Financial Internet Quarterly
type: channel
description: Social Sciences Citation Index Impact Factor 2024: 0.500 Established in 2004 with the support of the National Central Bank of Poland, the Financial Internet Quarterly (FIQ), initially 'Financial Internet Quarterly e-Finanse’, is a scientific Journal published by The University of Information Technology and Management in Rzeszow, Poland. As a peer-reviewed, open-access Journal, FIQ plays a pivotal role in bridging the research gap within the European financial scholarly community, appealing to a wide array of finance professionals, academics, and students. By eliminating Article Processing Charges (APCs), it ensures unrestricted access to its comprehensive research findings. FIQ’s scope spans crucial financial disciplines. It offers insights into corporate finance, focusing on investment strategies and governance. The journal delves into banking, covering risk management and financial innovation, and explores public finance topics like fiscal policy and taxation. It also examines capital markets, analyzing securities trading and market dynamics, alongside addressing insurance, accounting, and legal aspects of financial management. This broad coverage ensures FIQ’s role as a pivotal platform for finance-related discourse, upheld by its distinguished Editorial Board. The Editorial Board, consisting of esteemed scholars, ensures that FIQ maintains rigorous academic standards and relevance in its publications. This commitment positions FIQ as an essential resource for advancing knowledge and fostering dialogue within the global financial community.
publisher: Sciendo
language: en
publication name: Financial Internet Quarterly
issn: 2719-3454
items: TREASURY SINGLE ACCOUNT AND FINANCIAL INTERMEDIATION IN NIGERIA
items: CBDC and trust in A central bank: transitivity of preferences vs. the privacy paradox
items: Retirement attitudes in Poland and Southeast Europe
items: Effects of eurozone and schengen area accession on real estate prices
items: Managing state budget available cash resources: case study of Poland
items: Determinants of thermal comfort: analysis of public buildings in a post-transition context
items: Bridging the information gap: what are the impacts of EPCs on Prague’s residential market selling prices?
items: Assessment of the impact of innovation and investment activities on the restoration of economic potential of ukrainian enterprises in the context of industry 5.0 and the circular economy
items: Construction of a framework for enablers of financial well-being among urban households in India: an ISM approach
items: Uncertainty as a determinant of dividend decisions of public companies during the COVID-19 pandemic. The case of companies listed on the Warsaw Stock Exchange
items: EXPLORING THE LINK BETWEEN FINANCIAL GLOBALIZATION, FINANCIAL DEVELOPMENT, HUMAN DEVELOPMENT AND ECONOMIC GROWTH IN CHINA
items: RELATIONSHIP BETWEEN SICK LEAVE AND WAGES BY VOIVODESHIP AND INDUSTRY. THE CASE OF POLAND
items: THE FINANCIAL SITUATION OF PENSIONERS IN POLAND IN THE PERSPECTIVE OF ACHIEVING SUSTAINABLE DEVELOPMENT GOAL NUMBER 1: NO POVERTY
items: DOES CLIMATE POLICY UNCERTAINTY MOVE WITH STOCK MARKETS?
items: THE GLOBAL SHIFT IN MONETARY SOVEREIGNTY
items: FROM OBSTACLES TO NEW OPPORTUNITIES: EXPLORING PROFITABILITY IN THE BANKING INDUSTRY AMID SUSTAINABILITY AND THE GREEN TRANSITION
items: DO MERGERS ENHANCE FINANCIAL PERFORMANCE? EMPIRICAL EVIDENCE FROM THE CZECH REPUBLIC
items: AIRLINE PERFORMANCE AND THE LEASING RATIO IN THE CONTEXT OF BUSINESS MODELS
items: JOINT IMPACT OF STOCK MARKET DEVELOPMENT AND ENERGY CONSUMPTION ON CARBON DIOXIDE EMISSIONS IN NIGERIA: 1990 TO 2021
items: EVALUATING ESG PRACTICES AND FINANCIAL IMPACTS: A COMPREHENSIVE ANALYSIS OF LEADING EUROPEAN ENTERPRISES UNDER CSR EUROPE\'S FRAMEWORK
items: IDENTIFICATION OF KEY ENABLERS AND ASSESSMENT OF THE INTER-RELATIONSHIPS OF HOUSEHOLD FINANCIAL RESILIENCE IN SOUTHWEST ASIAN NATIONS
items: PAKISTAN AND MALAYSIA BILATERAL TRADE AGREEMENT (BTA): A CASE OF THE PAKISTAN STOCK EXCHANGE (PSX) REACTION
items: ADAPTIVE MARKET HYPOTHESIS: INSIGHTS FROM BRIC-T COUNTRIES\' STOCK MARKETS
items: GENDER AND SPOKEN LANGUAGE USE IN CONSUMER FINANCE
items: SYMBIOTIC HARMONY: EXPLORING THE INTERPLAY BETWEEN INVESTMENT STRATEGIES AND INSURANCE IN THE CZECH REPUBLIC
items: THE INTERPLAY OF INCOME GROWTH AND HOUSING PRICES: A DECADE OF REAL ESTATE DYNAMICS IN POLAND’S LARGEST CITIES
items: THE MODERATING IMPACT OF CONCENTRATED OWNERSHIP ON RELATED PARTY TRANSACTIONS AND FIRM PERFORMANCE IN THE MALAYSIAN CONTEXT
items: DIGITAL GOVERNANCE ACROSS WHOLE-OF-THE-GOVERNMENT: OPPORTUNITIES AND CHALLENGES
items: SECTOR-SPECIFIC FINANCIAL FORECASTING WITH MACHINE LEARNING ALGORITHM AND SHAP INTERACTION VALUES
items: UNVEILING GROWTH DIVERGENCE ON LSE: FTSE100 VS. AIM LISTED COMPANIES

TREASURY SINGLE ACCOUNT AND FINANCIAL INTERMEDIATION IN NIGERIA
type: item
description: In the wake of dissenting views on the import of the implementation of the Treasury Single Account (TSA) in Nigeria, the researchers consider it wise to empirically examine the impact of TSA on funds availability for lending to the economy. The research is meant to evaluate and predict what Nigeria should expect in the era of TSA using existing data. Annual financial data of secondary origin, obtained from Central Bank of Nigeria Statistical Bulletin spanning 1975 and 2015 are used in the study. Financial intermediation is represented by Total Credit to the economy (as explained variable) while Total Credit to Private Sector (TCPS), Total Federal Government Revenue (TFREV), Deposit Interest Rate (DPRT), Prime Lending Rate (PLR), Cash Reserve Requirement (CRR) and Liquidity ratio (LIQR) are explanatory variables. TFREV is a direct representation of TSA in the model. The data are analysed using Ordinary Least Square technique of multiple regression. The results clearly show that TFREV assumes a positive and statistically non-significant relationship with TCR. TCPS and DPRT also exhibit a positive relationship with TCR. PLR, CRR and LIQR exhibit negative relationship with TCR, all in line with the expectations of the study. Consequently, the researchers recommend that since government revenues support banks’ lending and increase their liquidity, movement of these funds from commercial banks will exert negative impact on bank liquidity and their ability to grant loans and subsequently heightens the lending rate; therefore, a distributed or liberal form of TSA model should be adopted for the safety of our banking industry.
subject: Articles
  topic: section
subject: treasury single account
  topic: keywords
subject: financial intermediation
  topic: keywords
subject: total federal government revenue
  topic: keywords
creator: Emmanuel Ikpe Michael
creator: Ntiedo J. Umoren
rights: Copyright (c) 2024 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-19
publication date: 2025-12-19
doi: 10.1515/

CBDC and trust in A central bank: transitivity of preferences vs. the privacy paradox
type: item
description: The privacy and anonymity of transactions are considered some of the biggest challenges when designing Central Bank Digital Currencies (CBDC). While many surveys show that people strongly prefer privacy in their transactions, behavioral theories suggest that human behaviour in digital spaces is more complex, a phenomenon known as the privacy paradox. The research aims to measure privacy preferences in specific situations and examine how these preferences influence choices between anonymous transactions versus the design of CBDC functionality. The study used the ANOVA method to determine if there were significant differences between groups based on privacy preferences. Survey data from respondents in emerging markets showed a mild form of the privacy paradox. The research measured privacy tendencies in three areas: general, digital, and financial environments, and found a statistically significant correlation between these measures. However, the respondents' privacy preferences did not consistently align with their choices between transaction anonymity and CBDC functionality, nor did they consistently relate to trust in central banks as privacy guarantors or the importance of central bank inde- pendence for ensuring privacy. The ANOVA test found no significant differences in privacy pref- erences between respondents who prioritized anonymity or functionality, or between those who trusted or did not trust central banks to guarantee privacy and their independence in doing so. This suggests that when faced with complex decisions, people may exhibit intricate patterns of preference, which is crucial for optimizing CBDC design.
subject: Articles
  topic: section
subject: Anonymity of Transactions
  topic: keywords
subject: Privacy Paradox
  topic: keywords
subject: Digital Money
  topic: keywords
subject: Central Bank Digital Currency (CBDC)
  topic: keywords
creator: Viktor Koziuk
creator: Yurii Ivashuk
creator: Yurii Hayda
creator: Oleksandr Dluhopolskyi
rights: Copyright (c) 2024 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-19
publication date: 2025-12-19
doi: 10.1515/

Retirement attitudes in Poland and Southeast Europe
type: item
description: The paper aims to present the retirement attitudes of individuals in Poland and Southeastern European countries. In our study, we have shown that many factors influence retirement decisions. These decisions are influenced by the state-guaranteed pension level and the individual's perception of this security, and individual retirement savings. Socio-demographic characteristics such as age and gender also play a crucial role in shaping these decisions. Firstly, our study shows that age has a statistically significant effect on stated attitudes towards the state pension. For each additional year of life, the odds of respondents stating that they will cover their expenses in old age by drawing a state pension increase by 4,4% (Poland) and 1% (Southeastern Europe). Secondly, respondents identified the state as the primary source of retirement security. This trend is observed in both Poland and other European countries. The data used in the article comes from national surveys conducted using the updated 2018 OECD/INFE Toolkit for measuring financial literacy and financial inclusion. The analyses in this article cover Poland and seven Southeastern European countries that participated in the OECD/INFE survey (Bulgaria, Croatia, Georgia, North Macedonia, Moldova, Montenegro, and Romania).
subject: Articles
  topic: section
subject: Old Age
  topic: keywords
subject: Pension System
  topic: keywords
subject: Savings
  topic: keywords
subject: Retirement Security
  topic: keywords
subject: Retirement Planning
  topic: keywords
creator: Joanna Rutecka-Góra
creator: Sylwia Pieńkowska-Kamieniecka
creator: Damian Walczak
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 94
ending page: 107
doi: 10.1515/

Effects of eurozone and schengen area accession on real estate prices
type: item
description: The real estate sector plays an important role in economic cycles and macroeconomic stability, as shown by various studies that establish a link between real estate prices and economic activity. While the traditional determinants of real estate prices have been extensively studied, the impact of institutional factors such as Eurozone membership and Schengen accession has not yet been sufficiently researched. Monetary integration promotes economic growth by boosting trade, investment and financial integration, while lower interest rates improve access to credit, which drives demand for real estate. Similarly, Schengen accession increases labor mobility, cross-border economic activity and the acquisition of real estate, further fueling demand for housing. Therefore, this study aims to examine the role that these institutional changes have on the real estate markets in the EU member states. A panel data analysis for the period from 2000 to 2023 using a fixed effects model confirms that joining the Eurozone has a statistically significant impact on house prices, primarily due to lower interest rates and economic growth. Schengen membership also contributes to rising real estate prices as it increases labor mobility and tourism-driven demand. The study findings suggest that policy makers should address housing affordability issues through targeted measures, including fiscal and regulatory interventions, rather than relying solely on monetary policy.
subject: Articles
  topic: section
subject: Real Estate Prices
  topic: keywords
subject: Housing Demand
  topic: keywords
subject: Eurozone
  topic: keywords
subject: Schengen Area
  topic: keywords
creator: Josip Visković
creator: Danijela Čipčić
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 84
ending page: 93
doi: 10.1515/

Managing state budget available cash resources: case study of Poland
type: item
description: The aim of the paper is to review how free funds (available cash resources) are managed in the Polish state budget, to review the solutions used at the national and local levels in other countries and assess the quality of management in Polish conditions. Analysis of the budget available cash resources covered the last twelve years and included both periods of economic growth as well as crisis years. Methodology of the research included financial analysis of state budget revenues, expenditure, debt income and debt repayment expenses, as well as public debt statistics and ear-marked funds data. The results obtained during the study provide for the formulation of a negative opinion regarding the management of available funds in the state budget. Based on the research results, the authors prepared a number of recommendations, the implementation of which will increase the effectiveness of public funds management.
subject: Articles
  topic: section
subject: State Budget
  topic: keywords
subject: Cash Resources
  topic: keywords
subject: Public Finance
  topic: keywords
subject: Countercyclical Actions
  topic: keywords
creator: Wojciech Misiąg
creator: Jan Misiąg
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 68
ending page: 83
doi: 10.1515/

Determinants of thermal comfort: analysis of public buildings in a post-transition context
type: item
description: Due to an ongoing energy crisis and fluctuating energy prices, the prerequisites for maintaining optimal indoor environmental quality (IEQ), a critical determinant of productivity, cognitive performance, and overall well-being, have been significantly disrupted. This study focuses on examining determinants of thermal comfort, a subjective evaluation of the thermal environment and a key component of IEQ. Through a survey of employees and users of public buildings in Bosnia and Herzegovina, the research employs a four-stage regression analysis to identify the main predictors of thermal comfort. Although 71.33% of respondents report satisfaction with the heating system, only 43.13% find the heating to be adequate, with the optimal perceived temperature averaging 21.66°C. The results show that key factors influencing thermal comfort include thermal sensation, thermal memory, gender, and respondent type (employee versus user). These seminal results could offer valuable productivity and financial implications for energy savings, especially for budgetary policymakers aiming to reduce energy consumption as well as for public sector management and public institutions seeking to improve well-being and productivity.
subject: Articles
  topic: section
subject: Thermal Comfort
  topic: keywords
subject: Thermal Sensation
  topic: keywords
subject: Energy Crisis
  topic: keywords
creator: Ljiljan Veselinović
creator: Jasmina Mangafić
creator: Lejla Lazović-Pita
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 51
ending page: 67
doi: 10.1515/

Bridging the information gap: what are the impacts of EPCs on Prague’s residential market selling prices?
type: item
description: It is assumed that energy performance certificates (EPC) can promote energy efficiency, increase property values, and improve market liquidity by providing trustworthy energy performance information. This article will provide a comprehensive study of the impact of EPCs on the residential selling prices in Prague, the capital of the Czech Republic. For the analysis, the original dataset was extracted from the publicly accessible sreality.cz portal. The hedonic regression model was applied to evaluate how the EPC influences the selling price of apartments in Prague. The regression analysis results are entirely in line with the analyzed current literature. EPC ratings have been proven to significantly affect the selling price in Prague and several other locations. In the most affluent locations of Prague, i.e., typically historical locations, the EPC ratings have not proved to be a statistically significant price factor because these locations suffer from excess demand and limited supply of properties.
subject: Articles
  topic: section
subject: Energy Performance Certificate
  topic: keywords
subject: Energy Efficiency
  topic: keywords
subject: Czech Housing Market
  topic: keywords
subject: Residential Properties
  topic: keywords
subject: Hedonic Regression Model
  topic: keywords
creator: Tomáš Podškubka
creator: Barbora Rýdlová
creator: Josef Arlt
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 39
ending page: 50
doi: 10.1515/

Assessment of the impact of innovation and investment activities on the restoration of economic potential of ukrainian enterprises in the context of industry 5.0 and the circular economy
type: item
description: The purpose of this article is to assess the extent to which the activation of innovation and investment activities contributes to the restoration of the economic potential of enterprises in Ukraine under the conditions of transition to Industry 5.0 standards and the implementation of circular economy principles. The focus is placed on Ukrainian enterprises as the object of the study, considering sectoral differences and the specific challenges caused by the ongoing war. The task is to present a methodological approach that will allow us to present how to assess the significance of the influence of certain areas in the activation of innovative and investment activities of an enterprise on the restoration of economic potential. The principles of Industry 5.0 and the circular economy are also taken into account. As a result, the method of pairwise comparison was chosen and, by involving experts, to determine the most significant factors of the activation of innovative and investment activities of an enterprise that affect the restoration of economic potential, taking into account the standards of Industry 5.0 and the circular economy. The results may have practical significance in further use within the activities of enterprises of Ukraine and beyond. This article examines the impact of activating innovation and investment activities on the restoration of economic potential of Ukrainian enterprises amid the transition to Industry 5.0 and the adoption of circular economy principles.
subject: Articles
  topic: section
subject: Innovation and Investment Activity
  topic: keywords
subject: Industry 5.0
  topic: keywords
subject: Circular Economy
  topic: keywords
subject: Economic Potential
  topic: keywords
subject: Pairwise Comparison
  topic: keywords
creator: Marta Kopytko
creator: Halyna Kaplenko
creator: Iryna Ruda
creator: Marianna Bida
creator: Viktoriia Dubyk
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 30
ending page: 38
doi: 10.1515/

Construction of a framework for enablers of financial well-being among urban households in India: an ISM approach
type: item
description: The purpose of this study is to identify the enablers of financial well-being among urban households. Once these enablers are identified, the authors aim to develop a framework to explore their positioning and prepare a hierarchical structure of the enablers of financial well-being in the overall financial status of urban households in India. The present study explores what the enablers of urban households’ financial well-being in India are and what the hierarchical framework is for those enablers. Data were collected from 59 people who were heads of families making financial decisions in different parts of India. The authors identified 11 unique enablers from the literature. Interpretive Structural Modelling (ISM) is used to identify the hierarchical structure of the enablers of financial well-being. This study generated six levels of enablers, and the lowest level of the model is education level (E1), which is a key enabler of financial well-being, and the topmost level is (E10), which is satisfaction in life. The model suggests that education level enables people to achieve life satisfaction by improving their financial well-being. This study fills the gap by identifying key enablers using the literature and arranging them into a hierarchical model using the ISM technique. This helps in extending the present literature as well as improving financial well-being.
subject: Articles
  topic: section
subject: Financial Well-Being
  topic: keywords
subject: Financial Attitude
  topic: keywords
subject: Financial Literacy
  topic: keywords
subject: ISM
  topic: keywords
creator: Reena Agrawal
creator: Smita Wagholikar
creator: Arti Chandani
creator: Prashant Ubarhande
creator: Mohit Pathak
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 16
ending page: 29
doi: 10.1515/

Uncertainty as a determinant of dividend decisions of public companies during the COVID-19 pandemic. The case of companies listed on the Warsaw Stock Exchange
type: item
description: The aim of the article is to analyze the impact of an unpredictable individual event such as the COVID-19 pandemic on dividend decisions of companies listed on the Warsaw Stock Exchange. Due to the fact that the vast majority of companies do not provide detailed justification for dividend decisions, the analysis was based on a panel probit model with random effects of dividend propensity in the years 1998-2019, which was used to develop forecasts of dividend payments in 2020. The difference between the forecast and the actual dividend decision made by companies in 2020 could be attributed to the uncertainty caused by the pandemic. The analysis covered 152 domestic companies listed on the Warsaw Stock Exchange that paid dividends in 2019 and/or in 2020. The calculations showed that, being uncertain about the future macroeconomic situation and, consequently, about their own, some companies stopped systematic annual dividend payments or significantly reduced their level. The companies made such decisions despite the fact that the forecasts developed on the basis of the probit model, proposed in the paper, indicated that they should pay dividends in 2020, as indicated by their good economic and financial situation.
subject: Articles
  topic: section
subject: Uncertainty
  topic: keywords
subject: COVID-19
  topic: keywords
subject: Panel Probit Model with Random Effects of Propensity to Pay Dividend
  topic: keywords
subject: probability of dividend payment
  topic: keywords
subject: Warsaw Stock Exchange
  topic: keywords
creator: Tomasz Sioma
creator: Mieczysław Kowerski
rights: Copyright (c) 2025 Financial Internet Quarterly https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-12-17
publication date: 2025-12-17
starting page: 1
ending page: 15
doi: 10.1515/

EXPLORING THE LINK BETWEEN FINANCIAL GLOBALIZATION, FINANCIAL DEVELOPMENT, HUMAN DEVELOPMENT AND ECONOMIC GROWTH IN CHINA
type: item
description: The main objective of this study is to examine the relationship between globalization, financial development, human development and economic growth. The financial dimension of globalization, which is a multi-dimensional concept, is focused on, and the impact of financial globalization is investigated. The analysis was conducted in China. The KOF Globalization Index was used to represent financial globalization, the share of domestic loans given to the private sector in GDP was used to represent financial development, the Human Development Index was used to represent human development, and the GDP per capita value was used to represent economic growth. Because the stationarity levels of the variables were different from each other and there was a variable with I (2), the Toda-Yamamoto causality test was applied as a method. According to the results of the analysis covering the period 1990-2022, there is a causal relationship between the variables. There is bidirectional causality between financial globalization and economic growth. The causal relationship between human development and economic growth is also bi-directional. The causality relationship between financial development and economic growth is one-way, and the direction of causality is from economic growth to financial development. Economic growth should be encouraged to enhance financial development in China. Moreover, policies aimed at improving financial globalization and human development can be used to increase economic growth.
subject: Articles
  topic: section
subject: Financial Globalization
  topic: keywords
subject: Financial Development
  topic: keywords
subject: Human Development
  topic: keywords
subject: Economic Growth
  topic: keywords
creator: Fergul Ozgun
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 99
ending page: 113
doi: 10.2478/fiqf-2025-0022

RELATIONSHIP BETWEEN SICK LEAVE AND WAGES BY VOIVODESHIP AND INDUSTRY. THE CASE OF POLAND
type: item
description: The aim of the study was to confirm whether employees insured with the Social Insurance Institution (ZUS) are increasingly taking advantage of the right to sick leave and to prove that there is a relationship between sick leave and wages in individual voivodeships and sections of the national economy. The research was conducted based on data provided by ZUS and Statistics Poland. The analyses in the part concerning changes in sick leave usages were conducted in the period 2006-2023, while the part concerning the relationship between wages and sick leave in 2023. The analyses indicate a growing trend in sick leave, especially during the COVID-19 pandemic. A relationship was also demonstrated between wages and the number of sickness absences and the number of days spent on it.
subject: Articles
  topic: section
subject: Sickness Absence
  topic: keywords
subject: Health Insurance
  topic: keywords
creator: Jacek Rodzinka
creator: Anna Gacek
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 88
ending page: 98
doi: 10.2478/fiqf-2025-0021

THE FINANCIAL SITUATION OF PENSIONERS IN POLAND IN THE PERSPECTIVE OF ACHIEVING SUSTAINABLE DEVELOPMENT GOAL NUMBER 1: NO POVERTY
type: item
description: The paper will discuss the problem of pensioner poverty in Poland, its elimination, as well as the question of the impact of social policy measures on the Sustainable Development Goals (SDGs) called ‘no poverty’. The purpose of the article is to assess the financial situation of pensioners in Poland, taking into account the impact of supplementary pension benefits (understood in the study as the thirteenth and fourteenth pensions) on the level of poverty among pensioners in the context of achieving the Sustainable Development Goals in Poland. The topic of pensioner poverty and its consequences is one of the aspects often overlooked in the discussion of sustainable development, where ‘poverty’ is simplified exclusively to a social issue, while it is an important aspect of economic development. To achieve the purpose of the study, the authors used statistical data describing the problem of poverty and changes in this area in the period 2010-2024 (where possible, a wider range of data has been provided to provide a more complete picture of the phenomenon), based on data from the Statistics Poland and the Social Insurance Institution (ZUS). The analyses carried out indicate a short-term positive impact on the proportion of poor pensioners in Poland, but at the same time little effectiveness of the benefits known as 13th and 14th pensions.
subject: Articles
  topic: section
subject: Poverty
  topic: keywords
subject: Sustainable Development
  topic: keywords
subject: Pensions
  topic: keywords
subject: Poland
  topic: keywords
creator: Karolina Palimąka
creator: Klaudia Wronka
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 77
ending page: 87
doi: 10.2478/fiqf-2025-0020

DOES CLIMATE POLICY UNCERTAINTY MOVE WITH STOCK MARKETS?
type: item
description: This study aims to understand how climate policy uncertainty affects investor behavior and whether it moves with stock markets in advanced economies. Accordingly, we examine data for January 2000-2023 for the stock market indices of Sweden, the United Kingdom, Germany, Norway, the Netherlands, and Finland, which have a ‘good’ CCP rating according to the MSCI classification and the climate policy uncertainty index. Furthermore, we apply two main methodologies: Wavelet Coherence Analysis and the Breitung and Candelon Frequency Causality Test. WCA shows the time-based co-movements between CPU and stock market indices and their effects on each other. We also consider the causality test to examine causality at various frequencies. The WCA results reveal a relationship between the CPU index and all markets except the Norwegian market. As a result of the causality, we conclude that there is a strong causality between the CPU index and the Finnish and Swedish stock markets in the short run, a strong causality between the CPU index and the Dutch market in the long run, and a weak causality between the CPU index and the German stock market in the short, medium and long run. Investors can develop strategies to mitigate risks and hedge volatility by monitoring exogenous factors such as CPU. Strategies such as quick-action stop-loss orders are recommended, especially for short-term CPU-affected markets such as the Swedish and Finnish stock markets.
subject: Articles
  topic: section
subject: Climate Policy Uncertainty
  topic: keywords
subject: Stock Market
  topic: keywords
subject: Wavelet Coherence
  topic: keywords
subject: Frequency Causality
  topic: keywords
creator: Muge Saglam Bezgin
creator: Selim Gungor
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 62
ending page: 76
doi: 10.2478/fiqf-2025-0019

THE GLOBAL SHIFT IN MONETARY SOVEREIGNTY
type: item
description: This study aims to systematically review the literature on de-dollarization in light of its increasing significance. The review has been carried out using the Theory, Context, Characteristics, Methodology (TCCM) framework on 52 studies retrieved from the Scopus and Web of Science database. The findings suggest the prevalence of two theories and three models applied in literature. Multi-country studies dominate the literature, with the USA taking the lead in terms of country-specific research. Further, research on de-dollarization can be categorised into five themes. Methodologically, quantitative studies, focusing on the usage of secondary data are mostly used, with lesser focus on theoretical, case and review studies. By synthesizing the existing literature, this paper undertakes a comprehensive exploration of de-dollarization, scrutinizing its various facets and implications on the international economic forum. It advances the discourse on de-dollarization by presenting novel insights and emphasizing the need for further scholarly investigation into achieving equitable and stable global financial systems beyond dollar dominance.
subject: Articles
  topic: section
subject: De-dollarization
  topic: keywords
subject: Currency
  topic: keywords
subject: Literature review
  topic: keywords
subject: SLR
  topic: keywords
subject: TCCM
  topic: keywords
creator: Tushar Goswami
creator: Varda Sardana
creator: Shubham Singhania
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 45
ending page: 61
doi: 10.2478/fiqf-2025-0018

FROM OBSTACLES TO NEW OPPORTUNITIES: EXPLORING PROFITABILITY IN THE BANKING INDUSTRY AMID SUSTAINABILITY AND THE GREEN TRANSITION
type: item
description: This study examines the relationship between sustainability and the financial performance of European banks, focusing on their Return on Average Assets (ROAA) and Return on Average Equity (ROAE). Using panel regression analysis on data from 2018 to 2022, the findings reveal a negative correlation between sustainability factors and short-term profitability, suggesting that sustainability-related investments may initially lead to higher costs and lower returns. However, the results also indicate a potential association between sustainability engagement and long-term financial resilience, though the exact causal mechanisms remain subject to further research. The study contributes to the ongoing debate on the financial implications of sustainability in the banking sector and highlights the need for further econometric analysis to assess the long-term effects of sustainable investments.
subject: Articles
  topic: section
subject: ESG Factors
  topic: keywords
subject: Profitability Analysis
  topic: keywords
subject: Sustainable Banking
  topic: keywords
subject: Sustainable Development Goals (SDGs)
  topic: keywords
creator: Petra Jilkova
creator: Ladislava Knihova
creator: Natalie Heroldova
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 28
ending page: 44
doi: 10.2478/fiqf-2025-0017

DO MERGERS ENHANCE FINANCIAL PERFORMANCE? EMPIRICAL EVIDENCE FROM THE CZECH REPUBLIC
type: item
description: This study investigates whether the post-merger performance of companies in the Czech Republic exceeds their pre-merger performance. Employing the Czech-specific IN05 model and internationally recognized composite financial performance indicators (Altman Z-score, Taffler model, and Kralicek Quick Test), the research utilizes a comprehensive dataset of 1,077 companies involved in mergers. The analysis spans a decade, covering five years before and after the mergers conducted in 2016. Results indicate that while the financial condition of merging companies shows stagnation, successor companies demonstrate statistically significant improvements in key financial indicators, especially during the period from 2017 to 2021. This highlights the positive impact of mergers on financial performance, even amid external disruptions such as the COVID-19 pandemic. These findings contribute to understanding M&A dynamics in medium-sized, open economies within the EU, offering valuable insights for both academic research and practical applications in corporate strategy.
subject: Articles
  topic: section
subject: Post-Acquisition Performance
  topic: keywords
subject: Mergers
  topic: keywords
subject: Synergies
  topic: keywords
subject: Mixed Effect Model
  topic: keywords
creator: Tomas Podskubka
creator: Lucie Jahodova
creator: Josef Arlt
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 10
ending page: 27
doi: 10.2478/fiqf-2025-0016

AIRLINE PERFORMANCE AND THE LEASING RATIO IN THE CONTEXT OF BUSINESS MODELS
type: item
description: The paper analyzes how aircraft acquisition structures - leased versus owned - affect airline performance. It considers the controlling role of business models, specifically low-cost carriers (LCCs) and full-service providers (FSPs). Using financial and operational data from 142 airlines globally, the study applies correlation and regression analysis to assess how leasing ratios influence indicators such as revenue, market capitalization, fleet value, load factor and profitability. While leasing offers flexibility and supports fast expansion, it does not guarantee operational efficiency. The study emphasizes the need to control for the business model when analyzing the financial effects of leasing. Model-specific strategies significantly influence an airline`s performance outcomes. LCCs typically exhibit higher leasing ratios due to their asset-light strategies and initial capital limitations. Future research should address whether airlines rely on leasing primarily as a tool for operational optimization or as a response to financial necessity.
subject: Articles
  topic: section
subject: Aviation Finance
  topic: keywords
subject: Airline Business Models
  topic: keywords
subject: Leasing
  topic: keywords
subject: Operational Efficiency
  topic: keywords
creator: Viktor Trasberg
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-10-02
publication date: 2025-10-02
starting page: 1
ending page: 9
doi: 10.2478/fiqf-2025-0015

JOINT IMPACT OF STOCK MARKET DEVELOPMENT AND ENERGY CONSUMPTION ON CARBON DIOXIDE EMISSIONS IN NIGERIA: 1990 TO 2021
type: item
description: Environmental degradation and global warming are two of the most pressing concerns facing the world today. This study examines the joint effects of stock market development and energy consumption on environmental degradation in Nigeria from 1990 to 2021. Utilizing the ARDL cointegration framework, the analysis reveals a long-run cointegration relationship among the variables at the speed of 124% towards long-run equilibrium. Carbon dioxide emission is positively and significantly influenced by stock market growth and energy consumption but negatively and insignificantly by the interaction of stock market and energy use. The control variables of foreign direct investment and trade openness have a negative impact on emissions while economic growth has positive impact on emission. The findings suggest that the adverse impacts of stock market growth and energy consumption on the environment require effective regulations, sustainable practices, and environmental protection with the use of renewable energy prioritized through the stock market and energy consumption agencies and policy makers. In the same vein, the Nigerian government should also prioritize policies aimed at reducing carbon dioxide emissions through the expansion of the trade sector and foreign direct investment because they play a crucial role in mitigating environmental degradation while it should promote sustainable economic growth that will encourage reduced carbon emission.
subject: Articles
  topic: section
subject: Environmental Degradation
  topic: keywords
subject: Stock Market Development
  topic: keywords
subject: Energy Consumption
  topic: keywords
subject: Carbon Dioxide Emissions
  topic: keywords
subject: Nigeria
  topic: keywords
subject: ARDL Cointegration
  topic: keywords
creator: KAMALADEEN IBRAHEEM NAGERI
creator: ABDULWAHEED ADEOLA OLUKOTUN
creator: SAHEED OLUWASEUN LAWAL
creator: RAHJI OHIZE IBRAHIM
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 105
ending page: 119
doi: 10.1515/

EVALUATING ESG PRACTICES AND FINANCIAL IMPACTS: A COMPREHENSIVE ANALYSIS OF LEADING EUROPEAN ENTERPRISES UNDER CSR EUROPE\'S FRAMEWORK
type: item
description: This study investigates the integration and impact of Environmental, Social, and Governance (ESG) practices within large European enterprises from different industries affiliated with CSR Europe Initiative, which is an influential network championing sustainability. With the impending 2025 requirement for integrated annual reports combining ESG and financial disclosures under the Corporate Sustainability Reporting Directive (CSRD), this research evaluates how these enterprises adhere to and implement ESG principles in their operations. Focusing on a selected group of companies, including financial institutions governed by the Sustainable Finance Disclosure Regulation (SFDR), the study provides a detailed analysis of ESG behaviors using a structured set of seven criteria: Corporate Governance, Responsible Financing, Environmental Behavior, Social Behavior, Quality of Sustainability Reporting, Verification of Institutionalized ESG Strategy, and Annual Turnover. The results emphasize the pivotal influence of environmental strategies on revenue generation, while simultaneously uncovering significant disparities in ESG integration across firms. By addressing a critical gap in the literature regarding the financial implications of ESG engagement, the study contributes nuanced insights into how leading European corporations - specifically those affiliated with the CSR Europe Initiative - can strengthen their sustainability strategies and financial resilience. Furthermore, the findings underscore the necessity of a well-structured ESG framework not only for achieving long-term corporate sustainability, but also for ensuring alignment with evolving European Union regulatory requirements and stakeholder expectations.
subject: Articles
  topic: section
subject: ESG Practices
  topic: keywords
subject: Corporate Governance
  topic: keywords
subject: CSR behaviour
  topic: keywords
subject: Integrated Report
  topic: keywords
subject: Sustainable Business
  topic: keywords
creator: Gabriela Dubcová
creator: Emil Velinov
creator: Martina Kosikova
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 89
ending page: 104
doi: 10.1515/

IDENTIFICATION OF KEY ENABLERS AND ASSESSMENT OF THE INTER-RELATIONSHIPS OF HOUSEHOLD FINANCIAL RESILIENCE IN SOUTHWEST ASIAN NATIONS
type: item
description: The current research was taken up to identify and assess the key enablers of household financial resilience in Southwest Asian nations. The research technique used was Interpretive Structural Modeling. We identified twelve enablers which impact household financial resilience which we then used to try to explore financial resilience in South-West Asian households. The aim of the study was to identify the key enablers that influence urban households’ financial resilience in Southwest Asian nations, evaluate the contextual relations between the identified enablers and develop a hierarchical framework of enablers of urban households’ financial resilience in South-West Asian nations. The findings of the research disclosed that financial security was the most crucial enabler for household financial resilience followed by financial cushion at level two. However, education level and financial literacy were the foundation stones of the proposed model.
subject: Articles
  topic: section
subject: Financial Resilience
  topic: keywords
subject: Financial Security
  topic: keywords
subject: Financial Cushion
  topic: keywords
subject: Preparedness
  topic: keywords
subject: Financial Literacy
  topic: keywords
creator: REENA AGRAWAL
creator: CHARU SAXENA
creator: PRATIBHA THAKUR
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 74
ending page: 88;
doi: 10.1515/

PAKISTAN AND MALAYSIA BILATERAL TRADE AGREEMENT (BTA): A CASE OF THE PAKISTAN STOCK EXCHANGE (PSX) REACTION
type: item
description: The goal of this investigation is to establish a connection between the attributes of listed companies and the effects of the Pakistan-Malaysia Bilateral Trade Agreement (BTA) on Pakistan\'s stock markets. For that purpose, this research is to look at how the Pakistan Stock Exchange (PSX) was affected by the Bilateral Trade Agreement between Pakistan and Malaysia. The abnormal returns have been computed before and after the announcement using an event study methodology. The results demonstrate that the announcement of the Pakistan-Malaysia (BTA) elicited an immediate response from chosen sectors of Pakistan, with mixed responses, negative as well as positive. Given that the textile industry is one of Pakistan\'s top export industries, its response was encouraging. The study concludes that the PSX was vulnerable to this event as well as that this paper has important ramifications for investors and trade policy makers.
subject: Articles
  topic: section
subject: Event Study
  topic: keywords
subject: Abnormal Returns
  topic: keywords
subject: Pakistan-Malaysia Bilateral Trade Agreement
  topic: keywords
subject: Pakistan Stock Exchange
  topic: keywords
creator: MAZHAR HUSSAIN CHOUDHARY
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 64
ending page: 73
doi: 10.1515/

ADAPTIVE MARKET HYPOTHESIS: INSIGHTS FROM BRIC-T COUNTRIES\' STOCK MARKETS
type: item
description: Comparing the Efficient Market Hypothesis and Behavioral Finance, the Adaptive Markets Hypothesis (AMH), which identifies the extremes of these two hypotheses and adapts them to each other, argues that calendar anomalies can coexist, but also focuses on how investor behavior reacts to changing market conditions. This study aims to investigate whether the stock markets of BRIC-T countries are consistent with the AMH, including crisis periods, using daily data for the period 01.01.2000-31.12.2023. To this end, daily index return series of each country were constructed and analyzed with the help of Wild-bootstrap Variance ratio test, BDS test and Ljung and Box Q Portmanteau tests. According to the Wild-bootstrap Variance ratio test, both EMH and AMH are not valid in the equity markets of BRIC-T countries; according to the BDS test results, AMH is valid and according to the Ljung and Box Q Portmanteau test results, AMH is valid. Therefore, it is concluded that AMH is more successful than EMH in explaining the equity markets of BRIC-T countries.
subject: Articles
  topic: section
subject: Efficient Market Hypothesis
  topic: keywords
subject: Behavioral Finance
  topic: keywords
subject: The Adaptive Markets Hypothesis
  topic: keywords
creator: SUREYYA YILMAZ OZEKENCI
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 33
ending page: 63
doi: 10.1515/

GENDER AND SPOKEN LANGUAGE USE IN CONSUMER FINANCE
type: item
description: Finance is still stereotypically perceived as a male domain, and social group divisions have linguistic consequences. This study examines whether language use in consumer finance exhibits gendered characteristics by identifying linguistic patterns used by non-expert women and men in this domain. To this end, we analyzed a corpus of spoken language collected through focus group interviews with 36 consumers of both genders, representing a full socio-demographic cross-section. The linguistic analysis was conducted using the Quanteda package in R, as well as tools from generative grammar, textology, ethnolinguistics, and cognitive linguistics. Additionally, respondents’ statements were categorized into speech acts: assertions, directives, commissives, expressives, and constatives. Our findings indicate that while gender differences in language use are subtle, they are nonetheless distinct. Women’s language tends to be more colloquial, descriptive, relational, figurative, and experience-oriented, often carrying greater emotional load. In contrast, men’s language is more professional (or stylized as such), argumentative, factual, and informational, emphasizing a sense of expertise, agency, and self-efficacy. These findings contribute to a deeper understanding of gendered communication patterns in financial discourse.
subject: Articles
  topic: section
subject: Consumer Finance
  topic: keywords
subject: Language
  topic: keywords
subject: Gender
  topic: keywords
subject: Polish
  topic: keywords
creator: ANDRZEJ CWYNAR
creator: ROBERT PORZAK
creator: PAWEŁ NOWAK
creator: MAGDALENA CWYNAR
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 19
ending page: 32
doi: 10.1515/

SYMBIOTIC HARMONY: EXPLORING THE INTERPLAY BETWEEN INVESTMENT STRATEGIES AND INSURANCE IN THE CZECH REPUBLIC
type: item
description: This study investigates the complex relationship between insurance and investment strategies in the Czech Republic using a PICOT-PRISMA approach that focuses on high-impact Social Sciences Citation Index (SSCI) articles from Q1-Q3 journals. By examining both mandatory and optional insurance types, we highlight their impact on societal welfare and individual autonomy. The study also uses VECM econometric analysis to reveal distinct patterns across different economic agents: households have a stable long-term equilibrium, with increased insurance coverage correlated with higher investment levels, implying complementarity. Non-financial companies, on the other hand, show a substitution effect, with increased insurance coverage resulting in lower investment. At the aggregate economic level, we see a stronger positive relationship, with investment serving as the primary driver and insurance playing a more passive role. These findings contribute to the literature by providing empirical evidence on the nuanced interaction of insurance and investment in a small open economy, highlighting the impact of specific economic, regulatory, and sociocultural factors, as well as divergent incentives and risk profiles among households and corporate entities.
subject: Articles
  topic: section
subject: Housing Investment
  topic: keywords
subject: Insurance
  topic: keywords
subject: Czechia
  topic: keywords
subject: Strategies
  topic: keywords
subject: Financial Planning
  topic: keywords
subject: Economy
  topic: keywords
creator: Jan Neugebauer
creator: MAREK VOKOUN
rights: Copyright (c) 2025
date: 2025-07-15
publication date: 2025-07-15
starting page: 1
ending page: 18
doi: 10.1515/

THE INTERPLAY OF INCOME GROWTH AND HOUSING PRICES: A DECADE OF REAL ESTATE DYNAMICS IN POLAND’S LARGEST CITIES
type: item
description: This study explores the relationship between income growth and housing prices in Poland’s seven largest cities from 2013 to 2024. Through statistical analysis, the research reveals a strong correlation between average gross wages, and both offer and transaction prices in the real estate market, confirming the hypothesis of a relationship between income growth and housing price increases. Despite economic fluctuations, the purchasing power of the average salary in real estate has remained remarkably stable. Moreover, the study introduces Premium and Buying Signal indicators, which can help identify market opportunities for buyers and investors by highlighting periods of undervaluation. These findings underscore and demonstrate the challenges of housing affordability in urban Poland and raise potential questions about the effectiveness of various social policies. The research offers interesting practical insights for policymakers and investors, emphasizing the need for continued monitoring and targeted interventions to ensure sustainable housing affordability.
subject: Articles
  topic: section
subject: Housing Affordability
  topic: keywords
subject: Urban Economics
  topic: keywords
subject: Income and Housing Prices
  topic: keywords
subject: Homeownership
  topic: keywords
subject: Polish Real Estate Market
  topic: keywords
creator: MICHAŁ RYŚ
creator: MACIEJ RYŚ
rights: Copyright (c) 2025
date: 2025-06-29
publication date: 2025-06-29
starting page: 94
ending page: 104
doi: 10.1515/

THE MODERATING IMPACT OF CONCENTRATED OWNERSHIP ON RELATED PARTY TRANSACTIONS AND FIRM PERFORMANCE IN THE MALAYSIAN CONTEXT
type: item
description: This study investigates the impact of related party transactions (RPTs) on firm performance, with a focus on the moderating role of concentrated ownership in an emerging market context. The Random effect regression was utilized for Malaysian-listed firms from 2015 to 2019 to test these assumptions. The findings reveal that RPTs are negatively correlated with firm performance, suggesting that such transactions are often motivated by expropriation concerns rather than transaction-cost efficiency. However, concentrated ownership plays a crucial governance role by mitigating the adverse effects of RPTs, thereby improving firm performance. Companies with concentrated ownership structures are better equipped to monitor and manage RPTs, reducing agency costs and opportunistic behavior. This study contributes to the literature on corporate governance by highlighting the importance of ownership concentration in alleviating the negative consequences of excessive RPTs, especially in markets characterized by high information asymmetry. The findings have significant policy implications, as they suggest that regulators should strengthen disclosure requirements and provide greater oversight of RPTs to protect minority shareholders. Future research could explore how the relationship between RPTs, ownership concentration, and firm performance evolves over time, particularly in the post-COVID-19 period, when market conditions and corporate governance practices have undergone significant changes.
subject: Articles
  topic: section
subject: Related Party Transactions
  topic: keywords
subject: Concentrated Ownership
  topic: keywords
subject: Firm Performance
  topic: keywords
subject: Malaysia
  topic: keywords
creator: ABDULSALAM SAAD ALQUHAIF
rights: Copyright (c) 2025
date: 2025-06-29
publication date: 2025-06-29
starting page: 76
ending page: 93
doi: 10.1515/

DIGITAL GOVERNANCE ACROSS WHOLE-OF-THE-GOVERNMENT: OPPORTUNITIES AND CHALLENGES
type: item
description: Technology has become a major driver for business, society, and government in the present times. Businesses use technology to monitor their processes, improve their efficiency, and automate routine tasks along with other things while government may use the technology from a different perspective. The role of government is to facilitate, monitor, supervise, and regulate various policies, programs, schemes, etc. Digital governance is a step towards making the roles, responsibilities, and authority for decision-making create a digital presence for any organization. The present study focuses on the digital governance of the government in a country like India. The study highlights the opportunities and challenges of digital governance. The digital divide is one of the major challenges for digital governance. There are multiple challenges that technology poses for bringing digital governance into action and some of those are related to technology, leadership, literacy, etc. Digital governance can be successfully implemented if these issues are being addressed and taken care of. The paper concludes by giving the future direction of research.
subject: Articles
  topic: section
subject: Digital Governance
  topic: keywords
subject: Digital Divide
  topic: keywords
subject: Artificial Intelligence
  topic: keywords
subject: Digital Security
  topic: keywords
subject: Opportunities
  topic: keywords
creator: SMITA PANDE
creator: ARTI CHANDANI
creator: SMITA WAGHOLIKAR
rights: Copyright (c) 2025
date: 2025-06-29
publication date: 2025-06-29
starting page: 67
ending page: 75
doi: 10.1515/

SECTOR-SPECIFIC FINANCIAL FORECASTING WITH MACHINE LEARNING ALGORITHM AND SHAP INTERACTION VALUES
type: item
description: This study examines the application of machine learning models to predict financial performance in various sectors, using data from 21 companies listed in the BIST100 index (2013-2023). The primary objective is to assess the potential of these models in improving financial forecast accuracy and to emphasize the need for transparent, explainable approaches in finance. A range of machine learning models, including Linear Regression, Ridge, Lasso, Decision Tree, Bagging, Random Forest, AdaBoost, Gradient Boosting (GBM), LightGBM, and XGBoost, were evaluated. Gradient Boosting emerged as the best-performing model, with ensemble methods generally demonstrating superior accuracy and stability compared to linear models. To enhance interpretability, SHAP (SHapley Additive exPlanations) values were utilized, identifying the most influential variables affecting predictions and providing insights into model behavior. Sector-based analyses further revealed differences in model performance and feature impacts, offering a granular understanding of financial dynamics across industries. The findings highlight the effectiveness of machine learning, particularly ensemble methods, in forecasting financial performance. The study underscores the importance of using explainable models in finance to build trust and support decision-making. By integrating advanced techniques with interpretability tools, this research contributes to financial technology, advancing the adoption of machine learning in data-driven investment strategies.
subject: Articles
  topic: section
subject: Machine Learning Models
  topic: keywords
subject: SHAP
  topic: keywords
subject: Financial Forecasting
  topic: keywords
creator: Cansu Ergenç
creator: Rafet Aktaş
rights: Copyright (c) 2025
date: 2025-06-29
publication date: 2025-06-29
starting page: 42
ending page: 66
doi: 10.1515/

UNVEILING GROWTH DIVERGENCE ON LSE: FTSE100 VS. AIM LISTED COMPANIES
type: item
description: The aim of the article is to show differences in the growth process that translates into growth potential in groups of enterprises listed on the main and alternative markets of the London Stock Exchange. The study covered companies included in the Financial Times Stock Exchange 100 Index (FTSE 100), as well as companies listed on the Alternative Investment Market (AIM). Based on the results of statistical analysis including correlation and regression analysis of panel data, it was found that companies listed on the alternative exchange (AIM) were characterized by higher growth potential and faster growth than those listed on the main market (FTSE 100). The added value of the article is related to results indicating that there is a difference in the growth process between companies traded on both markets. This conclusion can be useful for investors expecting the growth of share value in the investment process.
subject: Articles
  topic: section
subject: Growth Potential
  topic: keywords
subject: Growth of Companies
  topic: keywords
subject: Less Developed and Mature Companies
  topic: keywords
creator: MONIKA BOLEK
creator: AGATA GIANDKOWSKA-SZYMAŃSKA
creator: PIOTR PIETRASZEWSKI
rights: Copyright (c) 2025
date: 2025-06-29
publication date: 2025-06-29
starting page: 27
ending page: 41
doi: 10.1515/