This paper investigates how the financial and social efficiency of firms influence the extent of the voluntary disclosure of Non-Banking Financial Companies–Micro Financial Institutions (NBFC-MFI). The study constructed an unweighted index of voluntary disclosure to estimate the level of voluntary disclosure of all of the included firms from the years 2015–2019. The financial and social efficiency, which is analogous to the technical efficiency of production theory and analyses both sustainability and outreach, respectively, was estimated using data envelopment analysis (DEA). The panel data analysis was completed, and a positive association of financial efficiency was estimated. The social efficiency was found to have no relationship to the voluntary disclosure level. This paper contributed to the literature by providing new determinants of voluntary disclosure. The study examines the econometric model and suggests that financially sustainable firms that utilize these resources well are more open to outsiders, while socially efficient firms are reluctant to voluntary disclosure, which also includes social activities, and consider this as a wasteful activity. The findings of this study are relevant to industry practitioners and regulators, who need to think upon the sustainability of this crucial sector by meeting the dual objectives of financial and social performance. This study is helpful to all stakeholders as well as for the government, who can use the results to design additional rules for the NBFC–MFI. This study will also help firms to design disclosure strategies to ascertain goodwill and less cost of capital, with easy access to funds.

The purpose of this study is to determine if the impact of transparency and disclosure (TD) levels on shareholders’ current income (dividends) is moderated by technical efficiency (te) and profitability. The study employs econometrics on panel data from 78 BSE-listed enterprises across the 2016–2020 sample period. This conclusion suggests that when TD grows, dividends tend to drop initially, but above a certain threshold level, growing TD levels lead to increased payouts. Furthermore, dividends are adversely associated with the moderating variable “te” in terms of both constant and variable return to scale. On the other hand, moderation by profitability was shown to have a substantially favourable effect on dividends. According to this study, a company’s dividend policy is influenced by its TD levels, which are controlled by its efficiency and profitability. Developing a TD index provides more information on the efficacy of the corporate governance (CG) system. The study’s distinctiveness lies in examining the relationships between transparency, disclosures, and these aspects as they relate to profitability, efficiency, and dividend distribution choices to ascertain whether the companies’ operating effectiveness and financial success matter in this circumstance. The study’s practical and policy implications relate to societal repercussions, which include encouraging more openness and responsibility in business practices, thereby increasing confidence and accountability in decisions about dividend distribution, regardless of efficiency and profitability. The study’s originality is in examining how profitability, efficiency, and dividend distribution decisions relate to transparency and disclosures to determine if companies’ operating efficiency and financial success matter in this situation.

This paper will talk about the psychology of consumption of luxury products and experiences and how individuals get emotionally connected to them. This paper discussed new drivers, forms, and consequences of luxury spending. Also, the belief that the psychology of luxury consumption is driven by a series of conflicts between what luxury is to oneself and the external factors that drive luxury consumption. These tensions influence consumer behavior and the post-purchase feelings of consumption of luxurious products or experiences. Since some individuals regard non-luxury items as inferior merely because they are non-luxury, they also conclude that more expensive goods are of more outstanding quality, without any evidence about their absolute level of quality or longevity. Another angle that we discuss in detail is how self-esteem plays a role in impacting a person's choice of purchases and instilling a sense of belonging. This paper is going to be based on an amalgamation of primary and secondary research and will contribute to self-awareness of people who do and do not indulge in luxury buying and what goes behind the mindset of both categories. This will also help brands decide on their unique selling propositions to appeal to their respective target groups.

Purpose: Funding startups is usually perceived as a risky investment for money lenders and investors due to the high failure rate of such early-stage firms. Therefore, funding startups may negatively impact the profitability of the lending institutions. The current study aims to test how financing startups (the percentage of financed enterprises that are startups) affects the profitability of microfinancing institutions (MFIs). It also attempts to determine the conditions that allow MFIs to limit the negative effects of such risky investments on their profitability.Design/methodology/approach: The study considers panel data of 2,694 global MFIs hosted on the Microfinance Information Exchange Market on the World Bank website. Dynamic panel data methodology (generalized methods of moment) is applied to conduct the econometric analysis. In addition to regression analysis, to test the main and interaction effects, interaction graphs are plotted to elaborate on the findings.Findings: Direct evidence implies that financing startups negatively impacts the profitability of MFIs. Therefore, MFIs should act per two necessary conditions to reduce risks associated with startups financing. First, MFIs should optimize their risk cover and use these funds to finance startups. Second, an increased use of non-earning liquid funds to finance startups is recommended to maintain profitability.Practical implications: The findings of our study will help MFIs continue lending to startups while protecting their profitability.Originality/value: The findings contribute to the institutionalization approach of MFIs while providing favorable conditions for financing startups and protecting profitability at the same time.