hypothesis, cognitive, optimal decision-making, bounded rationality

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Authors: Daniel Mokatsanyane

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This study investigates the impact of El Niño and La Niña events on white maize production in South Africa, focusing on yield fluctuations, price volatility, and production risks. White maize is a staple crop in the country, and its production is highly sensitive to climatic conditions, particularly rainfall and temperature anomalies associated with these weather phenomena. Using historical production and climate data from 1980 to 2024, the study employs descriptive statistics, trend analysis, and econometric modelling, including multiple regression and GARCH models, to assess the relationship between climate variability and maize output. Findings indicate that El Niño events, characterized by below-average rainfall and higher temperatures, significantly reduce maize yields, with yield losses averaging 10–20% during severe occurrences such as those in 1991/92 and 2015/16. Conversely, La Niña events, associated with above-average rainfall, generally enhance yields, contributing to increased production, as seen in the 2010/11 and 2020/21 seasons. Regression analysis confirms a strong negative correlation between El Niño intensity and maize yields, while price volatility models reveal heightened market instability during extreme climate events. The study also highlights the geographical disparities in impact, with Free State, North West, and Mpumalanga being the most affected provinces. The findings underscore the importance of adaptive strategies such as drought-resistant crop varieties, improved irrigation infrastructure, and climate risk management in safeguarding food security. Additionally, policymakers and market participants must incorporate climate risk assessments into agricultural planning and price forecasting to mitigate the adverse effects of climate variability on maize production.

Keywords: El Niño, La Niña, white maize, South Africa, climate variability, price volatility, food security

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Authors: Himanshu Singh

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Effective leadership extends beyond vision-setting and strategic decision-making; it requires fostering an environment where team members feel valued, motivated, and recognized for their contributions. This paper presents a comprehensive leadership framework for recognizing and rewarding teams, exploring the psychological foundations of recognition, diverse reward systems, and their impact on employee engagement, retention, and performance. By integrating personalized acknowledgment, structured reward mechanisms, and continuous feedback loops, leaders can cultivate a culture of appreciation that drives sustainable excellence. The framework is supported by research in organizational psychology, real-world case studies, and practical strategies, providing a blueprint for modern leadership in dynamic work environments.

Keywords: employee engagement, leadership framework recognition, reward systems

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Authors: Rasheed Zuriegat

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This research attempts to examine the impact of audit committee characteristics and ownership structure on audit quality. The study attempts to examine the impact of audit committee characteristics which constitute the independent variable in this study, on audit quality which constitutes the study’s dependent variable. The sample incorporated in this study included all the listed companies in 37 industrial and 38 service sectors in Jordan during the two years of 2023 and 2024, which is right after the introduction of the new 2017 Code of the Corporate Governess (CG). The study utilized both descriptive and regression analysis to describe the variables and test their relationships. The findings of the study revealed that audit committee meetings are positively related to audit fees while audit committee independence is negatively related to audit quality, Moreover, audit committee size and audit committee financial expertise have no impact on audit fees. Moreover, the study revealed that government ownership and family ownership have no relationship with audit fees, while foreign ownership has a positive impact on audit fees. For the second dependent variable, which is audit firm size, this study found that the audit committee size has a positive impact on audit firm size. On the other hand, the study revealed that the audit committee’s independence has a negative impact on the audit firm’s size. These findings will help establish an empirical relationship between audit committee characteristics, ownership structure and their impact on audit quality for the Jordanian industrial and service sectors. Future researchers are encouraged to conduct similar studies in the Jordanian-listed companies but, at the same time, explore the variables further. Moreover, the findings indicate that the Code has not yielded the desirable outcomes it had hoped to achieve, but this notion or claim needs further investigation.

Keywords: audit committee, corporate governess, audit qualit, family ownershi

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Authors: Latifa Mbelwa, Noah Athanas

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Purpose: This study investigated the influence of tax service quality dimensions on voluntary tax compliance of small and medium enterprises (SMEs) in Tanzania. Methodology: The study employed a quantitative approach along with an explanatory research design. The data were collected from 100 taxpayers using convenience sampling and subjected to descriptive analysis and Structural Equation Modelling (SEM) whereas SMART-PLS 3 was a statistical tool used for this analysis. Findings: The descriptive results indicate that the Tanzania Revenue Authority (TRA) has a relatively average functional, technical, and image tax service quality, which requires further improvement to facilitate compliance. The results from SEM application indicate that the influence of the technical service quality dimension on voluntary tax compliance mediated by the image service quality dimension was significant. Furthermore, the results suggest that the image service quality dimension significantly influences voluntary tax compliance. Implicitly, the technical service quality dimension is important whereas the image service quality is critical for engendering compliance. Practical implications: The study recommends that the Tanzania Revenue Authority (TRA) should increase technical and image dimensions by guaranteeing the calibre of electronic revenue systems and personnel’s capacity to provide prompt technical solutions based on trust, credibility, and a positive reputation. This might increase voluntary compliance. Originality: This study investigated the influence of the functional, technical, and image tax service quality dimensions on voluntary tax compliance of small and medium enterprises (SMEs) in Tanzania. Future research can focus on determining other attributes of tax service quality dimensions with other contexts to enhance compliance.

Keywords: tax service quality, voluntary tax compliance, SMEs, Tanzania

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Authors: Idrissova Zhaniya

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This paper is trying to identify the effects of geographical proximity to political institutions on economic development. To evaluate it, the quasi-natural experimental setting of relocation of the capital of Kazakhstan in 1998 is used. The main contribution of this work is to try to disentangle the interplay of mechanisms, such as migration and infrastructure, as well as to estimate the persistence of the impact of the former capital on economic development. To begin with, it is important to emphasize that the change of the capital of Kazakhstan was rather exogenous to the state of the economy. This could be seen by the fact that there were multiple other candidates to become a “new” capital. The main reason for choosing Astana as the new capital in comparison to any other city was the central location and geopolitical conflict over the north border of Kazakhstan. The main outcome the government was hoping for was restoring the balance between Russians and Kazakhs. By that, I mean that the proportion of Russians in the northern part of Kazakhstan (closest to Russia) was much higher than in any other part of the country, which posed as an excuse for the border disputes in the northern part. The choice of Astana (formerly Akmola) was rather arbitrary, as it was mainly driven by the personal preferences of the former president of Kazakhstan, Nursultan Nazarbayev. These specific circumstances create a quasi-natural experimental setting, which is desirable for assessing the impact of the proximity to the political institutions. To look closer into the economic impact of the given policy, several measures have been used. The first measure is the GDP per capita, which is measured on the provincial level and is gathered from the statistical agency of Kazakhstan. To check for the accuracy of estimates, the night time light intensity was also used to assess the economic development, which is measured on the grid cell level. The analysis of the mechanisms behind the change was carried out on the provincial level. Mainly focusing on the outcomes on the migration, proxy to government expenditures and road networks. Due to the nature of the policy, the DiD method with a continuous treatment was used to test the impact of proximity to the capital. The main results show the increase in the GDP pc, as well as the night time light intensities closer to the capital, while the impact of the proximity to the former capital still remains even after the change. A similar pattern is found in migration and intensity of the road networks, which indicates the potential mechanisms.

Keywords: migration, infrastructure, growth., political institutions

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Authors: Zintle Sikhunyana, Syden Mishi

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This study examines the interaction effects between fiscal consolidation and employment on economic growth within the BRICS economies. While fiscal consolidation is often implemented to achieve macroeconomic stability, its effects on employment and, subsequently, on economic growth remain underexplored, particularly in emerging economies. Understanding the interaction between fiscal consolidation and employment is crucial, as employment dynamics can amplify or mitigate fiscal policy adjustments' growth effects. This study emphasizes the importance of empirically testing this interaction effect to provide deeper insights into how fiscal policy influences economic performance. In order to test and analyze these dynamics, the study employs seemingly unrelated regression (SUR), impulse response function (IRF), and partial least squares structural equation modelling (PLS-SEM). The SUR method accounts for cross-equation error correlations, improving estimation efficiency. The IRF framework traces the dynamic responses of economic growth to fiscal shocks over time. Meanwhile, PLS-SEM captures the structural pathways between fiscal consolidation, employment, and economic growth, allowing for a multi-dimensional analysis of direct and indirect effects. Preliminary findings reveal the heterogeneous interaction effect between fiscal consolidation and employment across BRICS economies. Fiscal consolidation supports economic growth in China and India, driven by improved investor confidence and debt sustainability. However, in Brazil and South Africa, fiscal tightening negatively impacts employment, leading to short-term contractions in economic growth. The impulse response analysis highlights a lagged positive effect in economies with flexible labor markets, while those with rigid labor structures experience prolonged adverse growth effects. PLS-SEM results further confirm that employment mediates the relationship between fiscal consolidation and economic growth, with job creation as a key transmission channel in this dynamic. These findings underscore the need for policymakers to adopt targeted fiscal strategies that balance deficit reduction with employment preservation, ensuring that fiscal consolidation does not hinder long-term economic stability. Testing the interaction effect between fiscal policy and employment provides critical insights for designing sustainable economic policies that foster macroeconomic stability and inclusive growth.

Keywords: fiscal consolidation, employment, economic growth, BRICS, interaction effects, seemingly unrelated regression, impulse response function, PLS-SEM

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Authors: Jose Alpuim, Ana Beatriz Travassos

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Introduction: The aim of this study was to understand if "Brand confusion in South African rugby-Super 12 brands vs Currie-cup brands?" was as confusing to top level management professionals and to compare it with professionals from Australia and New Zealand. Methods: The method used in this research was a closed questionnaire of 81 rugby Clubs’ presidents, Unions’ CEOs and Franchises’ CEOs. Results: In all three countries, all respondents have a strong connection with their team for an average of 31,6 years, watch 84 to 93% of their team’s matches on TV, and 46 to 55% of their team’s matches live. Regarding Brand Awareness, in all three countries, all respondents had correct answers for top National Teams’ colors and logos. Crusaders, Brumbies and Stormers are the most famous franchises in NZ, Australia, and South Africa (respectively); almost all correct answers for franchise’s colors, but around 1/3 of errors regarding their logos. On the Provincial level, almost all answered correctly the SA and NZ Teams’ colors, and a third of errors within the recent Australian competition’s teams. As for the logos, there’s also a brand confusion of about a 1/3 in SA and NZ and a bit higher in Australia. As for Brand Association, while Australians seem to prefer their amateur club, New Zealanders and South Africans are their national teams’ biggest fans. In all three countries, the National teams’ and Franchises’ fans associate their teams/brands with success. On the provincial level, their fans tend to associate their teams/brands with a proper culture. And on the amateur club’s level, their fans associate their teams/brands with camaraderie and healthy sporting spirit. When analyzing Brand Loyalty, almost all respondents seem to be very loyal to their teams, even if some answers denote a momentary disappointment of some nature. New Zealand fans have a strong Perceived Quality of their National team, but Australians seem to consider the Brumbies as the best team in Australia. Similarly, but in different proportions, south Africans seemed to admire more the franchises team than their National team. When trying to understand in which media every Brand had exposure, we found that there is a strong correlation between Branding & Media: it was clear that TV coverage of the Rugby Championship (National Teams) is mainly on national open TV channels; that of Super Rugby (Franchises) is higher on closed TVs; the Currie Cup/NPC/NRC (Provincial) have a diverse television presence, from open TV to local TV, including closed TV and even “Live Streaming” which is not insignificant; and, although there is some local TV coverage of amateur clubs, the greatest media exposure in these is in digital media and local press. Discussion: Based on the results obtained and analyzed throughout this study, we may conclude that the geographical delimitation of competitive levels facilitates the branding work of all teams, as well as professionalism in rugby removes the barriers between sport and business. Also, brands can and should be worked on so as not to depend on victories or defeats.

Keywords: brand awareness, brand association, brand loyalty, perceived quality, branding, media

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Authors: Aaron Gordon, Sierra Stefanizzi

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This study cross-examines a Bachelor of Business Administration (BBA) program with accredited BBA programs in Canada, the USA, Europe, and the UK, with a particular focus on the Association to Advance Collegiate Schools of Business (AACSB) accreditation standards. As technology continues to reshape business landscapes, business curricula must evolve to embrace an entrepreneurial university model through business incubators, real-world consulting projects, and interdisciplinary collaboration. This research focuses on key areas for innovation and improvement, ensuring a BBA program remains competitive, relevant, and positioned for future AACSB accreditation. Traditional business education is thoroughly examined to determine its place in a modern, dynamic and forward-thinking society. Data from 18 universities across Canada, the USA, Europe, and the UK was compared in terms of core courses and descriptions, course credits, subject breadth, and emerging curriculum trends. Complemented by a literature review, the data was evaluated to determine course commonalities, opportunities, and innovation. Finally, a focus group was conducted that included BBA alumni and a cross-section of employers with business industry knowledge. The objective of the focus group was to get meaningful perspectives from different business professionals and BBA alumni to enhance graduate employability. The findings demonstrated gaps in current BBA offerings, articulating the need for AI in course content, innovation management, business analytics, and sustainability in business curricula. It also revealed the need for students to have leadership skills and tenacity in the workplace after graduation. By incorporating these elements into BBA programs, universities will better position themselves as a forward-thinking leader in business education, which will pave the way for other institutions looking to meet transforming market demands and produce impressive graduates.

Keywords: AACSB accreditation, artificial intelligence, BBA improvements, curriculum alignment, future skills, innovation, trends

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Authors: Saule Kargabayeva, Gulnar Taikulakova, Olga Verbovaya, Aygul Kairambayeva, Gauhar Bazarhanova, Laura Bayadilova

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The research focuses on the evolution of industrial policy in Kazakhstan and its role in the diversification of the national economy. The study analyzes the dynamics of the manufacturing industry from 2019 to 2023, highlighting key indicators such as GDP share, investment attraction, export growth, and technological modernization. A particular emphasis is placed on the impact of human capital investment on economic growth, with special attention to education, R&D, and innovation processes. The research methodology combines historical analysis, systematic approach, and correlation and regression analysis to assess the relationship between human capital investment and GDP growth rates. The findings demonstrate that investment in education positively influences industrial performance, while insufficient funding for R&D remains a barrier to innovative development. Legal mechanisms supporting industrial innovation, including government programs and special economic zones, are also examined. The study highlights the importance of strengthening legal frameworks to stimulate technological modernization and create favorable conditions for the manufacturing sector's growth. Based on the results, the research provides recommendations for enhancing industrial policy, including the development of innovation clusters, increased funding for R&D, and targeted programs to improve workforce skills. The study contributes to the understanding of how human capital and innovation can drive sustainable industrial development in Kazakhstan.

Keywords: industrialization, industrial policy, manufacturing industry, investment, human capital

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Authors: Sabelo Gwala, Bibi Zaheenah Chummun

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Objective: This study investigates municipal cyber resilience and the effectiveness of cyber self-insurance (CSI) in South Africa, where smart grid technology is increasingly prevalent. Background: Despite its growing importance, electricity grid cyber security research is limited. This study addresses this gap by examining the internal and external cyber environment of municipalities and identifying factors influencing CSI efficacy. Methodology: A survey of 256 municipal policymakers from 83 electricity-reticulating municipalities yielded a 67% response rate. Logistic regression analysis was used to assess the relationship between internal/external environmental factors and CSI efficacy. Key Findings: There is a pronounced decrease in perceptions of CSI affordability as stakeholder expectations (mainly government and Eskom) for the municipality to have insurance against cyber threats increase. The results show that informed municipal councils, effective change management, and configuration management are positively associated with CSI efficacy. Conversely, perceived vulnerability to cyber threats and strong data leak controls are negatively associated with CSI efficacy. Regular review of asset management activities and designation of asset stakeholders were also found to have a negative association with CSI efficacy. Some cyber resilience factors have an inverse relationship with CSI, and this points to a recurring theme, wherein CSI is perceived as a substitute rather than a complementary intervention with other cyber security measures.

Keywords: cybersecurity, logistic regression, information security, infrastructure, decision-making

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Authors: Wang Zeyang

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In the context of global energy transition and the ‘dual carbon’ goals, shale gas, as an important follow-up resource for clean energy, holds strategic significance for its scaled development. This process requires balancing the techno-economic viability of unconventional resource extraction, environmental risk management, and the synergistic evolution of carbon neutrality pathways. However, as a water-scarce country, China faces the dual challenges of water resource constraints and ecological environment pressures in shale gas development. This study takes the Sichuan Basin and Jimusaer County in Xinjiang as samples to construct a spatiotemporal dynamic coupled evaluation model system, aiming to provide a decision basis for the optimization of shale gas industry layout and the collaborative governance of water and energy. Using an interdisciplinary approach, we first constructed a three-level water allocation model based on the water scarcity footprint theory, dividing the shale gas development areas into water - adequate and water - scarce regions. Subsequently, we developed an evaluation index system for the water resource carrying capacity of shale gas development. Finally, by integrating the GA - BP neural network and system dynamics models, we established a ‘dual - temporal - spatial – dimension’ dynamic assessment framework. Empirical research indicates that from 2018 to 2023, the Water Carrying Capacity Index (WCCI) in the water - adequate areas of Sichuan fluctuated between 0.521 and 0.636, with an average annual growth rate of 2.3%. However, after seasonal fluctuations, the minimum value dropped to 0.249, approaching the critical point of un - sustainability. Predictions show that if the current development model is maintained, the WCCI will decline more rapidly from 2025 to 2030, ranging from 0.653 to 0.609, with an average annual decrease of 1.2%. The water resource carrying capacity in the water - scarce areas of Jimusaer County, Xinjiang, remained between 0.569 and 0.406 from 2018 to 2030. Further simulation and prediction indicate that the coordinated development plan could increase the carrying capacity by about 15% compared to the current situation, making it an excellent solution for the sustainable extraction of shale gas and the construction of an eco - civilized city.

Keywords: genetic algorithm, BP neural network, shale gas, water resource carrying capacity, water scarcity footprint

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Authors: Mulubrihan Bayissa Tullu, Wim Verbeke, Ludwig Lauwers, Fikadu Mitiku, Dirk de Graaf

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Ethiopia has enormous honey production potential because of its favorable agroecology. However, only a small proportion is supplied to the local and global markets, and its economic contribution is limited. The previous studies show that honey production and marketing are hindered by various hurdles. Adequate facilities allow beekeepers to supply their products to the market, which improves their livelihoods and allow them to shift from subsistence farming to market-oriented production. However, several factors influence beekeepers’ quantity of honey supply and choosing appropriate market channel for their products. This study aimed to analyze factors affecting volume of honey supplied to the market and beekeepers' market outlet choice decisions in southwest Ethiopia. Qualitative and quantitative data were obtained using questionnaire survey, focus group discussions and key informant interviews. Descriptive statistics and econometric models like multiple linear regression and multivariate probit were used for analysis. The study identified education level, family size, total number of hive owned, market distance, lagged price of honey and frequency of extension contacts were significantly affected volume of honey supplied to the market. Whereas the age of beekeepers, total livestock unit, lagged price of honey, education level, market distance, access to market information, frequency of extension contacts, cooperative membership, total volume of honey supplied to the market, and non-honey income were found to significantly influenced the market outlet choice decisions of the beekeepers. It is important to design policy that address significant institutional and socioeconomic factors to enhance the quantity of honey market supply and to enable smallholder beekeepers to choose the rewarding market outlet so as to improve the contribution of the beekeeping sector towards local communities livelihood and countries economy.

Keywords: smallholder beekeepers, multivariate probit, multiple linear regression, market supply, market outlet choice decisions

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Authors: Ana Luiza Felizardo

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This paper examines "Custo Brasil", a term referring to the legal and bureaucratic costs hindering business operations in Brazil, making them less competitive compared to international markets. Despite Brazil’s large consumer base, abundant natural resources, diverse economy, and expanding innovation sector, its tax system remains a significant challenge. The Brazilian tax system is notorious for its complexity and the cumulative nature of several taxes, creating a substantial burden on businesses. The system includes five major consumption-related taxes, which will be consolidated into a dual VAT model under the ongoing tax reform, with CBS and IBS adhering to the same general rules, combined with an excise tax (IS). This reform, initiated by Constitutional Amendment No. 132/2023 and Complementary Law No. 214/2025, aims to simplify the tax structure by addressing issues like double taxation and providing clearer regulations. Instead of litigation over local laws, which vary by state and municipality, a management committee will be created to ensure uniform application of tax rules across the country. These changes are expected to reduce compliance costs, minimize legal disputes, and improve overall tax efficiency. This study evaluates the impact of the reform through an analysis of government data and the combination of current legislation and the newly approved reform measures, highlighting potential benefits such as reduced operational costs, fewer tax disputes, fewer restrictions on credit utilization, and streamlined tax management. Additionally, the paper presents key indicators related to the current compliance burden and projects the improvements expected to arise from the reform. In conclusion, the ongoing tax reform in Brazil presents a promising step toward addressing the pervasive "Custo Brasil" and enhancing the competitiveness of businesses operating in the country.

Keywords: business competitiveness, Brazilian tax reform, Custo Brasil, compliance costs, law and economics, VAT

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Authors: Gisela Reichmuth

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Open banking and decentralized finance (DeFi) are two transformative forces in the financial industry, each with unique benefits and challenges. Open banking enables secure data sharing through APIs, while DeFi uses blockchain technology to provide decentralized financial services. Switzerland has positioned itself as a leader in both sectors, with regulatory clarity from FINMA and a thriving ecosystem in Crypto Valley, Zug. Rather than competing, open banking and DeFi can complement each other. Open banking can bridge traditional finance and DeFi, integrating blockchain services with existing banking infrastructure. This collaboration could enhance financial accessibility, improve efficiency, and promote transparency while maintaining regulatory compliance and consumer trust. However, challenges such as regulatory alignment, security, and interoperability remain. This paper explores how to integrate Open Banking and DeFi in Switzerland. Both systems must adhere to key regulations, including data protection and AML/CFT compliance. A gap analysis will compare Swiss FINMA’s regulations on Open Banking, such as secure APIs, with DeFi rules like token classification. A hybrid model could leverage Decentralized Identity (DID) for on-chain KYC and AML compliance, ensuring secure, compliant DeFi transactions. Additionally, Open Banking APIs could be integrated with smart contract execution, enabling automated DeFi lending from traditional banking systems. By adopting this hybrid model, Switzerland can strengthen its position as a leader in financial innovation while ensuring security, trust, and regulatory compliance.

Keywords: open banking, decentralized finance, innovation, regulation

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Authors: Sara Laalam, Kamal Zehraoui, Said Lotfi

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This study offers an in-depth analysis of displaced commercial risk (DCR) management in Islamic banks operating in the MENA region, with a particular emphasis on the Moroccan financial context. Using a robust panel data methodology spanning the period from 2010 to 2022, the research identifies key determinants of DCR, including profitability, total assets, equity ratios, and macroeconomic factors such as inflation. The findings reveal that financial profitability significantly reduces DCR, highlighting the importance of prudent financial management. In contrast, larger asset bases and inflation exacerbate risk levels, while higher equity ratios enhance resilience. These results underscore the complexity of balancing Sharia compliance, depositor satisfaction, and market competitiveness. The study emphasizes the need for innovative governance strategies and harmonized regulatory frameworks to address the persistence of DCR effectively. Ultimately, this research contributes to a deeper understanding of risk management dynamics within Islamic finance, offering practical insights to strengthen the sector’s sustainability and global competitiveness.

Keywords: Islamic finance, displaced commercial risk, risk management, panel data, MENA region, financial profitability, equity ratio

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Authors: Michael Xin Guo

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This paper examines the impact of artificial intelligence (AI) on the UK accounting sector, focusing on four areas: the automation of operational processes, changes in required skill sets, professionals’ psychological preparedness for technological change, and ethical challenges in AI adoption. Data were collected through interviews and analysed using thematic analysis. Findings indicate that AI enhances productivity by automating routine tasks such as invoice processing, data collection, and report generation. This reduces human error and allows professionals to focus on strategic decision-making. The paper identifies a shift in accountants’ skill requirements, with traditional competencies increasingly supplemented by digital literacy, data analysis, and ethical awareness. The paper highlights the role of psychological readiness and organisational support in adapting to AI-driven workflows. Interviewees emphasised that a proactive digital mindset, supported by targeted training and structured change management, is essential for effective transition. Additionally, the paper addresses ethical concerns, including data privacy, algorithmic bias, and the transparency of AI systems. These challenges require the development of ethical guidelines and regulatory frameworks to govern AI applications in accounting. The paper calls for a balanced integration of technology and human expertise. It recommends continuous professional development, structured change management initiatives, and the establishment of regulatory standards to support sustainable AI adoption. Future research could examine the long-term effects of AI on organisational performance and refine ethical safeguards that mitigate risks while ensuring responsible technological advancement. This paper contributes to the understanding of digital transformation in accounting and provides guidance for professionals and policymakers. By integrating technology, human expertise, and ethical considerations, the study presents a framework for responsible AI adoption in the sector.

Keywords: AI, accounting, interviews, ethics

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Authors: Pierce Duffy

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The construction industry is being pressured to evolve and sustain an acceptable level of enhancements, particularly in speed, cost, and environmental considerations. However, such enhancements are not deemed possible in an overly fragmented industry that is mostly dominated by traditional ways involving vast onsite activities. The construction industry is increasingly turning to Modern Methods of Construction (MMC) as a response to pressing challenges such as project delays, rising costs, labour shortages, and sustainability demands. MMC encompasses advanced approaches such as Offsite Manufacturing (OSM), modular construction, and prefabrication, which promise enhanced efficiency, reduced waste, and improved quality. However, the adoption of MMC is not solely a technical matter; the attitudes, behaviours, and decision-making processes of project management professionals play a pivotal role in its successful implementation. This research investigates the perceptions, attitudes, and behaviours of project managers towards MMC, aiming to understand how these factors influence decision-making and project outcomes. The study employs a mixed-methods research approach, combining quantitative surveys and qualitative interviews with project management professionals across various sectors of the construction industry. Key findings reveal that while project managers generally acknowledge the potential of MMC to improve project delivery and sustainability, several barriers hinder widespread adoption. These include resistance to change, limited familiarity with MMC technologies, perceived high upfront costs, and challenges in aligning MMC practices with existing regulatory frameworks and client expectations. Moreover, the study identifies a disconnect between strategic intentions to adopt MMC and the practical execution of these methods at the operational level. The research also highlights facilitators of MMC adoption, such as targeted training programs, enhanced collaboration among stakeholders, the integration of digital tools (e.g., BIM), and supportive policies that address the unique requirements of MMC projects. Insights from this study suggest that fostering a proactive project management culture, one that prioritizes advancement, collaboration, and adaptability, is critical for bridging the gap between MMC potential and real-world implementation. This research offers an extensive overview of the interaction between project management techniques and modern building processes by examining the organisational and human aspects of MMC adoption. By providing project managers, legislators, and industry leaders with feasible recommendations to support the smooth transition to MMC, the findings add to the broader discussion on advancement in construction. Ultimately, this research underscores the importance of aligning project management mindsets and behaviours with the evolving demands of a modern, sustainable construction industry.

Keywords: modern methods of construction, mmc, project management, construction

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Authors: John Ayodele Ajayi

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This study examines the impact of capital market on capital formation in Nigeria from 1990-2023 using stock market indicators of All-Share Index, market capitalization, value of shares traded and volume of transactions while gross capital formation was proxied for capital formation. Secondary data were obtained from the Nigeria Exchange Group and Central Bank of Nigeria Statistical Bulletin. Regression analysis was employed to analyze results for the study. Findings from the study show that All-Share Index, market capitalization, value of shares traded, volume of transactions, were statistically significant to gross capital formation. The statistical significance of all the variables shows the importance of capital market in capital formation hence government should take adequate measures to strengthen the capital market to boost the economy so as to provide better access to funds for investment purposes and hence, further stimulating capital formation which is an essential ingredient for economic growth.

Keywords: capital market, capital formation, regression analysis, Nigeria

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Authors: Jahan Zaib Mughal

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The study of this paper encompasses the growing impairments for developing countries to manage payment of cross-border Trade Bills without involving the currency of the third country. Emerging economies are currently facing difficulties in capitalizing substantial funds of Reserve Currencies to Perform their international trade transactions, which this averse to countries that have a negative balance of trade. Currently, deficit balances are met through sources of exchange reserves attributed to Foreign Remittances of overseas nationals, invisible foreign receipts, and Financing of the gap through loans from International Financial Institutions, the World Bank, the International Monetary Fund, IFA, ADB and other sources. Consequently, through this mechanism, the trading country has to maintain the exchange rate of reserve currencies within limits to ensure its frequent rise or fall may not hamper the volume of foreign trade and the cost of imported goods. These changes in the price of imported goods ultimately trigger inflation. A huge cost of hedge funds is allocated by these countries to manage the Forex rates in the country. This study brings into light a module through the adoption of which emerging countries can be blessed in a way that they neither have to bear the huge cost to maintain exchange rates nor to maintain Foreign exchange balance to settle outstanding with the partner countries. The regional Currency of Trading partner countries will be the source of payment. They will maintain accounts of their currency in the Bank of the Trading partner country and settle the Trade bills against funds in their new accounts. The value of the goods is denoted in Regional Currency, and all Foreign Bills, Letters of Credit, Trade contracts, etc. are also written in the same currency. A working model is designed to manage the trade settlements through these accounts with emerging (AI) Artificial Intelligence technologies. It is also going to compliment barter trade as well, which is shadow trading of regular trade. The module supports settling transactions in multiple currencies for Trading partner countries in real-time. Result: This study brings a distinct revolution in financing foreign trade settlements through their own currencies and averts loaming threats of market competition. They do not have to capitalize liquidity of foreign reserves to finance their Trade Bills. This model saves them from incurring huge costs to maintain the Reserve currency exchange rate. All transactions will be conducted in real Time. They can expand their Trade Horizon to any extent.

Keywords: foreign trade, settlement of international trade, arrangement for trade liabilities, international trade in home currency

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Authors: Adinda Rizky Amalia

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Religious moderation is a principle that emphasizes balance in practicing religious teachings while respecting diversity and tolerance in social life. In Indonesia, religious moderation is an important strategy in maintaining harmony amidst religious and cultural differences. The integrative approach in instilling religious moderation values covers various aspects, ranging from individuals, families, and educational institutions to national policies. The internalization of these values aims to form individuals who are not extreme in religion but still adhere to religious teachings with an inclusive and tolerant attitude. This article identifies nine main values in religious moderation, namely tawassuth (middle way), i'tidal (justice), tasamuh (tolerance), shura (deliberation), ishlah (reform), qudwah (pioneering), muwathanah (citizenship), al-'aunf (non-violence), and i'tibar al-'urf (culture-friendly). These values can be implemented by students in academic and social life, such as openness to differences, respect for others, and being active in social activities that support harmony. With an integrative approach, the internalization of religious moderation values can strengthen national identity, reduce the potential for conflict, and build a more inclusive and harmonious society. Therefore, synergy between education, family, and government policy is needed to develop an awareness of the importance of religious moderation as a foundation in social life.

Keywords: religious moderation, value internalization, tolerance, social harmony.

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Authors: Fady Adel Ramzy Gars

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financial stability is a essential factor of economic increase and development, and it's been recognized as a key coverage objective in many countries around the sector. inside the Western Balkans, economic balance has been a key problem in current years, with a number of challenges dealing with the location, such as high ranges of public debt, weak banking systems, and financial volatility. corporate finance, which refers back to the economic control practices of companies, is an essential component that can impact monetary balance. This paper targets to analyze corporate finance's impact on economic stability in Western Balkan international locations. This look at will use a combined-techniques method to analyze the effect of corporate finance on economic stability in the Western Balkans. The take a look at will start with a comprehensive evaluation of the present literature on corporate finance and financial balance, focusing at the Western Balkan region. this could be followed with the aid of an empirical analysis of nearby corporate finance practices the use of information from various industries and corporations. The evaluation will discover the connection between company finance practices and monetary balance, considering elements such as regulatory frameworks, monetary conditions, and company size. The outcomes of the examine are anticipated to provide insights into the impact of corporate finance on financial balance in the Western Balkans. particularly, the look at will discover the important thing company finance practices that contribute to financial stability inside the location, as well as the challenges and barriers that corporations face in imposing effective company finance strategies. The have a look at will even offer recommendations for policymakers and corporations looking to enhance monetary balance and resilience in the vicinity.

Keywords: finance, non-interest, sustainability, enlightenment health, out of pocket expenditure, universal healthcare

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Authors: Samuel Nkansa Appiah

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The non-profit sector significantly contributes to youth employment in most developing African countries. It is an important sector that has the potential to contribute to youth flourishing through dignified and fulfilling work and opportunities. However, less research has been devoted to the conceptualization of dignified and fulfilling work and the significant contribution of the non-profit sector towards youth flourishing through dignified and fulfilling work and opportunities. In addition, there is limited understanding regarding key predictors that can aid the non-profit sector in contributing to youth flourishing through dignified and fulfilling work. Drawing from the psychology of working, labour market segmentation and self-determination theories, this study explores how the non-profit sector contributes to youth flourishing through dignified and fulfilled work and opportunities, in the context of Ghana. The study adopts a mixed-method approach to address the research questions. First, a multiple case study using primarily semi-structured interviews and purposive sampling will be employed to explore the contributions of the non-profit sector to youth flourishing through dignified and fulfilling work and opportunities. Second, focus-group discussions and purposive sampling will be utilized to understand the experiences of the youth beneficiaries of the non-profit sector’s employment interventions. Third, a multiple case study using semi-structured interviews and purposive sampling will be utilized to consider the role of non-profit organisations in facilitating work innovation as a pathway to youth flourishing. Finally, a cross-sectional survey using purposive and simple random sampling will be employed to investigate the predictors of dignified and fulfilling work in relation to youth flourishing, and the moderating effect of entrepreneurial behaviour. Understanding of these issues are significant in developing an explicit plan, tool, and policy to guide the implementation of employment interventions in Ghana and similar economies in Africa.

Keywords: dignified and fulfilling work, non-profit sector, youth flourishing, entrepreneurial behaviour

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