Accounting, Finance, Banking in Emerging Economies

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

Deadline for manuscript submissions: 31 July 2027 | Viewed by 7717

Editors


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Guest Editor
Accounting, Finance, and Economics, Regent College London, London, UK
Interests: finance investment; financial statement; analysis financial; accounting financial risk management; accounting; financial management; corporate finance finance; management investment management

Special Issue Information

Dear Colleagues,

In recent decades, the global economic landscape has been undergoing profound transformation. Emerging economies, including the MINT countries (Mexico, Indonesia, Nigeria, and Turkey), are increasingly playing pivotal roles in shaping global trade and investment flows. At the same time, the aftermath of the 2008 global financial crisis has called many traditional economic principles into question, prompting a reassessment of policy priorities and strategic direction. Geopolitical instability, along with growing concerns about energy, water, and resource security, has raised urgent questions about the future of globalisation and the resilience of existing economic systems. In this dynamic and uncertain environment, governments and enterprises—both large and small—are under pressure to craft innovative strategies for survival, competitiveness, and growth. This often necessitates bold, alternative approaches to policymaking and enterprise development.

New technologies, shifting demographics, and increasing expectations from diverse stakeholders further compound these challenges, requiring adaptive, future-oriented solutions from both policymakers and practitioners. The International Conference on the Restructuring of the Global Economy (ROGE) offers a timely platform with which to explore a wide array of topics related to business, finance, microeconometrics, game theory, financial institutions, and economic development.

A Special Issue linked to the conference will feature original research contributions across cutting-edge areas such as financial econometrics, microeconomic theory, agent-based models, risk management, and mathematical methods in economics and finance. Emphasis will be placed on quantitative or analytical work that is fresh, insightful, and relevant to global challenges. Submissions should aim to extract valuable lessons from diverse international contexts and present forward-thinking analysis that advances contemporary economic discourse.

While analytical rigor is encouraged, contributions should be written in accessible, non-technical language to reach a broad interdisciplinary audience.

Dr. Palto Datta
Dr. Rishiram Aryal
Guest Editor

Manuscript Submission Information

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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 (5 papers)

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Research

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15 pages, 1442 KB  
Article
Financial Performance Evaluation of Türkiye’s Savings Finance Sector Using the CRITIC-EDAS Method
by Murat Ahmet Doğan
J. Risk Financ. Manag. 2026, 19(8), 632; https://doi.org/10.3390/jrfm19080632 - 18 Aug 2026
Viewed by 184
Abstract
The rapid growth of Türkiye’s savings finance sector under Law No. 7292 has created demand for objective, multidimensional performance evaluation tools. This study assesses the financial performance of six savings finance companies in Türkiye over 2022–2024 using a hybrid CRITIC-EDAS multi-criteria decision-making model. [...] Read more.
The rapid growth of Türkiye’s savings finance sector under Law No. 7292 has created demand for objective, multidimensional performance evaluation tools. This study assesses the financial performance of six savings finance companies in Türkiye over 2022–2024 using a hybrid CRITIC-EDAS multi-criteria decision-making model. Criterion weights for eight financial indicators—spanning profitability, operational efficiency, growth, and financial structure—were derived objectively via CRITIC, while EDAS produced the rankings, which were applied to criterion-direction-normalized data because the dataset contains negative values. The operating expense-to-revenue ratio carried the greatest weight in 2022 and 2023; gross profit margin became dominant in 2024. Katılımevim led the rankings in 2022 (ASi = 1.000); Eminevim then took the lead in 2023 (ASi = 1.000) and held it in 2024 (ASi = 0.968), with Fuzulev second (ASi = 0.815). A normalization artifact affecting two revenue-denominator ratios for one company (İmece) in 2024 was corrected through winsorization. Validity was confirmed in two stages: Spearman correlations between EDAS and the TOPSIS, MABAC, and MARCOS rankings exceeded the 0.89 reliability threshold in all three years, and a nine-scenario sensitivity analysis supported the rankings’ robustness. These findings give regulators, investors, and managers a replicable framework for evaluating performance in this young, underexamined sector and point to operational efficiency and outlier management as priorities for oversight. Full article
(This article belongs to the Special Issue Accounting, Finance, Banking in Emerging Economies)
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30 pages, 349 KB  
Article
Making Sense of Expected Credit Losses: A Qualitative Analysis of IFRS 9 Compliance Strategies in an Emerging Market
by Edman Padilla Flores
J. Risk Financ. Manag. 2026, 19(6), 407; https://doi.org/10.3390/jrfm19060407 - 3 Jun 2026
Viewed by 1830
Abstract
Following the global financial crisis, the transition to IFRS 9’s forward-looking Expected Credit Loss (ECL) model has introduced significant implementation complexity, particularly in emerging markets facing data limitations. This study investigates the heterogeneous ECL compliance strategies adopted within the Cambodian banking sector during [...] Read more.
Following the global financial crisis, the transition to IFRS 9’s forward-looking Expected Credit Loss (ECL) model has introduced significant implementation complexity, particularly in emerging markets facing data limitations. This study investigates the heterogeneous ECL compliance strategies adopted within the Cambodian banking sector during a period of heightened credit stress, marked by a system-wide non-performing loan ratio of 8.6%. Utilizing a multiple-case study design and replication logic, a qualitative content analysis was conducted on the 2024 audited financial statements of 13 representative institutions, ranging from market leaders to international subsidiaries. The findings reveal a pronounced technical divide: market leaders utilize advanced internal statistical methods, such as cohort analysis, whereas international subsidiaries rely on top-down parent-group proxy models to bridge local data gaps. A “macro-correlation paradox” was identified, where certain institutions prioritize faithful representation by excluding macroeconomic variables when statistical links to historical defaults remain weak. Furthermore, a significant transparency gap exists, where granular disclosures are consistent with a signaling interpretation regarding institutional safety. These results suggest that ECL compliance in data-limited environments may be interpreted as a strategic management choice rather than a standardized technical exercise, highlighting the need for regulatory standardization of modeling assumptions to improve inter-bank comparability. Full article
(This article belongs to the Special Issue Accounting, Finance, Banking in Emerging Economies)
17 pages, 321 KB  
Article
Economic Consequences of Mandatory Adoption of International Financial Reporting Standards in Iraqi Banks
by Mohammed Al-Rammahi, Amin Rostami and Alireza Rahrovi Dastjerdi
J. Risk Financ. Manag. 2026, 19(4), 289; https://doi.org/10.3390/jrfm19040289 - 17 Apr 2026
Viewed by 1089
Abstract
This study examines the economic consequences associated with the mandatory adoption of International Financial Reporting Standards (IFRS) in the Iraqi banking sector. Motivated by growing evidence that the outcomes of IFRS adoption depend on institutional and market conditions, the study focuses on a [...] Read more.
This study examines the economic consequences associated with the mandatory adoption of International Financial Reporting Standards (IFRS) in the Iraqi banking sector. Motivated by growing evidence that the outcomes of IFRS adoption depend on institutional and market conditions, the study focuses on a bank-based emerging economy characterized by relatively underdeveloped capital markets and evolving enforcement mechanisms. Using a balanced panel of 24 banks listed on the Iraq Stock Exchange over the period 2014–2018, the analysis exploits the mandatory IFRS adoption in 2016 within a before–after regulatory framework. Panel regression techniques are employed to examine the associations between IFRS adoption and stock market liquidity, firm value, information asymmetry, and the cost of debt, while controlling for bank-specific characteristics and macroeconomic conditions. The results indicate that IFRS adoption is positively significantly associated with stock market liquidity, and negatively significantly associated with information asymmetry, consistent with improvements in the informational environment of Iraqi banks following enhanced disclosure and comparability. The findings also reveal a positive and significant relationship between IFRS adoption and the cost of debt, suggesting higher perceived financial risk by creditors. In contrast, no statistically significant association is observed between IFRS adoption and bank market valuation, highlighting the limited sensitivity of equity prices to accounting reforms in thin and institutionally constrained markets. Overall, the study contributes to the literature on the economic consequences of IFRS adoption by providing evidence from an underexplored emerging market and a highly regulated banking sector. The findings underscore the role of institutional context in shaping the outcomes of accounting standard convergence and offer policy-relevant insights for regulators and standard-setters in bank-oriented financial systems. Full article
(This article belongs to the Special Issue Accounting, Finance, Banking in Emerging Economies)
18 pages, 331 KB  
Article
Beyond Financial Market Dualism: An Empirical Analysis of Variations in Use of Financial Services in South Africa
by Mongi Tshaka, Munacinga Simatele and James Copestake
J. Risk Financ. Manag. 2026, 19(1), 47; https://doi.org/10.3390/jrfm19010047 - 7 Jan 2026
Viewed by 1232
Abstract
This paper empirically analyses variation in use of formally, semi-formally, and informally regulated finance using the South African National Income Dynamics Study longitudinal data. The logistic regressions indicate that many individuals use a combination of services across all levels of regulation depending on [...] Read more.
This paper empirically analyses variation in use of formally, semi-formally, and informally regulated finance using the South African National Income Dynamics Study longitudinal data. The logistic regressions indicate that many individuals use a combination of services across all levels of regulation depending on age, gender, education, population group, religiosity, and social trust. Widespread use of informally regulated finance in South Africa is particularly evident on the savings side through savings groups/stokvels. The originality of the paper lies in its use of nationally representative longitudinal data to disentangle and analyze the variations in the use of different financial mechanisms, moving beyond the conventional formal–informal dichotomy. In doing so, it contributes to ongoing debates on financial inclusion by demonstrating that informally regulated finance represents a rational, adaptive response to the limitations of formally regulated services rather than a residual or inferior alternative. Depicting the market as dualistic is therefore misleading, ignoring the need for a more nuanced understanding and official recognition of the drivers of financial services’ use. Full article
(This article belongs to the Special Issue Accounting, Finance, Banking in Emerging Economies)

Other

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21 pages, 1781 KB  
Systematic Review
Bank Diversification, Performance, and Monetary Policy: A PRISMA 2020-Based Systematic Review and Bibliometric Analysis
by Ven Phuoc Luu, Duc Hong Thi Phan and Huy Quoc Bui
J. Risk Financ. Manag. 2026, 19(3), 189; https://doi.org/10.3390/jrfm19030189 - 5 Mar 2026
Cited by 1 | Viewed by 1554
Abstract
This study examines the influence of diversification on commercial bank performance, specifically considering the role of monetary policy and shifting macroeconomic conditions. PRISMA 2020-based systematic literature review was conducted using Scopus data from 2006–2025. Bibliometric analysis using VOSviewer 1.6.20 and RStudio 4.4.3 was [...] Read more.
This study examines the influence of diversification on commercial bank performance, specifically considering the role of monetary policy and shifting macroeconomic conditions. PRISMA 2020-based systematic literature review was conducted using Scopus data from 2006–2025. Bibliometric analysis using VOSviewer 1.6.20 and RStudio 4.4.3 was employed to identify key themes and citation patterns. Findings are heterogeneous and context-dependent: diversification can improve profitability and valuations in some settings, yet may increase earnings volatility and reduce risk-adjusted performance in others. In particular, the impact of monetary policy is identified as significant yet mediated by broader macroeconomic factors. These insights assist bank managers in aligning strategies with economic landscapes and aid policymakers in designing regulations adaptive to macroeconomic fluctuations. This study contributes a comprehensive synthesis of diversification strategies, emphasizing the often-overlooked interplay with monetary policy and providing a future research agenda. Full article
(This article belongs to the Special Issue Accounting, Finance, Banking in Emerging Economies)
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