AI and Sustainable Growth in Economics and Finance: Global Trends and Challenges

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: 30 April 2025 | Viewed by 4088

Special Issue Editors


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Guest Editor
Business Administration, University of the Aegean, 82132 Island of Chios, Greece
Interests: risk management; corporate failure; corporate governance and banking
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
Department of Statistics and Actuarial—Financial Mathematics, University of the Aegean, 83200 Island of Samos, Greece
Interests: corporate finance; financial markets; capital market regulation; energy markets; risk management
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
Department of Statistics and Actuarial—Financial Mathematics, University of the Aegean, 83200 Island of Samos, Greece
Interests: financial mathematics; risk management in banking; portfolio management

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Guest Editor
Department of Business Administration, University of West Attica, 122 41 Athens, Greece
Interests: finance; banking; economics; accounting; risk management; portfolio management; corporate finance; financial markets

Special Issue Information

Dear Colleagues,

The aim of this Special Issue is to examine current trends and challenges in the field of economics and finance, with a focus on the impact of artificial intelligence and sustainability.

In the last 15 years, the world has been significantly affected by many unpleasant events (economic, financial and energy crises, the pandemic, etc.). These events have led to unpredictable economic upheavals and have significantly affected the competitiveness, sustainability and profitability of businesses, impeding economic growth, increasing the accumulation of private and public debt, and hindering social equality, prosperity and social cohesion.

At the same time, the emergence and rapid use of artificial intelligence have raised questions about the course of societies and economies in the coming years. Traditional activities such as data analysis, the development of investment strategies, etc., have already been partially replaced by artificial intelligence. In fact, artificial intelligence is expected to directly impact economies and finance in several ways, as it offers the ability to analyze large data sets and draw critical conclusions about market trends. It can develop automated investment strategies, assist professionals in risk management through the analysis of historical data, offer personalized services and advice to credit institutions’ customers, identify and prevent fraud, reduce costs and increase business efficiency. It can also influence the labor market. However, AI also comes with ethical and security challenges as well as issues related to regulation and its application to ensure the positive and safe implementation of AI.

In this environment, the rapid impact of climate change has been another factor that has pushed the global economy to take regulatory measures for more sustainable development centered on the environment, society and governance. Sustainability and the measures taken to achieve it are expected to significantly influence the way economies and markets are organized. In the name of sustainability, the global economy is increasingly focusing on investing in sustainable practices and financing green projects, regulation and policy, innovation and technology, corporate social responsibility, education programs and community awareness. Integrating sustainability into economic and financial systems is an important step towards ensuring sustainable development and creating a stable and responsible economic environment.

In this context, the existence of strong and efficient money and capital markets and the contribution of financial institutions and stock exchanges to the financing of businesses and the stimulation of liquidity are undoubtedly of the utmost importance.

The main objective of this Special Issue is to promote research papers from the fields of economics, banking, finance, energy, corporate governance, engineering and sustainability. Articles may concern policies to address imbalances and distortions in economic and financial markets, the development of corresponding emerging methodologies, and the application of sophisticated econometric and other data analysis tools to model economic and financial markets.

Prof. Dr. Apostolos G. Christopoulos
Dr. Ioannis Katsampoxakis
Dr. Stylianos Xanthopoulos
Dr. Charalampos Basdekis
Guest Editors

Manuscript Submission Information

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Keywords

  • financial markets
  • economics
  • financial engineering
  • energy
  • corporate governance
  • cryptocurrencies
  • climate change
  • sustainability

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Published Papers (2 papers)

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Research

33 pages, 448 KiB  
Article
Essential Factors When Designing a Cost Accounting System in Greek Manufacturing Entities
by Sofia Alexopoulou, Dimitris Balios and Theodoros Kounadeas
J. Risk Financial Manag. 2024, 17(8), 366; https://doi.org/10.3390/jrfm17080366 - 17 Aug 2024
Viewed by 1295
Abstract
We examine the extent to which basic factors, such as the structure, complexity, and usefulness of a cost system, affect the design of cost systems and the resulting satisfaction and help companies make the right decisions. Moreover, we examine the relationship between the [...] Read more.
We examine the extent to which basic factors, such as the structure, complexity, and usefulness of a cost system, affect the design of cost systems and the resulting satisfaction and help companies make the right decisions. Moreover, we examine the relationship between the structure and complexity of cost systems with (a) a company’s demographic data, such as the volume of its activities, the number of years it has been operating, its sector, its size, and the gender, age, level of training, and position of its employees; and (b) information concerning production and competition, such as the number of products that a company produces, the number of a company’s production lines, the level of competition, and the extent to which competition affects a company’s pricing policy. Empirical research was conducted via a questionnaire in which a sample of 114 industrial companies in Greece took part. The findings revealed that the structure and the usefulness of a cost system, but not its complexity, significantly affect the satisfaction users get from the system when they are called to make fast and correct decisions. The results point out a positive correlation between the satisfaction a user gets from a cost system and the range of information (R), the calculation of deviations (CS), the provision of accurate information (CS), the quality of information (CS), the number of cost pools (C), the number of allocation bases (C), and the cost information (U). Companies that produce more goods and have a complex production process have cost systems that not only have a more detailed structure and provide more detailed information with the calculation of deviations as well as accurate information but also have more cost pools and cost allocation bases. The more competition affects a company’s pricing policy, the more a company seeks systems that categorize costs based on behavior (structure) and more cost allocation bases (complexity). The larger a company is, with a long (>20 years) and international presence, the higher the probability a company will have a system with a more detailed cost information structure. Full article
15 pages, 305 KiB  
Article
The Role of Artificial Intelligence in Eliminating Accounting Errors
by Moustafa Al Najjar, Mohamed Gaber Ghanem, Rasha Mahboub and Bilal Nakhal
J. Risk Financial Manag. 2024, 17(8), 353; https://doi.org/10.3390/jrfm17080353 - 13 Aug 2024
Viewed by 2470
Abstract
This study investigates the impact of artificial intelligence (AI) on reducing accounting errors from two distinct angles: that of accounting software developers and of certified public accountants. We employ a questionnaire-based approach informed by prior research and validated through pilot testing. Our findings [...] Read more.
This study investigates the impact of artificial intelligence (AI) on reducing accounting errors from two distinct angles: that of accounting software developers and of certified public accountants. We employ a questionnaire-based approach informed by prior research and validated through pilot testing. Our findings reveal significant benefits for software developers. AI effectively addresses various accounting errors, including tax rate discrepancies, cutoff period inaccuracies, principal violations, concealed transactions, mathematical mistakes, and manipulation errors. However, when considering users, AI’s effectiveness varies. While it successfully mitigates certain errors, such as those related to principles, it falls short in eliminating mathematical errors. This research contributes fresh insights into the role of AI in accounting within emerging markets, enhancing our understanding of its potential and limitations. Full article
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