Search results for: financial stress

Authors: Stanley Yap, Patrick Kee Peng Kong, Chong Wei Ying, Leow Hon Wei

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Purpose: This study examines the comprehensive household retirement planning based on the level of financial literacy in Malaysia. Sufficient financial literacy is essential to make financial decision on Malaysian household retirement planning. Design/Methodology/Approach: Numerous measurements consist of present value of total retirement fund needed, future value of the expenses and inflation-adjusted interest rate are used in this paper. Therefore, we are able to identify the retirement gap that needs to be considered immediately. Findings: Our results show, firstly, adequate financial literacy is vital to achieve long term household retirement planning. Secondly, there is no retirement gap where the future value of the existing financial assets is greater than the lump sum needs during retirement phase. Thirdly, financial assets should be prepared in early age to accumulate substantial funding to support household retirement life. Practical Implications: The outcomes benefit to retiree and working adults. It highlights the importance of financial literacy to retirement planning. It is also a milestone for Malaysian to achieve developed country if Malaysian has sufficient retirement funding. Originality/Value: There is currently lack of in-depth research on financial literacy related to household retirement planning. Further, the paper also focusses on financial literacy, as a means to assist those in funding retirement resources, in order to fulfil the retirement gap.

Keywords: financial literacy, retirement planning, retirement resources, retirement gap, Malaysian household

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Authors: Agih Ukuru Agih

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This work is an appraisal of the application and applicability of computer system to financial management in improving the speed, performance, accuracy, and efficiency of the College of Education, Oju. The computerization of financial management, which is a recent development that has authentic and dedicated balancing of accounting records, would be of enormous benefits to the college. The core objective of this project is to recommend the software that typically matches a computerized institution, making for improved service, reduced fraud, mishandled funds, and financial records in the College of Education, Oju. Considering major globalization impacts in computerized financial management of the college, the study recommends among other things that the College of Education, Oju should endeavor to be positive towards computerized financial management in the institution.

Keywords: computer system, balancing, accounting records, computerized financial management

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Authors: Zhuang He, Andrei Kotousov

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All current experimental methods for determination of stress intensity factors are based on the assumption that the state of stress near the crack tip is plane stress. Therefore, these methods rely on strain and displacement measurements made outside the near crack tip region affected by the three-dimensional effects or by process zone. In this paper, we develop and validate an experimental procedure for the evaluation of stress intensity factors from the measurements of the out-of-plane displacements in the surface area controlled by 3D effects. The evaluation of stress intensity factors is possible when the process zone is sufficiently small, and the displacement field generated by the 3D effects is fully encapsulated by K-dominance region.

Keywords: digital image correlation, stress intensity factors, three-dimensional effects, transverse displacement

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Authors: Anna Czyż

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This article is focused on the issues of stress and coping with the stress of young people with profound hearing loss. Perceptional disorders, especially visual or hearing defects, are the reason of homeostasis dysfunction. Biopsychological development can become poor. A substitute reality is formed as a result of compensatory activities of other senses. The hearing disorder itself is a stress-inducing factor, affecting the quality of human functioning. In addition, the limitations of perceptual capabilities in the context of the functioning environment can contribute to increasing the amount of stressors, as well as the specific sensitivity to the stressors, and the use of specific strategies to overcome the difficulties. The appropriate study was conducted on a sample of 92 students, aged 16 -19 years old, 43 females, 49 males. For diagnostic purposes, the standardized psychological' research tools were used. The level of the stress and the strategies of coping with the stress were evaluated. The results of the research indicate that level of the stress is indifferent. The most frequently chosen strategies for coping with the stress in the sample are concentrated on 1) acceptation, 2) 'doing something different', 3) searching of emotional supporting, 4) searching of instrumental supporting, and the factors (grouped items) of coping with the stress are concentrated on 1) searching of support, 2) acceptance. The relationships in both male and female research groups were specified. Also the relationships between the highlighted variables were determined.

Keywords: cooping stress, deaf, hearing impairment, quality of life, stress, stress

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Authors: Ali. Marjani, M. Farsi, M. Rahimizadeh

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Chickpea (Cicer arietinum L.) is one of the important grain legume crops in the world. However, drought stress is a serious threat to chickpea production, and development of drought-resistant varieties is a necessity. Field experiments were conducted to evaluate the response of 8 chickpea genotypes (MCC* 696, 537, 80, 283, 392, 361, 252, 397) and drought stress (S1: non-stress, S2: stress at vegetative growth stage, S3: stress at early bloom, S4: stress at early pod visible) at different growth stages. Experiment was arranged in split plot design with four replications. Difference among the drought stress time was found to be significant for investigated traits except biological yield. Differences were observed for genotypes in flowering time, pod information time, physiological maturation time and yield. Plant height reduced due to drought stress in vegetative growth stage. Stem dry weight reduced due to drought stress in pod visibly. Flowering time, maturation time, pod number, number of seed per plant and yield cause of drought stress in flowering was also reduced. The correlation between yield and number of seed per plant and biological yield was positive. The MCC283 and MCC696 were the high-tolerance genotypes. These results demonstrated that drought stress delayed phonological growth in chickpea and that flowering stage is sensitive.

Keywords: chickpea, drought stress, growth stage, tolerance

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Authors: Ahmed Shaik

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Estimates are very critical in accounting and Financial Reporting cannot be complete without these estimates. There is a long list of accounting estimates that are required to be made to compute Net Income and to determine the value of assets and liabilities. To name a few, valuation of inventory, depreciation, valuation of goodwill, provision for bad debts and estimated warranties, etc. require the use of different valuation models and forecasts. Different business entities under the same industry may use different approaches to measure the value of financial items being reported in Income Statement and Balance Sheet. The disclosure notes do not provide enough details of the approach used by a business entity to arrive at the value of a financial item. Lack of details in the disclosure notes makes it difficult to compare the financial performance of one business entity with the other in the same industry. This paper is an attempt to identify the lack of enough information about accounting estimates in disclosure notes, the impact of the absence of details of accounting estimates on the comparability of financial data and financial analysis. An attempt is made to suggest the detailed disclosure while taking care of the cost and benefit of making such disclosure.

Keywords: accounting estimates, disclosure notes, financial reporting, transparency

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Authors: Temesgen Yaekob Ergano, Sure Pulla Rao

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The study on financial development and economic growth in Sub-Saharan Africa utilizes System GMM analysis to investigate the relationship between financial development indicators and economic performance in the region. The research findings reveal significant impacts of various financial indicators on economic growth, such as the positive influence of bank liquid reserves to bank assets ratio (R/A), trade openness, and the broad money to total reserves ratio (M/R) on the economic growth of Sub-Saharan Africa. Additionally, the study highlights the negative impact of domestic credit provided to the private sector by banks (D_bank) on economic growth, emphasizing the importance of prudent credit allocation to avoid over-indebtedness and financial crises. These results provide valuable insights for policymakers aiming to foster sustainable economic growth in the region by leveraging financial development effectively.

Keywords: financial development, economic growth, Sub-Saharan Africa, system GMM analysis, financial indicators.

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Authors: Dibu Dave Mbako, Bin Cheng

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This paper study the stress variation of the welded joints in the rib-to-deck connection structure, the influence stress of the deck plate and u-rib thickness at different positions. A Finite-element model of orthotropic steel deck structure using solid element and shell element was established in ABAQUS. Under a single wheel load, the static response was analyzed to understand the structural behaviors and examine stress distribution. A parametric study showed that the geometric parameters have a significant effect on the hot spot stress at the weld toe, but has little impact on the stress concentration factor. The increase of the thickness of the deck plate will lead to the decrease of the hot spot stress at the weld toe and the maximum deflection of the deck plate. The surface stresses of the deck plate are significantly larger than those of the rib near the joint in the 80% weld penetration into the u-rib.

Keywords: orthotropic steel bridge deck, rib-to-deck connection, hot spot stress, finite element method, stress distribution

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Authors: Yen Sun, Pariang Siagian

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The aim of this paper is to examine the progress of financial inclusion in Indonesia. The object of this paper is Micro Enterprises (MEs) and methodology used will be qualitative method by using surveys and questionnaires. The results show that there are still 20% MEs have no banking facilities at all and about 78% MEs still use their own capital to run their business. Furthermore, personal characteristics such as gender and education are factors that can explain financial inclusion. It is also said that in general MEs need banking product and services. However, there are still barriers that hinder them to be financially included. The most barriers they have to face are marketing exclusion. It shows that they have lack information about banking product and services since marketing strategy from bank is not disseminated clearly through various media.

Keywords: financial inclusion, financial exclusion, micro enterprises, Indonesia

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Authors: Ramona-Niculina Jurcau, Ioana-Marieta Jurcau, Dong Hun Kwak, Nicolae-Alexandru Colceriu

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Background: Academic environment led, in time, to the birth of some research subjects concluded with many publications. One of these issues is related to the learning stress. Thus far, the PubMed website displays an impressive number of papers related to the academic stress. Aims: Through this study, we aimed to evaluate the research concerning academic learning stress (ALS), by a retrospective analysis of PubMed publications. Methods: We evaluated the ALS, considering: a) different keywords as - ‘academic stress’ (AS), ‘academic stressors’ (ASs), ‘academic learning stress’ (ALS), ‘academic student stress’ (ASS), ‘academic stress college’ (ASC), ‘medical academic stress’ (MAS), ‘non-medical academic stress’ (NMAS), ‘student stress’ (SS), ‘nursing student stress’ (NS), ‘college student stress’ (CSS), ‘university student stress’ (USS), ‘medical student stress’ (MSS), ‘dental student stress’ (DSS), ‘non-medical student stress’ (NMSS), ‘learning students stress’ (LSS), ‘medical learning student stress’ (MLSS), ‘non-medical learning student stress’ (NMLSS); b) the year average for decades; c) some selection filters provided by PubMed website: Article types - Journal Article (JA), Clinical Trial (CT), Review (R); Species - Humans (H); Sex - Male (M) and Female (F); Ages - 13-18, 19-24, 19-44. Statistical evaluation was made on the basis of the Student test. Results: There were differences between keywords, referring to all filters. Nevertheless, for all keywords were noted the following: the majority of studies have indicated that subjects were humans; there were no important differences between the number of subjects M and F; the age of participants was mentioned only in some studies, predominating those with teenagers and subjects between 19-24 years. Conclusions: 1) PubMed publications document that concern for the research field of academic stress, lasts for 56 years and was materialized in more than 5.010 papers. 2) Number of publications in the field of academic stress varies depending on the selected keywords: those with a general framing (AS, ASs, ALS, ASS, SS, USS, LSS) are more numerous than those with a specific framing (ASC, MAS, NMAS, NS, CSS, MSS, DSS, NMSS, MLSS, NMLSS); those concerning the academic medical environment (MAS, NS, MSS, DSS, MLSS) prevailed compared to the non-medical environment (NMAS, NMSS, NMLSS). 3) Most of the publications are included at JA, of which a small percentage are CT and R. 4) Most of the academic stress studies were conducted with subjects both M and F, most aged under 19 years and between 19-24 years.

Keywords: academic stress, student stress, academic learning stress, medical student stress

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Authors: Risna Wijayanti, Sumiati, Hanif Iswari

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This study aims to analyze the role of financial risk attitude as a mediation between financial knowledge and business growth. The ability of human resources in managing capital (financial literacy) can be a major milestone for a company's business to grow and build its competitive advantage. This study analyzed the important role of financial risk attitude in bringing about financial knowledge on corporate growth. There have been many discussions arguing that financial knowledge is one of the main abilities of corporate managers in determining the success of managing a company. However, a contrary argument of other scholars also enlightened that financial knowledge did not have a significant influence on corporate growth. This study used literatures' review to analyze whether there is another variable that can mediate the effect of financial knowledge toward corporate growth. Research mapping was conducted to analyze the concept of risk tolerance. This concept was related to people's risk aversion effects when making a decision under risk and the role of financial knowledge on changes in financial income. Understanding and managing risks and investments are complicated, in particular for corporate managers, who are always demanded to maintain their corporate growth. Substantial financial knowledge is extremely needed to identify and take accurate information for corporate financial decision-making. By reviewing several literature, this study hypothesized that financial knowledge of corporate managers would be meaningless without manager's courage to bear risks for taking favorable business opportunities. Therefore, the level of risk aversion from corporate managers will determine corporate action, which is a reflection of corporate-level investment behavior leading to attain corporate success or failure for achieving the company's expected growth rate.

Keywords: financial knowledge, financial risk attitude, corporate growth, risk tolerance

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Authors: Surekha B. Bansode, Shakeela K. Shareef

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Working women have to face complex issues of family life and professional life. Stress is the condition that results from person’s response to physical, emotional or environmental factors. The stress response can cause problems when it overreacts or fails to turn off and reset itself properly. In the present investigation correlation between stress and blood glucose level in working women group and non working women group was studied. Working women when compared with non working women, experienced more physical and psychological stress. An additional increase in fasting blood glucose levels could be attributed to stress and anxiety they undergo at the workplace. This may lead to increase their susceptibility to develop type II Diabetes Mellitus in coming future.

Keywords: blood sugar, nutrition, stress, working women

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Authors: Mai Hoang Minh

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Financial statements (FS) are tools which provide information to users for making business decisions. This article is going to present the survey which clarifies the role of financial statement to Commercial Banks’ loan decisions in Vietnam. Moreover, this also discusses about financial statement’s quality currently, thereby making suggestions for enterprises to enhance the usefulness of accounting information in borrowing activities.

Keywords: usefulness of financial statement, accounting information quality, loan decisions

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Authors: Isah Wada

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The current research investigates the role of financial development in an environmental sustainability-energy consumption nexus for OPEC-1 member countries. The empirical findings suggest that financial development increases environmental sustainability but energy consumption and real output expansion diminishes environmental sustainability, generally. Thus, whilst real output and financial development accelerates energy consumption, environmental sustainability quality diminishes clean energy initiatives. Even more so, energy consumption and financial development stimulates real output growth. The result empirically demonstrates that policy advocates must address broader issues relating to financial development whilst seeking to achieve environmental sustainability due largely to energy consumption.

Keywords: energy consumption, environmental sustainability, financial development, OPEC, real output

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Authors: T. H. Young, Y. J. Tsai

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A method for determining the stress distribution of a rectangular plate subjected to two pairs of arbitrarily distributed in-plane edge shear loads is proposed, and the free vibration and buckling of such a rectangular plate are investigated in this work.  The method utilizes two stress functions to synthesize the stress-resultant field of the plate with each of the stress functions satisfying the biharmonic compatibility equation. The sum of stress-resultant fields due to these two stress functions satisfies the boundary conditions at the edges of the plate, from which these two stress functions are determined. Then, the free vibration and buckling of the rectangular plate are investigated by the Galerkin method. Numerical results obtained by this work are compared with those appeared in the literature, and good agreements are observed.

Keywords: stress analysis, free vibration, plate buckling, nonuniform in-plane edge shear

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Authors: Mindy A. Brown, Emma E. Reardon, Jennifer Isenhour, Sheila E. Crowell, K. Lee Raby, Elisabeth Conradt

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The positive impact of maternal sensitivity on infant social and emotional development is well-known, as is the notion that stress may impair a mother’s ability to provide sensitive care for her infant. However, individual differences in susceptibility to parenting-related stress are less understood. This study explores how chronic prenatal stress moderates the effect of acute stressors on maternal sensitivity. Data were gathered from 110 mothers and their 7-month-old infants. Mothers were exposed to either an acute stress task or a control task, after which they engaged in the still-face paradigm, a face-to-face interaction where maternal sensitivity was measured. Chronic maternal stress was assessed using the UCLA Life Stress Interview during the third trimester of pregnancy. The results revealed that among mothers exposed to the stress condition, those with higher chronic stress levels in the previous six months displayed significantly lower sensitivity during the still-face paradigm compared to those with lower chronic stress. Notably, past stress levels had no effect on maternal sensitivity in the control condition. These findings suggest a moderating effect of chronic stress on maternal caregiving behavior, with higher prenatal stress diminishing a mother’s ability to cope with acute parenting-related stressors in the present. The mechanisms behind this may involve changes in stress reactivity pathways, such as the hypothalamic-pituitary-adrenal (HPA) axis or altered emotion regulation strategies developed in response to chronic stress. Understanding these pathways could guide targeted interventions for mothers who may be more vulnerable to stress, improving caregiving outcomes.

Keywords: acute stress, maternal stress, prenatal stress, still-face paradigm

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Authors: Pumela Msweli, Dexter L. Ryneveldt

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This paper seeks to shed light on institutional logics and institutionalization processes that influence the successful implementation of financial sector regulations. We use the neo-institutional theory lens to interrogate how the newly promulgated Financial Sector Regulations Act (FSRA) provides for the institutionalisation of the Twin Peaks Model. With the enactment of FSRA, previous financial regulatory institutions were dismantled, and new financial regulators established. In point, the Financial Services Conduct Authority (FSCA) replaced the Financial Services Board (FSB), and accordingly, the Prudential Authority (PA) was established. FSRA is layered with complexities that make it mandatory to co-exist, cooperate, and collaborate with other institutions to fulfill FSRA’s overall financial stability objective. We use content analysis of the financial regulations that established the Twin Peaks Models (TPM) in South Africa and in the Netherlands, to map out the three-stage institutionalization processes: (1) habitualisation, (2) objectification and (3) sedimentation. This allowed for a comparison of how South Africa, as a developing country and Netherlands as a developed country, have institutionalized the Twin Peak model. We provide valuable insights into how differences in the institutional and societal logics of the developing and developed contexts shape the institutionalization of financial regulations.

Keywords: financial industry, financial regulation, financial stability, institutionalisation, habitualization, objectification, sedimentation, twin peaks model

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Authors: Christina E. Bannier, Milena Neubert

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This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals’ wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two variables: Whereas financial literacy rises in formal education, confidence increases in education for men but decreases for women. As a consequence, highly-educated women become strongly underconfident, while men remain overconfident. We show that these differences influence wealth accumulation: The positive effect of financial literacy is stronger for women than for men and is increasing in women’s education but decreasing in men’s. For highly-educated men, however, overconfidence closes this gap by increasing wealth via stronger financial engagement. Interestingly, female underconfidence does not reduce current wealth levels though it weakens future-oriented financial engagement and may thus impair future wealth accumulation.

Keywords: financial literacy, financial sophistication, confidence, wealth, household finance, behavioral finance, gender, formal education

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Authors: Alaa H. J. Al-Rkaby, A. Chegenizadeh, H. R. Nikraz

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The technique of reinforcing soil is an efficient, reliable and cost-effective alternative way for improving the performance of soil in civil engineering applications. Despite the anisotropic states of stresses induced within soil elements by many geotechnical structures such as footings, highways and offshore, most of the previous studies have been carried out under isotropic conditions. The anisotropic stress state in term of the inclined principal stress and the inequality of the intermediate and minor principal stresses cannot be investigated using conventional devices. Therefore, the advanced hollow cylinder apparatus, used in this work, provides a great opportunity to simulate such anisotropic stress states. To date, very little consideration has been given to how the direction of principal stress α and intermediate principal stress ratio b can affect the performance of the reinforced sand. This study presented that the anisotropic conditions of α and b resulted in significant variations in the deviator stress and volumetric strain of sand reinforced with geosynthetics. Anisotropic effect has been decreased by adding clay content.

Keywords: anisotropy, reinforced sand, direction of principal stress, intermediate principal stress ratio

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Authors: Ognjen Vukovic

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Chern-Simons equation represents the cornerstone of quantum physics. The question that is often asked is if the aforementioned equation can be successfully applied to the interaction in international financial markets. By analysing the time series in financial theory, it is proved that Chern-Simons equation can be successfully applied to financial time-series. The aforementioned statement is based on one important premise and that is that the financial time series follow the fractional Brownian motion. All variants of Chern-Simons equation and theory are applied and analysed. Financial theory time series movement is, firstly, topologically analysed. The main idea is that exchange rate represents two-dimensional projections of three-dimensional Brownian motion movement. Main principles of knot theory and topology are applied to financial time series and setting is created so the Chern-Simons equation can be applied. As Chern-Simons equation is based on small particles, it is multiplied by the magnifying factor to mimic the real world movement. Afterwards, the following equation is optimised using Solver. The equation is applied to n financial time series in order to see if it can capture the interaction between financial time series and consequently explain it. The aforementioned equation represents a novel approach to financial time series analysis and hopefully it will direct further research.

Keywords: Brownian motion, Chern-Simons theory, financial time series, econophysics

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Authors: Reza Safari, Ali Rajabzadeh Ghatari, Raheleh Hossseinzadeh Mahabadi

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In the present world, there are different pressures on firms such as competition, legislations, social etc. these pressures force the firms to follow “survival” as their primary goal and then growth. One of the main factors that helps firms to reach their goals is proper financial performance. To find out about the financial performance, a firm should monitors its financial performance. Financial performance affected by many factors. This research seeks to clear which financial performance indicators are most important according to Environmental situation of a firm and what are their priorities. To do so, environmental indicators specified as presented on OECD Key Environmental Indicators 2008 and so the financial performance indicators such as Profitability, Liquidity, Gearing, Investor ratios, and etc. At this stage, the affections questioned through questionnaires. After gaining the results, data analyzed using Promethee technique. By using decision matrixes extracted from those techniques an expert system designed. This expert system suggests the suitable financial performance indicators and their ranking by receiving the environment situation given environment indicators weight.

Keywords: environment indicators, financial performance indicators, promethee, expert system

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Authors: Nishtha Batra

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This study was conducted to identify the effect of perceived stress on emotional regulation, aggression and psychological well-being. Analysis was conducted using correlational and regression models to examine the relationships between perceived stress (independent variable) and psychological factors containing emotional intelligence, psychological well-being and aggression. Subjects N=100, Male students 50 and Female students 50. The data was collected using Cohen's Perceived Stress Scale, Gross’s Emotional Regulation Questionnaire (ERQ), Ryff’s Psychological Well-being scale and Orispina’s aggression scale. Correlation and regression (SPSS version 22) Emotional regulation and psychological well-being had a significant relationship with Perceived stress.

Keywords: perceived stress, psychological well-being, aggression, emotional regulation, students

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Authors: Kosar Karami Shamloo

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Background and purpose: Dentistry is a stressful profession, and dental students are exposed to educational and clinical stress. The present study was conducted to investigate the level of stress and its factors in dental students of Kerman University of Medical Sciences in 2013. Methodology: This was a descriptive cross-sectional study conducted on dental students in Kerman. The data collection tool was the standard DASS-21 questionnaire (Depression-anxiety-stress scale-21 and the demographic information questionnaire. After collecting the data in SPSS statistical software, using Linear regression analysis test regression), the t-test was subjected to statistical analysis. Results: 32.6% of students had moderate stress and 4.3% had severe stress, and no significant statistical difference was observed between the two genders were living, there was a significant difference with others (P=0.047). There was no significant relationship between the stress factor and the academic year (P=0.037). 66% of people were affected by university issues.Conclusion: According to the results of this research, the level of stress is relatively high and it seems necessary to pay attention to this issue.

Keywords: stress, dental students, Nakhchivan, self care

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Authors: Piotr Prewysz-Kwinto

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The market of financial instruments with high risk is developing very dynamically in recent years and attracts more and more interest of investors. It consists essentially of two groups of instruments, i.e. derivatives and exchange traded product (ETP), and each year new types are introduced and offered to investors. The aim of this paper is to present the principles concerning financial instruments with high investment risk available on the Warsaw Stock Exchange (WSE), because they have quite complex constructions, and to evaluate the development of this market. In order to achieve this aim, statistical data from 2014-2016 was analyzed. The results confirm that the financial instruments with high investment risk available on the WSE constitute a diversified and the most numerous group of financial instruments and attract the most interest of investors. Responsible investing requires, however, a good knowledge of how they work and how they can generate profit to not expose oneself to unexpected losses.

Keywords: derivatives, exchange traded products (ETP), financial instruments, financial market, risk, stock exchange

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Authors: Sumaira Ashraf, Elisabete G.S. Félix, Zélia Serrasqueiro

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Traditional financial distress prediction models performed well to predict bankrupt and insolvent firms of the developed markets. Previous studies particularly focused on the predictability of financial distress, financial failure, and bankruptcy of firms. This paper contributes to the literature by extending the definition of financial distress with the inclusion of early warning signs related to quotation of face value, dividend/bonus declaration, annual general meeting, and listing fee. The study used five well-known distress prediction models to see if they have the ability to predict early warning signs of financial distress. Results showed that the predictive ability of the models varies over time and decreases specifically for the sample with early warning signs of financial distress. Furthermore, the study checked the differences in the predictive ability of the models with respect to the financial crisis. The results conclude that the predictive ability of the traditional financial distress prediction models decreases for the firms with early warning signs of financial distress and during the time of financial crisis. The study developed a new model comprising significant variables from the five models and one new variable earning response. This new model outperforms the old distress prediction models before, during and after the financial crisis. Thus, it can be used by researchers, organizations and all other concerned parties to indicate early warning signs for the emerging markets.

Keywords: financial distress, emerging market, prediction models, Z-Score, logit analysis, probit model

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Authors: M. B. Sokoto, I. U. Abubakar

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The study was carried out on effect of water stress and variety on growth of wheat (Triticum aestivum L.), during 2009/10 and 2010/11 dry seasons. The treatments consisted of factorial combination of water stress at three critical growth stage which was imposed by withholding water at (Tillering, Flowering, Grain filling) and Control (No stress) and two varieties (Star 11 TR 77173/SLM and Kauze/Weaver) laid out in a split-plot design with three replications. Water stress was assigned to the main-plot while variety was assigned to the sub-plots. Result revealed significant (P<0.05) effect of water stress, water stress at tillering significantly (P<0.05) reduced plant height, LAI, CGR, and NAR. Variety had a significant effect on plant height, LAI, CGR and NAR. In conclusion water stress at tillering was observed to be most critical growth stage in wheat, and water stress at this period should be avoided because it results to decrease in growth components in wheat. Wheat should be sown in November or at least first week of December in this area and other area with similar climate. Star II TR 77173/LM is recommended variety for the area.

Keywords: wheat, growth, water stress, variety, Sudan savannah

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Authors: Irfan Ullah Munir, Shen Yue, Muhammad Shahzad Ijaz, Saad Hussain, Syeda Yumna Zaidi

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Financial literacy is fundamental to every decision-making process and has received attention from researchers, regulatory bodies and policy makers in the recent past. This study is an attempt to evaluate financial literacy in an emerging economy, particularly Pakistan, and its influence on people's stock market participation. Data of this study was collected through a structured questionnaire from a sample of 300 respondents. EFA is used to check the convergent and discriminant validity. Data is analyzed using Hayes (2013) approach. A set of demographic control variables that have passed the mean difference test is used. We demonstrate that participants with financial literacy tend to invest more in the stock market. We also find that association among financial literacy and participation in stock market gets moderated by gender.

Keywords: Financial literacy, Stock market participation, Gender, PSX

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Authors: Meera Shanker

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Excellent education and financial need have encouraged Indian women to go out and work in well-paid and high-status occupations. In the era of cutthroat competition, women are expected to work hard to produce the desired result; hence, workload and expectations haveincreased. At home, they are anticipated to take care of family members, children, and household work. Women are stretching themselves mechanically to remain in the job competition and try to give their best at home. Consequentially, they are under tremendous pressure, stressed, and having issues related to physical-mental wellness. Mental healthcare is often ignored and not accepted due to a lack of awareness and cultural barriers. These further compounds the problem, resulting in decreased productivity in economic terms and an increase in stress-related physical-mental ailments. The main objective of the study was to find out the impact of stress on the physical-mental wellbeing of working women in India, along with their awareness and acceptability related to mental health. Six hundred and one woman working at various levels took part in this study, responding to the items related to stress and physical-mental illness. Finally, 21 items were retained under four meaningful factors measuring stress dimensions along with 17 items with three factors measuring physical-mental wellbeing. Confirmatory Factor Analysis (CFA), path analysis, in Structural Equation Modeling (SEM), was used to get a relationship, validity of the instruments. The psychometric properties of items and Cronbach’s Alpha reliabilities calculated for the subscales were relatively acceptable. The subscale correlations, regression, and path analysis of stress dimensions with physical-mental illness were found to be positive, indicating the growing stress among working women in India, which is impacting their physical-mental health. Single item analysis revealed that 77 percent of women have never visited psychologists. However, 70 percent of working women were not ready to seek the help of a psychologist.

Keywords: working women, stress, physical-mental well-being, confirmatory factor analysis

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Authors: Zijian Cheng, Frank Liu, Yupu Sun

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The relationship between the intensity of share pledging activities and the level of financial constraint in publicly listed firms in China is examined in this paper. Empirical results show that the high financial constraint level may motivate insiders to use share pledging as an alternative funding source and an expropriation mechanism. Share collateralization can cause a subsequently more constrained financing condition. Evidence is found that share pledging made by the controlling shareholder is likely to mitigate financial constraints in the following year. Research findings are robust to alternative measures and an instrumental variable for dealing with endogeneity problems.

Keywords: share pledge, financial constraint, controlling shareholder, dividend policy

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Authors: Erika Takidah, Salina Kassim

Abstract:

Digital transformation has accelerated in the new millennium. It is reshaping the financial services industry from a traditional system to financial technology. Moreover, the number of financial inclusion rates in Indonesia is less than 60%. An innovative model needed to elucidate this national problem. On the other hand, the Islamic financial service industry and financial technology grow fast as a new aspire in economic development. An Islamic bank, takaful, Islamic microfinance, Islamic financial technology and Islamic social finance institution could collaborate to intensify the financial inclusion number in Indonesia. The primary motive of this paper is to examine the strategy of collaboration-based Islamic financial services to enhance financial inclusion in Indonesia, particularly facing the digital era. The fundamental findings for the main problems are the foundations and key ecosystems aspect involved in the development of collaboration-based Islamic financial services. By using the Interpretive Structural Model (ISM) approach, the core problems faced in the development of the models have lacked policy instruments guarding the collaboration-based Islamic financial services with fintech work process and availability of human resources for fintech. The core strategies or foundations that are needed in the framework of collaboration-based Islamic financial services are the ability to manage and analyze data in the big data era. For the aspects of the Ecosystem or actors involved in the development of this model, the important actor is government or regulator, educational institutions, and also existing industries (Islamic financial services). The outcome of the study designates that strategy collaboration of Islamic financial services institution supported by robust technology, a legal and regulatory commitment of the regulators and policymakers of the Islamic financial institutions, extensive public awareness of financial inclusion in Indonesia. The study limited itself to realize financial inclusion, particularly in Islamic finance development in Indonesia. The study will have an inference for the concerned professional bodies, regulators, policymakers, stakeholders, and practitioners of Islamic financial service institutions.

Keywords: collaboration, financial inclusion, Islamic financial services, Islamic fintech

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