Search Results (60)

The digital transformation of entrepreneurial finance has progressed beyond basic FinTech adoption toward the deeper digitalization of financial processes and the integration of artificial intelligence (AI). Yet, firms, particularly non-financial SMEs, vary substantially in their ability to convert these technologies into superior entrepreneurial, market, and financial outcomes. This study develops and tests a capability-based model explaining how FinTech-enabled financial process digitalization (FPD) and AI use shape entrepreneurship by influencing entrepreneurial performance outcomes. In line with current developments in digital finance, AI use is conceptualized as an embedded and complementary feature of FinTech-enabled financial process digitalization rather than an independent technological category. Drawing on the resource-based view and behavioral finance, we propose digital financial capability (DFC) as a central mechanism through which FinTech-enabled digitalized finance creates value, while credit fear is conceptualized as a behavioral constraint that limits entrepreneurial outcomes. We further posit customer satisfaction as a market-facing outcome linking financial capabilities to firm performance. Using survey data from 318 non-financial SMEs operating in Greece and applying Partial Least Squares Structural Equation Modeling (PLS-SEM), the findings show that FPD and AI use significantly enhance DFC, which in turn increases customer satisfaction and entrepreneurial performance. In addition, financial process digitalization reduces credit fear, thereby mitigating its negative impact on entrepreneurial performance. By shifting the focus from technology adoption toward AI-supported capability development within digitally enabled financial processes and behavioral mechanisms, this study advances FinTech and entrepreneurship research and offers actionable insights for managers and policymakers seeking to leverage digital finance for sustainable entrepreneurial value creation. Full article

Achieving gender parity in leadership remains a persistent challenge in the fintech industry, where women continue to be underrepresented in senior and C-suite roles. This paper argues that such disparity is not only a matter of equity but also a structural constraint on governance quality and sustainability outcomes. Building on insights from social role theory and the resource-based view, this paper develops a conceptual framework linking sustainable human resource management (HRM) practices to gender parity in organizational leadership and, in turn, to environmental, social, and economic sustainability outcomes. Drawing on interdisciplinary literature and illustrative case vignettes, the paper identifies key barriers to women’s advancement in fintech, including the broken rung in early promotions, tokenism driven by unconscious bias, and unequal access to venture capital. The model specifies how three dimensions of sustainable HRM—inclusive networking, diversity training, and mentorship programs can address these barriers by fostering equitable promotion pathways, credible merit-based leadership, and inclusive leadership pipelines. By positioning gender parity in leadership as a central mechanism through which HRM systems shape firm sustainability outcomes, the paper reframes gender equity as a strategic organizational capability, rather than a standalone diversity goal. The derived propositions offer a foundation for future empirical research and provide actionable insights for fintech organizations seeking to build resilient, inclusive, and sustainable leadership structures. Full article

Nowadays, the European economy faces significant global challenges that threaten the continuity of economic growth, especially in the German manufacturing sector, which is under strain from financial turmoil, resulting in numerous layoffs and firm closures. In this respect, FinTech significantly contributes to addressing these issues by providing data-driven analytical tools that improve the assessment and monitoring of firms’ financial position. However, in the literature, we have not found any paper that uses machine learning (ML) algorithms to assess the financial distress of German manufacturing firms, highlighting methodological and sectoral gaps that need to be bridged. Therefore, this study aims to develop an econometric and ML-based financial distress scoring model for German manufacturing firms by estimating contemporaneous Altman Z-scores that provide better insights into the financial distress determinants, enabling better financial management. The econometric findings revealed that the regression model has an adjusted R-squared value of 86%, confirming that the selected firm-specific and macroeconomic factors play a substantial role in explaining financial distress. The findings recommend that German manufacturing businesses retain more earnings rather than distributing them as dividends, while reducing their debt in capital structures to enhance financial stability. Moreover, the ML results found that Gradient Boosting and Random Forest have the highest accuracy scores among the ML methods, suggesting that these models provide strong capability for assessing financial distress and supporting more effective financial risk management, allowing firms to effectively respond to the threats of a dynamic environment and thereby better support the growth of the German and European economies. Full article

Digital–intelligent integration (DII) has emerged as a pivotal driver for high-quality urban development, offering a pathway to overcome pressing resource and environmental constraints. By harnessing data as a core production factor and integrating advanced intelligent technologies, DII can substantially elevate urban green economic efficiency (GEE). This study constructs a quasi-natural experiment using the staggered rollout of national big data comprehensive pilot zones (initiated in 2012) and smart-city pilot programs (from 2016 onward). Employing a rigorous staggered difference-in-differences (DID) estimator on panel data from 279 Chinese prefecture-level cities over 2010–2021, we find that DII causally increases GEE by 5.03 percentage points (p < 0.01). This benchmark result remains robust across a comprehensive set of checks, including parallel-trend validation, placebo tests, double/debiased machine learning, two-stage least squares with historical IT-sector instruments, and controls for overlapping policies (e.g., ETS, low-carbon pilots, green finance zones). Mechanism analysis, conducted via a sequential 2SLS control-function approach with lagged mediators and Sobel–Goodman mediation tests, reveals three theoretically grounded channels: (i) enhanced urban ecological resilience (mediates 62%, z = 4.68), (ii) accelerated green technological innovation (55%, z = 4.12, measured by IPC/Y02 patent share), and (iii) heightened entrepreneurial vitality (58%, z = 4.39, new firms per 10,000 residents). Heterogeneity tests show pronounced effects in growing and mature resource-based cities (+1.21% and +11.21%), high-fintech cities (+11.35%), and high-river-density areas (+10.29%) but insignificant impacts in declining resource-exhausted cities (joint F p = 0.08). This study makes four key contributions: (1) it innovatively constructs a continuous DII policy variable by exploiting the synergistic timing of dual pilots, thereby overcoming the limitation of analyzing policies in isolation; (2) it opens the “theoretical black box” by integrating institutional theory and information economics into a unified conceptual framework that explicitly links DII to GEE through reduced transaction costs and alleviated information asymmetry; (3) it enriches the mediation identification strategy in staggered settings using 2SLS control functions and sequential G-estimation, addressing endogeneity in intermediary variables more rigorously than traditional three-step approaches; and (4) it delivers nuanced evidence on the contextual conditions (when and where) under which DII yields the strongest green dividends, providing actionable guidance for China’s “dual-carbon” goals and the global green transition. Full article

In the context of tightening sustainability regulations and rising demands for transparent and responsible capital allocation, understanding how digital financial innovations influence market efficiency has become increasingly important. This study examines the impact of Financial Technology (FinTech) solutions and crowdfunding platforms on sustainable market efficiency, volatility dynamics, and risk structures in the United Kingdom. Using weekly data for the Financial Times Stock Exchange 100 (FTSE 100) index from January 2010 to June 2025, the analysis applies the Lo–MacKinlay variance ratio test to assess compliance with the Random Walk Hypothesis as a proxy for informational efficiency. Firm-level proxies for FinTech and crowdfunding activity are constructed using the Nomenclature of Economic Activities (NACE) and Standard Industrial Classification (SIC) systems. The empirical results indicate substantial deviations from random-walk behavior in crowdfunding-related market segments, where persistent positive autocorrelation and elevated volatility reflect liquidity constraints and informational frictions. By contrast, FinTech-dominated segments display milder inefficiencies and faster information absorption, pointing to more stable price-adjustment mechanisms. After controlling for structural distortions through heteroskedasticity-consistent corrections and volatility adjustments, variance ratios converge toward unity, suggesting a restoration of informational efficiency. The results provide relevant insights for investors, regulators, and policymakers seeking to align financial innovation with the objectives of sustainable financial systems. Full article

This study investigates the valuation dynamics of 30 publicly listed fintech firms across six Asian economies from January 2021 to December 2025. It examines how intrinsic firm-level scale (market capitalization) and extrinsic macroeconomic conditions (GDP growth) jointly influence fintech valuation ratios, as reflected in price-to-earnings (P/E), price-to-book (P/B), and price-to-sales (P/S) measures. It also identifies significant structural heterogeneity and distributional asymmetries in valuation outcomes by implementing a multi-method empirical strategy that includes a Panel Autoregressive Distributed Lag (ARDL) framework, two-way fixed-effects models with interaction terms, and quantile regression. The findings reveal a robust, positive long-run relationship between market capitalization and valuation multiples across all ratios, confirming that firm-level scale as reflected in market capitalization is the primary driver of market value. Critically, the analysis identifies a dual-regime landscape in the Asian fintech sector: developed markets (South Korea, Japan, and Singapore) are fundamentally firm-scale driven, where intrinsic scale is the superior predictor of valuation. In contrast, developing markets (China, India, and Indonesia) are primarily macro-growth driven, exhibiting high sensitivity to GDP growth as a macroeconomic indicator of market expansion. The quantile regression results demonstrate a winner-takes-all effect, where the impact of scale on valuation is significantly more pronounced for highly valued firms in the 75th percentile. These results challenge the efficacy of universal valuation models and provide a context-dependent navigational framework for investors, analysts, and policymakers to distinguish between structural scale and cyclical growth in the rapidly evolving Asian fintech ecosystem. Full article

This research aims to analyze strategic risks from financial digitalization, highlighting the disruptive role of Fintech firms and Neobanks, the associated challenges and opportunities, and how traditional banks can adapt to remain competitive and stable in a rapidly evolving financial ecosystem. A qualitative methodology was employed, involving semi-structured interviews with 10 executives and risk management experts from the financial sector. The study employed a concurrence analysis to identify semantic relationships among categories. The unit of analysis was the paragraph, and concurrence was computed based on the frequency with which two categories appeared within the same segment. Key findings indicate that the most significant risks are linked to technological competition, regulatory shifts, cybersecurity, and consumer trust. Conversely, notable opportunities exist in technological modernization, enhanced regulatory compliance, collaboration with digital players, and the development of user-centric products and services. This study introduces the concept of a cultural gap in strategic adaptation, distinct from resistance to change, by emphasizing misalignment between organizational culture and the pace of digital transformation. This gap poses a strategic risk by delaying execution, increasing exposure to regulatory and technological risks, and reducing competitiveness. Full article

This study analyzes the socio-cultural and behavioral determinants of FinTech adoption and access to credit among Ecuadorian SMEs. A probabilistic sample of 600 firms, operating in the services, commerce, information and communication technologies (ICT), and industry sectors, was surveyed to ensure representation of the country’s productive structure. The model integrates financial literacy, institutional trust, and perceived accessibility as key independent variables, with FinTech adoption as a digital behavioral factor and access to credit and credit conditions as the primary dependent outcomes. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), complemented by multi-group invariance tests and cluster analysis, the study evaluates seven hypotheses linking cognitive, perceptual, and digital mechanisms to financing behavior and firm performance. Results show that financial literacy and institutional trust significantly improve access to formal credit, with perceived accessibility acting as a partial mediator. FinTech adoption enhances credit conditions but remains limited among micro and small firms. Based on these findings, the study recommends strengthening financial education programs, simplifying credit procedures to reduce perceived barriers, and developing trust-building regulatory frameworks for digital finance. The results highlight the importance of socio-cultural and behavioral factors in shaping SME financing decisions and contribute to the understanding of financial inclusion dynamics in emerging economies. Full article

Over the last decade, there has been a significant increase in banks’ investment in technology, alongside a substantial rise in CEO compensation. Research on executive compensation has primarily focused on traditional performance metrics, such as return on assets and return on equity, as well as governance factors. Investigating the nexus between fintech adoption and CEO compensation introduces a new perspective on the determinants of CEO pay and how technological transformation influences executive remuneration structures. This study investigated the relationship between Chief Executive remuneration and fintech adoption among banks listed on the Johannesburg Stock Exchange. There is a lack of literature on the impact of technology adoption on CEO compensation in developing and emerging economies. The quantitative longitudinal study, conducted over 15 years from 2010 to 2024, collected secondary data from the annual reports of six banks and the IRESS database. A panel data fixed effects regression analysis was employed to analyze the data. CEO compensation included both salary and total compensation. Fintech variables used for the study included automated teller machines, mobile banking, and internet banking. The findings revealed a positive relationship between CEO salary and the rollout of ATMs and mobile banking, while an inverse relationship was noted between salary and internet banking. Similarly, total compensation showed an inverse relationship with the adoption of ATMs and internet banking, whereas mobile banking had a positive effect on total compensation. Understanding how technology impacts CEO compensation can help remuneration committees ensure that CEO pay is linked to the value that infrastructure investments bring to an organization, rather than simply the number of innovations introduced. This understanding will also help solve the principal-agent problem, as it will ensure technology innovations that enhance firm performance are rewarded. In the context of emerging markets, the study’s findings suggest that organizations should recognize and formalize pay linked to digital transformation, rather than focusing solely on short-term financial metrics. This also suggests the need to develop guidelines for executive remuneration disclosure related to the technology sector. The close connection between fintech adoption and technological and regulatory risks highlights the need to balance incentive structures that reward innovation with risk-adjusted performance measures. Full article

This study aims to investigate the impact of green finance on corporate sector investments and their associated environmental outcomes. The authors collected cross-sectional survey data with a sample of four hundred firms selected from the five green-relevant industries in an emerging economy. The results indicate that, over the last three years, seventy percent of firms have accessed at least one green instrument. Overall, the firms under study indicate that PKR 3.4 million is being allocated to green finance, and PKR 2.7 million is spent on CAPEX. However, each million PKR is associated with a ten percent capital expenditure, which exhibits the highest adoption of the renewable energy sector, while the manufacturing sector has the lowest adoption. Regression results depict that Greenhouse gas reduction is only achievable if expenditure on R&D is ensured for environmental gains. This study indicates a declining incremental impact when green finance exceeds PKR 5.00 million, suggesting that firms’ limitations in utilizing the additional amount may be a factor. Financially constrained firms achieve stronger environmental goals, confirming that strict criteria to finance projects show more responsibility and discipline in executing projects. However, small- and medium-sized firms are confronted with barriers, such as lack of information and transaction costs. The findings of this study highlight the need for a multi-layered regulatory framework, innovation-driven incentives, and fintech integration to fully realize the potential of green finance. The outcome enables financial institutions, sustainability practitioners, and regulators to connect financial markets, national climate, and development goals. Full article

This study employs a quantile-on-quantile connectedness approach to analyze the asymmetric, distribution-dependent, and time-varying spillovers between FinTech indices and traditional financial markets. The results show that spillovers are concentrated in the distribution tails, with FinTech indices exhibiting strong co-movements with equities and Bitcoin under extreme conditions, while linkages with U.S. Treasury bonds are weaker and often inverse. Net connectedness analysis reveals that the S&P 500 and Bitcoin act as the primary transmitters of shocks into FinTech indices, whereas Treasuries generally serve as receivers, except during stress episodes when safe-haven flows or heightened credit risk reverse the direction of spillovers. The dynamic ∆TCI (Difference between the total direct connectedness and the reverse total connectedness) further demonstrates that FinTech indices serve as net transmitters in stable markets but become receivers during crises such as the COVID-19 pandemic, the Federal Reserve’s tightening cycle of 2022–2023, and the FTX-driven crypto collapse. Segmental heterogeneity is also evident: distributed ledger firms are highly sensitive to cryptocurrency dynamics, alternative finance providers respond strongly to both equity and bond markets, and digital payments firms are primarily influenced by equity spillovers. Overall, the findings underscore FinTech’s dual role—transmitting shocks during tranquil periods but amplifying systemic vulnerabilities during crises. For investors, diversification benefits are state-dependent and largely disappear under adverse conditions. For regulators and policymakers, the results highlight the systemic importance of FinTech–equity and crypto–ledger linkages and the need to integrate FinTech exposures into macroprudential surveillance to contain volatility spillovers and safeguard financial stability. Full article

Using Chinese A-share listed firms from 2011 to 2023, this study develops and tests a dual-engine framework in which digital transformation and green technological innovation constitute two core transmission channels through which digital finance improves corporate ESG performance. Based on the FinTech Innovation Regulatory Pilot Policy in China, we implemented a staggered DID model for causal identification. Then, we further conducted a series of robustness checks, including Bartik IV, to address residual endogeneity concerns. We found that (1) digital finance can enhance corporate ESG performance, with particularly strong effects on the environmental and governance dimensions. (2) Digital transformation and green technological innovation are the primary mechanisms through which digital finance improves ESG performance. (3) The interaction between digital transformation and green technological innovation forms mutually reinforcing “dual engines” that amplify the benefits of digital finance for ESG performance. (4) Higher institutional investors’ shareholding ratio strengthens the positive effect of digital finance on corporate ESG performance, consistent with the role of external governance. (5) The enabling effect of digital finance is more pronounced among firms in the introduction, growth, and maturity stages of the corporate lifecycle, as well as among firms located in eastern and central regions and in non-heavy-polluting industries. This study uncovers the internal logic by which digital finance advances corporate sustainability through technological upgrading and environmental innovation, and it provides theory-driven and empirically grounded evidence for building integrated ESG governance frameworks. The results offer actionable insights for firms worldwide pursuing the twin goals of digitalization and green development under carbon neutrality targets. Full article

Financial Technology (FinTech) is fundamentally reshaping the accounting profession, accelerating the shift from routine transactional activities to more strategic, data-driven functions. This transformation demands advanced digital competencies, yet the scholarly understanding of these skills remains fragmented. To provide conceptual and analytical clarity, this study defines FinTech as an ecosystem of enabling technologies, including artificial intelligence, data analytics, and blockchain, that collectively drive this professional transition. Addressing the lack of systematic synthesis, the study employs a systematic literature review (SLR) guided by the PRISMA 2020 framework, complemented by bibliometric analysis, to map the intellectual landscape. The review focuses on peer-reviewed journal articles published between January 2020 and June 2025, thereby capturing the accelerated digital transformation of the post-pandemic era. The analysis identifies four dominant thematic clusters: (1) the professional context and digital transformation; (2) the educational response and curriculum development; (3) core competencies and their technological drivers; and (4) ethical judgement and professional responsibilities. Synthesising these themes reveals critical research gaps in faculty readiness, curriculum integration, ethical governance, and the empirical validation of institutional strategies. By offering a structured map of the field, this review contributes actionable insights for educators, professional bodies, and firms, and advances a forward-looking research agenda to align professional readiness with the realities of the FinTech era. Full article

In the environment of modern climate uncertainty, institutional uncertainty, and digital disruption, resilience along the supply chain has become a strategic imperative for organisations operating in large-scale, high-risk infrastructure ecosystems. According to the dynamic capabilities’ theory, the current study examines the degree to which big data analytics management capability (BDMC) supports supply chain resilience (SCR) through three intermediary mechanisms, including fintech adoption (FTA), circular economy activities (CEA), Internet of Things (IoT), and environmental dynamism acts as a moderating factor to determine the effect that external volatility conditions have on such associations. This study addresses several notable research gaps: (1) the insufficient theorization of how digital tools such as BDMC, FTA, IoT, and CEA interact in building SCR; (2) a lack of empirical clarity on the mediating mechanisms that link digital capabilities with resilience; and (3) limited understanding of the moderating role of environmental dynamism in volatile contexts like the CPEC. A survey was conducted among 441 mid and senior level professionals residing in Pakistan and working in industries related to the China-Pakistan economic corridor (CPEC). Structural equation modelling (SEM) revealed that BDMC has a significant, positive impact on SCR, as well as a mediated influence in this direction. Among mediating sets, the significant pathway discovered CEA supported by the next important pathway IoT and FTA, which also explained the layered (complementary) nature of both digital and sustainability targeting skills. Moreover, the factor of environmental dynamism was also found to have a positive moderating effect on the relationship between BDMC and SCR, indicating that the factor of dynamic capabilities becomes more significant in an environment where environmental uncertainty is high. The research questions driving this study are: (1) How does BDMC enable SCR in the CPEC context? (2) What are the mediating roles of FTA, CEA, and IoT in this relationship? (3) How does environmental dynamism moderate the BDMC-SCR nexus? Theoretically, this study extends DCT to an emerging megaproject context and conceptualizes BDMC as an orchestrating capability. The main innovation lies in integrating digital technologies and sustainability practices into a unified capability system, especially within high-risk, underdeveloped regions. The study provides a practical resilience roadmap for policymakers and firms, outlining the strategic integration of digital and circular practices, rather than merely adopting them. However, this study is limited by its cross-sectional survey design and its focus on a single geographic context, which may affect generalizability. Findings offer timely insights for resilience-building strategies in unstable organisational environments. Full article

The digital revolution is transforming the financial services sector. Risk is not static; emerging risks continue to pose threats to the financial services sector which influences financial stability and consumer protection regulation mandates. This novel study presents a comparative bibliometric analysis of China and India in examining the effect of trends on the scholarly research outputs discussing the emerging risks in the fintech-driven digital banking environment. Furthermore, the mapping presents the geographical dynamics of Asia, followed by country-level perspectives. The period of study was from 2015 to 2024. Leveraging the Scopus database, data was extracted based on a specified query using the SPAR 4 SLR protocol. Analysis was performed on 162 articles from an initial list of 1257 articles using Scival and Vos viewer tools. Performance indicator metrics and science mapping enabled the answering of research questions. The findings revealed that research output is inclined towards India rather than China; this is despite China domiciling some big tech firms. Comparatively, India dominates when it comes to performance analysis metrics compared to China. The scientific mapping depicted in both countries shows the multifaceted effects of fintech on banking, including trends in user acceptance, competition, emerging risks, technological innovation, and financial stability. The strong connections in both countries across clusters highlight how fintech research is multi-disciplinary, spanning consumer behavior, finance, economics, and financial technology. This study provides a foundation on which a robust risk management framework, which is customized to digital banking existence, can be developed in the face of emerging risks. Full article