MARCH-2026 – ABPI

March 2026 Volume 42 Issue 03

1. FINANCIAL LITERACY AND FINANCIAL WELL-BEING: A SYSTEMATIC LITERATURE REVIEW AND FUTURE RESEARCH AGENDA

Authors: NEHA GUPTA¹* and ASHUTOSH VASHISHTHA²

Abstract

Purpose- The present study aims to identify the trends and development of the research in the field of Financial Literacy and Financial Well-being and suggest future research opportunities. Methodology- Authors employ systematic literature review techniques and the theory-characteristics-context-methodology (TCCM) framework on an array of 277 publications retrieved from Scopus data base related to chosen field of research over the duration of 1988 to 2022. Findings- The study assesses the current state of academic research on the topic while discovering the most contributing authors, countries, institutions, and articles and mapping the trends in the research area to streamline the path for future research. Research Limitations/ Implications- The current research employs the bibliometric analysis and therefore usual limitations related to this technique may there. Even though the chosen database, Scopus, compiles the vast majority of the most significant publications in the marked research area, it is possible that few pertinent publications could not be retrieved from the selected database. Originality- Financial Literacy And Financial Well-being continue to be largely ignored, and the terms of financial literature are less understood despite the increasing cases of financial distress and financial fraud all over the world. This is a unique study which examine the domain of Financial Literacy and Financial Well-being together employing bibliometric analysis followed by the TCCM framework.

Keywords: Financial Literacy, Financial Well-being, bibliometrics, TCCM.

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2. A COMPARATIVE ANALYSIS OF DESIGN-BUILD-OPERATE TRANSFER AND BUILD-OPERATE-TRANSFER MODELS IN PUBLIC-PRIVATE PARTNERSHIPS

Authors: CHETHAN RAMANNA KUMAR¹ and SHEKAR BABU²

Abstract

Study presents a comparative analysis of Design-Build-Operate-Transfer (DBOT) and Build-Operate- Transfer (BOT) models in the context of Public Private Partnerships (PPPs) for infrastructure development. While both models facilitate private sector participation in public infrastructure projects, DBOT integrates the design phase into the project lifecycle, whereas BOT traditionally separates it. The study examines their structural components, financial mechanisms, risk allocation strategies, operational flexibility, and long-term sustainability. Using a descriptive research design and drawing from extensive secondary data, including case studies, academic literature, and institutional reports, the study evaluates both models against critical performance indicators such as cost efficiency, service quality, innovations, stakeholders engagement, and value for money. Theoretical insights from agency and institutional theories underpin the analysis, offering a dual lens on incentive alignment and regulatory environments. Findings indicates that DBOT offers superior integration, risk management, and adoptability, making it suitable for complex, innovation-driven projects. Conversely, BOT is more appropriate for stable, revenue-generating projects with well defined deliverables. The study contributes to the limited comparative literature on PPP models and provides actionable insights for policymakers, partitioners, and financiers in selecting optional delivery framework for sustainable infrastructure development.

Keywords: Design-Build-Operate-Transfer, Build-Operate-Transfer, Public-Private Partnerships, Infrastructure Development, Private Sector Participation, Optimal Model Selection.

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3. CORPORATE GOVERNANCE COMPLIANCE AND CREDIT RISK MANAGEMENT IN BANKS: A SYSTEMATIC LITERATURE REVIEW

Authors: NAHID AYAZ¹, PRADEEP KUMAR GUPTA² and INDERJIT KAUR³

Abstract

This study aims to explore how corporate governance compliances affect credit risk management, one of the predominant determinants of banks' solvency and profitability, in the banking industry, by conducting a systematic review of published studies. The review contextualises empirical evidence within a governance-risks framework and builds a picture of how governance structures can operate as levers of financial stability in the banking system. A systematic review of the literature covering 2010–2024, following the PRISMA protocol, was conducted. Banks that comply with governance mechanisms typically have lower non-performing asset ratios, exhibit reliable credit assessments, and demonstrate acceptable regulatory compliance. Analysing the review makes specific recommendations to legislators, regulators, and banking practitioners as they develop and refine governance architectures to manage credit risk. Specifically, the governance mechanisms of board independence, effective audit committees, and institutionalisation of risk management functions create conditions in which banks can maintain sustainable banking transactions and support long-term financial stability.

Keywords: Corporate Governance, Credit Risk Management, Financial Institutions, PRISMA, Systematic Literature Review.

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4. CORPORATE GOVERNANCE MECHANISMS AND FINANCIAL DISTRESS: A REVIEW AND DIRECTIONS FOR FUTURE RESEARCH

Authors: RANJITHA NAGARAJ¹, SHEKAR BABU² and SATYANARAYANA PARAYITAM³*

Abstract

Recent business failures highlight the importance of good corporate governance in mitigating financial distress. Strong governance frameworks mitigate agency conflicts, increase accountability, and foster organizational stability. This research uses a comprehensive literature review and bibliometric analysis to examine the relationships among corporate governance, earnings management, and financial distress. With an emphasis on developing nations [with the exception of one study by Kuzey et al (2023), the evaluation examines journal articles published from 2000 to 2025 obtained from multiple sources [such as ScienceDirect]. High leverage, concentrated ownership, weak board structures, weak audit committees, a lack of regulatory oversight, and company-specific attributes like size, age, and growth all contribute to financial distress, according to the findings. Furthermore, the findings imply that companies with robust governance frameworks are less likely to manipulate earnings and to experience financial difficulties. These revelations highlight the importance of corporate governance in promoting accountability, openness, and long-term organizational stability. This study offers recommendations to regulators, policymakers, and corporate executives in charting the development of governance frameworks in emerging

markets.

Keywords: Risk Reduction, Earnings Manipulation, Financial Distress, and Corporate Governance Procedures.

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5. INFLUENCE OF ISLAMIC BANKING CONVERSION ON SME’s FINANCING DECISION IN PAKISTAN

Authors: LARAIB ZAFAR¹ and Dr. RAJIBUR REZA²*

Abstract

The increasing rate of development of Islamic banking within Pakistan creates both opportunities and challenges to the small and medium enterprises (SMEs) in the country in its search of Shariah-compliant financing. Although it has potential, empirical data on the relationship among Islamic banking conversion, small- and medium enterprise (SME) financing choices is sparse, especially on the interaction between financial and cognitive and normative variables. This paper explores how Cost of Financing, Access to Credit, Perceived Fairness, and Financial Awareness affect SMEs to choose Islamic financing over conventional financing, and the mediating variable of Perceived Risk and the moderation impact of Religious Orientation of Business owner. One thousand three hundred and fifty-five SME owners in key commercial divisions in Punjab, Pakistan, were used as primary data. The hypothesized relationships, i.e. the direct, indirect, and moderated effects are tested using Structural Equation Modelling (SEM). The results can be used by policymakers and financial institutions to develop fair, transparent, and Shariah-compliant financing schemes and improve financial awareness and risk reporting.

Keywords: Islamic Banking; Shariah-Compliant Financing; SMEs; SEM; Financial Awareness; Financing Decisions. markets.

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6. BOARD BEHAVIOURAL MECHANISMS AND CORPORATE GOVERNANCE IN BANKS AND FINANCIAL INSTITUTIONS: USING A BEHAVIOURALLY-GROUNDED THEORETICAL FRAMEWORK

Authors: ANUPAMA SHRESTHA PANTA¹, PRADEEP KUMAR GUPTA² and ARJUN KUMAR SHRESTHA³

Abstract

This study uses a behaviorally-grounded theoretical framework to explain how Board behavioural mechanisms affect corporate governance in banks and financial institutions, which have high leverage, systemic importance, opaque assets, and complex agency relationships. Traditional governance theories view Boards as structural tools for monitoring, coordination, and resource provision, but they ignore boardroom behavioural mechanisms. Board behavior—specifically, how bounded rationality, satisficing, routines, power dynamics, emotions, and political bargaining shape information processing, risk perception, and management challenge—systematically conditions governance effectiveness in financial institutions. We identify two core behavioural mechanisms unique to this context: the regulatory complexity–bounded rationality interface, where directors' cognitive limitations interact with dense regulatory requirements to produce systematic oversight failures, and coalition dynamics in high leverage environments, where political bargaining among shareholders, regulators, and depositors reshapes monitoring. We present an integrated framework to explain how these mechanisms work under different institutional and cultural settings, providing four testable propositions for future research. Setting behavioural governance theory in banking's unique institutional architecture provides a creative agenda for qualitative and mixed-methods research.

Keywords: Board Behaviour; Corporate Governance; Banks and Financial Institutions; Behavioural Theory of the Firm; Bounded Rationality; Coalition Dynamics.

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7. DO DIGITAL PLATFORMS DRIVE INVESTMENT? EXAMINING GENERATION Y’s STOCK MARKET INTENTIONS THROUGH AN EXTENDED TAM FRAMEWORK

Authors: N.YUVARAJA¹ and SWAMY PERUMANDLA²

Abstract

In the realm of finance, technological advancements have revolutionized engagement with the stock market, particularly after the advent of online trading platforms. As the pioneering digital natives, Generation Y represents a significant working-age population. However, the influence of technology on their stock market investment intentions remains underexplored. This study seeks to bridge this gap by extending the Technology Acceptance Model (TAM) to analyze the stock market investment intentions of Generation Y. Enhancing the model's robustness, this research integrates two pivotal variables: financial knowledge and information asymmetry, as both are critical in shaping investment behaviors. Findings of the study showed that technology acceptance and financial knowledge positively impact investment intentions, while information asymmetry negatively affects them. Additionally, financial knowledge helps mitigate the negative effects of information asymmetry in the market. This investigation not only deepens the understanding of technological impacts on investment behavior but also establishes a comprehensive framework for future research. Keywords: Technology Acceptance Model; Financial Knowledge; Information Asymmetry; Generation Y; Investment Intentions.

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8. FINANCIAL TECHNOLOGY IN TOURISM AND HOSPITALITY INDUSTRY – A SYSTEMATIC LITERATURE REVIEW POOJA HEMMACHIMANE

Authors: KESHAVAMMAIAH¹, SHEKAR BABU² and SATYANARAYANA PARAYITAM³*

Abstract

The purpose of this paper is to provide in-depth insights into the application of financial technology (FinTech) in the tourism and hospitality industry. The paper conducted a systematic literature review approach. The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) flowchart was adopted to review 42 articles published in journals from 2011 to 2025. The review explores how FinTech has been previously researched in the hospitality and tourism industry by systematically synthesizing the research methods and key themes. The review identifies that the integration of blockchain technology, artificial intelligence, and online payments has significantly transformed the tourism and hospitality industry by improving business operations, enhancing customer experience and satisfaction, and managing transactions and operations efficiently. The review article provided in-depth insights into how financial technology has transformed the tourism and hospitality sector, identifying key themes and critical research gaps, thereby providing direction for future researchers, policymakers, and tourism and hospitality industry entrepreneurs on adopting various tools from financial technology services to achieve long-term business sustainability.

Keywords: Fintech, Hospitality Industry, Tourism Industry, Systematic Literature Review.

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9. INDUSTRY 4.0 ADOPTION IN SMES: SCALABLE ARTIFICIAL INTELLIGENCE (AI) SOLUTIONS FOR PREDICTIVE MAINTENANCE

Authors: Dr. NEELKANTH DHONE

Abstract

"Small and Medium-sized Enterprises (SMEs) constitute a significant yet under-served experience in the context of Industry 4"."0 with regards to embracing predictive maintenance (PdM) technologies". The conventional PdM models (predictive, prescriptive and/or data-driven) commonly require a higher computational power, high-scale past data and a highly developed IT infrastructure, which is not possible among SMEs in developing markets. This research suggests an AI-based predictive maintenance system that can be expanded in accordance with the operating and economic constraints of SMEs. It is composed of an IoT-powered data acquisition module, noise filtering, normalization and feature extraction methods and lightweight machine learning models (Random forest, Gradient boosting, and Long Short-Term Memory (LSTM) networks). Therefore, edge computing and transfer learning methods are implemented to enable this functionality in real time and minimise the cost of infrastructure. The model is supported by SME case scenario in manufacturing areas. This has been verified by empirical results of more than 90 percent accuracy of failure prediction and approximately 30 percent reduction in maintenance costs. The findings demonstrate how predictive maintenance can be democratised using low-cost AI architectures and contribute to SMEs to improve their reliability, reduce downtime and transform their digital operations on Industry 4.0 ecosystems.

Keywords: Predictive Maintenance, AI, SMEs, Industry 4.0, Machine Learning.

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10. THE FIVE PILLARS OF FINANCIAL LITERACY: EXPLORING THE SYNERGY BETWEEN KNOWLEDGE, ATTITUDES, SKILLS, BEHAVIOR, AND AWARENESS

Authors: SHALINI SHIVANANDA¹, SHEKAR BABU², SATYANARAYANA PARAYITAM³* and RAMPILLA MAHESH⁴

Abstract

Financial literacy is a crucial capability that enables individuals to make informed financial decisions and enhance long-term economic well-being. Drawing on financial capability and behavioral finance perspectives this study examines the determinants of financial literacy among female teachers in higher educational institutions. 392 female teachers were using logistic regression analysis the study evaluates the influence of financial knowledge, financial behavior, financial attitude, financial awareness and financial skills on financial literacy levels. The findings reveal that financial knowledge emerge as the most significant predictors of financial literacy. In specific both conceptual understanding of financial principles and the consistent application of practical financial behaviors exhibit strong positive associations with high financial literacy. Financial skills especially those related to transaction management and financial decision making also play a critical role. However, deficiencies in financial awareness and selected skill dimensions negatively constrain financial literacy outcomes. These results underscore the importance of targeted financial education and skill building interventions tailored to women educators. By providing profession specific evidence from private higher education sector this study contributes to the financial literacy literature by highlighting the behavioral and skill based pathways through which financial capability can be strengthened among women professionals.

Keywords: Financial Literacy, Financial Attitude, Financial Behavior, Financial Awareness, Financial Knowledge, Financial Skill.

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Accountancy Business and the Public Interest

Accountancy Business and the Public Interest

March 2026 Volume 42 Issue 03