This study examined how cost of sales influences the firm value of listed agricultural companies in Nigeria. An ex-post facto research design was adopted to analyze audited historical financial data collected from five listed Nigerian agricultural companies, including Ellah Lakes PLC, FTN Cocoa Processors PLC, Livestock Feeds PLC, Okomu Oil Palm PLC, and Presco PLC, which were selected by census sampling. The secondary data obtained from the annual reports of the firms under investigation was from the period of 2015 to 2024. Hypotheses were tested using panel estimated generalized least squares. The findings revealed that cost of sales had a significantly positive effect on firm value (β = 8.801653, p = 0.0000), indicating that effective management of production and operational costs enhanced financial returns. Therefore, the management of listed agricultural companies was advised to strengthen structured cost management practices that focused on efficient procurement of raw materials, improved inventory control, and optimized production processes, so that spending on cost of sales continued to support the growth of revenue and translate into higher firm value rather than generating unnecessary operational waste.

This study explores how people’s perceptions of age, gender, education, and religious beliefs, referred to as perceived demographic mortality differentials, are associated with their decision to purchase life insurance in Lagos State, Nigeria. While financial ability is often seen as the primary factor influencing insurance purchase, this research highlights the significant role of individual beliefs about mortality, shaped by personal and cultural identity. Data were collected from 300 residents across three diverse communities in Lagos State using a structured questionnaire, with responses rated on a Likert scale. Regression analysis showed that all four demographic perceptions were significantly associated with life insurance purchase decisions. Religious beliefs exhibited the strongest explanatory strength (β = 0.618, R² = 0.382), closely followed by education (β = 0.614, R² = 0.376), while gender (β = 0.557, R² = 0.310) and age (β = 0.449, R² = 0.202) also played meaningful roles. These findings suggest that people’s perceptions influence how they assess risk and make financial decisions, including the decision to purchase life insurance. The study concludes that efforts to boost life insurance participation in Nigeria should go beyond pricing or access and instead focus on culturally relevant messaging, financial education, and trust-building strategies that speak to people’s beliefs and lived experiences. These insights are valuable for insurers, policymakers, and development practitioners working to expand financial inclusion in diverse and complex societies.

This paper investigates whether Indonesia Composite Index (IHSG) volatility persistence exhibits statistically significant structural breaks over 2019–2024 and how short-, medium-, and long-term components shift across regimes. Using daily closing prices from the Indonesia Stock Exchange (IDX), realized volatility is modeled via HAR specification with daily, weekly, and monthly components. Structural stability is tested using CUSUM, CUSUMSQ, and Bai–Perron procedures, identifying breaks in April 2020 (COVID-19) and February 2024 (election). Pre-COVID, the weekly component dominates, indicating medium-term persistence; post-COVID, the monthly component leads, reflecting long-horizon uncertainty. Pre-election adjusted R² drops sharply (0.044), signaling transitory political volatility. Findings demonstrate regime-dependent volatility in emerging markets, showing that ignoring structural breaks biases risk assessment and market monitoring strategies for regulators and investors.

Tariff is an effective means to protect domestic enterprises and improve the competitiveness of domestic products. This paper constructs a differentiated duopoly model considering endogenous timing to investigate the tariff policy and the impact of product differentiation on the equilibrium results. The conclusions are presented by analyzing the observable two-period delay game as follows. In quantity competition, the welfare-maximizing government sets the tariff level under the home-leading Stackelberg equilibrium, which is contained in the choices of the two firms in the subsequent observable delay game. In price competition, the Bertrand equilibrium is best for the government. However, either of the two Stackelberg equilibria is optimal in observable delay game. It suggests that adjusting the tariff level cannot sufficiently encourage the firms to adopt the welfare-maximizing duopoly determinately. Moreover, increasing product differentiation enhances the home social welfare in home-leading Stackelberg competition but reduces consumer surplus in Bertrand competition.

This study examined the impact of historical volatility and spillover volatility on cryptocurrency (Bitcoin), stock market (Standard & Poor’s 500), and commodity market (Bloomberg Commodity Index). The main objective is to shed light on the interrelationships and dynamics of volatility in these three different asset classes, with data collected daily from January 1, 2019 to April 30, 2025. Vector autoregressive (VAR) and structural vector autoregressive (SVAR) models were adopted for analysis, revealing key findings of: (1) a hierarchical volatility structure with Bitcoin often heading other markets; (2) limited short-term spillovers but significant cross-market connections during economic shocks; and (3) the asymmetric role of commodities as partial equity hedges. This study confirmed the principles of modern portfolio theory, as diversification across the three asset classes could still bring benefits during market turbulence. In particular, the combination of Bitcoin and the volatility index (VIX) could improve the portfolio structure and reduce the risk associated with stock volatility. When including these assets in the model, it is, however, necessary to consider long-term imbalances and geopolitical factors.

The voluntary sector in Malta plays a vital role in supporting communities and delivering essential services. However, delays in financial reporting by voluntary organisations can weaken governance, reduce the usefulness of information, and erode stakeholder trust. This study investigates the financial reporting lag (FRL) among Category 2 and 3 voluntary organisations in Malta from 2018 to 2020 (n = 103), aiming to (i) measure the extent of the lag and (ii) identify the key factors influencing it. A quantitative, hypothesis-driven research design was adopted, employing non-parametric statistical tests and a neural network model to detect both linear and non-linear relationships, marking the first application of neural networks to this topic. Findings reveal that Category 2 organisations consistently exceeded the allowable FRL during the study period, with compliance improving only in 2020 due to extended filing deadlines. Category 3 organisations generally demonstrated better timeliness, except in 2019, when COVID-19 disruptions led to significant delays. Compared with Belgium and the UK, where late filings range between 5% and 24%, Malta’s compliance levels were notably lower, reflecting structural and regulatory challenges. The analysis identified “Year” as the most influential variable, capturing pandemic-related effects, policy changes, and learning curve dynamics. Profitability and equity were also strong predictors, while reliance on donations or grants and liquidity had a moderate impact on the results. The organisation’s category and gearing exerted minimal influence on the model’s predictions. The study provides evidence-based insights to guide regulatory and policy reforms in Malta’s voluntary sector, particularly in light of the recent INPAS, the International Non-Profit Accounting Standard, and ongoing reforms. By integrating neural networks into the analysis of financial reporting timeliness, the research enhances our understanding of the complex factors that shape reporting behaviour. It contributes to strengthening transparency and accountability in Malta’s voluntary sector.

This research investigated the impact of investments in physical banking facilities, specifically the quantity of automated teller machines (ATMs) and branch locations, on the operational effectiveness of commercial banks in 14 Southeast European countries. By employing various analytical techniques such as panel methods (both fixed and random effects), dynamic panel estimation (Arellano-Bond), and population-averaged estimation generalized estimating equation (GEE), it is discovered that on average, an increase in the number of ATMs and branches correlated with a reduction in Bank Net Interest Margin (BankNIMRatio). Specifically, models that account for the overall population indicated that each additional ATM corresponded to a decrease of approximately 0.0945 percentage point in NIM, while each extra branch was linked to a decrease of around 0.1332 percentage point. The results from the Arellano-Bond method lost their statistical significance when dynamic factors were taken into account, implying that some of the observed cross-sectional relationships were influenced by historical performance and persistence. The originality of this study stemmed from (1) its focus on Southeast Europe, a diverse region that is rapidly embracing digital technologies while still maintaining significant traditional branch networks; and (2) its use of multiple complementary econometric techniques to distinguish between immediate and dynamic relationships. The findings suggested important policy considerations, such as emphasizing digital channels in situations where cost-benefit evaluations predicted diminishing returns from additional physical assets, and establishing branches strategically in response to local market dynamics and characteristics of individual banks.