International Journal of Business & Economics (IJBE)
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BEYOND THE HYPE: BITCOIN AND PORTFOLIO DIVERSIFICATION
Get PDFThis study determines whether Bitcoin enhances portfolio diversification and serves as a valuable investment asset during the COVID-19 crisis. In particular, we evaluate the significance and magnitude of the risk price associated with Bitcoin’s returns based on the ICAPM and NARDL models. Three methodological approaches were employed. First, we use the Intertemporal Capital Asset Pricing Model (ICAPM) to assess the effect of Bitcoin on a portfolio comprising 25 Fama-French portfolios. Second, a Nonlinear Autoregressive Distributed lag (NARDL) model explores Bitcoin’s impact on cross-sectional variation within the Fama-French portfolios, capturing potential asymmetric responses to price changes. Finally, we determine Bitcoin’s risk premium using the Capital Asset Pricing Model (CAPM), the Fama-French three-factor model (FF3), and the Fama-French five-factor model (FF5). Bitcoin fails to provide significant diversification benefits for profitability factor (RMW), and exhibit insensitivity to value (HML) and investment (CMA). The NARDL model indicates a potential hedging role only during crypto market downturns. The factor models reveal that Bitcoin behaves differently than traditional assets, exhibiting low sensitivity to market risk and a negative relationship with the size premium, further supporting its potential for diversification within specific portfolio contexts. Our finding shows that Bitcoin can protect the 25 Fama-French portfolio when Bitcoin loses value
CORPORATE FAILURE PREDICTION IN RURAL BANKING: A MULTI-DIMENSIONAL ANALYSIS FRAMEWORK FOR FINANCIAL DISTRESS ASSESSMENT IN DEVELOPING ECONOMIES
Get PDFThis study examines the applicability of traditional corporate failure prediction models to rural banking institutions in developing economies through an in-depth case analysis of a Ghanaian rural bank exhibiting severe financial distress. Using descriptive-comparative and temporal precedence methods and adopting a multi-dimensional analytical framework incorporating Altman's Z-Score derivatives, banking-specific distress indicators, and operational efficiency metrics, we document systematic failures across financial, operational, and governance dimensions that traditional models inadequately capture. Our analysis reveals that rural banks in developing economies exhibit unique distress patterns characterized by simultaneous technical insolvency, operational control breakdowns, and governance failures that compound traditional financial metrics. The study contributes to corporate failure literature by proposing an enhanced predictive framework specifically calibrated for rural banking institutions, emphasizing the critical role of operational efficiency indicators, transparency metrics, and governance quality measures in early distress detection. Our findings have policy and practical implications as regulatory intervention frameworks require substantial modification to address the multi-dimensional nature of rural banking failures, with implications for deposit insurance schemes and financial system stability in emerging markets
WINDS OF CHANGE: DETERMINANTS OF DECARBONIZATION INITIATIVE ADOPTION IN THE SHIPPING SECTOR WITH FIRM SIZE AS A MODERATOR
Get PDFThe shipping industry, which accounts for approximately 3% of global greenhouse gas emissions, faces substantial challenges in adopting the Global Decarbonization Initiative to meet the International Maritime Organization’s net-zero target by 2050. This study examines the influence of customer demand, green finance, regulatory frameworks, operational efficiency, technological efficiency, and sustainable energy on the adoption of decarbonization practices, with firm size as a moderating variable. Employing a mixed-methods approach, the research combines six stakeholder interviews with a survey of 90 employees from various shipping firms conducted between 2024 and 2025.The findings reveal that operational and technological efficiencies are the strongest drivers of decarbonization adoption, followed by regulatory frameworks, sustainable energy, green finance, and customer demand. Firm size significantly moderates these relationships, with larger firms being more capable of implementing sustainable practices. Based on these results, tailored strategies are recommended: larger firms should spearhead technological innovation, while smaller firms require targeted support through green finance mechanisms. Limitations of the study include its cross-sectional design and reliance on convenience sampling, highlighting the need for future longitudinal and geographically diverse research
A CONCEPT MAP FOR FINANCE
Get PDFThe purpose of this paper is to provide a concept map for the field of finance. To this end, the paper, first, discusses “concept map,” which is a pictorial representation of relationships among ideas. The paper, then, discusses a concept map for the field of finance, which represents the relationships among fundamental ideas about individual topics to various topics in a holistic fashion
AN EXPLORATORY STUDY ON THE EXPERIENCE OF WU STUDENTS IN THE LIGHT OF SWITCHING TO DISTANCE LEARNING
Get PDFThe study aims to explore experience of WU students and their impressions in the light of distance learning. A purposive sampling method was selected in the study, and the researcher conducted online interviews with 19 postgraduate students (10 Master’s students and 9 PhD/Doctorate’s students) who participated in the process of distance learning at least one semester. The majority of participants praised the success of the distance learning experience and the university's rapid response to this shift, despite the university's size and the diversity of its academic disciplines. Among the most important advantages mentioned by participants in the distance learning experience were the ease of communication via the internet, the savings in time, effort, and money. The most significant disadvantages, however, were feelings of boredom and a lack of enthusiasm compared to traditional education, in addition to less social interaction and brainstorming among students. Based on the study's findings, the researcher recommends the higher education institutions, including Vienna University of Economics and Business, work on creating a hybrid education system that combines distance and traditional learning
FIIs and Stock Market Volatility: A Case of Sensex and Nifty Returns
Get PDFVolatility is the amount of difference between an asset's current price and its mean or average price. The present study aims to investigate the impact of FII on stock market volatility. Using a variety of GARCH models, including GARCH (1,1), M-GARCH (1,1), EXPONENTIAL GARCH (1,1), and T-GARCH (1,1), it was discovered that volatility is high and persistent, but has no significant influence on returns. Asymmetric models demonstrate the presence of leverage effects in returns, meaning that negative shocks have a bigger influence on conditional volatility than positive news. Furthermore, when utilizing asymmetric models, FIIs have a considerable impact on the volatility of Sensex returns but not Nifty returns. AIC, SIC, RMSE, MAE, and Theil's U metrics were used to establish the optimal model, and according to the rule of thumb (lower the number, the better the model), EXPONENTIAL GARCH outperformed in terms of Nifty and Sensex returns
IS CURRENT INFLATION A DEMAND-PULL OR A COST-PUSH?
Get PDFThe correct identification of the type of inflation is very important from a policy perspective. This is because misidentification of the type of inflation leads to an incorrect policy action thereby hurting the economy as opposed to helping it. In this study, we applied both the ARDL model and the Threshold model. While the finding from the ARDL model fails to establish any long-run causal relationship among the model variables, INF, CPI, and PPI, the Threshold model, however, finds that, in both regimes of CPI and PPI, CPI has a negative and statistically significant impact, whereas PPI has a positive and statistically significant impact on the inflation rate. So, our conclusion is that the current US inflation is cost-push rather than demand-pull. Therefore, interest rate hikes by the Federal Reserve won’t ease current inflation rather worsen it.
JEL Classification: E31, E5
EFFECT OF THREATENING/HUMOROUS TELEVISION ADVERTISING ON CHILDREN'S BEHAVIOURAL INTENTION TO BE CONCERNED ABOUT THEIR ENVIRONMENT
Get PDFMost research on ecological consumer sensitivity has focused on adults, leaving children’s perceptions and behaviours toward environmental issues largely underexplored. Yet, as today’s children are tomorrow’s adults, it is crucial to examine how they develop pro-environmental behavioural intentions. The objective of this study is therefore to analyse the influence of ecological television advertising on children aged 8 to 12, by comparing two persuasive approaches: fear and humour.
An experimental study was conducted with a sample of 270 schoolchildren, who were exposed to two ecological television advertisements, one threatening and the other humorous. Data were collected through validated measurement scales and analysed using logistic regression with the Binary Logit Model, in order to estimate the probability of children adopting environmentally responsible behavioural intentions after exposure.
The findings demonstrate that children primarily process advertising messages on an affective level. Humorous ecological advertisements are more effective than threatening ones in fostering pro-environmental behavioural intentions, as they influence both emotional reactions and beliefs. In contrast, threatening appeals work mainly through negative emotions, with limited impact on beliefs.
This study contributes to the literature on green marketing and child consumer behaviour by highlighting the role of emotions and beliefs in ecological socialisation. From a managerial perspective, the results suggest that educators, policymakers, and communication specialists should prioritise humorous, engaging ecological campaigns in order to effectively raise children’s awareness and foster sustainable habits from an early age
ASSIMILATION OF US FEMALE IMMIGRANTS: A COHORT APPROACH
Get PDFThis paper explores changes in labor market conditions, specifically labor force participation and employment rates among US female immigrants from 1970 to 2019. Our analysis reveals two interesting findings. First, there is a cohort effect in the labor market conditions of female immigrants, with more recent immigrants having relatively lower labor force participation rates and employment rates than earlier cohorts at entry. Second, there is an acceleration in assimilation, with the more recent cohort of female immigrants assimilating faster than the earlier cohort in the labor market; assimilation is steepest for female immigrants arriving in 2005-2011. These patterns persist after accounting for education, marital status, children, country of origin, and state of residence, indicating that composition alone does not drive the results. Our findings imply that early, targeted investments in US -specific human capital may pay off such as recognition of foreign credentials and experience, English language acquisition, and access to affordable childcare can reduce initial barriers, while place-based support in new-destination states may further accelerate labor force attachment and employment. Overall, despite larger initial shortfalls at arrivals, recent cohorts close gaps more quickly than earlier cohorts, underscoring the importance of policies that ease entry and facilitate rapid integration
MONETARY INNOVATION IN THE 21ST CENTURY: RETHINKING CENTRAL BANK RESERVES IN THE ERA OF GOLD, BITCOIN, AND DIGITAL CURRENCIES
Get PDFThe rapid evolution of the global financial system challenges central banks to reconsider the way they hold reserve assets. Historically, gold has served as the base for monetary stability; however, the advent of decentralized digital assets such as Bitcoin, along with state-backed digital currencies (CBDCs), may call for a re-examination of conventional reserve policies. This paper analyzes the enduring role of gold, the disruptive potential and challenges of incorporating Bitcoin, and the emergent trends in the implementation of Central Bank Digital Currencies (CBDCs). This study offers policy insights into a hybrid reserve structure to be used in the 21st century that could harmonize traditional assets with digital innovations