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INDEXED PUBLICATIONS225
CROSSREF CITATIONS431
CROSSREF · CITED PUBLICATIONS100.0%
CROSSREF · MEAN CITATIONS1.92

Crossref citation coverage: 225 / 225 publications (100.0%). Latest observation: 21 Oct 2026, 00:21 UTC. Means and percentages use records with known counts.

Research collection

225 publications

JOURNAL ARTICLE

Accounting for Digital Assets Between Accounting Measurement Theory and Financial Disclosure Requirements

Nada Salman Habib

International Journal of Finance & Banking Studies · 2025

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The current research aims to examine the accounting of digital assets by linking accounting measurement theory to financial disclosure requirements, in light of the challenges related to the absence of specialized international accounting standards for digital assets. The research was divided into two parts: theoretical and applied. The theoretical part included a review of the literature related to accounting measurement (historical cost, fair value, and impairment model) and financial disclosure requirements according to International Financial Reporting Standards (IAS/IFRS) and American standards (FASB, AICPA, and SEC). The applied part used a questionnaire and administered to a sample of financial report users, including academics and professionals, to obtain their opinions on the adequacy of current measurement models, financial disclosure requirements, and shortcomings in international standards. It also explored the possibility of formulating an integrated framework for measuring and disclosing digital assets. The results of the analysis of the questionnaire showed that fair value measurement is more appropriate for the nature of digital assets than traditional models, with the need to enhance disclosure of risks associated with price volatility, liquidity, and operational risks. It also showed that the absence of a specific accounting standard for digital assets leads to poor comparability and increased variation in accounting practices across economic entities. Based on the survey results, an integrated theoretical framework for accounting for digital assets was proposed. This framework includes principles of recognition, measurement, and disclosure, and contributes to achieving the objectives of financial reporting in accordance with the International Accounting Standards Board (IASB) conceptual framework, ensuring relevance, accurate representation, comparability, clarity, and timeliness. The study concluded that developing a specialized accounting framework for digital assets represents a strategic necessity to ensure the reliability and transparency of financial reporting and enhance user confidence, given the rapid growth in the adoption of digital assets within global economic activities.  

DOI 10.20525/ijfbs.v14i4.45472 Crossref citations0 OpenAlex citations
JOURNAL ARTICLE

The Potential of Employing Blockchain Technologies in Enhancing Operational Transparency of Iraqi Banks

Essam Al Husseini

International Journal of Finance & Banking Studies · 2025

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This study examines the prospective integration of blockchain technologies to enhance operational transparency in the Iraqi banking sector. Despite the absence of actual blockchain deployment, the research adopts a foresight-driven, empirical approach combining literature analysis with survey data from 82 banking professionals. Results from statistical tests (including ANOVA and t-tests) reveal a generally low level of institutional awareness but a strong perceived potential for transparency improvement—especially when paired with a phased implementation model. Moreover, technological infrastructure and management attitudes were found to significantly mediate the adoption process. The study concludes with practical recommendations tailored to Iraq’s institutional realities and proposes a scalable roadmap for gradual blockchain adoption. These insights contribute to bridging the gap between technological potential and institutional readiness in developing economies.

DOI 10.20525/ijfbs.v14i4.44231 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Can Accounting Flexibility Increase or Decrease Earnings Quality?

Indah Masri

International Journal of Finance & Banking Studies · 2025

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This study looks at the effect of accounting flexibility on earnings quality in public companies listed on the Indonesia Stock Exchange during the period 2016 to 2019. This study uses two models to measure earnings quality, namely ERC and earnings persistence. The results showed that accounting flexibility, namely the limitations of companies to carry out accrual earnings management, can reduce earnings quality, as shown by the abnormal accrual model which shows a significant positive coefficient direction, and for the ERC model and earnings persistence which shows a negative and significant coefficient direction. The higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018). Theoretical contributions show that the higher the level of accrual earnings management up to a certain limit point, the more incentive company managers will have to increase accounting flexibility and switch to real earnings management (Xu and Yang, 2013; Masri, 2018; Purba, Surya, Joshi & Tiagy, 2023). The Implications of this research show that accounting flexibility is carried out when abnormal accruals reach the highest limit point reflected in accounting choices in net operating assets in the balance sheet, so in this case it results in a low level of earnings informativeness and earnings persistence. 

DOI 10.20525/ijfbs.v14i3.38021 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Systematic Review of Green Accounting Practices in Mining Communities in Ghana

Ernest Kwame Affum · Solomon Yankson · Saviour Ayertey Nubuor · Seth Boahen

International Journal of Finance & Banking Studies · 2025

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Green accounting plays a vital role in addressing the environmental consequences of mining. However, existing research is predominantly concentrated in developed countries, leaving a knowledge gap in developing contexts such as Ghana. To bridge this gap, this study conducts a systematic review of green accounting practices within Ghanaian mining communities. Using PRISMA guidelines, the authors examined peer-reviewed literature from three major academic databases, employing keywords such as "green accounting," "environmental accounting," "sustainable accounting," "natural resource accounting," and "mining in Ghana." From an initial pool of 276 studies, 46 were selected based on inclusion criteria. The findings show that while green accounting disclosures are increasingly present in corporate reports, they remain inconsistent. Several studies also evaluate the legal and policy frameworks shaping corporate environmental responsibility in mining, while others assess sustainability practices among mining firms. The study concludes by advocating for locally tailored sustainability strategies and suggests future research on the socio-environmental impact of eco-friendly technologies in Ghana's mining sector.

DOI 10.20525/ijfbs.v14i3.42861 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Does Financial Literacy Mediate the Effect of Sustainable Investment Awareness and Risk Perception on Students' Interest in Green Finance Instruments Investment?

Anggun Nabila Tri Auriellia · Tri Gunarsih

International Journal of Finance & Banking Studies · 2025

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This study analyzes the effect of sustainable investment awareness and risk perception on students' interest in green finance instruments, with financial literacy as a mediating variable. A quantitative approach was used, involving 180 student respondents in the Special Region of Yogyakarta, who were selected through a purposive sampling technique using an online questionnaire via Google Forms. Data analysis was conducted using the SEM-PLS method through SmartPLS version 4.1.1.2. The results showed that sustainable investment awareness, risk perception, and financial literacy positively and significantly affect student investment interest in green finance. In addition, financial literacy acts as a significant mediator in the relationship between sustainable investment awareness and risk perception on interest in investing in green finance. This study contributes to developing literature on sustainable investment behavior among the younger generation, especially university students, by integrating financial literacy variables as a mediating mechanism. The findings expand the understanding of how psychological factors and financial knowledge influence investment decisions in sustainability.  

DOI 10.20525/ijfbs.v14i3.43492 Crossref citations2 OpenAlex citations
JOURNAL ARTICLE

Application of Recurrent Neural Network (RNN) and Long Short- Term Memory (LSTM) for Predicting Cryptocurrency Prices in Optimizing Investment Strategies on Bitcoin

Sendy Ardiansyah · Putu Nina Madiawati · Agus Maolana Hidayat

International Journal of Finance & Banking Studies · 2025

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This study investigates the application of Recurrent Neural Network (RNN) and Long Short-Term Memory (LSTM) models for predicting Bitcoin prices, with the objective of enhancing investment approaches. Given Bitcoin's significant volatility and inherent risk, accurate price forecasting is vital for making strategic decisions. The research evaluates model performance by analyzing Bitcoin price data spanning May 25, 2020, to May 25, 2024, employing quantitative methodologies like experimental design and predictive analysis. Results indicate the LSTM model achieves superior predictive accuracy over the RNN model, demonstrated by reduced Mean Absolute Percentage Error (MAPE) and Root Mean Squared Error (RMSE) figures. Additionally, the research delves into how these models affect the Dollar Cost Averaging (DCA) investment strategy, offering perspectives on the advantages and drawbacks of using machine learning to optimize cryptocurrency investments. 

DOI 10.20525/ijfbs.v14i2.36221 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

The Impact of Financial Record-Keeping Practices on the Performance of Small and Medium Enterprises

Uwitonze Jean Damascene · Kato Mahazi Kasozi

International Journal of Finance & Banking Studies · 2025

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The study aimed at evaluating financial record keeping on financial performance of SMEs in Kinigi Sector. The study was guided by three specific objectives. A descriptive design with a population of 447 and sample size of 211 SMEs was adopted. The study has a pilot study which have been carried and shown a reliable type of instrument which was used to collect information relating to the research objectives. The results of objective one has a low mean showing that there is little or simply insufficiency in ensuring that transactions of the business are not updated accordingly to reflect the activities done in the business. Results of objective two and three as well show a low level suggesting a very low attempt in ensuring record keeping updates and accuracy and it has been seen that it affects the SMEs financial performance. The study studied the relationship by Pearson correlation which have shown a perfect relationship on self-sub variables in the study but also showing a medium significance between financial record updates, record storage, record accuracy and financial performance. The study concluded reminding positive relationship between the study independent variable parameters of financial record keeping together with the dependent variable for selected small scale and medium enterprises in Kinigi Sector; this have shown that a change in the practices of record keeping affect the financial performance of small scale and medium enterprises in Kinigi Sector. The study has made recommendations in relation to the objectives where small and medium enterprises have been recommended to carry out the financial record keeping to ensure that there is proper performance and as well the government policy makers to enhance the courage of record keeping to encourage financial performance in Kinigi Sector.

DOI 10.20525/ijfbs.v14i2.41631 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Central Bank Digital Currency (CBDC)

Afroza Sultana

International Journal of Finance & Banking Studies · 2025

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There are growing concerns about ongoing digital innovation in the private sector, which poses the possibility of central banks losing their autonomy and even being backward in payment efficiency. Hence, CBDC has become the reality of central banks with several economies' ongoing digitalization and adaptation. This review explores the growing literature on CBDC design, its emergence, variations, potentials, and challenges for smooth future applications. It addressed research articles and gray literature to accumulate the current implementation concerns. Findings show that CBDC poses prospects for exploiting emerging technology, efficient payment systems, tax collections, and tracking illegal financial activities. However, there were mixed expectations regarding financial inclusion, financial stability, bank runs, disintermediation, monetary policy, privacy, security, technology, sustainability, and regulatory framework. Finally, as CBDCs will reduce the influence of private money creation and digital alternatives, they ensure that the central bank remains at the center of the financial system in the future. 

DOI 10.20525/ijfbs.v14i2.40491 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Exchange Rate Pass-Through and Inflation Dynamics

Puja Rani Saha · Hasina Sheykh · Shamim Ahmed

International Journal of Finance & Banking Studies · 2025

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This paper examines the exchange rate pass-through (ERPT) and its impact on home inflation in Bangladesh, particularly in the post-pandemic era. Examining important economic factors including the nominal exchange rate (NER), money supply (M2), industrial production (IP), and global commodity index (GCI) using monthly data from January 2002 to August 2023 helps one to grasp their combined influence on consumer price inflation (CPI). By means of Johansen cointegration and Vector Error Correction Model (VECM) approaches, the study reveals important short-term and long-term dynamics. Contrary to patterns in many emerging nations, the results show that changes in exchange rates have apparently little impact on home prices. Rather, changes in the money supply and world commodities prices mostly influence inflation; the latter becomes a major factor. The study also exposes an unexpected positive link between industrial production and CPI, implying complexity in Bangladesh's production-driven economic structure. Moreover, this investigation underlines how complex monetary expansion, external commodities shocks, and devaluation of money interact to shape inflationary pressures. These results offer legislators important new perspectives and support strong monetary policies and focused involvement in world commodities markets to help to lower inflation. This study clarifies ERPT in developing countries and provides direction on inflation control techniques for Bangladesh.

DOI 10.20525/ijfbs.v14i2.40661 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Communication Management Strategies and Performance of Water Supply Projects

Hafashineza Jean · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Effective communication is critical for project success, but challenges such as unclear goals, inadequate audience identification, poorly designed communication channels, and insufficient documentation have hindered project outcomes. Drawing from global and regional perspectives, this study emphasizes the role of communication in enhancing transparency, stakeholder alignment, and project sustainability. This study examines the influence of communication strategies of goals, audience identification, channels and documentation on performance of water supply projects in Musanze District, Rwanda. This study uses the theories of Communication and Diffusion of Innovations Theory. The study employs a descriptive survey and correlational research design with a target population of 416 respondents, resulting in a sample size of 204 respondents. Data was collected through questionnaires, interviews, and documentation review. A pilot study was conducted with 20 respondents and the instruments' validity was confirmed with a Content Validity Index (CVI) of 0.76, while reliability was confirmed with a Cronbach’s alpha of 0.79. Findings for four hypotheses reveal that; Communication Goals (P=0.000 < 0.05); Audience Identification (P=0.000 < 0.05); communication channels (P=0.000 < 0.05) and; Communication Documentation (P=0.000 < 0.05) does not significantly influence project performance were rejected, this confirm that Communication Documentation has a significant positive influence on project performance. Means that communication goals, audience identification, communication channels, and documentation all significantly contribute to the success of water supply projects. The study identifies key areas for improvement, including clearer communication goals, more inclusive stakeholder engagement, better accessibility of communication channels, and more systematic documentation practices. Based on these findings, recommendations are made for better budget planning, stakeholder engagement, and enhanced communication practices to improve the sustainability and success of future water supply projects in Musanze District and similar contexts. Further research should explore sustainable maintenance models, the impact of capacity-building programs, and the role of communication in budget management to improve stakeholder collaboration and long-term project viability.

DOI 10.20525/ijfbs.v14i2.40601 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Project Management Practices in Integrated Housing Development

Niyizigihe Olive · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Successful housing projects improve living conditions and support community development, but many, especially in rural areas, struggle with issues like delays, cost overruns, and poor implementation, which can prevent them from reaching their goals. This study aims to investigate the effect of project management practices on implementation of integrated housing development projects in Rwanda, focusing specifically on the Kinigi Settlement Project, specifically, planning, stakeholder involvement, risk management, and M&E. This study was based on the Stakeholder Theory and Theory of Change (ToC) and adopted a descriptive and correlational research design, targeting 151 participant including project managers, site engineers, government officials, community leaders, and household beneficiaries of the Kinigi settlement. Questionnaire and interview were the main instruments for data collection. The pilot study tested the research tools with 15 respondents (representing 10% of the sample size) to check their accuracy and consistency. Experts confirmed the tools' validity with a score of 0.78, and reliability was proven with a Cronbach’s alpha of 0.79, showing the tools were effective for data collection. By using SPSS 28 version, descriptive statistics were used to determine frequencies and percentages, while regression analysis and Pearson correlation coefficients were employed to examine the relationships between the variables. The null hypothesis that project planning (p =0.000< 0.05) and risk management have no significant effect on implementation of integrated housing development projects were rejected while stakeholder involvement (p = 0.200 > 0.05) and monitoring and evaluation (p = 0.546 > 0.05) having no significant effect on project implementation were accepted. The study concludes that while factors like planning, risk management, and leadership are crucial for the success of Integrated Housing Development Projects in Rwanda, stakeholder involvement and Monitoring & Evaluation have minimal impact on project outcomes. Based on these findings, the study recommends prioritizing robust planning and risk management, improving stakeholder engagement strategies, and enhancing the integration of M&E with other project management processes for more effective outcomes in future housing projects. Further research should explore advanced risk management techniques, such as predictive analytics and scenario-based planning, to improve project planning and execution in high-risk environments.   

DOI 10.20525/ijfbs.v14i1.40184 Crossref citations4 OpenAlex citations
JOURNAL ARTICLE

The Impact of Resource Management on Water Supply Project Performance

Ishimwe Hertier Sauveur · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Resource management has become a critical focus globally as nations strive for sustainability and efficiency in utilizing their natural assets. Despite significant efforts to improve water accessibility in Rwanda, water supply projects continue to face high failure rates, particularly due to inadequate resource management. The general objective of the study was to examine the effect of project resource management on performance of water supply projects in Rwanda, specifically, Financial Resource Management, Human Resource Management, and Material Resource Management. The study used Resource-Based View (RBV) Theory and Goal setting theory. The target population was 273 people who were members of the Water for All Rwanda Project. To find the right amount of data to collect, the researcher used Slovin's formula to get a sample size of 162 respondents. The sampling technique that was used in the research was stratified sampling to put respondents into their appropriate groups. Then the researcher proportionately selected respondents using simple random sampling. The study made use of a questionnaire, interviews, and documentation research to collect data. The study adopted descriptive and correlational research design. The researcher did a pilot study with 10% of the total sample size equal to 16 respondents. Content Validity Index was 0.8 and the overall reliability coefficient was 0.814 for all items. Data analysis involved descriptive and inferential statistics of correlation and regression analyzed by Statistical Package for the Social Sciences (SPSS) version 25. The findings for three hypotheses were at ?=.05 that: There is no significant effect of financial resource management, human resource management and material resource management on performance of water supply projects in Rwanda were rejected since P=0.000<0.05, confirming that they have a significant positive influence on performance of water supply projects. The study revealed that there is significant effect of financial resource, human resource, and material resource management on performance of water supply projects in the Water for All Rwanda Project. It is recommended that the Water for All Rwanda Project focus on enhancing financial resource management by improving funding timeliness and strengthening financial monitoring mechanisms to ensure efficient resource allocation. Future research needs to examine the effects of community involvement on project implementation of water supply projects. 

DOI 10.20525/ijfbs.v14i1.39611 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Implementing New-Era Conservation Strategies for Heritage Sites

Johannes · Made Deviani Duaja · Kristanto Januardi

International Journal of Finance & Banking Studies · 2025

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This research explores conservation practices at Borobudur, one of Indonesia's prominent heritage sites, and comprehends collaborative conservation strategies that preserve cultural heritage amidst rising tourist pressures. We employ a qualitative approach that incorporates narrative methods, in-depth interviews, triangulation, and observation. Furthermore, we used a thematic examination to achieve a deeper understanding of the data. The findings emphasize the necessity for mutual understanding and collaboration among stakeholders. The study highlights the challenges faced by disadvantaged groups, tour operator firms, pilgrim tourist services, and Taman Wisata Candi (TWC), which have the authority to provide service.   So, BKB, the responsible institution, has to encourage parties to collaborate on actions respectively. This study contributes to tourism service theory by offering strategic guidance to mitigate the adverse effects of conservation policies on stakeholders. It underscores the importance of collaborative efforts and tailored strategies.

DOI 10.20525/ijfbs.v14i1.40031 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Stakeholder Empowerment Strategies and Community Development Project Performance

Bahatsi Inyumba Laetitia · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Stakeholder empowerment strategies are globally recognized as a critical factor in enhancing the success of young people in their development. Despite this in Rwanda, some strategies are not well implemented due to inadequate findings. The general objective of this study was to assess the influence of Stakeholders Empowerment Strategies on Performance of Community Development Projects in Rubavu District, Rwanda, including, Capacity Building, Seed Capital and Social Network. The study used stakeholders’ theory, descriptive and correlation design. Questionnaires and interview guide were used to collect both quantitative and qualitative data from 310 respondents. The respondents were selected randomly and purposively from a total population of 1610. The pilot study was conducted with a pre-test of 20 respondents from sample size, which is above the minimum recommended 10% of the sample size. The validity was confirmed to 0.78 while Reliability was measured with Cronbach’s alpha result of 0.84, indicating that the research instruments are accurate to be used.  The study used descriptive statistics of percentage, frequency, mean and standard deviation, and the inferential statistics of Correlation and Regression were done at a significance level of 0.05 using SPSS.  The findings for four hypotheses were tested at ?=.05 level of significance and the results were: There is no significant influence between Entrepreneurial Capacity Building (p=0.000<0.05), Seed Capital (p=0.000<0.05), and Social Network (p=0.000<0.05) and Performance of Community Development Projects were all rejected since (p=0.000<0.05. The study showed that the performance of community development projects is perceived as highly satisfactory, with participants reporting strong agreement on aspects such as timely implementation, adherence to budgets, and stakeholder satisfaction. The highest-rated item was the increase in beneficiaries due to improved service quality. It is recommended that community development project implementers should strengthen the engagement and communication with stakeholders, and organizations should prioritize long-term investments in entrepreneurial training programs, as well as establish partnerships with financial institutions. Future researchers should explore the long-term sustainability of community development projects, focusing on the enduring impact of entrepreneurial capacity-building initiatives, seed capital utilization, and social network development.

DOI 10.20525/ijfbs.v14i1.40002 Crossref citations2 OpenAlex citations
JOURNAL ARTICLE

Analysis of Project Management Practices on School Feeding Program Performance

Imaniraguha Immaculee · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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The performance and sustainability of school feeding projects are critical to achieving educational and social development objectives. This study aims to assess the effect of project management practices on performance of school feeding projects in Musanze District, Rwanda, specifically, human resource management, financial resource management, stakeholder involvement and material resource management. The study was guided by the Theory of Change. The study was used mixed-methods with a descriptive survey and correlational research design to collect quantitative and qualitative data. The target population was 3383 respondents from six schools. A descriptive survey design and correlational research design was adopted to gather data from a sample of 358 respondents drawn from six schools involved in the Dusangire Lunch Project. Data collection instruments was included questionnaires, interviews, and documentary reviews. To enhance the study's rigor, a pilot test was conducted with 10% of the sample size. The instruments' validity was established through expert reviews, achieving a content validity index (CVI) of 0.79, which was deemed acceptable. Reliability was assessed using Cronbach’s Alpha, yielding a score of 0.76, confirming the consistency of the instruments. The findings for four hypotheses were tested at ?=.05 level of significance and the results were: there is no significant influence between Human Resource Management (p=0.000<0.05), Human Resource Management (p=0.000<0.05), Stakeholder Involvement (p=0.000<0.05), and Material Resource Management (p=0.000<0.05) on Performance of School Feeding Projects were rejected. The studies conclude that the importance of efficient resource management and active stakeholder involvement in the effective implementation and sustainability of school feeding projects. It is recommended that policymakers and practitioners focus on improving resource management practices, fostering stakeholder collaboration, and addressing gaps in communication to sustain and scale the impact of these projects in Rwanda. Future research should focus on longitudinal studies to examine the long-term impact of these management practices on student outcomes and project sustainability.

DOI 10.20525/ijfbs.v14i1.40252 Crossref citations0 OpenAlex citations
JOURNAL ARTICLE

Enhancing Education Project Outcomes and the Role of Monitoring and Evaluation

Umurerwa Nadia · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Effective implementation of education projects is crucial for sustainable development, yet many initiatives in developing regions like Musanze District, Rwanda, face challenges due to inadequate monitoring and evaluation (M&E) practices. This study had the following specific objectives; To assess the influence of M&E planning, M&E budget, M&E capacity building and, M&E data utilization on implementation of education projects in Musanze District. The study was grounded on Evidence-Based Practice (EBP) Theory. The study used descriptive survey and correlational research designs. Questionnaires, interviews, and document analysis were used to collect data from a sample of 156 respondents out of a target population of 658, including school head teachers and teachers. The pilot study with 16 respondents who represent 10% of the sample size was used to enhance the validity and reliability of the research. Validity was confirmed through expert evaluation, with index of 0.80 while Reliability established using the split-half technique achieving a Cronbach’s alpha coefficient of 0.80, demonstrating the instruments' consistency and appropriateness for data collection.  The four hypotheses were tested at the ? = 0.05 level of significance, and the results were as follows: M&E Planning (P = 0.000 < 0.05), M&E Budgeting (P = 0.000 < 0.05), M&E Capacity Building (P = 0.000 < 0.05) and M&E Data Utilization (P=0.000<0.05) does not significantly influence the implementation of education projects were rejected. In conclusion, the study found that all four practices of Monitoring and Evaluation (M&E) M&E Planning, M&E Budgeting, M&E Capacity Building, and M&E Data Utilization have a significant influence on the implementation of education projects. The study recommends that to improve education projects in Rwanda, stakeholders should prioritize comprehensive M&E planning processes with clear objectives and stakeholder participation. Transparent budgeting with robust accountability systems, as well as active community engagement throughout project stages, M&E capacity-building initiatives through regular training sessions and workshops, ensure efficient resource utilization with transparent allocation frameworks. The investigation of the long-term effects of Monitoring and Assessment capacity-building on project sustainability should also be followed by further researchers on the regional differences in implementation effectiveness and on the effects of digital tools and data analytics in promoting high-quality practices in M&E for better outcomes.

DOI 10.20525/ijfbs.v14i1.39651 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Short-Term Costs and Long-Term Benefits of Environmental, Social, and Governance Performance on Corporate Credit Ratings

Ertunç Ererdi · Elif Güneren Genç

International Journal of Finance & Banking Studies · 2025

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ESG (Environmental, Social and Corporate Governance) criteria are becoming increasingly important for companies to activate risk management and create long-term value within the framework of issues such as environmental concerns, expectations, reporting obligations, circular economy, regulatory compliance and investment demands. This study aims to explain how ESG scores and a company's financial performance affect credit risk. A company's ESG performance plays an important role in determining its credit score, which is directly reflected in its financial success and risk profile, and in strategic decision-making processes for investors and policy makers. The study determined that the balance between ESG performance and credit scores should be well understood, especially that high ESG scores may not always mean low financial risk, and that the long-term benefits of ESG investments should be well understood, as they will increase short-term costs.

DOI 10.20525/ijfbs.v14i1.40142 Crossref citations3 OpenAlex citations
JOURNAL ARTICLE

Monitoring and Evaluation Approaches and Performance of Community Feeder Road Rehabilitation Projects

Nduwayo Elie · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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M&E approaches are globally recognized as critical for improving the performance of community feeder road rehabilitation projects. However, many community-based initiatives, particularly in rural areas, face challenges such as suboptimal performance and delayed outcomes. The purpose of the study was to assess the influence of M&E approaches on performance of community feeder road rehabilitation projects in Gakenke District, Rwanda. The study was grounded on two theories of Goal Setting Theory and Resource-Based View (RBV) theory. The study used descriptive survey and correlational research designs with Structured questionnaires and interview guide for collecting data from 134 participants, selected through stratified, random and purposive sampling, from a target population of 384 stakeholders. The pilot study involved 14 respondents, representing 10% of the sample size. Validity was confirmed through expert evaluation, yielding a content validity index of 0.78 while Reliability was established using the split-half technique, achieving a Cronbach’s alpha coefficient of 0.79. Descriptive statistics and inferential statistics of Correlation and Regression were done at a significance level of 0.05 using SPSS version 28 while thematic content analysis of qualitative data was done for triangulation. The findings for four hypotheses were tested at ?=0.05 and the results were: M&E Planning (P=0.000<0.05); M&E Budget (P=0.000<0.05); M&E Capacity Building (P=0.000<0.05) and; M&E Data Utilization does not significantly influence project performance were all rejected, highlighting that they significantly contribute to performance of community feeder road rehabilitation project outcomes. The study concludes that community feeder roads rehabilitation projects have significantly improved beneficiaries’ livelihoods through enhanced planning, budgeting, capacity building and data utilization outcomes. It is recommended that the Community Feeder Roads Rehabilitation project emphasize inclusive stakeholder engagement, clear communication, and resource-sharing to sustain achievements while encouraging active participation, empowerment programs, and community forums to promote transparency and ownership. Future research should focus on qualitative insights, long-term impacts, and regional comparisons of these M&E Approaches.

DOI 10.20525/ijfbs.v14i1.39761 Crossref citations1 OpenAlex citations
JOURNAL ARTICLE

Determinants of Individual Savings in East Africa

Robert Stephen Kasumba · Robert Wadada · Gertrude Muwanga · John Bosco Oryema

International Journal of Finance & Banking Studies · 2025

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In the quest to achieve SDG 1 on eradicating poverty, improving savings rates in East Africa is crucial, as it lays the foundation for reducing financial vulnerability and achieving economic resilience. This paper investigated the determinants of individual savings in selected East African countries. Specifically, internet access, financial inclusion, and borrowing were the covariates while individual savings in East Africa were the predicted. This study utilized data from the Global Findex 2021 World Bank database. This dataset was selected because it is one of the most comprehensive databases on financial inclusion, providing a comprehensive view of adults' savings, borrowing, payments, and risk management across global and regional contexts. This study used a basic framework to explore the factors influencing individual savings by examining production, income distribution, and accumulation. A panel data logistic regression model was utilized, and Instrumental Variables (2SLS) regression was employed to test endogeneity. The Sargan and Basmann tests assessed overidentification restrictions to validate the instruments. Shea’s partial R-squared measured the unique contribution of each instrument in explaining the variation in endogenous variables, accounting for the influence of other instruments and endogenous variables. The Hausman test which model was suitable for panel data modeling. The 2SLS regression showed no evidence of endogeneity, as internet access was insignificant with a high p-value (> 0.05). Overidentification tests confirmed instrument validity with p-values of 0.1018 and 0.1016. However, Shea’s partial R-squared revealed weak instruments, especially for borrowing, with an adjusted value of 0.0328. Results revealed that borrowing is strongly and positively associated with saving. The higher the borrowing, the more the savings. In East Africa, most borrowers are savers. These use the borrowed funds to create an injection of income flow through capital accumulation. Internet access significantly predicts savings in East Africa today. In this digital era, most businesses are run online. Therefore, it is almost impossible to save with no internet access. Similarly, those who use digital payment systems are most likely to enhance their savings. Age and gender do not influence the saving of an individual in East Africa. Likely, owning a financial account does not translate to more savings. Most East Africans have non-functional bank accounts. Education levels significantly influence the savings of individuals in East Africa. Highly educated people utilize financial literacy skills to save more. Being out of the workforce reduces individual savings since most of these are out of the working age. 

DOI 10.20525/ijfbs.v14i1.39433 Crossref citations4 OpenAlex citations
JOURNAL ARTICLE

Stakeholder Engagement Strategies and Road Construction Project Performance

Nziyumvira Innocent Lucien · Amolo Elvis Juma Amolo

International Journal of Finance & Banking Studies · 2025

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Projects that actively engage stakeholders experience fewer conflicts, smoother execution, and stronger alignment between project deliverables and stakeholder satisfaction. Despite the recognized significance of stakeholder engagement, there is a lack of empirical research, especially addressing the Rwandan construction sector that quantifies the influence of stakeholder participation on project performance. The general objective of the study was to examine the effect of stakeholder engagement strategies on performance of road construction projects in Musanze District, Rwanda. The study was based on Stakeholder Theory, Agency Theory, and the Theory of Change. The research design included descriptive and correlational research designs to explore how different stakeholder engagement strategies affected the performance of RUDP. A sample size of 122 respondents out of 176 stakeholders involved in the Rwanda Urban Development Project (RUDP were selected through random sampling. Data collection involved questionnaires, interviews, and documentary techniques using reports and records from RUDP. A pilot study was conducted on 13 respondents, representing 10% of the overall sample size. Reliability was assessed through Cronbach's Alpha gave 0.815 and validity was assessed using the content validity index of 0.86. Data analysis involved descriptive and inferential statistics of correlation and regression at a significance level of 0.05 using the SPSS version 25. Based on the findings, the hypothesis that: there is no significant effect of stakeholder involvement (P=0.000<0.05); stakeholder collaboration (P=0.000<0.05); stakeholder participation (P=0.000<0.05) and; stakeholder empowerment on performance of road construction projects, were rejected, confirming that stakeholder engagement strategies have significant positive effect on performance of road construction projects. The study recommended that the management of RUDP enhance stakeholder involvement by establishing effective communication channels, fostering collaboration among government agencies, contractors, and local stakeholders. Future research could explore the impact of digital tools on stakeholder engagement in road construction projects. 

DOI 10.20525/ijfbs.v14i1.39771 Crossref citations3 OpenAlex citations