TY - JOUR AU - Gutu, Tesfaye Ginbare AU - Máté, Domicián AU - Hágen, István Zsombor TI - Mapping the Evolution of Sustainable Financial Inclusion: A Bibliometric Analysis of Global Trends (2007–2025) JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 9 PG - 29 SN - 1911-8066 DO - 10.3390/jrfm18090472 UR - https://m2.mtmt.hu/api/publication/36301574 ID - 36301574 AB - Sustainable financial inclusion is an essential factor for economic development, social justice, and environmental sustainability. The primary objective of this bibliometric analysis is to investigate trends in sustainable financial inclusion publications using 1467 Scopus and WoS-indexed documents published between 2007 and 2025. The review visualized major trends, intellectual structures, and thematic clusters using VOSviewer and the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol. This analysis identified eight thematic clusters, including digital finance, Environmental, Social, and Governance (ESG) integration, green finance, and financial literacy, which demonstrate the multidimensional nature of the field. Since 2017, research on sustainable financial inclusion has grown, led by China, India, and the USA, revealing geographic imbalances and underrepresentation of the Sub-Saharan Africa and Central Asia regions. Major barriers identified were financial illiteracy and uncoordinated regulations among institutions. This review suggests critical insights for scholars, policymakers, and practitioners should align inclusive finance with the Sustainable Development Goals (SDGs) and advocate for a shift from mere financial access to systemic, sustainability-driven models. It calls for collaboration between decision-makers and financial institutions to foster inclusive, fair, sustainable, and environmentally responsible financial ecosystems. LA - English DB - MTMT ER - TY - JOUR AU - Caldarelli, Giulio TI - Integration of Blockchain in Accounting and ESG Reporting: A Systematic Review from an Oracle-Based Perspective JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 9 SP - 491 SN - 1911-8066 DO - 10.3390/jrfm18090491 UR - https://m2.mtmt.hu/api/publication/36323292 ID - 36323292 AB - The Bitcoin network is a sophisticated accounting system that facilitates consensus and verification of transactions through cryptographic proof, eliminating the need for a central authority. Given its success, the underlying technology, generally referred to as blockchain, has been proposed as a means to improve legacy accounting and reporting systems. However, integrating real-world data into a blockchain requires the use of oracles: third-party systems that, if poorly selected, may be less decentralized and transparent, potentially undermining the expected benefits. Through a systematic review of the existing literature, this study investigates whether research articles on the integration of blockchain technology in accounting and reporting have addressed the limitations posed by oracles, under the rationale that the omission of oracles constitutes a theoretical bias. Furthermore, this study examines oracle-based solutions proposed for reporting applications and classifies them based on their intended purpose. While the overall consideration of oracles remains limited, the findings indicate a steadily increasing interest in their role and implications within accounting, auditing, and ESG-related blockchain implementations. This growing attention is particularly evident in ESG reporting, where permissioned blockchains and attestation mechanisms are increasingly being examined as practical responses to data verification challenges. LA - English DB - MTMT ER - TY - JOUR AU - Eraso Cisneros, Byron AU - Pérez-Rico, Cristina AU - Gallizo Larranz, José L. TI - Banking and Cooperatives in Ecuador: Comparative Evidence of Technical Efficiency and Financial Resilience JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 9 SP - 501 PG - 17 SN - 1911-8066 DO - 10.3390/jrfm18090501 UR - https://m2.mtmt.hu/api/publication/36331135 ID - 36331135 AB - In Ecuador’s financial system, private banks and savings and credit cooperatives coexist, both playing a key role in financial intermediation and the economic inclusion of traditionally underserved sectors. During the COVID-19 pandemic, these institutions faced unprecedented challenges that tested their adaptability and operational efficiency. In this context, the present study evaluates the technical efficiency of banks and cooperatives in Ecuador over the 2015–2023 period, using a combined approach involving Data Envelopment Analysis (DEA) and mixed linear models (MLMs). A longitudinal and comparative methodology is adopted, allowing for the analysis of efficiency trends over time and the identification of their main structural determinants. The results show that cooperatives exhibit a higher average technical efficiency than banks, as well as greater resilience during the health crisis. The analysis reveals that operating expenses negatively impact efficiency, while equity and social capital show no significant effects. By combining DEA and MLMs, the study offers a more comprehensive and nuanced understanding of the factors influencing efficiency, underscoring the importance of tailored policies and institutional strategies focused on resource optimization and continuous improvement. The study concludes that efficiency does not rely solely on size or asset volume, but rather on managerial capacity and organizational adaptability in complex and changing environments. LA - English DB - MTMT ER - TY - JOUR AU - Miljak, Toni AU - Martinčević, Ivana AU - Sesar, Vesna TI - The Impact of Financial Manager Decisions on the Business Results of Micro and Small Companies in the Republic of Croatia in the Area of the City of Split JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 9 SP - 1 EP - 25 PG - 25 SN - 1911-8066 DO - 10.3390/jrfm18090522 UR - https://m2.mtmt.hu/api/publication/36343456 ID - 36343456 AB - Doing business in today’s turbulent and, above all, changing environment represents a great challenge for financial managers in achieving quality management of the organization. Financial data and financial basis are key sources of information and a basis for the financial manager to make decisions and manage well. Financial data are the basis for the effective management of a company, they enable the monitoring of business performance and making operational and strategic decisions, and they are key for future planning and communication with stakeholders. The aim of this paper is an in-depth analysis of the business operations of selected micro and small companies from the city of Split, which are registered for the preparation and serving of food and beverages, to determine whether financial data, their proper use, and management have an impact on business performance. The resource-based view (RBV) is the basis for the development of this research framework. The RBV theory enables and explains the importance of resources, and through this study, the connection with how to interpret and use financial resources (financial data, i.e., information) and what potential effects they have on the financial performance of micro and small companies in the sector registered for the activity of preparing and serving food and beverages in the tourism sector. According to the Accounting Act in the Republic of Croatia, micro companies meet two of three criteria: total assets up to EUR 350,000, revenues up to 700,000, and an average number of employees during the business year of up to 10, while small companies meet two of the following three criteria: total assets up to EUR 4,000,000, revenues up to EUR 8,000,000, and an average number of employees during the business year of up to 50. The results of the research showed the importance of financial information as a resource necessary for business management and competitive position, but also the necessity of continuous investment in the education of financial managers in order to be able to implement the prescribed acts in a way that maximizes the evaluation of the companies’ business performance. LA - English DB - MTMT ER - TY - JOUR AU - Yeesoonsam, Kirana AU - Tansuchat, Roengchai AU - Chimprang, Namchok TI - Self-Awareness in Business Acumen as a Cognitive Bridge Between Accounting Proficiency and Financial Performance in Thai Community Enterprises JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 9 SP - 492 SN - 1911-8066 DO - 10.3390/jrfm18090492 UR - https://m2.mtmt.hu/api/publication/36487418 ID - 36487418 AB - This study investigates the mediating role of self-awareness within the broader framework of business acumen, emphasizing its connection to entrepreneurial accounting proficiency and financial performance in community enterprises across Thailand. The purpose is to advance theoretical understanding by integrating metacognition theory and the resource-based view (RBV), and to provide practical insights for strengthening grassroots entrepreneurship. Using survey data from 210 enterprises, a hybrid Structural Equation Modeling–Artificial Neural Network (SEM–ANN) approach is applied to capture both linear and nonlinear relationships among cognitive, technical, and financial variables. The results confirm that accounting proficiency has a significant and positive effect on self-awareness with value of 0.125. However, self-awareness does not exert a direct influence on financial performance. These findings suggest that self-awareness may function as a cognitive enabler, facilitating the translation of entrepreneurial skills into effective decision-making, rather than serving as an independent predictor of financial outcomes. Empirical patterns further reveal that commercial enterprises report higher self-awareness than service firms, unregistered enterprises show greater awareness than registered ones, and financially stable firms display lower awareness, suggesting complacency or overconfidence. In contrast, regular participation in training significantly enhances awareness, underscoring the role of continuous learning. LA - English DB - MTMT ER - TY - JOUR AU - Krasteva-Hristova, Radosveta AU - Papradanova, Diana AU - Vechev, Ventsislav TI - Mapping the Landscape of Sustainability Reporting: A Bibliometric Analysis Across ESG, Circular Economy, and Integrated Reporting with Sectoral Perspectives JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 8 SP - 416 SN - 1911-8066 DO - 10.3390/jrfm18080416 UR - https://m2.mtmt.hu/api/publication/36272324 ID - 36272324 AB - Sustainability reporting has evolved into a multidimensional field encompassing Environmental, Social, and Governance (ESG) disclosure, integrated reporting (IR), and circular economy (CE) practices. This study aims to map the intellectual and thematic landscape of sustainability reporting research over the past decade, with a focus on sectoral differentiation. Drawing on bibliometric analysis of 1611 scientific articles indexed in Scopus, this research applies co-word analysis, thematic mapping, and bibliographic coupling to identify prevailing trends, conceptual clusters, and knowledge gaps. The results reveal a clear progression from fragmented debates toward a more integrated discourse combining ESG, IR, and CE frameworks. In the real economy, sustainability reporting demonstrates a mature operational focus, supported by standardized frameworks and extensive empirical evidence. In contrast, the banking sector exhibits emerging engagement with sustainability disclosure, while the public sector remains at an earlier stage of conceptual and practical development. Despite the increasing convergence of research streams, gaps persist in linking reporting practices to tangible sustainability outcomes, integrating digital innovations, and addressing social dimensions of circularity. This study concludes that further interdisciplinary and sector-specific research is essential to advance credible, comparable, and decision-useful reporting practices capable of supporting the transition toward sustainable and circular business models. LA - English DB - MTMT ER - TY - JOUR AU - Szabó, Tamás AU - Gáspár, Sándor AU - Hegedűs, Szilárd TI - Development of Financial Indicator Set for Automotive Stock Performance Prediction Using Adaptive Neuro-Fuzzy Inference System JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 8 SN - 1911-8066 DO - 10.3390/jrfm18080435 UR - https://m2.mtmt.hu/api/publication/36282501 ID - 36282501 AB - This study investigates the predictive performance of financial indicators in forecasting stock prices within the automotive sector using an adaptive neuro-fuzzy inference system (ANFIS). In light of the growing complexity of global financial markets and the increasing demand for automated, data-driven forecasting models, this research aims to identify those financial ratios that most accurately reflect price dynamics in this specific industry. The model incorporates four widely used financial indicators, return on assets (ROA), return on equity (ROE), earnings per share (EPS), and profit margin (PM), as inputs. The analysis is based on real financial and market data from automotive companies, and model performance was assessed using RMSE, nRMSE, and confidence intervals. The results indicate that the full model, including all four indicators, achieved the highest accuracy and prediction stability, while the exclusion of ROA or ROE significantly deteriorated model performance. These findings challenge the weak-form efficiency hypothesis and underscore the relevance of firm-level fundamentals in stock price formation. This study’s sector-specific approach highlights the importance of tailoring predictive models to industry characteristics, offering implications for both financial modeling and investment strategies. Future research directions include expanding the indicator set, increasing the sample size, and testing the model across additional industry domains. LA - English DB - MTMT ER - TY - JOUR AU - Bajrami, Roberta AU - Bajraktari, Kaltrina AU - Gashi, Adelina TI - The Impact of Economic Freedom on Economic Growth in Western Balkan Countries JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 8 SP - 461 SN - 1911-8066 DO - 10.3390/jrfm18080461 UR - https://m2.mtmt.hu/api/publication/36358814 ID - 36358814 AB - Although it is generally accepted that economic freedom stimulates economic growth, its effects in transitional economies are still up for debate. More empirical research is needed to examine the long-term effects of economic freedom on growth in the Western Balkans, a region characterised by uneven reform trajectories, fiscal pressures, and institutional fragility. This study examines the effects of seven fundamental factors on real GDP per capita growth (annual percentage change) in six Western Balkan nations between 2013 and 2023. These factors include property rights, government spending, government integrity, business freedom, monetary freedom, trade openness, and education spending. Importantly, in order to better capture macroeconomic constraints, it takes into account two fiscal burden indicators: the public debt and the government budget deficit. A triangulated analytical framework is used: Random Forest regression identifies non-linear patterns and ranks the importance of variables; Bayesian Vector Autoregression (VAR) models dynamic interactions and inertia; and the Generalised Method of Moments (GMM) handles endogeneity and reveals causal relationships. The GMM results show that while government integrity (β = −0.0820, p = 0.0206), government spending (β = −0.0066, p = 0.0312), and public debt (β = −0.0172, p = 0.0456) have negative effects on growth, property rights (β = 0.0367, p = 0.0208), monetary freedom (β = 0.0413, p = 0.0221), and the government budget deficit (β = 0.0498, p = 0.0371) have positive and significant effects on growth. Although the majority of economic freedom indicators are statistically insignificant, Bayesian VAR confirms strong growth persistence (GDP(−1) = 0.7169, SE = 0.0373). On the other hand, the Random Forest model identifies the most significant variables as property rights (3.72), public debt (5.88), business freedom (4.65), and government spending (IncNodePurity = 9.80). These results show that the growth effects of economic freedom depend on the context and are mediated by the state of the economy. Market liberalisation and legal certainty promote growth, but their advantages could be offset by inadequate budgetary restraint and difficulties with transitional governance. A hybrid policy approach, one that blends strategic market reforms with improved institutional quality, prudent debt management, and efficient public spending, is necessary for the region to achieve sustainable development. LA - English DB - MTMT ER - TY - JOUR AU - Drago, Carlo AU - Costantiello, Alberto AU - Arnone, Massimo AU - Leogrande, Angelo TI - Bridging Sustainability and Inclusion: Financial Access in the Environmental, Social, and Governance Landscape JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 7 SP - 375 SN - 1911-8066 DO - 10.3390/jrfm18070375 UR - https://m2.mtmt.hu/api/publication/36235197 ID - 36235197 AB - In this work, we examine the correlation between financial inclusion and the Environmental, Social, and Governance (ESG) factors of sustainable development with the assistance of an exhaustive panel dataset of 103 emerging and developing economies spanning 2011 to 2022. The “Account Age” variable, standing for financial inclusion, is the share of adults owning accounts with formal financial institutions or with the providers of mobile money services, inclusive of both conventional and digital entry points. Methodologically, the article follows an econometric approach with panel data regressions, supplemented by Two-Stage Least Squares (2SLS) with instrumental variables in order to control endogeneity biases. ESG-specific instruments like climate resilience indicators and digital penetration measures are utilized for the purpose of robustness. As a companion approach, the paper follows machine learning techniques, applying a set of algorithms either for regression or for clustering for the purpose of detecting non-linearities and discerning ESG-inclusion typologies for the sample of countries. Results reflect that financial inclusion is, in the Environmental pillar, significantly associated with contemporary sustainability activity such as consumption of green energy, extent of protected area, and value added by agriculture, while reliance on traditional agriculture, measured by land use and value added by agriculture, decreases inclusion. For the Social pillar, expenditure on education, internet, sanitation, and gender equity are prominent inclusion facilitators, while engagement with the informal labor market exhibits a suppressing function. For the Governance pillar, anti-corruption activity and patent filing activity are inclusive, while diminishing regulatory quality, possibly by way of digital governance gaps, has a negative correlation. Policy implications are substantial: the research suggests that development dividends from a multi-dimensional approach can be had through enhancing financial inclusion. Policies that intersect financial access with upgrading the environment, social expenditure, and institutional reconstitution can simultaneously support sustainability targets. These are the most applicable lessons for the policy-makers and development professionals concerned with the attainment of the SDGs, specifically over the regions of the Global South, where the trinity of climate resilience, social fairness, and institutional renovation most significantly manifests. LA - English DB - MTMT ER - TY - JOUR AU - Broby, Daniel AU - Yang, Zhenjia TI - What Is Green Fintech? JF - JOURNAL OF RISK AND FINANCIAL MANAGEMENT J2 - J RISK FINANC MANAG VL - 18 PY - 2025 IS - 7 SP - 379 SN - 1911-8066 DO - 10.3390/jrfm18070379 UR - https://m2.mtmt.hu/api/publication/36244027 ID - 36244027 AB - This paper addresses the definitional ambiguity surrounding the term “green fintech” and its distinction from related concepts such as green finance and sustainable finance. We argue that the lack of clarity impedes accountability and facilitates greenwashing. To resolve this, we develop a conceptual framework grounded in a six-step “litmus test” that specifies the necessary conditions for an initiative to qualify as green fintech. These include demonstrable environmental objectives, the application of innovative financial technologies, and regulatory alignment. The test functions as a diagnostic tool, enhancing verifiability and reducing the risk of misrepresentation. We illustrate its practical use and integrate the Dynamic Integrated Model of Climate and the Economy (DICE) to support the analysis. Green fintech is defined as the implementation of green climate objectives through the medium of financial technology. This contribution provides both definitional precision and a means to assess the credibility of green fintech initiatives, offering clarity in an increasingly complex and contested area of sustainable finance. LA - English DB - MTMT ER -