Indian Journal of Economics and Finance (IJEF)
The Indian Journal of Economics and Finance (IJEF) has ISSN 2582-9378 (online), an open-access, peer-reviewed, periodical half-yearly international journal, which is published by Lattice Science Publication (LSP) in May and November. Authors can electronically submit articles throughout the year using the Article Submission System. Authors can format their article either in (i) a single-column format or (ii) as per the journal template. The submitted articles should not have been previously published or are currently under consideration for publication elsewhere. The journal does not accept brief or short notes for publication. The editors retain the right to reject any articles that lack quality or originality without sending them for review. All articles must fall within the journal’s scope and will undergo a double-anonymized peer-review process. Authors must confirm that they have read and understood the content of their submitted article and ensure that it meets acceptable English grammar and usage standards. To help with the proofreading process, authors can use tools like Grammarly or similar applications. As an open-access journal, authors must pay an Article Processing Charge (APC) to publish their articles and retain copyright. Additionally, authors should familiarise themselves with the editorial and publishing policies of the journal.
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In the Indian federal system, the Central Finance Commission is appointed every five years under Article 280 to make recommendations on the distribution of central taxes among the states. Besides, the central government provides grants for various needs to the states under Article 275. To address challenges such as evident economic imbalances, distorted resource distribution, natural disasters, epidemics, and adverse global events, the Government of India has established a robust and resilient grant system. Unlike the central share of taxes, the central government imposes selected conditions on utilising specific grants. Some states have complained that this affects their fiscal autonomy. However, in many states, by sacrificing the basic tenets of public resource utilisation, stupendous amounts of loans are mobilised in the name of capital investment and diverted to financial extravagance for their political gain, creating fiscal stress in the economy and a high burden for the taxpayers in the years to come. In this context, the role of central grants in the financial status and economy of various states is analysed with the help of simple statistical techniques using budget data. This system is designed to deliver assistance rapidly during crises, supported by a flexible framework that helps states navigate their crisis phases efficiently. At the same time, federal grants are beneficial for achieving sustainable development goals. They encourage states to prioritise projects that emphasise environmental and social considerations and maximise both creative and productive investments. The advantages of grants from the central government extend beyond mere financial assistance; they also strengthen the country’s framework and improve public welfare programs that promote inclusive development for all. Further, these grants empower states and help them fully leverage the benefits of a cooperative federal structure. This article analyses the goals of central grants, focusing on practicality and effectiveness.
Copyright (c) 2025 Dr. Jose Jacob (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Unprecedented Surge: Understanding the Investor Boom in India
The COVID-19 pandemic has caused remarkable disturbances in the global financial markets, causing a ripple effect in investor behaviour. The Indian stock market has witnessed an investor boom amidst this crisis. This research paper aims to provide a refined understanding of the reasons behind this phenomenon and its profound implications. By focusing on the qualitative research method, such as interviews, questionnaires, and content analysis, this paper delves into the underlying psychological reasons behind the entry of new retail investors into the market during the COVID-19 pandemic. The conclusions spotlight the need to comprehend investor behaviour during times of crisis and highlight how resilient the Indian stock market is in the face of global uncertainty. We’ve also inspected factors influencing investor participation, like socio-economic background, risk perception, and access to information. Moreover, we also scrutinise the role of technological advancements, such as online training and trading platforms, in facilitating greater access to the market. The findings of this research paper contribute valuable insights into the underlying psychology behind investor behaviour and the dynamics of the financial market, specifically during times of global crisis. The qualitative perspective in this study adds to various quantitative analyses that offer a nuanced understanding of the human dimensions. In conclusion, this study helps other students, novice and experienced researchers, and market participants devise strategies to enhance market resilience, investor education, and regulatory frameworks amidst unknown challenges.
Copyright (c) 2025 B. Mahalakshmi, Manasvini Anand, Aghilan. M, Dr. L. Jalaja (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Financial Literacy of Women: A Systematic Review of Predictors, Behaviours, and Financial Outcomes
This systematic review examines the determinants of financial literacy among women, focusing on key predictors and financial outcomes. Financial literacy is essential for effective personal finance management, enabling informed savings, investments, and debt decisions. This review assesses current levels of financial literacy among women across different regions and socio-economic contexts, identifies influential factors, and evaluates interventions aimed at improving women’s financial literacy. The study includes a comprehensive search of databases such as Scopus, Elsevier, and Google Scholar, using predefined criteria to select relevant papers. Extracted data from the selected studies reveal significant disparities in financial literacy between men and women, with women generally scoring lower. Factors contributing to these disparities include socioeconomic status, educational attainment, cultural norms, and access to financial education. Studies indicate that women often have lower confidence and engagement in financial decision-making. The review emphasises the need for tailored financial education programs addressing the specific needs of diverse groups of women. Policy interventions that integrate financial education into school curricula and community programs are recommended to promote early and lifelong financial skills. The rise of digital financial services offers new opportunities for enhancing financial inclusion and literacy among women. Enhancing women’s financial literacy is crucial for their economic, social, and psychological empowerment, contributing to broader socio-economic development and gender equality.
Copyright (c) 2025 Nidhi Vahi, Prof. Dr. Archna Kumar (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Perceptions of Bank Employees Towards Green Finance: A Case Study
This study investigates the perceptions of bank employees towards green finance at ICICI Bank, focusing on how internal stakeholders view and engage with sustainable finance practices. The research aims to evaluate the impact of green finance on environmental sustainability, financial sector resilience, regulatory compliance, market opportunities, and corporate social responsibility. Utilizing a sample of 126 bank employees from two branches, L.B. Nagar and Uppal, the study employs a structured questionnaire and primary data analysis to assess familiarity, knowledge, and attitudes towards green finance. Findings reveal that while a significant portion of employees are familiar with and knowledgeable about green finance, there is a need for further education and increased training participation. Awareness is high regarding renewable energy financing, but low for green bonds and carbon credit trading. Key motivators include financial returns, reputational benefits, and management support, with high implementation costs and regulatory constraints identified as significant barriers. The study provides insights into enhancing ICICI Bank’s green finance strategy, emphasizing the need for improved awareness, training, and internal communication.
Copyright (c) 2025 Chokkamreddy Prakash, Kanthi Vineela (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Fundamental Review of the Trading Book (FRTB): A Deep Dive into US, UK and EU Rulemaking and Implementation
The Fundamental Review of the Trading Book (FRTB) is a comprehensive Basel III framework introduced to overhaul market risk capital requirements during the 2007–2009 financial crisis. The framework includes two main approaches for measuring market risk capital: a more risk-sensitive Internal Models Approach (IMA) for banks that obtain supervisory approval and a revised Standardised Approach (SA) that applies granular risk-weighted sensitivities for all banks. This framework has global significance, and its implementation is underway across major jurisdictions. However, the United States, European Union and United Kingdom have taken somewhat divergent paths and timelines in adopting FRTB, reflecting local regulatory priorities and constraints. This document provides a condensed analysis of FRTB’s framework, comparing US, UK and EU regulatory approaches, methodologies and model approval processes. It also discusses the anticipated impact on large international banks, including changes in risk-weighted assets and capital requirements. It evaluates whether FRTB’s benefits in risk management and financial stability justify the compliance costs. The findings underscore FRTB’s role in strengthening market risk regulation while highlighting the importance of coordinated implementation and fine-tuning to address industry concerns. Key innovations of FRTB include: desk-level model approvals, a rigorous Profit & Loss Attribution (PLAT) test to ensure model accuracy, a Default Risk Charge (DRC) for jump-to-default risks and capital add-ons for Non-Modellable Risk Factors (NMRFs). Since BCBS finalized FRTB standards (as part of the Basel III “final reforms” in 2017–2019) [5], jurisdictions have moved at different paces to implement them.
Copyright (c) 2025 Abhishek Nagesh (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Analysis of Life Insurance Company for Sustainable Business Development with Special Reference to HDFC Life Insurance Company Limited in India
Risk and uncertainty are inextricable components of life. Although it is difficult to move away from it, one can minimize the impact of risk and uncertainty through insurance. One of these is life insurance, which directly connects to each of our lives. Thus, the provision of life insurance, according to the rules and regulations established by the government, necessitates the co-existence of public and private life insurance companies in our economy. Life Insurance is a growing domain, as many of our population is not covered yet. In the event of mis-happenings, it offers financial security to a family and supports economic growth from many perspectives. However, given specific barriers from individual and social attitudes and regulatory norms, life insurance companies have not grown in our country as they should have. As a result, bearing in mind the significance of life insurance to an individual and the economy, the current study has been undertaken to analyse the roles, importance, and impact of life insurance through life insurance companies on our economy. Thus, HDFC Life Insurance Company Limited has been taken as a case study unit, keeping in mind the functions, features and business planning followed to grow.
Copyright (c) 2025 Vaishnavi Gupta (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
The Impact of Artificial Intelligence on Business Administration
This paper explores the transformative integration of Artificial Intelligence (AI) into business administration, particularly within economics and finance. Through an extensive review, the research investigates what impact AI has across core business domains such as human resources, finance, marketing, and logistics, and how AI technologies—automation, data analytics, and machine learning—redefine traditional administrative practices. The study identifies AI’s role in optimizing routine operations, enhancing cost-efficiency, and improving customer experiences by leveraging large datasets for actionable insights. The research delves into why these impacts are significant by examining AI-driven enhancements in human resources (recruitment, talent management, and engagement), finance (predictive analytics, risk management, and fraud detection), marketing (personalization and predictive engagement), and logistics (route optimization, demand forecasting, and inventory management). This analysis provides insights into how AI-driven efficiencies and innovative strategies contribute to strategic decision-making and organizational competitiveness. Addressing why AI integration also presents challenges, the study highlights ethical concerns like job displacement, algorithmic bias, and data privacy, urging responsible AI practices that uphold transparency, fairness, and accountability. The research underscores the necessity for AI education, ethical frameworks, and ongoing innovation to harness AI’s potential while mitigating associated risks fully. In conclusion, this paper emphasizes that the future of business administration will likely involve a synergistic approach, where AI complements human intelligence. The findings suggest that AI holds vast potential for shaping sustainable business models, advanced decision-making, and enhanced economic practices, ultimately contributing to an AI-enabled future in business administration.
Copyright (c) 2025 A Amarendar Reddy (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Assessing the Contribution of E-Banking System Reliability on Revenue Collection at Kilimanjaro Christian Medical University College in Tanzania
This research assessed the contribution of e-banking systems’ reliability to revenue collection within higher learning institutions, specifically focusing on Kilimanjaro Christian Medical University College. Anchored in Electronic Payment Theory, the study aimed to assess the reliability, convenience, and accessibility of the e-banking system and their collective contributions to enhancing revenue collection efficiency. A mixed-methods research approach was employed, combining interviews, questionnaires, and documentary reviews. Key stakeholders, including students and finance officers, were engaged to gather comprehensive data. This approach facilitated a detailed analysis of how e-banking systems contribute to revenue collection in the context of higher education. A pilot study involved a selected sample subset and was crucial for identifying potential issues with the survey questionnaire and interview protocols. Notably, the reliability of the data collected during the pilot phase was rigorously assessed using Cronbach’s alpha coefficient test, a statistical measure of internal consistency. The results were promising, with a Cronbach’s alpha coefficient of 0.704, indicating a good level of reliability, affirming the instruments’ ability to measure the variables of interest consistently. Data Analysis involved both descriptive and inferential statistics. Findings indicated high satisfaction with the system’s reliability, particularly its capability to handle high transaction volumes during peak periods and its robust security measures safeguarding user transactions, contributing to revenue collection significantly at p-value < 0.05. The study concluded that the e-banking system’s reliability is crucial in optimising revenue collection processes. It is recommended that regular updates, an enhanced user interface based on feedback, expanded technical support, and continuous improvement in security measures be implemented to maintain and improve system efficiency.
Copyright (c) 2025 Thecla Ategeka, Nyanjige Mayala, Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Economic Analysis of Income and Employment in the Indian Economy: Granger Causality Approach
This paper investigates the relationship between economic growth and employment in India, focusing on the post-reform period. Using a semi-log quadratic model, the study examines trends in GDP and jobs, drawing comparisons across various countries and income groups. The Granger causality test and the Johansen co-integration technique are employed to analyse the linkages between these variables. The findings reveal that while GDP and employment exhibit positive correlations in some countries, including China, Pakistan, and the USA, the relationship is predominantly negative in India, where corresponding increases in employment have not accompanied GDP growth. Specifically, the study finds that a 1% increase in GDP leads to a 0.28% reduction in employment. The results underscore the “jobless growth” phenomenon in India, where structural shifts towards capital-intensive sectors have led to stagnation in labour absorption. This paper argues that economic growth in India must be redefined to focus on output expansion and inclusive job creation. The paper concludes with policy recommendations aimed at fostering labour-intensive growth, promoting skill development, and addressing regional disparities, to ensure that economic growth translates into equitable employment opportunities for all sectors of society.
Copyright (c) 2025 Dr. Altaf Hussain Padder, Dr. B Mathavan (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Influence of Loan Size on Financial Performance of Small and Medium Enterprises in Moshi Municipality
The study investigated the influence of loan size on the financial performance of Small and Medium Enterprises (SMEs) in Moshi Municipality, Tanzania, focusing on how varying loan amounts impact profitability, solvency, and liquidity. Using a convergent parallel research design grounded in the Theory of Capital Structure, data were collected from 195 respondents out of a target population of 7,600 SMEs. Simple random and purposive sampling techniques were used, and quantitative analysis was conducted to ensure validity and reliability. The findings showed that larger loan sizes generally benefit SME profitability, efficiency, and flexibility. However, the impact of loan sizes on financial performance varied significantly across different businesses due to differences in economic strategies, market conditions, and business models. The regression analysis revealed that loan sizes significantly influence SME financial performance, accounting for approximately 48% of the variance. The study recommends that financial institutions and policymakers develop strategic loan management techniques, including offering a range of loan sizes, providing flexible loan terms, and ensuring accessible collateral requirements to meet the diverse needs of SMEs.
Copyright (c) 2025 Stanslaus James Nicholaus, Dr. Amembah A. Lamu Amos, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Callable Bond Pricing using the Hull-White Model:A Comprehensive Analysis
This paper comprehensively analyses callable bond pricing using the Hull-White interest rate model. We compare the performance of the Hull-White model with other short-rate models, namely the Vasicek and Cox-Ingersoll-Ross (CIR) models, in pricing callable bonds across various market conditions. We demonstrate through extensive numerical simulations and empirical analysis that the Hull-White model generally outperforms other models in fitting the initial term structure and pricing callable bonds, particularly in volatile interest rate environments. We also propose an improved parameter estimation method for the Hull-White model, which enhances its pricing accuracy. Furthermore, we explore the implications of using the Hull-White model for callable bond pricing on issuer and investor behavior. Our findings contribute to the literature on interest rate modelling and provide practical guidelines for financial professionals in callable bonds’ valuation and risk management.
Copyright (c) 2025 Sarvagya Jha (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Influence of Individual Factors on the Usage of Electronic Fiscal Devices Among Smallholder Taxpayers in Moshi Municipality
Electronic financial devices (EFDs) have become increasingly prevalent among smallholder taxpayers. Smallholder taxpayers face challenges in adopting and effectively using EFDs. This study examined the influence of individual factors on the usage of EFDS among smallholder taxpayers in Moshi Municipality, Tanzania. The study was grounded in Technology Acceptance Theory by Davis (1989). The study adopted a concurrent design under mixed approach methods. A sample size of 368 was obtained through a sample size calculator. Respondents were sampled through simple random sampling and purposive sampling. Data were collected using questionnaires and interview guides. The study used content validity to validate the research instruments, and reliability was assessed by using SPSS, where Likert scale questionnaire items were subjected to Cronbach’s alpha analysis and obtained a coefficient of 0.86, indicating good reliability. Statistical Package for Sciences (SPSS) was used to analyze quantitative data through descriptive statistics, while qualitative data were analyzed through contextual analysis. Ethical considerations for conducting research were observed throughout the process. The study found that individual factors influenced the usage of EFD among smallholder taxpayers in Moshi Municipality. Based on the findings of the study, it was concluded that individual factors influenced the usage of EFDs among smallholder taxpayers in Moshi Municipality. Further, it was concluded that government policy and regulation were highly influenced by the usage of electronic fiscal devices (EFDs). Apart from that, the study recommended that the government should prioritize initiatives to increase awareness and education about EFDs among smallholder taxpayers in Moshi Municipality. It is also recommended that the Tanzania Revenue Authority (TRA) in the Kilimanjaro Region should develop awareness campaigns and educational materials for smallholder taxpayers. Smallholder taxpayers were recommended to prioritize training and capacity building for their employees. Moreover, the study recommended further research on the relationship between user experience and satisfaction with using EFDs for smallholder taxpayers.
Copyright (c) 2025 Jerome Buberwa Ndibalema, Dr. Nyanjige Mayala, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Influence of Technology Adoption on Operational Performance of Medium Banks During Covid-19 Pandemic in Moshi Municipality, Tanzania
Information technology (IT) has transformed the banking industry, and the outbreak of COVID-19 accelerated the trend, making the issue of IT adoption more relevant than ever. This study examines the influence of technology adoption on the operational performance of medium commercial banks in Moshi Municipality in Tanzania, including Mkombozi Bank, Uchumi Commercial Bank, and Akiba Commercial Bank. A concurrent research design with a mixed methods approach was used, where the qualitative and quantitative data were collected. The population of the study was 63 employees of the three banks, and the sample size was determined through the census technique as the population size was small. Primary data was collected from the respondents, while secondary data was collected from the 2019/20 to 2022/2023 annual report. Face-to-face and content validity were used for the instrument’s validity, while reliability was established through a test-retest process. As for data analysis, descriptive statistics, correlation, and regression analysis were done to test the influence of technology adoption during the COVID-19 pandemic on the operational efficiency of commercial banks in the study area. The study’s findings have shown that debit cards, credit cards, mobile banking, and Point of Sale (POS) positively influence the net profit margin at p-values less than 0.05. In contrast, credit and debit cards negatively influence the operational efficiency of the studied banks. The study concludes that debit cards, credit cards, internet banking, mobile banking, and POS positively impact the net profit margin. Similarly, debit cards and credit cards negatively influence the operating expenses ratio. It is recommended that banks take advantage of these technologies to expand their net profit margins while being careful with debit cards and credit cards, regarding the operational efficiency of the banks.
Copyright (c) 2025 Ms. Haika Mosha, Dr. Nyanjige Mayala, Dr. Hezron Onyancha (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Taxpayers' Morale on Value-Added Tax Collection in Moshi Municipality, Tanzania
Academic studies have extensively studied tax morale as an influencing factor in value-added tax (VAT) collection. Governments and tax authorities face new issues due to tax evasion, fraud, tax avoidance, and insufficient tax discipline. Additionally, there is a growing need for better justice and transparency in taxation. It necessitates the development of effective and innovative methods for collecting VAT. The current study was conducted in Moshi Municipality to assess the effects of taxpayers’ morale on VAT collection. The study was based on the Theory of Collection Efficiency of Value Added Tax. The study population consisted of 687 taxpayers registered for VAT in the study area. A sample of 158 individuals was selected using the Yamane formula (1964). Data was collected using a questionnaire. Face-to-face and content validity were used to verify content validity. A Cronbach’s alpha coefficient test was used for reliability, where a 0.822 coefficient level was obtained. A Logistic Regression model was used to analyse data, while descriptive statistics were used to organise data. The study’s findings show that taxpayers’ VAT tax morale in the study area decreases with age. Additionally, the educational background of the household is strongly associated with taxpayers’ tax morale. Furthermore, household affluence hurts VAT compliance among taxpayers. On the other hand, the attendance of VAT Programmes has a significant positive effect on tax morale and collection. It is concluded that various elements, including individual variables, contextual variables, and other aspects, contribute to tax morale among taxpayers. It is recommended that governments, tax authorities, and educational program designers disseminate information and provide education to both existing and future taxpayers. It will help enhance the tax culture in the study region and, ultimately, in Tanzania.
Copyright (c) 2025 Lilian O. Kawaganise, Dr. Nyanjige Mbembela Mayala (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Economic Challenges and Opportunities of the Mega Port of Chancay for International Trade
The Mega Port of Chancay is poised to revolutionize Peru's international trade. This study explores the economic challenges and opportunities presented by this major infrastructure project, analyzing its potential impact on the national economy and trade relations with the Asia-Pacific region. We used a combination of document analysis and comparisons with other successful ports. The findings suggest that the port could enhance Peru's logistical competitiveness and attract more foreign investment, though it faces legal and environmental challenges. We conclude that this port has the potential to position Peru as a strategic logistical hub in the Pacific. The uniqueness of this article lies in its comprehensive approach and the adaptation of successful international practices to the Peruvian context.
Copyright (c) 2024 Luis Barboza Sanchez (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Computerised Accounting Procedures on the Quality of Financial Reporting of Crop Boards in Kilimanjaro
In today's technological world, the use of computerized accounting procedures has become increasingly prevalent across various organizations. Computerized accounting procedures have been employed by organizations for financial record keeping and reporting. Financial reports are an essential source of information needed for different decision makers and other stakeholders. Therefore, this study aimed to establish the effects of computerised accounting procedures on the quality of financial reporting of crop boards in Kilimanjaro region, Tanzania. The study was grounded by Resource-Based View (RBV) developed by Barney in the 1990s. The study applied a descriptive research design under quantitative research approach. Eight (8) crop boards in Moshi Municipality were targeted comprising of Forty (40) staff dealing with accounting and finance. Sample size was obtained through Sample Size Calculation for Finite Population. Data was collected through questionnaires. Face and content validity was used to ensure the validity of the research instruments, and then the instruments were piloted Three (3) accounts and finance employees at Tanzania Coffee board to clarify any ambiguities and checked for consistency of the data to be collected. Reliability was ensured through Cronbach’s alpha test which was run through Statistical Package for Social Sciences (SPSS) and obtained a coefficient of 0.81 which is reliable. Data was analysed through the aid of SPSS and then presented in form of tables, frequencies, percentages and means. Ethical considerations and ethics ethical values were adhered throughout the research process. The study found that computerized accounting procedures had effects on the quality of financial reports of Crop boards in Kilimanjaro region, Tanzania. Basing on the findings it was concluded that the computerized accounting procedures have a positive effect on the quality of financial reporting of Crop Boards in Kilimanjaro. Further, it was concluded that computerized accounting procedures were effective in facilitating decision making and improving the overall quality of financial reporting. This study recommended that Crop Boards in Kilimanjaro should continue using computerized accounting procedures and enhance the system for improved efficiency, accuracy, and accessibility of financial data. Further, it is recommended that Crop Boards should provide training and skill development programs to their accountants. Also, this study provides area for further studies, recommending that further studies could be conducted on the influence of Computerized accounting systems on the Financial Decision Making.
Copyright (c) 2024 Medani Bagege, Nyanjige Mayala, Amembah A. Lamu Amos (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Understanding the Dynamics of Financial Constraints and Business Viability among Bahrain’s SME Sector
With a strategic role in realizing national ambition and strategy, Small and Medium Enterprises (SMEs) have been referred to as the backbone of Bahrain’s economy due to their drive forward in corporate innovation and investment, making them pivotal to the Kingdom’s 2030 Vision. However, SMEs face persistent financial constraints that hinder their ability to thrive in an increasingly competitive market. This study examines the dynamics influencing the financial viability of Bahrain’s SME sector by addressing the potential challenges that obstruct access to essential funding sources and evaluating innovative solutions for overcoming these barriers beyond traditional financing methods. The research employs a mixed-method approach, incorporating qualitative and quantitative data to assess the extent of financial obstacles within Bahrain’s SME ecosystem. It analyzes various financing channels, including local bank funding, public initiatives, and alternative sources such as asset-based financing and crowdfunding. Findings reveal that while Bahrain’s banking sector plays a role in SME financing, stringent lending requirements and high collateral demands often prevent smaller enterprises from accessing these resources. Additionally, the study explores government policies and alternative financial instruments, offering recommendations to diversify and enhance access to financing through measures like credit rating improvements, innovative regulatory frameworks, and educational programs to increase financial literacy among SME owners. The findings of this research underscore the critical need for tailored financial solutions to support SMEs, positioning them as competitive drivers within Bahrain’s economy. By addressing these financial constraints, Bahrain can stimulate SME growth, ensuring the sector’s sustainability and resilience. This study aims to guide policy development that fosters a more inclusive financial ecosystem, empowering SMEs to contribute effectively to Bahrain’s economic transformation and long-term prosperity.
Copyright (c) 2024 Alya Alhaddad (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Indian Health Budget 2023 Allocation: Navigating the Framework and Dynamics of Policy Implementation
India has shown tremendous growth in the last decade as regards to some of the health parameters are concerned. Objective: Overview the previous budgetary heads and allocation and make a comparative analysis of the present year's budget disbursement under various heads. Method: The past budget heads and the extent they have transitioned into outcomes based on their objectives have been examined from data sources of the Government of India after a proper search from GoI sites. While highlighting the Bill, it has been made sure to review the existing programs and demonstrate the percent change in budget which has happened over a year. Discussion: Budget snapshot shows that 157 new Nursing Colleges are to be established in co-location with 157 medical collages since 2014, Launch of Sickle cell Anemia Elimination, Joint Public Private Medical Research via select ICMR Labs – To promote research in pharmaceuticals, Rs.15000 crores for implementation of Pradhan Mantri PVTG Development Mission over 3 years among others. A comparison of the current Union budget 2023 – 2024 with the budget of 2021 –2022 actuals and the revised budget of 2022 – 2023 shows a netincrease in crores as well as the percent increase in healthexpenditures as compared to the previous year's revised budget[FY 2023] of Rs.9805 crores and 13 % respectively. Public Healthstill needs more focus in terms of greater and better adoption ofmodel rural health centers, mobile medical units, MDRUs,Incubation centers, and Community-based Innovations.
Copyright (c) 2024 Prof. (Dr.) Vikas Bhatia, Professor (Asst) Dr. Meely Panda (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Securing BitCoin Price Prediction using the LSTM Machine Learning Model
This research explores the application of Long Short-Term Memory (LSTM) networks for short-term Bitcoin price prediction, addressing the need for reliable models due to Bitcoin's high volatility and trading volume. The study employs historical data from Kaggle to predict the direction and magnitude of price changes within a five-minute interval. Implementation includes preprocessing the data, normalizing prices, and generating sequences for LSTM input. Two LSTM models were developed: one for directional prediction and another for magnitude. Training results showed a directional accuracy of approximately 75.10%, demonstrating the feasibility of LSTM networks for financial forecasting and contributing to Bitcoin price prediction research, setting the stage for future real-time applications.
Copyright (c) 2024 Dr. Kannan Balasubramanian (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Contribution of Electronic Tax Stamps on Accurate Filing of Excise Tax Returns in Kilimanjaro Region, Tanzania
Taxation is, by and large, the most important source of government revenue in nearly all countries. As such, countries worldwide have been embracing electronic means of collecting taxes. This study aimed to assess the contribution of Electronic Tax Stamps (ETS) to the accurate filing of excise in the Kilimanjaro Region of Tanzania. The revenue generation theory (RGT) guided the study and adopted a concurrent research design with a mixed research approach. The population for the study was 60 registered businesses for ETS in Kilimanjaro Region. The sample size was determined by census sampling techniques as the population for the study was small and manageable. Data collection used a questionnaire and a critical informant interview guide. Validity was ensured through content validity, where reading the literature on ETS was used. Then, experts from the University also read the instrument and gave their opinions. A Cronbach Alpha Coefficient test was used for the instrument's reliability, where a 0.799 coefficient was obtained. Descriptive statistics were used to analyze the data collected and presented in tables, while content analysis was used to create themes for the key informants. The study findings indicated that ETS significantly contributes to the accurate filing of excise tax returns in the Kilimanjaro Region. It is concluded that the ETS system has resulted in accuracy in filing and reduced tax evasion, simplified tax payment processes, and increased business compliance. The study recommends that there should be a comprehensive tax reform strategy. The government and policymakers should develop and implement a comprehensive tax reform strategy that includes electronic tax stamps as one component that covers more businesses.
Copyright (c) 2024 Salum J. Sulanda, Dr. Nyanjige Mayala, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Evaluating the Influence of Financial Planning Approaches on Project Outcomes – Northern Diocese
Financial planning encompasses a variety of practices aimed at helping individuals and businesses effectively manage their resources to achieve their goals. This study sought to determine how financial planning techniques affected the Evangelical Lutheran Church in Tanzania, Northern Diocese (ELCT ND) Projects' financial performance. The Printing Press, Umoja Hostel, and Uhuru Hotel were these endeavors. Data were collected using qualitative and quantitative methods in a concurrent research design. The study's population consisted of 85 employees directly involved in the projects. As a result, the survey included 31, 27, and 27 respondents for each of the three projects. Because the population was small, a census technique was used in the study to choose all 85 respondents from all the projects. Data were collected using a self-administered semi-structured questionnaire and a guide for key informant interviews. Test-retest reliability was employed to check for reliability, while face-to-face and content validity was utilized to confirm validity. Frequencies and other descriptive statistics were used to present the data results. Correlation and regression analyses were conducted to determine how financial planning practices affected the projects' performance. The study's conclusions indicate that working capital management, inventory management, budgeting, and cash planning strategies all significantly and favorably impact ELCT ND's financial performance. It is concluded that financial planning practices improve project performance. It is recommended that projects keep their liquidity to make sure they can pay their short-term debts.
Copyright (c) 2024 Ms. Lucy Maleko, Dr. Nyanjige Mayala, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Reduced Cash Flows on Cash Management for Tourism Companies During COVID-19 Pandemic in Kilimanjaro Region, Tanzania
The COVID-19 pandemic affected businesses and organizations in their daily operations. Tourism businesses were the most affected, especially in countries whose economies are dependent on the tourism sector. This study sought to assess the effects of reduced cash flows during the COVID-19 Pandemic on cash management as part of the working capital management practices of the tourism companies in the Kilimanjaro region of Tanzania. The study was informed by the Cash conversion cycle (CCC)theory. The population for the study was 67 staff membersof the selected three companies (Zara Tours, Asante Tours, andMonkey Adventures) under investigation in the finance andprocuring departments. The study used a sample of 67 respondentsdetermined by census techniques as the population was small,commanding the entire population to be a sample size. Bothquantitative and qualitative data were collected. Tool validity wasensured using content validity, the literature related to cash flowmanagement, and a discussion with the research supervisor.Reliability was tested using the Cronbach alpha coefficient, wherea value of 0.733 was obtained. Data were collected using astructured questionnaire and key informant interview guide.Descriptive statistics and inferential statistics were both used fordata analysis. The study found that changes in cash flows affectedcash management for the three tour companies in the study area,which were statistically significant at p-values less than 0.05.Specifically, the findings show that the effects of the COVID-19pandemic such as reduced cash flows complicated cashmanagement in the operations. It is concluded that reduced cashflows during the pandemic were disrupted, resulting in cashmanagement difficulties. It is recommended that; tourismcompanies enhance their supply cost management strategies aswell as maintain healthy cash management.
Copyright (c) 2024 CPA Samson Chacha Megewa, Dr. Nyanjige M. Mayala, Dr. Gileard Minja (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Contribution of Simplicity of Prepaid LUKU Meter Billing System on Property Tax Revenue Collection in Moshi Municipality, Tanzania
The simplicity of electronic systems, including prepaid billing systems, has been said to simplify life for clients and service providers. The Tanzania Revenue Authority (TRA) collects property tax through the 'Lipa Umeme Kadili Utumiavyo' (LUKU) prepaid electricity billing system. This study sought to establish the influence of the system's simplicity on property revenue collection by TRA in MoshiMunicipality. A concurrent research design with a mixed research approach was employed. The study was informed by the ability to pay principal theory. The study population was 14,364 premises installed with LUKU meters in the study area. A sample size of 192, determined by Fisher (1991), was used. A questionnaire was used to collect primary. Secondary data was obtained using a documentary review guide to gather data from audited reports of TRA from the financial year 2018/2019 to 2022/2023 (5 years). Content validity was used to ensure the instrument's validity, while reliability was ensured through test-retest measures. A statistical package for social science (SPSS) was used as an aid for data analysis where the regression models were run. The study anticipated an observable relationship between the simplicity of the LUKU system and property tax collection (independent and dependent variables), respectively. The study established that the simplicity of the LUKU system contributes to property tax collection in the study area at p-value < 0.05. The study concluded that the simplicity of use of the LUKU prepaid billing system has increased property tax revenue collection for TRA. It is recommended that TANESCO convert more meters into prepaid, as it will enhance property tax revenue collection capabilities and, at the same time, reduce costs associated with collection.
Copyright (c) 2024 Grace J. Mwanjala, Dr. Nyanjige Mayala, Dr. Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Microfinance Interest Rates on the Performance of Small-Scale Enterprises in Moshi Municipality, Tanzania
Microfinance has emerged as a potent tool to reduce poverty and promote economic empowerment, especially in developing nations, by providing loans with lower interest rates. This study investigated the effects of microfinance interest rates on the performance of Small-Scale Enterprises (SSEs) in Moshi Municipality, Tanzania. The study was grounded by Wicksell's Natural Rate of Interest theory, which suggests an equilibrium interest rate balances savings and investment in an economy. A concurrent research design was used under a mixed research approach. The target population was 5,570 SSEs, and a sample size of 190 respondents was obtained using a sample size calculator. Data was collected through structured questionnaires and key informant interviews. The validity of the research instruments was conducted through face and content validity. For reliability, a Cronbach's alpha of 0.83 correlation coefficient was obtained. Descriptive and inferential statistics, including regression analysis and correlation, were used for the data analysis. Quantitative data were analyzed using SPSS, descriptive statistics, and inferential statistics, which included regression and correlation. Meanwhile, qualitative data was analyzed using contextual analysis. Ethical guidelines were adhered to throughout the study, including ensuring privacy, protection from harm, informed consent, and adhering to research guidelines. The study found that high interest rates negatively affected SSE's performance, with a significant effect on the microfinance institution's interest rates on SSE's performance at a p-value of less than 0.05. The study concluded that microfinance interest rates affect the performance of SSEs in Moshi Municipality. Furthermore, business owners increased prices and faced obstacles in job creation due to MFI interest rates, which increased costs, reduced profitability, and affected their ability to pay loans. In addition, the loan interest rate was statistically significant to SSE performances. The study recommended that policymakers and microfinance institutions review and potentially reduce interest rates to alleviate the financial burden of SSEs, promote business growth, and enhance profitability. Microfinance institutions should also prioritize transparent communication of interest rates and loan terms while offering flexible loan products.
Copyright (c) 2024 Edmund E. Lubinza, Nyanjige Mayala, Emmanuel Kileo (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Effects of Salary Loan Repayment Amount on the Welfare of Teachers in Secondary Schools in Songea District, Tanzania
This study examines the impact of salary loan repayment amounts on the welfare of secondary school teachers in Songea District, grounded in the Moral Hazard Theory, which suggests that shielding individuals from the full consequences of their actions can alter their behavior. Employing a convergent mixed-methods design, the research targeted 309 teachers across 21 secondary schools, utilizing the Cohen formula to sample 60 teachers and the Mugenda and Mugenda formula for selecting 10 schools [18]. Data was collected through questionnaires and interviews, ensuring validity and reliability through expert feedback, pilot testing, and Cronbach's alpha analysis (α = 0.707). Analyzed using SPSS Version 22, quantitative data were presented in tables, frequencies, means, and standard deviations, while qualitative data were contextually analyzed. The findings revealed that loan repayment amounts significantly affect teacher welfare, with reasonable repayment structures supporting career development and overall well-being. The study recommends policymakers and educational authorities design affordable loan repayment structures and promote financial literacy programs. Future research should explore the affordability of monthly payments on teachers' welfare. Ethical considerations were meticulously followed, including confidentiality and proper citation of sources.
Copyright (c) 2024 Welfonia Kunguru, Amembah A. Lamu Amos,, Ladis Komba (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
An Analysis of the Implementation, Outcomes, and Challenges of NABARD's Self-Help Group Bank Linkage Programme in Assam, India
Self Help Groups (SHGs) have become a powerful tool for reducing poverty and empowering women worldwide. (Parida & Sinha, 2010 [1]) The connection of these groups to formal banking institutions, an initiative led by the National Bank for Agriculture and Rural Development (NABARD) in India, has significantly enhanced their socio-economic impact. Assam, which is a state with a variety of socio-economic challenges, is playing a crucial role in promoting financial inclusion and grassroots development. This study examines the status of NABARD's SHG Bank Linkage Programme in Assam, examining its implementation, outcomes, and challenges. Focusing on Assam, with its unique socio-cultural dynamics and developmental disparities, this research seeks to provide insights that can inform tailored policy interventions and program improvements.
Copyright (c) 2024 Abu Shafique Ahmed, Dr. Sudip Chakraborty (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Contribution of Control Numbers System on Monitoring Revenue Collection at Kilimanjaro Christian Medical Centre, Tanzania
Effective management of revenue collections involves ensuring accuracy, accountability, and transparency in financial transactions, which are critical for maintaining public trust and organizational integrity. This paper sought to assess the contribution of the control number system in monitoring revenue collection at Kilimanjaro Christian Medical Center (KCMC) Hospital in Tanzania. The Diffusion of Innovation Theory was used to inform the study. The study adopted a concurrent research design with a mixed approach. The population of the study was 290 employees who are directly concerned with revenue collection at the Hospital. A sample of 153 respondents was obtained using a sample size calculator with a confidence level of 95%, a sampling error of 5%, and a population proportion of 30%. A semi-structured questionnaire was distributed to revenue collectors and administrators using a simple random sampling procedure. Content validity was used to ensure the validity of the instrument while a Cronbach alpha coefficient test was used to ensure the reliability of the instrument where a coefficient of 0.792 was obtained. Demographic data were analyzed using descriptive statistics presented in tables. Analysis of Variance (ANOVA) and a linear regression was used to test the significance of the variables. The findings revealed that most of the respondents admitted that the control number system influences the control of revenue collection by enabling the Hospital to increase revenue collection. It was further revealed that the control number system can provide an additional competitive edge in monitoring revenue sources and improving the quality of financial reporting. It is concluded that a control number system is important in monitoring revenue collection at KCMC Hospital. The study recommends that to improve the use of the control number system in control of revenue collection, it is crucial to conduct training for all revenue collectors and clients regularly so that the efficiency of the system is kept intact and to reduce associated risks.
Copyright (c) 2024 Elifamily P. Chambega, Dr. Nyanjige Mayala, Amembah A. Lamu Amos (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Boom or bust? A Comparative Analysis of Monetary Policy and Stock Market Performance in India Across Economic Cycles
This study delves into the intricate relationship between monetary policy instruments and various sectors of the Indian stock market from 2011 to 2022. By Analyzing data encompassing significant policy shifts and economic events, including the Reserve Bank of India's (RBI) transition towards inflation targeting and flexible exchange rates, the study aims to uncover the nuanced impacts of monetary policy on sectoral indices. Utilizing a Vector Autoregression (VAR) model, the study examines the dynamic interplay between key monetary policy instruments—Cash Reserve Ratio (CRR), Marginal Standing Facility Rate (MSF), Repo Rate, Reverse Repo Rate, and Treasury Bills—and ten diverse sectors represented in the Bombay Stock Exchange (BSE) indices. The findings reveal intricate sector-specific responses to monetary policy adjustments, reflecting the complex interplay of economic dynamics and policy measures. While some sectors exhibit positive correlations with certain monetary instruments, others display negative associations, underscoring the diverse impacts of monetary policy on sectoral performance. The study highlights the significance of understanding these nuanced relationships for policymakers, investors, and market participants in navigating India's evolving economic landscape.
Copyright (c) 2024 Khushi Mittal, Dr. Jitender Bhandari (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Exploring Wagner's Law in India: An Empirical Study of Economic Growth and Public Expenditure
In this research paper, we test the connections between public spending and economic growth in India by employing annual data from 1981-82 till 2019-20. We examine if there is a long-run relation between public spending and economic growth and then we try to understand the direction of causality between them by using six versions of Wagner's law along with an augmented version. The paper employs tests of stationarity, cointegration, granger causality and the vector error correction model for the analysis in all the versions. Results from these tests show that only some versions give support to validateWagners' law in India over the sample period studied.
Copyright (c) 2024 Dr. Jasneet Kaur Wadhwa, Dr. Srividya Subramaniam (Author) https://creativecommons.org/licenses/by-nc-nd/4.0
Examining Global Resource Mobilization: Strategies and Hurdles in Accessing the International Capital Market
The role of finance is indispensable for business entrepreneurs as it fuels both fixed and working capital, driving growth and operational efficiency. Financial decisions are crucial for directing business growth from its inception through various phases. Corporate finance is pivotal in exploring alternative methods to finance fixed and working capital needs. Capital markets, including domestic ones like India's Securities Exchange Board-regulated and international markets, serve as vital platforms for businesses to secure funding and ensure smooth operations. Effective corporate governance, shareholder wealth maximization, regulatory compliance, profitable project funding, and global brand recognition are key goals for corporations to sustain and thrive. This paper aims to delve into the Overseas Depositories' role in international capital markets, highlighting their contribution to funding corporations globally. It will also discuss the significance of two-way fungibility in trading shares and depository receipts across borders, and how overseas depositories facilitate finance raising for corporations. Additionally, the paper will examine the trading dynamics of American and Global depository receipts vis-à-vis shares in the international capital market context.
Copyright (c) 2024 Dr. Subhajit Chakraborty, Susmita Biswas (Author) https://creativecommons.org/licenses/by-nc-nd/4.0