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Emerging Issues in Economics, Finance and Business—2nd Edition
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Emerging Issues in Economics, Finance and Business—2nd Edition

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

Deadline for manuscript submissions: 31 December 2025 | Viewed by 9414

Special Issue Editor

Prof. Dr. M. Veysel Kaya

E-Mail Website
Guest Editor
Department of Banking and Finance, Faculty of Financial Sciences, Ankara Hacı Bayram Veli University, Ankara, Turkiye
Interests: economics; business; finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The main topics of this Special Issue are focused on, but not limited to, the following titles:
Accounting; Behavioral Finance; Corporate Finance/Governance; Econometrics; Economics of Innovation; Education/Education Economics; Environmental Economics; Emerging Economies; Energy Studies; Entrepreneurship; Financial Economics; Gender Economics; Health Economics; Human Resources; Industrial Organization; International Economics and Trade; International Finance. Investment; Islamic Economics/Finance; Knowledge Economics; Labor Economics; Growth and Development; Macroeconomics; Management; Microeconomics; Marketing; Monetary Economics; Political Economy; Public Economics; Regional Studies; Risk Management; Small and Medium-Sized Enterprises (SME); Tax Policies; Tourism/Tourism Economics.

Prof. Dr. M. Veysel Kaya
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

  • economics
  • business
  • management
  • finance
  • banking

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Published Papers (6 papers)

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Research

19 pages, 1792 KiB  
Article
Rethinking Tax Systems: How Heterogeneous Tax Mix Shapes Income Inequality in European OECD Economies
by Marina Beljić and Olgica Glavaški
J. Risk Financial Manag. 2025, 18(5), 279; https://doi.org/10.3390/jrfm18050279 - 17 May 2025
Viewed by 211
Abstract
Divergences in tax policies are evident among European OECD economies, due to varying priorities of efficiency vs. equity, influenced by the forms of direct vs. indirect taxation. The special interest of this paper is to identify how different tax forms (direct—corporate and personal [...] Read more.
Divergences in tax policies are evident among European OECD economies, due to varying priorities of efficiency vs. equity, influenced by the forms of direct vs. indirect taxation. The special interest of this paper is to identify how different tax forms (direct—corporate and personal income taxes (CIT, PIT); and indirect—value added tax (VAT)) affect inequality in European OECD economies in the period 2003–2020. Using heterogeneous non-stationary panel models and the (Pooled) Mean Group (PMG/MG) methods of estimation, a long-run negative relationship between direct tax forms (CIT, PIT) and the Gini coefficient was discovered, meaning that utilizing progressive direct tax forms resulted in more equity. The error-correction terms are heterogeneous, showing that developed economies decrease income inequality by using direct taxes more efficiently than emerging European OECD economies. The short-run statistically significant relationships between VAT and the Gini coefficient are discovered, meaning that certain European OECD economies effectively use VAT revenue to achieve greater equity in society. This study demonstrates that the use of indirect tax forms may be beneficial in terms of collecting more tax revenues, and that using them for redistributive programs can reduce inequality while maintaining economic efficiency. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
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15 pages, 1134 KiB  
Article
Ripples of Oil Shocks: How Jordan’s Sectors React
by Salem Adel Ziadat and Maher Khasawneh
J. Risk Financial Manag. 2025, 18(4), 186; https://doi.org/10.3390/jrfm18040186 - 1 Apr 2025
Viewed by 393
Abstract
This paper examines the impact of different oil price shocks (supply, demand, and risk) on the sectoral indices of Jordan from 4 January 2000 until 24 September 2024 using the TVP connectedness approach of. The results point to the existence of a time [...] Read more.
This paper examines the impact of different oil price shocks (supply, demand, and risk) on the sectoral indices of Jordan from 4 January 2000 until 24 September 2024 using the TVP connectedness approach of. The results point to the existence of a time dynamic component that governs the relationship between oil shocks and Jordanian sectors’ return and volatility. Within this, periods like the COVID-19 pandemic endured intense spillovers. Moreover, heterogeneity is observed in different oil shocks and sectors in terms of their role in the information transmission mechanism, with particular importance of oil demand shocks. Spillovers from oil shocks to Jordanian sectors’ volatility is stronger than Jordanian sectors’ returns. This paper carries important implications for policy holders, investors, and academics alike. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
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15 pages, 427 KiB  
Article
Business Distress Prediction in Albania: An Analysis of Classification Methods
by Zhaklina Dhamo, Ardit Gjeçi, Arben Zibri and Xhorxhina Prendi
J. Risk Financial Manag. 2025, 18(3), 118; https://doi.org/10.3390/jrfm18030118 - 24 Feb 2025
Viewed by 710
Abstract
This article investigates the effectiveness of various classification techniques in predicting financial distress for Albanian firms. The dataset includes 16 financial ratios from the financial statements of 187 of the largest non-financial businesses operating in Albania, covering the period from 2011 up to [...] Read more.
This article investigates the effectiveness of various classification techniques in predicting financial distress for Albanian firms. The dataset includes 16 financial ratios from the financial statements of 187 of the largest non-financial businesses operating in Albania, covering the period from 2011 up to 2014, and ranked by 2014 revenues. The methods used in predicting financial distress are logistic regression, Ada Boost, Naïve Bayes, decision trees, support vector machine (SVM), neural network, and random forest. To compare the effectiveness of the models applied we used Classification Accuracy (CA), confusion matrix, and area under the curve (AUC) as evaluation criteria. The results demonstrate the superior predictive ability of ensemble methods, with random forest achieving more accurate forecasts than other methods, followed by Ada Boost. The research contributes to the literature by showing the added value of machine learning models in emerging markets with unique practice and economic conditions and proposing an alternative classification approach for the classification of financial distress when lacking bankruptcy data. Finally, the empirical findings evidence that the strengths of ensemble learning methods are reinforced in unbalanced not-big datasets of a unique emerging economy. These insights are relevant for lending institutions and researchers aiming to refine credit risk models in unique markets where access to relevant data is a challenge. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
16 pages, 1197 KiB  
Article
Fiscal Adjustment Heterogeneity in Inflationary Conditions in the Eurozone: A Non-Stationary Heterogeneous Panel Approach
by Olgica Glavaški, Emilija Beker Pucar, Marina Beljić and Jovica Pejčić
J. Risk Financial Manag. 2024, 17(11), 493; https://doi.org/10.3390/jrfm17110493 - 3 Nov 2024
Viewed by 751
Abstract
In recent years, fiscal policy in the Eurozone (EZ) has faced challenges posed by the strong and rapid increase in inflation as a consequence of the COVID-19 pandemic and other geo-political crises. Due to the fear of “fiscal inflation” present during episodes of [...] Read more.
In recent years, fiscal policy in the Eurozone (EZ) has faced challenges posed by the strong and rapid increase in inflation as a consequence of the COVID-19 pandemic and other geo-political crises. Due to the fear of “fiscal inflation” present during episodes of fiscal stimulus during the pandemic crisis, this paper assesses the relationship between discretionary fiscal policy and inflation in developed EZ economies, taking into consideration the rise in energy prices as a control variable. This study considers the econometric framework of heterogeneous, non-stationary panels (Pooled Mean Group (PMG) and Common Correlated Effects Mean Group (CCEMG) estimators). Using quarterly panel data for the period 2015q1–2024q1, the results show that, in the long run, the effects of fiscal policy on inflation are insignificant. However, covering only the pandemic and other geo-political crises (2020q1–2024q1), research shows a significant negative long-run relationship between fiscal expenditure and inflation and heterogeneous short-run fiscal adjustments due to the lack of a fiscal union in the EU economies. Hence, accompanied by monetary policy, the discretionary response of fiscal policy to inflationary shock was oriented in the same direction—the reduction in inflationary pressures during a geo-political crisis. Fiscal policy mitigated inflationary pressures in these recent crises, while in the long run, it did not affect nominal variables, indicating that there is no evidence of fiscal inflation in the sample of EZ economies during a stabilization period or under crisis conditions. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
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25 pages, 2148 KiB  
Article
Integrating Money Cycle Dynamics and Economocracy for Optimal Resource Allocation and Economic Stability
by Constantinos Challoumis
J. Risk Financial Manag. 2024, 17(9), 422; https://doi.org/10.3390/jrfm17090422 - 22 Sep 2024
Cited by 6 | Viewed by 2433
Abstract
This paper integrates two theoretical frameworks to explore optimal resource allocation and the dynamics of the money cycle in a hypothetical economy. It examined the theoretical background of the problems of choice. The first framework considers an economy governed by an omniscient authority [...] Read more.
This paper integrates two theoretical frameworks to explore optimal resource allocation and the dynamics of the money cycle in a hypothetical economy. It examined the theoretical background of the problems of choice. The first framework considers an economy governed by an omniscient authority responsible for production and distribution decisions, focusing on the logic of choice and efficient resource allocation. The second framework introduces the concept of the new economic system of Economocracy, emphasizing the role of the Money Cycle theory in economic management and governance. By combining these frameworks, the paper provides a comprehensive understanding of productive and distributive efficiency and examines the impact of the money cycle on economic stability and growth. A mathematical modeling of the money cycle is presented to highlight the relationship between money distribution, economic capacity, and overall economic health. The integrated approach offers valuable insights for optimizing resource allocation and enhancing economic resilience. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
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33 pages, 3455 KiB  
Article
The Stock Market Reaction to Green Bond Issuance: A Study Based on a Multidimensional Scaling Approach
by Wided Khiari, Ines Ben Flah, Azhaar Lajmi and Fida Bouhleli
J. Risk Financial Manag. 2024, 17(9), 408; https://doi.org/10.3390/jrfm17090408 - 10 Sep 2024
Cited by 1 | Viewed by 4216
Abstract
The aim of this study is to examine the impact of green bond issuance on the stock market, based on the share prices of 29 companies located in different countries around the world. Using our financial map and applying clustering techniques, we study [...] Read more.
The aim of this study is to examine the impact of green bond issuance on the stock market, based on the share prices of 29 companies located in different countries around the world. Using our financial map and applying clustering techniques, we study price fluctuations and identify the influences shaping them. Our contribution lies in methodological innovation through a Multidimensional Scaling approach. Based on this innovative approach, the results of this investigation revealed a complex dynamic in which various factors such as company size, issue volume, total number of issues, geographical location, country GDP, and even governance indices such as the corruption index interact significantly. Full article
(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business—2nd Edition)
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