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Search Results (1,132)

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27 pages, 4239 KiB  
Article
Implementing Zero Trust: Expert Insights on Key Security Pillars and Prioritization in Digital Transformation
by Francesca Santucci, Gabriele Oliva, Maria Teresa Gonnella, Maria Elena Briga, Mirko Leanza, Marco Massenzi, Luca Faramondi and Roberto Setola
Information 2025, 16(8), 667; https://doi.org/10.3390/info16080667 - 5 Aug 2025
Abstract
As organizations continue to embrace digital transformation, the need for robust cybersecurity strategies has never been more critical. This paper explores the Zero Trust Architecture (ZTA) as a contemporary cybersecurity framework that addresses the challenges posed by increasingly interconnected systems. Zero Trust (ZT) [...] Read more.
As organizations continue to embrace digital transformation, the need for robust cybersecurity strategies has never been more critical. This paper explores the Zero Trust Architecture (ZTA) as a contemporary cybersecurity framework that addresses the challenges posed by increasingly interconnected systems. Zero Trust (ZT) operates under the principle of “never trust, always verify,” ensuring that every access request is thoroughly authenticated, regardless of the requester’s location within or outside the network. However, implementing ZT is a challenging task, requiring an adequate roadmap to prioritize the different initiatives in agreement with company culture, exposure and cyber posture. We apply multi-criteria decision analysis (MCDA) to evaluate the relative importance of various components within a ZT framework, using the Incomplete Analytic Hierarchy Process (IAHP). Expert opinions from professionals in cybersecurity and IT governance were gathered through structured questionnaires, leading to a prioritized ranking of the eight key ZT pillars, as defined by the Cybersecurity and Infrastructure Security Agency (CISA), Washington, DC, USA, along with a prioritization of the sub-elements within each pillar. The study provides actionable insights into the implementation of ZTA, helping organizations prioritize security efforts to mitigate risks effectively and build a resilient digital infrastructure. The evaluation results were used to create a prioritized framework, integrated into the ZEUS platform, developed with Teleconsys S.p.A., to enable detailed assessments of a firm’s cyber partner regarding ZT and identify improvement areas. The paper concludes by offering recommendations for future research and practical guidance for organizations transitioning to a ZT model. Full article
(This article belongs to the Section Information Security and Privacy)
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22 pages, 356 KiB  
Article
Financial Decision-Making Beyond Economic Considerations: A Strategic View for Family Firms in India
by Manpreet Kaur Khurana, Muhammad Shahin Miah and Shweta Sharma
J. Risk Financial Manag. 2025, 18(8), 432; https://doi.org/10.3390/jrfm18080432 - 4 Aug 2025
Abstract
The study examines economic and non-economic endeavors to explore the association between family involvement and financial decisions within family firms. The non-economic factors of a family drive the need to analyze the impact of socioemotional factors on the financial policies of the family [...] Read more.
The study examines economic and non-economic endeavors to explore the association between family involvement and financial decisions within family firms. The non-economic factors of a family drive the need to analyze the impact of socioemotional factors on the financial policies of the family firms. The study explores the impact of family ownership, family management, and family control drawn from agency theory and socioemotional wealth perspectives on the financial decisions of family firms. Our findings in support of the socioemotional wealth perspective show a positive relationship between family ownership and debt financing with a desire to finance growth and avoid control dilution, with an increase in the level of debt. However, the involvement of family members in management and the top management team leads to an adverse relationship between family ownership and debt level, exhibiting the risk-averse behavior of a firm, which drives firms to reduce debt levels. Overall, our findings suggest that the perceptions of the socioemotional wealth theoretical paradigm are important in determining capital structure decisions in family enterprises. The results are resilient to potential endogeneity and heterogeneity difficulties, which may assist scholars and practitioners in assessing capital structure decisions in emerging economies. Full article
(This article belongs to the Special Issue Corporate Finance: Financial Management of the Firm)
29 pages, 540 KiB  
Systematic Review
Digital Transformation in International Trade: Opportunities, Challenges, and Policy Implications
by Sina Mirzaye and Muhammad Mohiuddin
J. Risk Financial Manag. 2025, 18(8), 421; https://doi.org/10.3390/jrfm18080421 - 1 Aug 2025
Viewed by 370
Abstract
This study synthesizes the rapidly expanding evidence on how digital technologies reshape international trade, with a particular focus on small and medium-sized enterprises (SMEs). Guided by two research questions—(RQ1) How do digital tools influence the volume and composition of cross-border trade? and (RQ2) [...] Read more.
This study synthesizes the rapidly expanding evidence on how digital technologies reshape international trade, with a particular focus on small and medium-sized enterprises (SMEs). Guided by two research questions—(RQ1) How do digital tools influence the volume and composition of cross-border trade? and (RQ2) How do these effects vary by countries’ development level and firm size?—we conducted a PRISMA-compliant systematic literature review covering 2010–2024. Searches across eight major databases yielded 1857 records; after duplicate removal, title/abstract screening, full-text assessment, and Mixed Methods Appraisal Tool (MMAT 2018) quality checks, 86 peer-reviewed English-language studies were retained. Findings reveal three dominant technology clusters: (1) e-commerce platforms and cloud services, (2) IoT-enabled supply chain solutions, and (3) emerging AI analytics. E-commerce and cloud adoption consistently raise export intensity—doubling it for digitally mature SMEs—while AI applications are the fastest-growing research strand, particularly in East Asia and Northern Europe. However, benefits are uneven: firms in low-infrastructure settings face higher fixed digital costs, and cybersecurity and regulatory fragmentation remain pervasive obstacles. By integrating trade economics with development and SME internationalization studies, this review offers the first holistic framework that links national digital infrastructure and policy support to firm-level export performance. It shows that the trade-enhancing effects of digitalization are contingent on robust broadband penetration, affordable cloud access, and harmonized data-governance regimes. Policymakers should, therefore, prioritize inclusive digital-readiness programs, while business leaders should invest in complementary capabilities—data analytics, cyber-risk management, and cross-border e-logistics—to fully capture digital trade gains. This balanced perspective advances theory and practice on building resilient, equitable digital trade ecosystems. Full article
(This article belongs to the Special Issue Modern Enterprises/E-Commerce Logistics and Supply Chain Management)
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25 pages, 480 KiB  
Article
Audit 5.0 in Risk and Materiality Assessment: An Ethnographic Approach
by Maria C. Tavares, Maria F. R. Almeida, José Vale and Amra Kapo
J. Risk Financial Manag. 2025, 18(8), 419; https://doi.org/10.3390/jrfm18080419 - 29 Jul 2025
Viewed by 278
Abstract
The historical evolution of auditing reflects an increasing complexity in organizational demands, culminating in the emergence of Audit 5.0—an approach that integrates emerging technologies with professional judgment. This study aims to analyze how technological adoption influences risk assessment and materiality determination in financial [...] Read more.
The historical evolution of auditing reflects an increasing complexity in organizational demands, culminating in the emergence of Audit 5.0—an approach that integrates emerging technologies with professional judgment. This study aims to analyze how technological adoption influences risk assessment and materiality determination in financial auditing within a practical, real-world context. The research, qualitative in nature, combines narrative and thematic analysis of the literature, ethnography in a professional setting, and task analysis, developed over four years of experience in a firm of Chartered Accountants. The findings reveal that although digital tools enhance efficiency and accuracy, professional judgment remains essential to ensure the ethics, reliability, and contextualization of audited information. This study contributes to the advancement of understanding regarding the complementarity between technology and the human factor, proposing paths toward more robust and digitally adapted auditing practices. Full article
(This article belongs to the Section Risk)
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33 pages, 1146 KiB  
Article
Impact of Security Management Activities on Corporate Performance
by Hyunwoo Cho and Keuntae Cho
Systems 2025, 13(8), 633; https://doi.org/10.3390/systems13080633 - 28 Jul 2025
Viewed by 165
Abstract
The digital business environment is rapidly evolving with advancements in information technology (IT), increasing the risk of information security incidents. Grounded in the resource-based view and in contingency theory, this study adopts a different approach from prior research by conceptualizing security management activities [...] Read more.
The digital business environment is rapidly evolving with advancements in information technology (IT), increasing the risk of information security incidents. Grounded in the resource-based view and in contingency theory, this study adopts a different approach from prior research by conceptualizing security management activities not as mere risk control mechanisms, but as strategic innovation drivers that can enhance corporate performance (sales revenue and operating profit). The authors develop a research model with six independent variables, including internal and external security management activities, CISO role configuration (independent or dual-role with CIO), and investment levels in IT and information security. The dependent variables include sales revenue and operating profit, with ISMS or ISO certification as a moderating variable. Using information security (IS) disclosures and financial data from 545 Korean firms that have reported their security management activities to the Ministry of Science and ICT, multiple regression and moderation analyses reveal that high IT investment negatively impacts performance, but this effect is mitigated when formal security systems, like ISMS or ISO, are in place. The results suggest that integrating recognized security frameworks into management strategies can enhance both innovation and financial outcomes, encouraging a proactive approach to security management. Full article
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14 pages, 379 KiB  
Article
Overconfidence and Investment Loss Tolerance: A Large-Scale Survey Analysis of Japanese Investors
by Honoka Nabeshima, Mostafa Saidur Rahim Khan and Yoshihiko Kadoya
Risks 2025, 13(8), 142; https://doi.org/10.3390/risks13080142 - 23 Jul 2025
Viewed by 410
Abstract
Accepting a certain degree of investment loss risk is essential for long-term portfolio management. However, overconfidence bias within financial literacy can prompt excessively risky behavior and amplify susceptibility to other cognitive biases. These tendencies can undermine investment loss tolerance beyond the baseline level [...] Read more.
Accepting a certain degree of investment loss risk is essential for long-term portfolio management. However, overconfidence bias within financial literacy can prompt excessively risky behavior and amplify susceptibility to other cognitive biases. These tendencies can undermine investment loss tolerance beyond the baseline level shaped by sociodemographic, economic, psychological, and cultural factors. This study empirically examines the association between overconfidence and investment loss tolerance, which is measured by the point at which respondents indicate they would sell their investments in a hypothetical loss scenario. Using a large-scale dataset of 161,765 active investors from one of Japan’s largest online securities firms, we conduct ordered probit and ordered logit regression analyses, controlling for a range of sociodemographic, economic, and psychological variables. Our findings reveal that overconfidence is statistically significantly and negatively associated with investment loss tolerance, indicating that overconfident investors are more prone to prematurely liquidating assets during market downturns. This behavior reflects an impulse to avoid even modest losses. The findings suggest several possible practical strategies to mitigate the detrimental effects of overconfidence on long-term investment behavior. Full article
14 pages, 243 KiB  
Entry
COSO-Based Internal Control and Comprehensive Enterprise Risk Management: Institutional Background and Research Evidence from China
by Hanwen Chen, Shenghua Wang, Daoguang Yang and Nan Zhou
Encyclopedia 2025, 5(3), 106; https://doi.org/10.3390/encyclopedia5030106 - 23 Jul 2025
Viewed by 542
Definition
China’s internal control framework follows the Committee of Sponsoring Organizations (COSO) framework, emphasizing enterprise risk management and encompassing financial reporting, operations, compliance, and strategies. The authors review research that uses the COSO-based Internal Control Index to assess internal control quality among all publicly [...] Read more.
China’s internal control framework follows the Committee of Sponsoring Organizations (COSO) framework, emphasizing enterprise risk management and encompassing financial reporting, operations, compliance, and strategies. The authors review research that uses the COSO-based Internal Control Index to assess internal control quality among all publicly listed firms in China. Unlike the binary classification of internal control weaknesses under the Sarbanes-Oxley Act Section 404, this continuous index captures more nuanced variations in internal control effectiveness and provides two key advantages over traditional assessment of internal control over financial reporting (ICFR). First, while financial reporting can enhance a firm’s monitoring and decision-support systems, the underlying information is determined by operations. Thus, internal control over operations has a greater impact on a firm’s performance than ICFR. While U.S.-based research argues that the effects of ICFR extend to operations, the COSO-based index includes operational controls, allowing for a more direct study of internal control effects. Second, many U.S. corporations fail to report internal control weaknesses, particularly during misstatement years. In contrast, the COSO-based index, compiled by independent scholars, avoids managerial incentives to withhold negative internal control information. Covering institutional background and research evidence from China, the authors survey a wide range of internal control studies related to various aspects of enterprise risk management, such as earnings quality, crash risk, stock liquidity, resource extraction, cash holdings, mergers and acquisitions, corporate innovation, receivable management, operational efficiency, tax avoidance, and diversification strategy. Full article
(This article belongs to the Section Social Sciences)
22 pages, 535 KiB  
Article
Digital Transformation Capability, Organizational Strategic Intuition, and Digital Leadership: Empirical Evidence from High-Tech Firms’ Performance in the Yangtze River Delta
by Yu Zhang, Trairong Swatdikun, Pankaewta Lakkanawanit, Shi-Zheng Huang and Heng Chen
J. Risk Financial Manag. 2025, 18(7), 405; https://doi.org/10.3390/jrfm18070405 - 21 Jul 2025
Viewed by 676
Abstract
Despite growing scholarly interest in digital transformation, few studies have systematically explored the mechanisms linking digital transformation capability to firm performance. This study examines both the direct and indirect effects of digital transformation capability on firm performance, offering novel insights by incorporating organizational [...] Read more.
Despite growing scholarly interest in digital transformation, few studies have systematically explored the mechanisms linking digital transformation capability to firm performance. This study examines both the direct and indirect effects of digital transformation capability on firm performance, offering novel insights by incorporating organizational strategic intuition and digital leadership as mediating variables. These mediators align with the emerging emphasis on strategic risk management in the literature. A survey was conducted among 620 high-tech enterprises in the Yangtze River Delta using a structured questionnaire. The data were analyzed using SPSS 23.0 for descriptive and correlational statistics, SmartPLS 4.0 for structural equation modeling (SEM), and PROCESS 4.2 for mediation analysis. The results reveal a significant direct effect of digital transformation capability on firm performance. Mediation analysis further shows that organizational strategic intuition and digital leadership each significantly mediate this relationship, and a chain mediation pathway involving both variables is also confirmed. These findings deepen our understanding of how digital transformation capability drives performance outcomes and offer practical guidance for high-tech firms seeking sustainable competitive advantages in dynamic digital environments. This study advances the theoretical discourse by clarifying the pathways through which digital transformation capability affects firm performance and provides empirical evidence to inform strategic decision-making in high-tech management. Full article
(This article belongs to the Special Issue The Role of Digitization in Corporate Finance)
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21 pages, 356 KiB  
Article
Accrual vs. Real Earnings Management in Internationally Diversified Firms: The Role of Institutional Supervision
by Yan-Jie Yang, Yunsheng Hsu, Qian Long Kweh and Jawad Asif
J. Risk Financial Manag. 2025, 18(7), 404; https://doi.org/10.3390/jrfm18070404 - 21 Jul 2025
Viewed by 324
Abstract
This study investigates whether internationally diversified firms substitute between accrual-based and real earnings management and examines how institutional supervision moderates this relationship. Drawing on a sample of Taiwanese firms listed on the Taiwan Stock Exchange from 2003 to 2016, we conduct regression analyses [...] Read more.
This study investigates whether internationally diversified firms substitute between accrual-based and real earnings management and examines how institutional supervision moderates this relationship. Drawing on a sample of Taiwanese firms listed on the Taiwan Stock Exchange from 2003 to 2016, we conduct regression analyses to test our hypothesis. We find that internationally diversified firms actively shift between accrual and real earnings management strategies depending on the constraints they face. Specifically, firms tend to rely more on accrual-based manipulation when information asymmetry is high and switch to real earnings management when accruals are more easily detected. We also show that stronger institutional supervision—measured by information transparency and investor protection—significantly curbs accrual-based earnings management. These findings reflect the higher volatility and agency problems associated with international operations, such as exposure to foreign risks and the distance between parent and subsidiary firms. By highlighting the conditions under which firms manage earnings and the supervisory mechanisms that constrain such behavior, this study offers practical insights for managers seeking to smooth earnings, investors aiming to evaluate firm transparency, and policymakers designing regulations to deter opportunistic financial reporting. Full article
(This article belongs to the Special Issue Financial Reporting Quality and Capital Markets Efficiency)
24 pages, 1399 KiB  
Systematic Review
Nephrotoxicity of New Antibiotics: A Systematic Review
by Panagiotis Stathopoulos, Laura T. Romanos, Charalampos Loutradis and Matthew E. Falagas
Toxics 2025, 13(7), 606; https://doi.org/10.3390/toxics13070606 - 19 Jul 2025
Viewed by 432
Abstract
Drug-induced nephrotoxicity is a common and serious problem in clinical practice. We conducted a systematic review of studies reporting nephrotoxicity events associated with antibiotics approved since 2018. The agents assessed included aztreonam/avibactam, cefepime/enmetazobactam, cefiderocol, ceftobiprole, contezolid, gepotidacin, imipenem/cilastatin/relebactam, lascufloxacin, lefamulin, levonadifloxacin, plazomicin, and [...] Read more.
Drug-induced nephrotoxicity is a common and serious problem in clinical practice. We conducted a systematic review of studies reporting nephrotoxicity events associated with antibiotics approved since 2018. The agents assessed included aztreonam/avibactam, cefepime/enmetazobactam, cefiderocol, ceftobiprole, contezolid, gepotidacin, imipenem/cilastatin/relebactam, lascufloxacin, lefamulin, levonadifloxacin, plazomicin, and sulbactam/durlobactam. Literature searches were conducted in PubMed, Scopus, Web of Science, and major pharmacovigilance databases (Vigibase, FAERS, EudraVigilance, EMA, FDA, NMPA, PMDA, and CDSCO) in May 2025, along with reference citation tracking. Studies were included if they reported safety or adverse event data. The risk of bias was assessed using validated tools in accordance with the study design. Out of 2105 potentially relevant records, 74 studies met inclusion criteria, comprising 52 clinical trials, 17 observational studies, 1 registry-based study, 3 case series, and 1 case report. Nephrotoxicity was rarely reported for any of the newly approved antibiotics. No renal adverse events were found in the available studies for aztreonam/avibactam, levonadifloxacin, and contezolid. Most studies were of moderate to high quality; two were classified as low quality. However, nephrotoxicity was inconsistently assessed, with variable definitions and methodologies used. Although current data suggest a low frequency of nephrotoxicity, limitations in study design and reporting preclude firm conclusions. There is a need for post-marketing studies to better characterize renal safety. Clinicians should remain vigilant and continue to monitor for and report renal-related adverse events. Full article
(This article belongs to the Special Issue Nephrotoxicity Induced by Drugs and Chemicals in the Environment)
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24 pages, 1123 KiB  
Article
Data Elements Marketization and Corporate Investment Efficiency: Causal Inference via Double Machine Learning
by Yeteng Ma, Zhuo Li and Li He
Systems 2025, 13(7), 609; https://doi.org/10.3390/systems13070609 - 19 Jul 2025
Viewed by 408
Abstract
Amid the rapid development of the digital economy, data elements—emerging as a new type of production factor—are gradually becoming a key resource for enhancing corporate efficiency and promoting high-quality development. The marketization of data elements is also steadily progressing and playing an increasingly [...] Read more.
Amid the rapid development of the digital economy, data elements—emerging as a new type of production factor—are gradually becoming a key resource for enhancing corporate efficiency and promoting high-quality development. The marketization of data elements is also steadily progressing and playing an increasingly important role. Based on data from Chinese A-share listed companies spanning 2007 to 2023, this study systematically evaluates the impact of data element marketization on corporate investment efficiency using a Double Machine Learning approach. The findings reveal that data element marketization significantly improves investment efficiency. Mechanism analysis further demonstrates that such improvement is primarily driven by reduced information dispersion, enhanced risk-bearing capacity, and improved operational efficiency. Heterogeneity analysis indicates that these effects are more pronounced for firms in high-tech industries, high growth potential firms, enterprises located in regions with strong digital infrastructure, and firms experiencing overinvestment problems. This study provides empirical evidence on how the marketization of data elements in China enhances economic outcomes, improving corporate investment decisions, which could serve as a reference for other countries undergoing digital transformation. Full article
(This article belongs to the Section Systems Practice in Social Science)
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22 pages, 8428 KiB  
Article
Platelet and Fibrinogen Contribution to Clot Strength in Premature Neonates with Sepsis
by Dimitra Gialamprinou, Christos-Georgios Kontovazainitis, Abraham Pouliakis, Alexandra Fleva, Anastasia Giannakou, Elisavet Diamanti, Panagiotis Kratimenos and Georgios Mitsiakos
Children 2025, 12(7), 948; https://doi.org/10.3390/children12070948 - 18 Jul 2025
Viewed by 290
Abstract
Background/Objectives: Platelet transfusions are administered to preterm neonates with thrombocytopenia prophylactically to decrease their bleeding risk. The amplitude difference between the extrinsic rotational thromboelastometry (EXTEM) and the fibrinogen rotational thromboelastometry (FIBTEM) assays is considered an index of platelet contribution to clot strength, [...] Read more.
Background/Objectives: Platelet transfusions are administered to preterm neonates with thrombocytopenia prophylactically to decrease their bleeding risk. The amplitude difference between the extrinsic rotational thromboelastometry (EXTEM) and the fibrinogen rotational thromboelastometry (FIBTEM) assays is considered an index of platelet contribution to clot strength, guiding transfusion management. The difference in maximum clot elasticity (MCE) (namely the platelet contribution to clot elasticity—MCEplatelet) is considered highly accurate. Limited data exist to specify the contribution of platelets and fibrinogen in clot formation during sepsis in neonates with thrombocytopenia. We investigated the potential of MCFplatelet (platelet contribution to clot firmness) and MCEplatelet in reflecting platelet count and function in septic preterm neonates. We simultaneously assessed the contribution of both platelets and fibrinogen to clot strength during sepsis. Methods: We compared 28 preterm neonates with sepsis born (gestational age 24+1-34+3) with 30 healthy counterparts by using rotational thromboelastometry (ROTEM) and platelet flow cytometry. Results: MCEplatelet showed a higher association with platelet count in the sepsis group than MCFplatelet (R2 = 47.66% vs. R2 = 18.79%). MCEplatelet (AUC = 0.81) had better discrimination capability than MCFplatelet (AUC = 0.78) in platelet count <100 × 103/L. MCEplatelet was poorly associated with platelet function. The contribution of platelets was significantly lower (MCEplatelet = 84.03 vs. 89.21; p < 0.001) compared with fibrinogen (36.9 vs. 25.92; p < 0.001) in the sepsis group. Conclusions: MCEplatelet has a better predictive value than MCFplatelet. In clinical practice, the elasticity difference between EXTEM and FIBTEM may replace the amplitude difference. The higher contribution of fibrinogen in clot strength during neonatal sepsis results in higher MCF, even in neonates with thrombocytopenia. Full article
(This article belongs to the Section Pediatric Neonatology)
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29 pages, 2168 KiB  
Article
Credit Sales and Risk Scoring: A FinTech Innovation
by Faten Ben Bouheni, Manish Tewari, Andrew Salamon, Payson Johnston and Kevin Hopkins
FinTech 2025, 4(3), 31; https://doi.org/10.3390/fintech4030031 - 18 Jul 2025
Viewed by 389
Abstract
This paper explores the effectiveness of an innovative FinTech risk-scoring model to predict the risk-appropriate return for short-term credit sales. The risk score serves to mitigate the information asymmetry between the seller of receivables (“Seller”) and the purchaser (“Funder”), at the same time [...] Read more.
This paper explores the effectiveness of an innovative FinTech risk-scoring model to predict the risk-appropriate return for short-term credit sales. The risk score serves to mitigate the information asymmetry between the seller of receivables (“Seller”) and the purchaser (“Funder”), at the same time providing an opportunity for the Funder to earn returns as well as to diversify its portfolio on a risk-appropriate basis. Selling receivables/credit to potential Funders at a risk-appropriate discount also helps Sellers to maintain their short-term financial liquidity and provide the necessary cash flow for operations and other immediate financial needs. We use 18,304 short-term credit-sale transactions between 23 April 2020 and 30 September 2022 from the private FinTech startup Crowdz and its Sustainability, Underwriting, Risk & Financial (SURF) risk-scoring system to analyze the risk/return relationship. The data includes risk scores for both Sellers of receivables (e.g., invoices) along with the Obligors (firms purchasing goods and services from the Seller) on those receivables and provides, as outputs, the mutual gains by the Sellers and the financial institutions or other investors funding the receivables (i.e., the Funders). Our analysis shows that the SURF Score is instrumental in mitigating the information asymmetry between the Sellers and the Funders and provides risk-appropriate periodic returns to the Funders across industries. A comparative analysis shows that the use of SURF technology generates higher risk-appropriate annualized internal rates of return (IRR) as compared to nonuse of the SURF Score risk-scoring system in these transactions. While Sellers and Funders enter into a win-win relationship (in the absence of a default), Sellers of credit instruments are not often scored based on the potential diversification by industry classification. Crowdz’s SURF technology does so and provides Funders with diversification opportunities through numerous invoices of differing amounts and SURF Scores in a wide range of industries. The analysis also shows that Sellers generally have lower financing stability as compared to the Obligors (payers on receivables), a fact captured in the SURF Scores. Full article
(This article belongs to the Special Issue Trends and New Developments in FinTech)
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20 pages, 546 KiB  
Article
Geopolitical Risk and Its Influence on Egyptian Non-Financial Firms’ Performance: The Moderating Role of FinTech
by Bashar Abu Khalaf, Munirah Sarhan AlQahtani, Maryam Saad Al-Naimi and Meya Mardini
FinTech 2025, 4(3), 30; https://doi.org/10.3390/fintech4030030 - 18 Jul 2025
Viewed by 357
Abstract
This study investigates the impact of geopolitical risk, firm characteristics, and macroeconomic variables on the performance of non-financial firms listed on the Egyptian Stock Exchange. The study analyzes a panel dataset consisting of 182 Egyptian firms over the period 2014–2023. Using the panel [...] Read more.
This study investigates the impact of geopolitical risk, firm characteristics, and macroeconomic variables on the performance of non-financial firms listed on the Egyptian Stock Exchange. The study analyzes a panel dataset consisting of 182 Egyptian firms over the period 2014–2023. Using the panel Generalized Method of Moments (GMM) regression technique, the study examines the effect of geopolitical risk on the return on assets. This study controls for firm characteristics such as liquidity, leverage, and growth opportunities and controls for macroeconomic variables such as inflation and GDP. This empirical evidence investigates the moderating role of FinTech on such relationship. The results reveal a significant and negative relationship between geopolitical risk and firms’ performance. Liquidity, growth opportunities, and inflation show positive and significant impacts. In contrast, leverage and GDP demonstrate significant negative relationships. Remarkably, FinTech moderates the relationship significantly and positively. Therefore, investors ought to proceed with prudence when positioning cash within elevated political volatility. The significant positive moderating effect of FinTech on this connection provides a vital strategic insight: enterprises with enhanced FinTech integration may demonstrate increased resilience to geopolitical shocks. Full article
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35 pages, 1123 KiB  
Article
AI-Based Bankruptcy Prediction for Agricultural Firms in Central and Eastern Europe
by Dominika Gajdosikova, Jakub Michulek and Irina Tulyakova
Int. J. Financial Stud. 2025, 13(3), 133; https://doi.org/10.3390/ijfs13030133 - 16 Jul 2025
Viewed by 438
Abstract
The agriculture sector is increasingly challenged to maintain productivity and sustainability amidst environmental, marketplace, and geopolitical pressures. While precision agriculture enhances physical production, the financial resilience of agricultural firms has been understudied. In this study, machine learning (ML) methods, including logistic regression (LR), [...] Read more.
The agriculture sector is increasingly challenged to maintain productivity and sustainability amidst environmental, marketplace, and geopolitical pressures. While precision agriculture enhances physical production, the financial resilience of agricultural firms has been understudied. In this study, machine learning (ML) methods, including logistic regression (LR), decision trees (DTs), and artificial neural networks (ANNs), are employed to predict the bankruptcy risk for Central and Eastern European (CEE) farming firms. All models consistently showed high performance, with AUC values exceeding 0.95. DTs had the highest overall accuracy (95.72%) and F1 score (0.9768), LR had the highest recall (0.9923), and ANNs had the highest discrimination power (AUC = 0.960). Visegrad, Balkan, Baltic, and Eastern Europe subregional models featured economic and structural heterogeneity, reflecting the need for local financial risk surveillance. The results support the development of AI-based early warning systems for agricultural finance, enabling smarter decision-making, regional adaptation, and enhanced sustainability in the sector. Full article
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