Economics, Finance and Management Review

Leadership Vision and Economic Transformation in India: Policy Priorities and Growth Dynamics, 2000–2026

Sandeep Kumar Gupta, R. Anjali, G. S. Varshitha, R. P. Kushi, A. S. Varsha — Wed, 30 Sep 2026 00:00:00 +0300

India's economic transformation during the first quarter of the twenty-first century provides an important context for examining the relationship between national development priorities, institutional reforms, and macroeconomic performance. Successive government initiatives addressed infrastructure development, digital transformation, financial inclusion, industrial production, and entrepreneurship, creating a multidimensional framework for economic and institutional change. However, the relationship between these initiatives and aggregate economic growth requires a clear distinction between strategic objectives, implementation mechanisms, and observed economic outcomes. The study aims to examine the evolution of India's economic development priorities during 2000–2026 and analyse their relationship with the country's GDP growth dynamics. The research combines documentary analysis, comparative assessment of economic policies, and descriptive statistical methods using scientific publications, official institutional information, and World Bank data. The quantitative analysis covers 26 annual observations for 2000–2025. The results identify the continuity and interaction of infrastructure, technological, financial, industrial, and entrepreneurship-related initiatives across successive stages of economic development. The statistical analysis establishes an average annual GDP growth rate of approximately 6.26%, with substantial fluctuations during the study period, including a contraction of 5.8% in 2020 and growth of 9.7% in 2021. The findings demonstrate that aggregate GDP growth characterises macroeconomic performance but does not independently establish the causal effects of individual government programmes. The study contributes to the examination of national economic transformation by integrating major policy directions into a common analytical framework that distinguishes strategic priorities, institutional implementation, and measurable outcomes. Its practical implications concern the development of comprehensive approaches to economic policy assessment based on the combined use of macroeconomic, sectoral, institutional, and social indicators.

Ukraine in Global Rankings: Institutional Change, Human Development, and Resilience, 2018-2026

Svitlana Greben — Wed, 30 Sep 2026 00:00:00 +0300

International rankings provide a comparative view of competitiveness, institutional quality, innovation, human development, environmental performance, prosperity, food security, and state resilience. For Ukraine, their interpretation after 2018 requires particular caution because the period includes the COVID-19 shock, the full-scale Russian invasion, and methodological discontinuities in several ranking systems. The study aims to assess changes in Ukraine's positions from the 2018 baseline to the latest official editions available by September 2026 and to distinguish substantive national change from changes caused by revised methodologies or discontinued rankings. The study applies comparative desk research using official reports, country profiles, datasets, and methodological notes for ten international indices. The indicators are divided into currently updated rankings and indices without a current comparable observation. Ukraine's trajectory is multidirectional. The Corruption Perceptions Index improved from 32 points and 120th place in 2018 to 36 points and 104th place in 2025. The Global Innovation Index deteriorated from 43rd to 66th place. The Fragile States Index shows the strongest negative shift, from a score of 72.6 in 2018 to 93.1 in 2024. The revised UNDP series records an HDI decline after 2019 followed by partial recovery to 0.779 in 2023. The 2026 Environmental Performance Index ranks Ukraine 40th, although methodological changes limit direct rank comparison. Earlier improvements in Doing Business ended with the report's discontinuation, while Ukraine is currently not graded overall in the Index of Economic Freedom. Ukraine combines institutional reform capacity with severe wartime pressure on state resilience, innovation inputs, human development, and food-system security. Future studies should develop a harmonized dashboard separating structural reforms, war-related shocks, and methodology-induced changes.

ESG Performance, Corporate Governance, and Firm Value: The Mediating Role of Financial Sustainability new Emerging Markets in India

Wed, 30 Sep 2026 00:00:00 +0300

Environmental, social, and governance (ESG) performance and corporate governance have become increasingly important in corporate valuation, particularly in emerging markets where institutional conditions influence sustainability practices and financial outcomes. However, the mechanisms through which these factors are associated with firm value require further empirical investigation. This study aims to examine the relationships among ESG performance, corporate governance, financial sustainability, and firm value in Indian listed companies, with particular attention to the mediating role of financial sustainability. The research employed a quantitative approach based on 720 firm-year observations of non-financial listed firms in India. Descriptive statistics, correlation analysis, multicollinearity diagnostics, fixed-effects panel regression, and mediation analysis with bootstrapped confidence intervals were applied. Firm value was measured using Tobin's Q, while financial sustainability was assessed through the Sustainable Growth Rate. The results revealed positive associations between ESG performance, corporate governance, and firm value. ESG performance and corporate governance were also positively associated with financial sustainability, which demonstrated a significant relationship with firm value (β = 1.842, p < 0.01). The inclusion of financial sustainability increased the explanatory power of the firm-value model from 41.2% to 48.6%. Mediation analysis identified significant indirect effects of ESG performance (β = 0.0052) and corporate governance (β = 0.1551) on firm value through financial sustainability, with confidence intervals excluding zero. These findings indicate that financial sustainability partially mediates the examined relationships and represents an important financial mechanism associated with corporate valuation. The study contributes to emerging-market research by integrating ESG performance, corporate governance, and financial sustainability within a unified analytical framework. Further research should examine individual ESG dimensions, sectoral differences, alternative measures of financial sustainability, and potential endogeneity to establish the robustness of these relationships across different institutional environments.

The Effect of Knowledge Transfer on Organizational Innovation in Businesses: The Role of Responsible Leadership

Deniz Sönmez, Recep Yücel — Wed, 30 Sep 2026 00:00:00 +0300

In our era, leaders have numerous roles in the management of businesses. One of the most important and essential among these is the adaptation of leaders to the age of knowledge and innovation. Undoubtedly, one of the factors enhancing the capability of businesses in the face of fierce competition is determining the power and influence of leaders in utilizing knowledge for innovation and renewal. Based on these views, the aim of this study is to analyze the relationship between knowledge transfer and organizational innovation in businesses and to determine the mediating effect of responsible leadership in this process. Based on these views, the aim of the study is to analyze the relationship between knowledge transfer and organizational innovation in businesses and to reveal the mediating effect of responsible leadership in this process. The data for this study were obtained from employees of institutionalized private educational institutions in Istanbul. The validity and reliability of the scales used in the study were evaluated through Cronbach's Alpha coefficient, confirmatory factor analysis (CFA), and convergent and discriminant validity tests. The relationships between variables were assessed using Pearson Correlation analysis, and the research hypotheses were tested with Structural Equation Modeling (SEM). The findings indicate that knowledge transfer has a positive and significant effect on organizational innovation. Furthermore, it was determined that knowledge transfer increases the perception of responsible leadership, and responsible leadership positively affects organizational innovation. However, it was established that responsible leadership plays a partial mediating role in the relationship between knowledge transfer and organizational innovation. Consequently, encouraging knowledge sharing and adopting a responsible leadership approach in businesses play a significant role in enhancing organizational innovation capacity.

AI-based Recruitment and Candidate satisfaction: The Mediating Roles of Trust and Perceived Fairness in the Indian IT Sector

Kapil Manore, Rohan Mishra — Wed, 30 Sep 2026 00:00:00 +0300

Artificial intelligence has transformed recruitment and employee selection by introducing automated screening, algorithmic matching, and data-driven decision-making. Although these technologies offer operational benefits, their implications for candidate satisfaction remain insufficiently understood, particularly in emerging economies. This study examines the relationships between AI-assisted recruitment systems and candidate satisfaction in the Indian IT sector, focusing on the mediating roles of trust and perceived fairness. The research employs a quantitative, cross-sectional design based on survey responses from 300 final-year students and graduates in Maharashtra who had experience with AI-assisted recruitment. Structural equation modelling is used to assess construct reliability and validity, estimate direct relationships, and examine indirect effects through trust and perceived fairness. The results indicate positive relationships between AI-assisted recruitment systems, candidate experience, trust, perceived fairness, and satisfaction. Perceived fairness demonstrates the largest direct standardised coefficient among the predictors of candidate satisfaction (β = 0.285), followed by trust (β = 0.256). The reported indirect effects of AI-assisted recruitment systems on satisfaction through trust and perceived fairness are 0.060 and 0.062, respectively, with confidence intervals excluding zero. The proposed model explains 31.2% of the variance in candidate satisfaction. These findings suggest that candidate satisfaction is associated not only with perceptions of recruitment technology but also with confidence in automated decisions and evaluations of procedural fairness. The study contributes to digital human resource management by integrating technological and candidate-related factors within a common explanatory framework. Its practical implications concern the development of transparent, reliable, and candidate-oriented AI-assisted recruitment procedures. Future research should employ longitudinal and comparative designs to examine these relationships across different industries, applicant populations, and recruitment technologies.

Business Logic as an Integrated Corporate Governance Mechanism under Uncertainty

Vira Shepeliuk, Natalia Tryshchenko — Wed, 30 Sep 2026 00:00:00 +0300

Contemporary corporate governance operates in an environment shaped by digital transformation, geopolitical instability, increasing uncertainty, and stronger expectations regarding transparency and stakeholder accountability. These conditions require an integrated approach that connects strategic decision-making, stakeholder interests, risk management, and long-term value creation. This study aims to develop a conceptual model of business logic as an integrated corporate governance mechanism under uncertainty and to determine its theoretical foundations, structural dimensions, and practical significance. The methodology is based on an interdisciplinary theoretical framework combining stakeholder theory, institutional theory, dynamic capabilities, systems thinking, and contemporary corporate governance principles. The study applies analysis and synthesis to generalize existing approaches, comparative analysis to identify their limitations, and conceptual modelling to construct an original three-dimensional framework. The results define business logic as an integrated system of principles, patterns, and managerial mechanisms that aligns stakeholder interests, organizational resources, and external environmental requirements in strategic decision-making. The proposed model integrates three interrelated dimensions, namely managerial, stakeholder, and value dimensions, across six sequential phases of corporate transformation: entropy, nonlinear transformation, divergence, bifurcation, convergence, and formation of a new system. The model links strategic adaptation with risk management, stakeholder engagement, ESG principles, and corporate value creation. Its practical application can support the transition from reactive to preventive risk management, strengthen organizational adaptability and stakeholder trust, and improve the consistency of corporate decisions under uncertainty. The study concludes that business logic can serve as a theoretical and practical framework for continuous corporate transformation. Further research should empirically test the model across industries and develop indicators for assessing transformation phases and their effects on organizational resilience, governance effectiveness, and long-term corporate value.

Automotive Logo Recognition, Visual Exposure, and Brand Trust: An Exploratory Student Survey

Oleksandr Mihus, Pawel Bajon — Wed, 30 Sep 2026 00:00:00 +0300

Automotive logos are compact visual identifiers that support brand awareness, memory, and consumer evaluation, but their effectiveness depends on both design characteristics and prior familiarity. This study examines how a student-oriented sample recognizes automotive brand logos and how recognition is related to interest in cars, everyday attention to logos, exposure channels, and perceived effects on trust and brand attitude. An online Google Forms survey was conducted from 2 to 9 May 2026. Forty-five responses were received, but only 42 records containing explicit consent for research use were retained for analysis. Respondents evaluated 11 automotive logos and answered questions on demographics, automotive interest, logo attention, exposure, recognition cues, barriers, trust, and brand attitude. Recognition was summarized as a score from 0 to 11, while frequencies, percentages, Mann-Whitney comparisons, and Spearman rank correlations were used for analysis. Average correct recognition across the 11 logos was 67.7%, corresponding to a mean recognition score of 7.45. Mercedes-Benz (92.9%), Renault (88.1%), Opel (81.0%), and Maserati (78.6%) showed the highest recognition, while Geely and ORA GWM each reached 40.5%. Street exposure was reported by 83.3% of respondents, films or videos by 59.5%, and social media by 54.8%. Recognition was positively associated with interest in cars (Spearman rho = 0.338, p = 0.029) and, more strongly, with attention to logos in everyday life (rho = 0.446, p = 0.003). Most respondents reported that recognizable logos increase trust at least partly (80.9%), and 90.5% indicated some influence of a well-known logo on brand attitude. The findings suggest that automotive logo recognition reflects the combined effects of familiarity, repeated exposure, and visual distinctiveness. Marketing practice should therefore integrate distinctive logo design with sustained real-world and digital visibility, particularly for less familiar brands.

A Data-Driven Econometric Analysis of the Time-Varying Hedge and Safe Haven Properties of Gold and Silver in Emerging

Wed, 30 Sep 2026 00:00:00 +0300

Precious metals play an important role in portfolio diversification and financial risk management, particularly during periods of economic uncertainty and stock market instability. However, their defensive properties may vary depending on market conditions and the intensity of financial shocks. This study aims to examine the time-varying hedging and safe-haven properties of gold and silver in the Indian stock market, with particular attention to their capacity to protect investors during periods of financial stress. The research employs daily price data for the BSE SENSEX, gold, and silver covering January 2003 to December 2023. The methodological framework combines descriptive statistics, correlation analysis, Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) modelling, and quantile regression to assess asset dependence under normal and extreme market conditions. The results reveal substantial differences in the defensive characteristics of the two metals. Gold exhibits a weak negative average correlation with the BSE SENSEX (-0.08), which becomes more pronounced during the Global Financial Crisis (-0.21) and the COVID-19 pandemic (-0.18). Quantile regression produces negative coefficients for gold at the 0.05 (-0.28) and 0.10 (-0.21) quantiles, indicating potential safe-haven properties during severe equity market downturns. Conversely, silver demonstrates a weak positive average correlation with stock returns (0.12) and positive coefficients across all examined quantiles, suggesting limited protective capacity during extreme market conditions. The findings indicate that gold exhibits more consistent defensive characteristics than silver, while its protective properties remain dependent on market conditions. The study contributes to understanding the dynamic relationships between precious metals and equity markets and provides insights relevant to portfolio diversification and financial risk management in emerging economies. Further research should incorporate additional emerging markets, alternative safe-haven assets, structural break models, and volatility spillover analysis to examine the robustness of these relationships across different financial environments.

The Impact of Financial Performance on Firm Value: Evidence from Tunisia

Mohamed Aymen Ben Moussa — Wed, 30 Sep 2026 00:00:00 +0300

Firm value is a central indicator of investors' expectations regarding a company's capacity to generate sustainable returns, while financial performance provides information about profitability, liquidity, efficiency, capital structure, and risk. In emerging capital markets, the extent to which these financial characteristics are reflected in market valuation remains an important empirical issue. This study examines the relationship between financial performance and firm value for companies listed on the Tunisian Stock Exchange over the period 2015-2024. Firm value is measured using Tobin's Q, while the explanatory variables include return on assets (ROA), return on equity (ROE), capital ratio, current ratio, firm size, liquid assets ratio, operating costs, leverage, board independence, board size, economic growth, and inflation. The empirical analysis is based on panel data for 30 firms, yielding 300 firm-year observations over the 2015-2024 period. Correlation analysis and variance inflation factors are used to assess multicollinearity, and the Hausman test is applied to select between fixed-effects and random-effects specifications. With a Hausman p-value of 0.069, the random-effects model is retained. The estimation results show positive and statistically significant coefficients for ROA (0.027; t = 2.67) and ROE (0.035; t = 2.23), indicating that stronger profitability is associated with higher firm value. Firm size, board independence, and economic growth also show positive significant relationships with firm value, whereas leverage, liquid assets ratio, and board size show negative significant relationships. Capital, current ratio, operating costs, and inflation are not reported as statistically significant in the estimated model. The findings support the view that profitability and selected financial and governance characteristics are relevant to market valuation in the Tunisian context. The results may assist managers and investors in identifying firm-level factors associated with value creation and provide empirical evidence for financial decision-making in an emerging-market setting.

How Financial Inclusion Leads to Women Empowerment: Academic Journey from 2004 to 2026

Rajalaxmi Barik, Sanjeeb Kumar Dey — Wed, 30 Sep 2026 00:00:00 +0300

Financial inclusion not only facilitates the economic empowerment of women but also has profound consequences for gender equality and social empowerment. Previous empirical studies revealed the positive effect of financial inclusion on women’s empowerment, but bibliometric analysis in this context remains limited, especially in India. The purpose of this article is to study how financial inclusion influences women’s empowerment through a bibliometric analysis over the last two decades. The data were extracted from the Scopus database from 2004 to 2026, covering 22 years. Initially, 424 documents were identified, of which 369 documents were retained after screening through the PRISMA guidelines. The final dataset was analysed using Biblioshiny and VOSviewer software. The methodology includes various types of bibliometric analysis and science mapping to visualise the intellectual and conceptual structures, thematic development, collaboration patterns, keyword co-occurrence, co-citation, and bibliographic coupling. The analysis identifies India as the leading contributor, followed by the U.S.A. and the U.K. The findings reveal the most influential organisations, authors, sources, countries, and documents. Publication activity increased substantially after 2021, with 2025 being the most productive year. Financial inclusion and women’s empowerment are the most dominant research themes, while digital literacy, financial services, microfinance, and economic empowerment emerge as important areas of research. The study provides a comprehensive overview of the knowledge structure and research trends in financial inclusion and women’s empowerment. It also offers valuable insights to policymakers, who should focus on financial and digital literacy programmes, women’s access to smartphones, reliable internet connections, and digital banking. Future studies should use additional databases such as Web of Science, Dimensions, and Google Scholar, apply content analysis, examine rural and low-income contexts, and further investigate digital literacy, gender equality, financial inclusion, and economic empowerment.