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Financial Management
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Financial Management

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

Deadline for manuscript submissions: 1 August 2025 | Viewed by 2477

Special Issue Editor

Prof. Dr. Tankiso Moloi

E-Mail Website
Guest Editor
College of Business and Economics, Department of Accountancy, University of Johannesburg, Johannesburg, South Africa
Interests: financial management; digital finance; corporate governance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

We invite scholars, practitioners, and industry experts to submit articles for our upcoming topic on “Financial Management”. Financial management is the process of managing an organisation’s financial resources to ensure their effective and efficient use. Against this backdrop, managers of organisations must develop and implement financial plans that align with the organisation’s goals. These financial plans include (i) creating budgets (ii) forecasting cash flows, and (iii) analysing financial statements to identify areas where the organisation can improve its financial performance.

Given the limited resources available for both short- and long-term projects, organisations face an increasing need to develop and implement financial plans that align with their strategic goals. To this end, this topic aims to explore the increasingly important field of financial management, which covers a wide range of related topics. This includes strategies for effective financial forecasting and budgeting, as well as recognising, classifying, and mitigating financial risks in organisations. It entails making capital structure decisions and investment decisions that prioritise wealth maximisation. It involves best practises in transparency and compliance, particularly in light of regulatory changes in financial reporting. It also includes discussions on sustainability and ethical investment practises, while addressing the impact of digital transformation on financial management processes.

We welcome both theoretical and empirical contributions on the various aspects of financial management practises. Our goal is to foster discussions on how financial management can support the growth and sustainability of organisations. We are particularly interested in studies that present innovative approaches, strategies, and policies aimed at building sustainable financial management systems within organisations.

We look forward to receiving your valuable contributions to this important topic.

Prof. Dr. Tankiso Moloi
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

  • financial planning and analysis
  • risk management
  • corporate finance
  • financial reporting
  • sustainable finance
  • digital transformation and financial management
  • international financial systems

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Published Papers (5 papers)

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Research

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23 pages, 357 KiB  
Article
Corporate Social Responsibility as a Driver of Financial Performance: An Exploration of South African Companies
by Phathutshedzo Lemana, Reon Matemane and Maatabudi Mokabane
J. Risk Financial Manag. 2025, 18(5), 278; https://doi.org/10.3390/jrfm18050278 - 17 May 2025
Viewed by 256
Abstract
This study investigates the relationship between corporate social responsibility performance and financial performance among firms listed on the Johannesburg Stock Exchange in South Africa. Utilising a multi-metric approach, the research incorporates corporate social responsibility scores; environmental, social, and governance ratings; and the social [...] Read more.
This study investigates the relationship between corporate social responsibility performance and financial performance among firms listed on the Johannesburg Stock Exchange in South Africa. Utilising a multi-metric approach, the research incorporates corporate social responsibility scores; environmental, social, and governance ratings; and the social pillar score to provide a comprehensive analysis. Data from 104 companies with 624 observations from 2017 to 2022 was analysed. This quantitative study employs a Generalised Least Squares estimation, and the findings reveal a significant positive correlation between corporate social responsibility performance and several key financial metrics, including return on assets, earnings per share, market value added, and Tobin’s Q ratio. The results suggest that companies prioritising corporate social responsibility initiatives are likely to experience improved financial outcomes. Furthermore, the study examines the influence of board characteristics on financial performance, identifying a positive effect of gender diversity and negative impacts from board independence and meeting frequency. Overall, this research contributes to the literature on corporate social responsibility and financial performance by highlighting the importance of corporate social responsibility in driving sustainable business practices and enhancing firm performance within the context of an emerging economy. The findings underscore the need for firms to integrate corporate social responsibility into their strategies to promote long-term success while addressing societal challenges. Full article
(This article belongs to the Special Issue Financial Management)
17 pages, 577 KiB  
Article
An Interdisciplinary Study: Deferred Tax Implications of Lay-By Agreements for Financial Planning and Decision Making
by Ahmed Mohammadali Haji, Muneer Hassan, Michelle van Heerden and Milan van Wyk
J. Risk Financial Manag. 2025, 18(5), 273; https://doi.org/10.3390/jrfm18050273 - 16 May 2025
Viewed by 105
Abstract
Due to tough economic conditions, more retailers are relying on lay-by agreements to maintain revenue. Lay-by agreements are thus part of their business models and are included in their forecasting and budgeting strategies. As part of financial planning, decisions need to be made [...] Read more.
Due to tough economic conditions, more retailers are relying on lay-by agreements to maintain revenue. Lay-by agreements are thus part of their business models and are included in their forecasting and budgeting strategies. As part of financial planning, decisions need to be made based on financial information to achieve organisational goals. A recent South African income tax amendment regarding lay-by agreements resulted in three possible income tax interpretations. This study analysed and evaluated the implications of these amendments for South African deferred tax. The study utilised a doctrinal approach in an interpretive paradigm. The results show that the amendment in the South African Income Tax Act relating to lay-by agreements has an impact on deferred tax calculations, depending on the tax interpretation used. The resulting ambiguity and diversion in the practice of the deferred tax treatment may potentially lead to less useful financial information, contrary to the objectives of the International Accounting Standards Board for effective decision making. This study recommends that the National Treasury should clarify this ambiguity, through either legislative amendments or an interpretation note. This will create the necessary certainty for organisations to plan their finances. Full article
(This article belongs to the Special Issue Financial Management)
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13 pages, 238 KiB  
Article
The Impact of Risk Management on Countries in the MENA Region
by Rim Jalloul and Mahfuzul Haque
J. Risk Financial Manag. 2025, 18(5), 243; https://doi.org/10.3390/jrfm18050243 - 1 May 2025
Viewed by 299
Abstract
This study explores how adjustments in risk management can influence the future financial performance of 20 countries in the MENA (Middle East and North Africa) region. While the existing literature has explored risk factors in emerging economies, this research provides novel empirical evidence [...] Read more.
This study explores how adjustments in risk management can influence the future financial performance of 20 countries in the MENA (Middle East and North Africa) region. While the existing literature has explored risk factors in emerging economies, this research provides novel empirical evidence on how risk management practices influence long-term financial stability and growth, a dimension underexplored in the MENA context. Using a Panel Vector Autoregression (PVAR) model, we analyze data from 2005 to 2021 to quantify the dynamic relationship between risk mitigation strategies and key financial outcomes, accounting for regional volatility and cross-country heterogeneity. This methodology allows for the examination of the impact of risk management on future financial outcomes, considering both current uncertainties and strategic approaches to mitigating risks. The results reveal that robust forward-looking risk management practices significantly impact the future financial performance and resilience of the countries in the MENA region. Our findings highlight that a well-designed risk management strategy is crucial for averting financial crises and supporting long-term economic growth and sustainability of nations. This study contributes to the understanding of how strategic risk management can drive future economic and financial stability in the MENA region, providing unique insights into the role of forward-thinking risk practices in shaping national success. Full article
(This article belongs to the Special Issue Financial Management)
15 pages, 299 KiB  
Article
Risk Management Practices and Financial Performance: Analysing Credit and Liquidity Risk Management and Disclosures by Nigerian Banks
by Omobolade Stephen Ogundele and Lethiwe Nzama
J. Risk Financial Manag. 2025, 18(4), 198; https://doi.org/10.3390/jrfm18040198 - 4 Apr 2025
Viewed by 1172
Abstract
Nigerian banks encounter persistent difficulties in efficiently managing and disclosing credit and liquidity risks, considerably affecting their financial performance and shareholders’ confidence. This study, therefore, examined the effect of risk-management practices and disclosures on the financial performance of Nigerian commercial banks. The population [...] Read more.
Nigerian banks encounter persistent difficulties in efficiently managing and disclosing credit and liquidity risks, considerably affecting their financial performance and shareholders’ confidence. This study, therefore, examined the effect of risk-management practices and disclosures on the financial performance of Nigerian commercial banks. The population of the study comprised 13 Nigerian commercial banks, of which 12 were purposively chosen, subject to data availability. The data explored in this study originate from World Development Indicators and the annual reports and accounts of the selected Nigerian commercial banks from 2012 to 2023. The data analysis technique used was panel regression analysis, which was further extended to the generalized method of moments in a bid to account for potential endogeneity. The study made use of EViews 12 software to analyse the data. The results reveal that liquidity risk disclosure and firm size had significant and positive effects on financial performance, while credit risk disclosure, credit risk, firm age, and leverage had significant and negative effects. This study concludes that credit risks significantly undermine commercial banks’ financial performance, as an upsurge in non-performing loans results in reduced financial performance. Conversely, effective liquidity risk disclosure characterized by transparent reporting on liquidity position was found to enhance financial performance. This study, therefore, recommends, among others, that banks should strengthen their credit risk assessment framework and enhance transparent risk reporting to improve performance and financial stability. Full article
(This article belongs to the Special Issue Financial Management)

Other

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33 pages, 1925 KiB  
Systematic Review
Impression Management Tactics in the Chairperson’s Statement: A Systematic Literature Review and Avenues for Future Research
by Masibulele Phesa, Mabutho Sibanda, Frank Ranganai Matenda and Zamanguni Gumede
J. Risk Financial Manag. 2025, 18(5), 270; https://doi.org/10.3390/jrfm18050270 - 16 May 2025
Viewed by 47
Abstract
The chairperson’s statement (CS) has evolved into a key component of corporate reporting, offering an authoritative, high-level summary of a company’s activities, initiatives, operations, financial performance, and achievements over the preceding financial year, along with insights into future outlooks. Recognised for its informative [...] Read more.
The chairperson’s statement (CS) has evolved into a key component of corporate reporting, offering an authoritative, high-level summary of a company’s activities, initiatives, operations, financial performance, and achievements over the preceding financial year, along with insights into future outlooks. Recognised for its informative value, the CS is consistently ranked by stakeholders as the most read and most influential section of the integrated report. Despite its importance, the CS is also a platform where corporate management often engages in impression management (IM) to portray a biased and overly positive image of the company. This study conducted a systematic literature review to examine the IM tactics employed within the CS. Based on the findings, an integrative conceptual framework was developed. Identified IM tactics include readability, textual characteristics, the influence of culture, legal systems and capital markets, paratext and intertextuality, the tone of language, forward-looking statements, retrospective sense-making, ambiguous language, the use of photographs and graphs, impersonalisation and evaluative language, and self-serving attributions. The results highlight that the study of IM strategies in CSs represents a rich and relevant research domain that warrants deeper exploration. Given its qualitative complexity and underexplored dimensions, this area offers several promising avenues for future investigation. Full article
(This article belongs to the Special Issue Financial Management)
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