IADITI - Dutch Journal of Finance and Management
URI permanente para esta coleção:
The Dutch Journal of Finance and Management (DJFM) is an international biannual peer-reviewed journal that provides a platform for analysis in the fields of economics, accounting, finance and management. DJFM aims to create a multidisciplinary platform on which these topics are analysed by an international network of scientists.
Navegar
Entradas recentes
- Determinants of R&D investment under Uncertainty: An Empirical Study of Saudi FirmsPublication . Saif, Abdullah Abdulhafedh Abdullah; An, Nguyen Ngoc Minh; Mohammed, Mohammed Abdeulglel Mansoor; Abduljalil, Abdullah Mohammed Abdulnoor; Altahery , Akram Ali Abdullah; Abdullah, Adam Ali Ahmed; Dawood, Mariam Mourise Saad GhattasThis study aims to examine the financial determinants of research and development (R&D) investment in Saudi industrial firms, with particular emphasis on periods of economic crises. The 2008 Global Financial Crisis and the COVID-19 pandemic are employed as representative examples of major economic shocks to assess firms’ innovation responses. To achieve this objective, the analysis incorporates firm-specific variables using panel data for a sample of thirty industrial firms over the period 2007–2020. The sample selection is based on firms’ strategic engagement in R&D activities and the critical contribution of the industrial sector to the national economy. The dataset, covering fourteen years, was compiled from audited financial statements of the selected firms, obtained from their official websites. The study adopts a purposive sampling approach and an explanatory (causal) research design, employing quantitative data within a multiple regression framework. Using STATA for empirical analysis, the study utilizes one dependent variable R&D investment, measured as the ratio of R&D expenditure to total assets and eight independent variables: cash , sales growth rate, gross profit from sales, return on assets, return on equity, internal financing rate, external financing rate, and the debt-to-equity ratio. The results reveal a statistically significant positive relationship between sales growth rate, gross profit from sales, return on assets, and internal financing, and R&D investment. Conversely, the findings indicate a negative relationship between cash holdings, return on equity, external financing, and the debt-to-equity ratio, and R&D investment.Although crises explains only a small share of R&D variation (R² ≈ 13%), financial variables consistently demonstrate far greater explanatory power ( 87%), confirming that firms’ financial conditions are the key drivers of R&D investment in times of economic turmoil. Finally, the study recommends that Saudi industrial firms adopt optimal business portfolio diversification strategies to reduce exposure to crisis-related risks and mitigate their adverse effects. To enhance their investment portfolios, firms should move beyond traditional income sources and diversify into alternative, non-interest-based revenue streams.
- How AI Tools Affect the Customer Experience: a case studyPublication . Boulkara, Amina; Khadich, GhadaUsing an integrative review, this study provides a hypothetical-deductive approach of the effects of adopting AI tools on enhancing customer experience. The study was motivated by the observation that, in today’s competitive business environment, organizations often struggle to fully leverage AI technologies to understand and address customer needs, which can limit the effectiveness of customer experience strategies. To address this issue, this study employed an integrative review as a qualitative research method, structured around literature search, data extraction, and thematic analysis. From the analysis of relevant literature, findings suggest that the effective implementation of AI tools including chatbots, recommendation systems, and predictive analytics is closely linked with the personalization and efficiency of customer interactions. Proper integration of AI enables organizations to anticipate customer needs, optimize service processes, and foster stronger relationships. However, insufficient adoption or misalignment of AI strategies may hinder customer engagement and satisfaction. By examining the role of AI adoption in enhancing customer experience, this study sheds light on the mechanisms through which intelligent technologies bridge the gap between businesses and clients. Future research could employ exploratory empirical methods to develop a structured model that further elucidates how specific AI tools contribute to improved customer experiences across different industries.
- The Impact of Risk Management Strategies on the Financial Performance of Yemeni Banks under Economic Turbulence: Evidence from 2014–2024Publication . Saif, Abdullah Abdulhafedh Abdullah; Al-mafleh, Mohammed Qasem; Mohammed, Mohammed Abdeulglel Mansoor; Abduljalil, Abdullah Mohammed Abdulnoor; Altahery, Akram Ali Abdullah; IADITIThe prolonged economic turbulence in Yemen has posed significant challenges to the stability and resilience of its banking sector, highlighting the critical need for effective risk governance mechanisms. In this context, the study examines how liquidity, market, credit, and operational risks the core dimensions of risk management affect return on assets (ROA). A balanced panel dataset was constructed from the annual reports of ten banks covering the period 2014 to 2024, selected based on data availability. The analysis employs pooled OLS, fixed-effects, and random-effects estimations, followed by Feasible Generalized Least Squares (FGLS) to ensure robustness. Correlation results indicate positive associations between all risk dimensions and ROA, with operational risk management showing the strongest relationship, followed by market and liquidity risk management, while credit risk exhibits a weaker link. Regression findings consistently confirm that operational, market, and liquidity risk management significantly enhance profitability, with operational risk management exerting the largest effect. Credit risk management demonstrates a positive but statistically insignificant influence, suggesting a more gradual or delayed impact on financial performance. Collectively, these findings highlight that integrated and well-coordinated risk management practices are essential for sustaining profitability in economically fragile environments.
- The Evaluating the Financial Impact of Predictive Maintenance in Manufacturing: An Integrative Literature ReviewPublication . Sibeko, Feresane MatthewEven if measuring the ROI (Returns-on-Investment) of predictive equipment maintenance is essential for discerning whether the manufacturing entity is overspending or underspending on equipment maintenance, most manufacturing executives often do not bother to measure the ROI of their equipment maintenance. This affects decisions on the improvement initiatives that can be adopted. To address such a problem, this study used integrative review to evaluate insights from the existing studies about the techniques, values, and limitations of measuring the ROI of predictive manufacturing equipment’s maintenance. The research was a qualitative study based on content analysis of articles retrieved primarily through Google searches as the major search engine. After predictive maintenance, findings from the analysis indicated the financial metrics to measure the financial gains obtained since the introduction of predictive machine maintenance. It evaluates the benefits and advantages so far attained as compared to the costs incurred in the application of predictive maintenance. Apart from ROI, some of the commonly used financial metrics were found to encompass cost-benefit analysis and net present value (NPV). ROI analysis seeks to evaluate the benefits gained against the costs incurred in the use of predictive machine maintenance. However, findings indicated the major inhibitors of measuring the ROI of predictive machine maintenance to often arise from cost, poor data utilization culture, and ignoring predictive maintenance. Unless management is able to deal with such challenges, they may never get to understand the returns on investment generated from the expenditure on predictive equipment maintenance. From these findings, this study has contributed to changing the general perception of predictive maintenance as an expenditure rather than an investment.
- A Comparative Analysis of the 2017 and 2024 Global Internal Auditing Standards and Their Implementation Challenges in Developing Countries: Toward Adapting to ChangePublication . Attaf, Wala FaridThe mandatory implementation of the Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA) in 2024 marks a significant transformation in the regulation and practice of internal auditing worldwide, particularly in developing-country contexts. This study provides a comparative analysis of the 2017 International Professional Practices Framework (IPPF) standards and the 2024 Global Internal Audit Standards, with a focus on structural changes, conceptual evolution, and implementation challenges. Methodologically, the study employs a qualitative documentary analysis, combined with a descriptive and comparative approach. It analyzes official IIA standards and supporting documents, complemented by professional reports and recent peer-reviewed academic literature published between 2022 and 2025. The findings reveal that the 2024 Standards introduce a unified, principle-based framework that strengthens governance integration, quality management, stakeholder engagement, and the strategic role of internal audit, while embedding emerging priorities such as digital transformation, sustainability, and risk-based value creation. However, the analysis also indicates that the increased prescriptiveness and strategic expectations of the 2024 Standards pose significant implementation challenges in developing countries, where institutional maturity, regulatory support, technological readiness, and professional capacity often remain limited. The study contributes to the internal auditing literature by providing a critical synthesis of the evolution of global internal audit standards and by advancing an interpretive, context-sensitive perspective on their adoption in developing-country contexts. It provides insights for Chief Audit Executives, regulators, and policymakers on how to balance global standardization with contextual adaptation, capacity building, and phased implementation strategies.
- Diaspora networks and export performance of small-scale agroprocessing firms in NigeriaPublication . Isichei, Ejikeme Emmanuel; Mohammed, Awwal Mohammed; Isichei,This study examines how diaspora networks influence the export performance of small-scale agro-processing firms in the Federal Capital Territory, Abuja, Nigeria. Drawing on social network theory and diaspora entrepreneurship theory, the study conceptualises diaspora networks through three dimensions: remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation. Primary data were collected through a structured questionnaire administered to owners and managers of small-scale agro-processing firms, and the hypothesised relationships were analysed using partial least squares structural equation modelling. The results indicate that remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation each exhibit positive and statistically significant relationships with export performance. The findings highlight the multidimensional role of diaspora communities as providers of financial capital, market-relevant knowledge, and cross-border trade support that can strengthen the international competitiveness of small firms. The study contributes to the diaspora networks and small firm internationalisation literature by providing firm-level evidence from an emerging economy context and by clarifying actionable pathways through which diaspora engagement can be leveraged to improve export outcomes. Policy and managerial implications are discussed, particularly regarding programmes that support productive remittance channelling, structured knowledge exchange platforms, and diaspora-enabled trade linkages.
- Indian Financial Markets Functioning and the Impact of Geopolitics in Present ScenarioPublication . Qadri, Syed MuzammilIn recent decades, India’s financial markets have undergone remarkable change, marked by growing foreign participation, rapid technological advancement, and increasing integration with the global economy. At the same time, shifting power equations, regional conflicts, and trade disputes have made the geopolitical environment more uncertain, creating new challenges for India’s financial sector. This study explores how such geopolitical developments influence key segments of the Indian financial system—equity, bond, foreign exchange, and banking markets—over the period January 2012 to April 2024, a timeframe that includes major events such as the Russia–Ukraine war and U.S.–China trade tensions. Adopting a quantitative approach, the analysis uses the Quantile Vector Autoregression (QVAR) framework to trace how shocks from global geopolitical risk spread across financial markets under low, medium, and high-risk conditions. The Geopolitical Risk Index (GPRI) proposed by Caldara and Iacoviello (2024) serves as the primary measure of geopolitical uncertainty, while relevant financial data are drawn from sources such as NSE, RBI, and Bloomberg. The findings indicate that the effect of geopolitical risk is uneven across markets and more pronounced during periods of heightened tension. The study also points to the underlying resilience of Indian markets, supported by sound regulation, economic diversification, and institutional strength, while stressing the importance of continued policy vigilance to manage risk and sustain financial stability.
- The Value-Added Requirements of the Internal Audit Function and Its Challenges in Islamic Banks: A Theoretical StudyPublication . Attaf, Wala Farid; Bensbahou, AzizThis study is a theoretical literature review that examines the value-added requirements of the internal audit function in Islamic banks and the challenges associated with performing this role. It systematically reviews and synthesizes previous academic studies, professional reports, and regulatory guidelines through a structured process of identifying, selecting, and analyzing relevant literature. The review explores the concept of value-added, the risk-based approach to internal auditing, and the prerequisites for enabling internal audit to add value. The study highlights the internal audit’s contributions to governance, internal control, risk management, and stakeholder value creation. To evaluate this contribution, the study references commonly identified indicators in the literature that specifically measure the extent of the internal audit’s added value, including auditor competencies, risk mitigation, cost efficiency, and stakeholder satisfaction. At the same time, the review gathers evidence on the key challenges hindering value creation. These include structural constraints, such as limited auditor independence and weak governance frameworks; a shortage of professionals with dual expertise in Shariah and auditing; technological constraints, such as outdated tools and a lack of IT training; and conceptual ambiguity around whether internal audit should operate primarily as a compliance mechanism or as a strategic partner. The study concludes with recommendations drawn from the literature, emphasizing the adoption of unified standards, the development of dual competencies, investment in capacity building, technological advancements, and strategic alignment with financial and Shari’ah objectives. Together, these reforms can enable internal audit to serve as a true value-adding partner for Islamic financial institutions.
- Prognosis of Stakeholder Management’s Leveraging Effects on Successful Implementation of Bank Crisis Management StrategiesPublication . Davis-Adesegha, JenniferUsing integrative review, this study provides a critical analysis of the leveraging effects of stakeholder management on the successful implementation of bank crisis management strategies. The study was motivated by the observation that, due to the panic experienced by the banking executives and managers in their efforts to navigate through a crisis, the integration of effective stakeholder management as part of a bank’s crisis management strategies is often overlooked. This creates a weakness that affects the effectiveness of bank crisis management. To respond to such problems, this study used an integrative review, as a qualitative research method which was structured according to four steps encompassing the formulation of the integrative review questions, literature search, data extraction, and data analysis. From the thematic analysis of twenty-six articles, findings insinuated that effective bank crisis management is intricately intertwined with change management strategies. The integration of crisis management with change management facilitates the introduction of resources, structural, process and system changes and modifications that enable the bank to recover from the crisis. These modifications and changes often provoke resistance from employees if effective stakeholder management is not implemented to establish a compromise and trade-off that supports the successful execution of crisis management strategies. In the absence of such initiatives, poor stakeholder management can increase the likelihood of employee resistance, ultimately undermining the successful implementation of the essential bank crisis management strategies. By examining the leveraging effects of stakeholder management on bank crisis management, this study addresses these complexities. However, future research should consider employing exploratory factor analysis to investigate the structure of a stakeholder management model that enhances the effectiveness of bank crisis management.
- E-Governance Initiatives and Financial Management in the Nigerian Public Sector: An Integrated Conceptual Framework for Enhancing Transparency and EfficiencyPublication . Paul, Chima; Malachy, JosephPublic Financial Management (PFM) reforms in Nigeria have increasingly embraced digital innovations to enhance transparency, efficiency, and accountability in fiscal governance. This study develops a conceptual framework for restructuring Nigeria’s PFM system, focusing on four interdependent pillars: Digital Financial Systems, Transparency and Accountability, Capacity Building, and Infrastructure and Security. The adoption of digital financial systems such as the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), and Government Integrated Financial Management Information System (GIFMIS) has shown potential to improve fiscal discipline and reduce financial irregularities. However, the effectiveness of these systems depends on strong governance structures, well-trained personnel, and secure digital infrastructure. Transparency and accountability mechanisms, exemplified by Nigeria’s Open Treasury Portal, are crucial in curbing corruption and fostering public trust but require enhanced enforcement and citizen engagement. Capacity building is essential for equipping public sector personnel with the necessary skills to manage digital financial tools effectively to address ongoing human capital deficiencies. Infrastructure and security are also fundamental to ensuring the sustainability of digital PFM reforms, particularly in mitigating cybersecurity threats and bridging ICT infrastructure gaps in underserved regions. This study adopts a qualitative research approach, relying on the critical analysis of existing documents and policy reports. It follows a grounded theory methodology, which is effective for analyzing complex governance structures and financial management reforms. Through a critical analysis of these interdependent elements, the study argues that a holistic and integrated approach as opposed to a siloed approach is vital for achieving sustainable PFM reforms in Nigeria. The study concludes by recommending targeted policy interventions to enhance institutional efficiency, strengthen governance mechanisms, and promote a resilient public financial management system.