Economics, Business and Management: Recent Advances Vol. 1

The Role of Firms, Markets, and Financial Systems in Driving Sustainability Transitions under Climate and Resource Constraints

Imtipong Longkumer — 2026-02-23

Sustainability transitions under climate change and resource constraints call for systemic transformations of economic structures instead of mere technologically or financially isolated interventions. This chapter offers a narrative review and conceptual synthesis of the changes in the roles of firms, markets, and financial systems during such transitions. Grounded in economics and finance, the chapter examines how firm behaviour, market incentives, innovation dynamics, and investment decisions interact under conditions of environmental uncertainty. The analysis brings out constraints of the market coordination in the presence of externalities, the significance of a regulatory framework that is credible for guiding innovation, and the function of financial systems in reallocating capital and pricing transition risks. It is argued that firms, markets, and finance are not entities that can independently drive the change; rather, they are the interdependent components of wider transition processes influenced by governance and the credibility of policy. The chapter also draws policy-relevant implications by emphasising the need for coordinated innovation policy, regulatory credibility, and financial disclosure frameworks to enable stable and inclusive sustainability transitions. The chapter concludes by emphasising the need for coordinated policy approaches that would be able to harmonise real, economic incentives with the financial systems in order to be a source of stable, inclusive, and economically sustainable transitions of the environment.

Impact of MGNREGA on Tribal Livelihoods of Santhal Households in Pakur District of Jharkhand, India

Amar Kumar Chaudhary — 2026-02-23

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is a pivotal welfare program in India, designed to ensure 100 days of guaranteed wage employment for rural households. The objectives of the act are to provide safety nets for vulnerable groups, provide an engine for the agricultural sustainable development, empower the rural poor and promote new ways of doing businesses by providing work for unskilled workers at the wage rate specified by the Central Government. For tribal communities like the Santhals of Pakur district (Jharkhand), MGNREGA has the potential to function as both a safety net and a catalyst for livelihood security. The study aims to find out the extent of participation of MGNREGA among Santhal households in Pakur. This study assesses the influence of MGNREGA on income, migration, and household consumption within Santhal households in Pakur district. Primary data were gathered utilising a stratified random sampling method to guarantee representation among the socio-economic strata of Santhal households. The survey encompassed 150 households, with 25 households chosen from each of six blocks—Pakuria, Maheshpur, Pakur, Amrapara, Littipara, and Hiranpur—establishing a solid foundation for evaluating the program's impact on the community. The data were examined through descriptive statistics and the Wilcoxon Signed-Rank Test methodologies after testing the data for normality. The results indicate a statistically significant upward shift in income categories and a reduction in reported seasonal migration following participation in MGNREGA. MGNREGA participation contributed to improved economic well-being, as evidenced by consumption trends, with most households reporting heightened consumption, signifying better access to food and essential goods. The research concludes that MGNREGA has favourably impacted the socio-economic status of Santhal households. The research highlights the necessity for MGNREGA to focus on the development of productive community assets, including irrigation facilities, land development structures, and water harvesting systems, to improve the livelihood resilience of tribal households. It advocates for enhancing execution to achieve more comprehensive livelihood advancements.

An Empirical Study on Impact Analysis of Macro Economic Indicators on Indian Banking Stocks

S. Sundara Ram — 2026-02-23

The fluctuations in stock prices are due to both company-specific internal factors and many external factors. Among the external factors, the most important are the macroeconomic factors. To create a profitable portfolio, investors must analyse both internal and external influences. This study focuses on the impact of the most important macroeconomic factors, viz., GDP, inflation, industrial production, crude oil prices, foreign institutional investments, currency exchange rate and interest rates, on the prices of the listed banking stocks in India. The sample constitutes the top five listed banks selected from the public and private sectors on the basis of their market capitalisation. The collected secondary data was analysed using suitable statistical tools such as mean, standard deviation, coefficient of correlation and linear multiple regression analysis. Hypotheses are tested based on Pearson’s correlation and regression analysis. It is observed that only two variables, i.e. industrial production and exchange rate, have a significant positive impact on the stock prices. The variable interest rate is showing a significantly negative influence on the stock prices. All the other variables, viz., GDP, inflation, oil prices and FII investments have an insignificant impact.

Advancing Healthcare through Corporate Social Responsibility: A Study of Bangladesh’s Banking Sector

Shamsul Sarkar — 2026-02-23

Corporate Social Responsibility (CSR) has shifted from a philanthropic activity to a strategic business practice, especially in Bangladesh’s banking sector, where it plays a crucial role in healthcare improvements. The contribution of CSR by banks in Bangladesh has been influential in addressing critical societal needs and enhancing community well-being. Through their CSR initiatives, banks in Bangladesh are actively involved in promoting education, environmental sustainability, and particularly healthcare, reflecting a strong commitment to societal development. This chapter investigates how Bangladeshi banks have integrated CSR into their operations, aligning efforts with national health goals. Using content analysis of publications from the Bangladesh Central Bank and other sources, the study outlines the transition from basic charitable actions to more impactful CSR interventions. Under the Bangladesh Bank’s regulatory framework, banks are required to allocate a portion of profits to CSR, particularly focusing on healthcare, education, disaster relief, and environmental sustainability. The research highlights key healthcare initiatives such as infrastructure development, funding medical camps, and promoting public health awareness. Fluctuations in healthcare-related CSR spending from 2019 to 2023 are examined, showing a peak in 2021, followed by a decline due to political and economic instability. The study stresses the need for stronger oversight, strategic partnerships, and long-term healthcare investments to ensure sustainable outcomes. Bangladesh Bank has initiated several measures to integrate FI with social welfare activities, reflecting a comprehensive engagement of the banking sector in CSR to combat poverty, empower women, improve educational and healthcare facilities, handle disasters, and enhance cultural richness. The variability in expenditure, influenced by external political and economic factors, underscores the need for stronger regulatory frameworks and strategic partnerships. By aligning CSR activities with national health goals and enhancing transparency, banks can ensure that their contributions to healthcare are both impactful and sustainable. Recommendations include aligning CSR strategies with national health objectives, enhancing transparency, and collaborating with healthcare providers and NGOs. Further research is suggested to evaluate the direct impact of these initiatives on healthcare outcomes to ensure long-term effectiveness.

Ethical Leadership of Managers in Jubail City, Saudi Arabia: A Case Study

Asan Vernyuy Wirba — 2026-02-23

This book chapter examines the ethical leadership of managers in organisations in Jubail City, Saudi Arabia. The need for ethical leadership in organization steam from many scandals both in the public and corporate sectors, which have created an interest in studying ethical leadership in organisations. Furthermore, in an increasingly complex and interconnected world, the role of managers in Jubail, Saudi Arabia, extends beyond traditional operational oversight to encompass the ethical dimensions of leadership. "Ethical Leadership of Managers" delves into the crucial intersection of management practices and ethical decision-making, offering a comprehensive examination of how ethical leadership can shape organisational culture, influence employee behaviour, and drive sustainable success. This insightful volume draws on interdisciplinary research, blending theories from management, psychology, and philosophy to provide a robust framework for understanding ethical leadership in contemporary organisations. Through real-world case studies and empirical evidence, the book illustrates the profound impact that ethical leaders can have in fostering an environment of trust, accountability, and inclusivity. The result show that most managers in various organizations in Saudi Arabia agree that ethical issues such as communicating clear ethical standards for members, being honest can be trusted to tell the truth, insisting on doing what is fair and ethical even if it is difficult, acknowledging mistakes and accepting responsibility for them, and regard honesty and integrity as important personal values were things on which they agreed completely. Most of the managers were in disagreement with issues related to holding members accountable for using ethical practice in their work and putting the needs of others above their own self-interest, being fair and objective when evaluating member performance and providing rewards, and finally setting out an example of dedication and self-sacrifice for the organisation. The highest disagreement in percentage 20% disagree that they hold members accountable for using ethical practice in their work and seconded by 23.34% disagreement of managers in putting the needs of others above their own self-interest, 6.66% disagree on being fair and objective when evaluating member performance and providing rewards, 6.64% disagrees on setting out an example of dedication and self-sacrifice for the organization.

Readers of this book chapter will explore key themes such as the role of ethical leadership in crisis management, the implications of ethical decision-making for stakeholder engagement, and the necessity of cultivating an ethical organisational climate. Furthermore, the book presents practical strategies and actionable insights for current and aspiring managers, equipping them with the tools to navigate ethical dilemmas and promote ethical standards within their teams. By emphasising the importance of self-awareness, moral reasoning, and effective communication, "Ethical Leadership of Managers" serves as an essential guide for those seeking to lead with integrity in their organisations. Ultimately, this book advocates for a transformative approach to leadership—one that prioritises ethical considerations as fundamental to achieving long-term organisational success and societal benefit, reaffirming the vital role of managers as ethical stewards in the workplace.

Financing Fixed Assets of SMEs in Cameroon: The Rule of Minimum Financial Balance in this Context

Ndjeck Noé — 2026-02-23

The balanced financial structure of firms is not a new issue in financial analysis. However, the respect of the rule of minimum financial balance within the context of SMEs, characterised by the rationing of capital, particularly bank credit, constitutes a new avenue for research. The main aim of this study is to highlight the breaking of the minimum financial balance rule by companies and propose ways of financing the long and medium term needs of SMEs in a context of excessive rationing of bank credit in order to obtain a balanced financial structure. In order to highlight the sources of financing for the long and medium-term needs of SMEs, a simple random sampling method was used. The researcher collected data from two surveys, the first based on the observation of 100 Cameroonian SMEs, from 2017 to 2023, in which we focus on the frequencies of the alternative methods of financing the assets of SMEs. On the data of the second survey performed between 2013 and 2016 on 452 SMEs in Cameroon, the researcher applied a Logit regression to empirically explain the probability of the choice of the mode of financing made in the presence of credit rationing and used the techniques leading to a mode of financing to highlight the modes of financing chosen by SMEs. The sample was made up mainly of companies having 9 years of experience (68.6%). They are followed by SMEs with more than 10 years of survival (28.57%) and those with 5 years (2.85%). The study results show the following modes of financing: For the first survey, equity, savings and loan associations (tontines), assistance from friends and family members, microfinance institutions, intercompany credit, leasing institutions, and bank credit. For the second survey: savings and loan associations, microfinance institutions, intercompany credit, help from friends and family members, contributions of partners, leasing institutions, and the issue of new shares are found as the main modes of financing. The field study reveals that the structure of financing of SMEs violates the rule of minimum financial balance. Therefore, the study proposed ways of enabling SMEs to comply with this rule and ensure their financial safety. These findings can be important in line with the Modigliani and Miller, Myers and Majluf, and Quintart models if the question of the financing of SMEs in the context of excessive credit rationing is to be addressed.

Investment and Economic Growth in West Africa: Panel Data Evidence from Selected Countries

A. A. Igwemma — 2026-02-23

Economic growth constitutes one of the fundamental macroeconomic objectives, which most nations, especially the developing economies, strive to achieve. Investment plays a critical role in a country’s economic growth by allowing for the use of modern production methods, stimulating innovation, technology transfer and expanding countries’ production efficiency. Both domestic and foreign generally promote economic growth in developing countries. This study examined the impact of investment on economic growth using panel data from selected West African countries over the period 1990–2024. The dependent variable was gross domestic product, while domestic investment, inward foreign direct investment, outward foreign direct investment and insecurity index were the independent variables. The data were sourced from the World Development Indicator and Central Banks of the respective countries. The selected West African countries in focus included Nigeria, Ghana, Liberia, The Gambia and Sierra Leone. A panel random effect model was used in analysing the data. The result obtained revealed that domestic investment had a significant and positive effect on the economic growth of the selected countries, while FDI inflow and the insecurity index exerted negative effects on economic growth. Ghana had the most positive effect as the country recorded positive trends in their domestic investment and inward foreign investment, which exerted positive effects on the country’s economic growth. The study concluded that domestic investments in the selected countries have been appreciable and have increased the economy of the countries, but foreign direct investment inflow and outflow have not had the desired effect on the growth of the countries’ economies. Security challenges continued to pose significant constraints on both inward and outward foreign direct investment (FDI) flows within the region. It is therefore recommended that governments in the West African region enhance the attractiveness of their domestic economies to foreign investors by strengthening infrastructure development, accelerating industrialisation efforts, and leveraging regional trade agreements to promote and facilitate cross-border investments.

Sectoral Output and Employment Dynamics in Nigeria: Evidence from an ARDL Analysis (1981-2021)

Ololade J. Olaniyan — 2026-02-23

Background: In Nigeria, a country with a predominantly youthful population estimated at over 224 million, the capacity for growth to generate productive jobs is a pressing development concern.

Aim: This study examines the employment effects of sectoral contributions to Nigeria’s GDP and evaluates the relative labour‑absorption capacity of agriculture, industry and services over 1981–2021. It seeks to identify which sectors are growth‑led in employment generation and to inform policy that aligns growth with inclusive job creation. The core problem addressed in this study is the lack of clear, long-run, sectorally disaggregated evidence showing the employment contributions of the broad sectors of agriculture, industry, or services. Existing studies have either focused on aggregate relationships, examined single sectors in isolation, or limited their analysis to short‑run dynamics.

Theoretical Framework: The analysis is grounded in Keynesian demand theory and Okun’s law, which link aggregate output to employment, and extends these to a sectoral perspective. The framework recognises capital intensity, technology bias, and value chain linkages as mediating mechanisms that determine whether sectoral growth translates into net employment gains.

Methodology: Using annual data for 1981-2021 sourced from the Central Bank of Nigeria’s statistical bulletin and Penn World Tables, the study proxies sectoral output by agricultural, industrial and services GDP and measures employment by total employed persons. After log transformation and unit root testing, an Autoregressive Distributed Lag (ARDL) bounds testing approach is employed to detect cointegration and estimate short-run dynamics and long-run elasticities. Estimated models control for inflation, public expenditure and lagged employment; diagnostic checks ensure robustness.

Results: Bounds tests indicate cointegration at both aggregate and disaggregated levels. Long-run elasticities indicate that agricultural GDP has the highest employment intensity, supporting a growth-led employment strategy. Industrial expansion displays characteristics of jobless growth, while service‑sector growth is associated with job‑loss dynamics, reflecting low labour absorption due to capital and technology intensity. Public expenditure shows a positive long‑run association with employment. In the aggregate analysis, a 1% rise in GDP is associated with a 0.27% increase in employment in the short run.

In comparison, a 1% increase in GDP raises employment by about 0.53% in the long run, roughly double the short‑run elasticity, indicating that the employment response to growth strengthens over time. When GDP is disaggregated, short‑run dynamics reveal important heterogeneity across sectors. Agricultural output (AGRGDP) exerts a positive and significant short‑run effect on employment (approximately 0.15% per 1% AGRGDP increase), while industry and services coefficients are negative and statistically insignificant. Agricultural GDP displays a large and significant long‑run elasticity (≈0.52), implying that sustained agricultural expansion is strongly employment‑intensive. By contrast, industry and services show small negative long‑run coefficients (statistically insignificant).

Conclusion: Policy should prioritise targeted support for agriculture and labour‑intensive industrialisation, strengthen value‑chain investments, and align fiscal allocations to maximise employment outcomes. Reorienting sectoral growth toward labour‑absorbing activities is essential to mitigate Nigeria’s persistent unemployment challenge. Future research should disaggregate services and industry to identify sub‑sectoral employment potentials.

Perceived Economic Empowerment through Self-Help Groups: A Statistical Study of Scheduled Caste Women in Ramgarh District, Jharkhand, India

Manisha Kumari — 2026-02-23

The issue of financial inclusion and economic upliftment among marginalised sections, particularly Scheduled Caste (SC) women, continues to pose a major challenge in India’s development process, including in Jharkhand. In this context, Self-Help Groups (SHGs) have emerged as a crucial mechanism for promoting socio-economic advancement and empowerment at the grassroots level. Participation in SHGs not only enables women to achieve financial independence but also helps them acquire essential skills and strengthens their collective voice within their communities.

This study aims to examine the transformative impact of SHGs on the economic empowerment of SC women in Ramgarh district, Jharkhand. A total of 100 women associated with SHGs across five blocks—Gola, Mandu, Chitarpur, Ramgarh, and Patratu—were selected for the study. Data was collected through structured questionnaires and interviews, and the Wilcoxon signed-rank test was applied to assess changes in participants’ economic conditions before and after joining SHGs.

The findings reveal a statistically significant improvement in key economic indicators after participation in SHGs, highlighting their strong positive influence on economic empowerment. There has been a notable increase in members’ annual income and savings, along with improvements in employment duration. These results demonstrate the tangible benefits of SHG involvement in enhancing livelihood opportunities and financial stability.

The study further suggests that sustained efforts—particularly through targeted training and skill development programs aligned with local market demands—are essential to maintain and expand these gains. It also emphasises the need for further research and supportive policy initiatives to strengthen and extend SHG programs, ensuring continued positive impact on the lives of Scheduled Caste women.