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Business, Finance, and Economic Development
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Business, Finance, and Economic Development

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: closed (31 July 2025) | Viewed by 5961

Special Issue Editor

Dr. Palto Ranjan Datta

E-Mail Website
Guest Editor
Centre for Business & Economic Research, UK and Regent College London, London, UK
Interests: relationship marketing; developing economics; sustainable developlment; globalisation and economic development
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The business world is experiencing significant stress, change, and, in some industries, unparalleled growth. Much of the traditional understanding of business education and theory is being questioned, making it even more vital to understand what is happening. Economic certainty appears to be eroding, and established formulas appear to not be working, if not defunct. Whereas academics were historically preoccupied with large corporations, the role of SMEs is now being highlighted. The business environment has changed and will change even more in the coming years. Some traditionally robust markets have weakened while others have grown; cultural and geographical distances between people are shrinking; and innovation in all areas (technology, markets, finance, etc.) has become critical for long-term competitive advantage. The challenge of economic development is one that all nations face, and a remarkable diversity of projects are being implemented to serve as 'economic pump starters'. Whereas formerly established markets were solely interested in how other developed economies stimulated economic progress, there is now an increasing interest in how developing economies are providing fertile ground for inventive and frequently successful projects.

The International Conference on Business and Economic Development (ICBED) aspires to address a wide range of themes linked to business and economic development; consequently, submissions should interest management professors, practitioners, and researchers in developed and developing nations with a global readership.

This Special Issue will feature original research papers from the conference submissions that are accepted and presented but not published in the conference proceedings. The scope of this Special Issue is quite broad and invites interdisciplinary research papers on the relevant aspects of finance, financial institutions, the micro-econometrics theory, banking and finance, financial economics, macroeconomic parameters and growth, mathematical methods in economics and finance, and risk management and analysis, among other topics. These analyses should be challenging and at the forefront of current thinking. However, articles should be written in non-technical language so that people outside of the linked disciplines may understand them.

Dr. Palto Ranjan Datta
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • accounting and finance
  • financial accounting
  • financial institutions
  • international finance
  • financial markets
  • risk management
  • corporate finance
  • financial economics
  • banking

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Published Papers (4 papers)

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Research

33 pages, 2278 KB  
Article
Modeling Behavioral and Attitudinal Drivers of Life Insurance Selection and Premiums: Polynomial Approaches to Perceived Affordability in Term and Cash Value Products
by Florent Nkouaga, Jeffrey Czajkowski, Kelly Edmiston and Brenda Rourke
J. Risk Financial Manag. 2025, 18(9), 512; https://doi.org/10.3390/jrfm18090512 - 15 Sep 2025
Viewed by 283
Abstract
Background: Life insurance markets are experiencing unprecedented transformation in the wake of economic disruption, evolving consumer expectations, and behavioral shifts following the COVID-19 pandemic. Traditional economic models often fail to capture the complex interplay of attitudinal, and cognitive factors that now shape insurance [...] Read more.
Background: Life insurance markets are experiencing unprecedented transformation in the wake of economic disruption, evolving consumer expectations, and behavioral shifts following the COVID-19 pandemic. Traditional economic models often fail to capture the complex interplay of attitudinal, and cognitive factors that now shape insurance demand and premium selection. Methods: This study analyzes nationally representative survey data from over 3600 U.S. adults (2024 NAIC Financial Inclusion Survey). It uses a weighted full maximum likelihood Heckman selection model to identify determinants of life insurance uptake and premiums. The main innovation is modeling psychological price, a composite of perceived affordability, with higher-order polynomials. The design integrates psychometrically validated measures of financial knowledge and risk tolerance. Political ideology, race and ethnicity, and sources of financial advice serve as exclusion restrictions in the selection equation. Results: Psychological price shows an inverse-U relation with term outcomes: uptake rises at low to moderate affordability and declines at high affordability; among purchasers, term premiums rise at low to mid affordability and decline at high levels. For cash value policies, premiums decrease as psychological price increases. Financial knowledge and risk tolerance increase term uptake; financial knowledge reduces cash premiums. Education and income increase term uptake and term premiums. Compared with respondents reporting no ideology, conservative and centrist respondents have lower term uptake and higher cash uptake; using a professional advisor is associated with higher cash uptake. The selection correlation is positive for term (ρ≈0.98) and negative for cash (ρ≈−0.38), indicating non-random selection in both markets. Implications: In order to reduce disparities, insurers should target the mid-affordability threshold with term offerings, streamline options for high-affordability consumers, offer pricing support and guidance for low-affordability households, increase uptake through advice channels and financial education, and address affordability barriers. Conclusions: Nonlinear affordability effects shape both market entry and pricing choices. Modeling psychological price with higher-order polynomials identifies thresholds and turning points that linear specifications miss. The results support targeted product design and outreach when perceived affordability drives insurance participation and premium choices. Full article
(This article belongs to the Special Issue Business, Finance, and Economic Development)
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13 pages, 585 KB  
Article
Supply Chain Risk in Eyeglass Manufacturing: An Empirical Case Study on Lens Inventory Management During Global Crises
by Sarot Kankoon and Sataporn Amornsawadwatana
J. Risk Financial Manag. 2025, 18(6), 305; https://doi.org/10.3390/jrfm18060305 - 4 Jun 2025
Viewed by 966
Abstract
The eyeglass lens manufacturing industry has become increasingly vulnerable to supply chain risks due to overlapping global disruptions, including the COVID-19 pandemic, the Suez Canal blockage, the Russia–Ukraine conflict, Red Sea shipping insecurity, and recent U.S. import tariffs. These events have challenged inventory [...] Read more.
The eyeglass lens manufacturing industry has become increasingly vulnerable to supply chain risks due to overlapping global disruptions, including the COVID-19 pandemic, the Suez Canal blockage, the Russia–Ukraine conflict, Red Sea shipping insecurity, and recent U.S. import tariffs. These events have challenged inventory planning, supplier coordination, and cost control across the industry. This study aims to evaluate how five operational constructs—stock system, inventory optimization, standardized methodology, production capability, and logistics performance—influence inventory resilience during global crises. Using an empirical case study, data were collected from 215 supply chain professionals at a multinational lens manufacturer in Southeast Asia and analyzed via Structural Equation Modeling (SEM). The results show that inventory optimization (β = 0.93) is the most influential factor in mitigating supply–demand imbalances, followed by logistics performance and production capability. This study offers practical recommendations, including real-time demand tracking, modular production systems, and scalable logistics strategies, to enhance inventory resilience. These findings contribute to both theory and practice by providing a validated framework tailored to high-precision manufacturing under persistent global risk. Full article
(This article belongs to the Special Issue Business, Finance, and Economic Development)
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21 pages, 313 KB  
Article
Labor Supply as a Buffer: The Implication of Credit Constraints in the US
by Muhammad Nawaz, Niraj P. Koirala and Hassan Butt
J. Risk Financial Manag. 2025, 18(6), 299; https://doi.org/10.3390/jrfm18060299 - 1 Jun 2025
Viewed by 615
Abstract
The credit constraint, an example of an incomplete credit market, provides an incentive to intensify the extensive and intensive margins related to labor force participation and work hours, respectively. This study uses the cross-section data from the Survey of Consumer Finance (SCF) and [...] Read more.
The credit constraint, an example of an incomplete credit market, provides an incentive to intensify the extensive and intensive margins related to labor force participation and work hours, respectively. This study uses the cross-section data from the Survey of Consumer Finance (SCF) and analyzes the impact of credit constraints on labor supply decisions, time to search for employment, and work hours. The empirical findings using the IV-probit and 2SLS models suggest that credit constraints and their various measures encourage households to increase both labor force participation and work hours to offset the negative impact of financial constraints. The intensity of working hours increases when we introduce both the alternate form of credit constraint and various age bands. Credit-constrained individuals effectively search for jobs and are most likely to accept employment in a short period, but their job search process takes more time than non-constrained individuals. Full article
(This article belongs to the Special Issue Business, Finance, and Economic Development)
21 pages, 3914 KB  
Article
Asset Returns: Reimagining Generative ESG Indexes and Market Interconnectedness
by Gordon Dash, Nina Kajiji and Bruno G. Kamdem
J. Risk Financial Manag. 2024, 17(10), 463; https://doi.org/10.3390/jrfm17100463 - 13 Oct 2024
Viewed by 2420
Abstract
Financial economists have long studied factors related to risk premiums, pricing biases, and diversification impediments. This study examines the relationship between a firm’s commitment to environmental, social, and governance principles (ESGs) and asset market returns. We incorporate an algorithmic protocol to identify three [...] Read more.
Financial economists have long studied factors related to risk premiums, pricing biases, and diversification impediments. This study examines the relationship between a firm’s commitment to environmental, social, and governance principles (ESGs) and asset market returns. We incorporate an algorithmic protocol to identify three nonobservable but pervasive E, S, and G time-series factors to meet the study’s objectives. The novel factors were tested for information content by constructing a six-factor Fama and French model following the imposition of the isolation and disentanglement algorithm. Realizing that nonlinear relationships characterize models incorporating both observable and nonobservable factors, the Fama and French model statement was estimated using an enhanced shallow-learning neural network. Finally, as a post hoc measure, we integrated explainable AI (XAI) to simplify the machine learning outputs. Our study extends the literature on the disentanglement of investment factors across two dimensions. We first identify new time-series-based E, S, and G factors. Second, we demonstrate how machine learning can be used to model asset returns, considering the complex interconnectedness of sustainability factors. Our approach is further supported by comparing neural-network-estimated E, S, and G weights with London Stock Exchange ESG ratings. Full article
(This article belongs to the Special Issue Business, Finance, and Economic Development)
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