This study examines the moderating effect of bank capitalization on the relationship between economic freedom and banking performance, offering comparative evidence from both advanced and emerging economies. Using an unbalanced panel of 213 countries from 1993 to 2018, this study applies a two-step System Generalized Method of Moments approach to address dynamic effects, endogeneity, and unobserved heterogeneity. The results show that economic freedom exerts a negative and significant impact on bank profitability (ROA and ROE), particularly in emerging markets with weaker institutional safeguards. Strong internal capital buffers, on the other hand, mitigate these adverse effects and enhance resilience, supporting stable profitability under liberalized conditions. Regulatory capital shows a less consistent and sometimes restrictive role. Disaggregated results indicate that equity buffers most effectively cushion the risks of financial and investment freedom, whereas trade freedom is less sensitive to capital levels. The findings emphasize that successful liberalization depends on institutional capacity and capitalization strength, highlighting the importance of tailored prudential frameworks. The study contributes to debates on financial liberalization, Basel III, macroprudential regulation, and bank risk management, underscoring that a “one-size-fits-all” liberalization strategy may undermine stability and efficiency unless supported by robust capital buffers.

Financial technology (FinTech) rapidly transforms financial landscapes across ASEAN-4 countries by enhancing financial inclusion and digital service accessibility. However, the key factors driving FinTech development in these economies remain ambiguous. While existing studies highlight the economic and technological aspects of FinTech adoption, limited research distinguishes the unique conditions shaping FinTech’s evolution in developing ASEAN markets. This study bridges this gap by identifying economic and non-economic determinants and exploring their mediating effects. This research aims to investigate the primary drivers of FinTech development in ASEAN-4, emphasizing the roles of financial access and technological readiness as mediators in fostering a sustainable FinTech ecosystem. Utilizing structural equation modeling (SEM) with SmartPLS3, this study analyzes secondary data from 2008 to 2018, evaluating macroeconomic indicators, banking conditions, internet penetration, innovation levels, population dynamics, and human development factors. General banking conditions, access to finance, and technological readiness significantly impact FinTech development. Additionally, financial accessibility and technological infrastructure mediate the influence of economic stability, innovation, and digital penetration on FinTech growth. This study underscores policymakers’ and stakeholders’ need to enhance digital infrastructure and financial accessibility to accelerate FinTech growth. Strengthening financial ecosystems will drive digital transformation and economic resilience in emerging ASEAN economies.

This study examines the intersection of environmental, social, and governance (ESG) disclosure (operationalized through sustainability reporting), corporate financial performance, and the behavioral dynamics of herding in capital structure decisions among non-financial firms in five ASEAN countries. As ESG and sustainability finance gain prominence in addressing climate change and climate risk, understanding the behavioral factors that relate to ESG adoption is crucial. Employing a quantitative approach, this research utilizes a purposive sample of 125 non-financial firms from Indonesia, Malaysia, the Philippines, Singapore, and Thailand, gathered from the Bloomberg Terminal spanning 2018–2023. Managerial Herding Ratio (MHR) is used to assess herding behavior, while Sustainability Report Disclosure Index (SRDI) measures ESG disclosure. Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multigroup Analysis (MGA) were applied for data analysis. This research finds that while sustainability reporting enhances return on assets (ROA) and Tobin’s Q, it does not significantly relate to net profit margin (NPM). The findings also confirm that herding behavior—where companies mimic the financial structures of peers—moderates the relationship between sustainability reporting and performance outcomes, with leader firms gaining more from transparency efforts. This highlights the double-edged nature of herding: while it can accelerate ESG adoption, it may dilute the strategic depth of climate action if firms merely follow rather than lead. The study provides actionable insights for regulators and corporate strategists seeking to strengthen ESG finance as a driver for climate resilience and long-term stakeholder value.

FinTech-based lending has rapidly expanded in emerging economies, offering convenience and inclusion but also raising concerns about over-indebtedness. In Indonesia, the surge of digital loans has been accompanied by growing signs of risky borrowing behavior, including late payments, high debt-to-income ratios, and poor credit discipline. This study investigates the determinants of individuals’ propensity to indebtedness in FinTech-based loans, focusing on the influence of financial behavior biases, emotions, culture, and materialism, as well as the moderating effects of financial literacy, job security, and religiosity. Data were collected from 400 Indonesian civil servants and private/self-employed workers through an online questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that all proposed determinants significantly increase indebtedness, with financial behavior biases having the strongest impact. Financial literacy and job security amplify these effects, while religiosity weakens the influence of emotions and materialism. These findings contribute to behavioral finance theory and underscore the importance of promoting financial literacy, strengthening job stability, and integrating responsible lending policies to mitigate debt risks in emerging economies.

The accelerating transformation of the tourism and hospitality industry requires higher education institutions to equip graduates with market-aligned competencies, yet the effectiveness of hospitality education programs across national contexts remains underexplored. This study examines the alignment between students’ perceived competencies and curricular emphasis in tourism and hospitality education in South Korea, Singapore, and Hong Kong. Data were collected from 650 final-year undergraduate students using a structured questionnaire based on the Student Competency Self Evaluation Scale (SCSES). Exploratory and confirmatory factor analyses identified five core competency domains: Financial Management, Strategic Planning, Leadership, Communication, and Cultural Awareness. Curriculum structures were examined by classifying institutional course offerings into standardized competency clusters. The findings show that students in Singapore reported the highest levels of self-perceived competencies, particularly in financial management and strategic planning, while South Korean students reported the lowest across all domains. Curriculum analysis indicates that programs in South Korea emphasize operational training, those in Singapore focus on managerial and interdisciplinary competencies, and those in Hong Kong prioritize business management, with limited emphasis on personal and soft skills. These findings highlight gaps in competency alignment and provide practical implications for curriculum enhancement, particularly in South Korean tourism and hospitality education programs.

Effective management of village funds is central to financing sustainable and equitable rural futures, particularly in underdeveloped and resource-diverse regions such as Papua, Indonesia. This study explores the governance factors that shape the sustainability of village fund management (VFM) by examining institutional, financial, and socio-cultural dimensions across 212 villages. Primary data from village heads and secondary data on village-owned enterprises (BUMDes) and 2024 village fund allocations were analyzed using exploratory factor analysis (EFA), partial least squares structural equation modeling (PLS-SEM), and multi-group analysis (MGA). Seven key governance constructs emerged, with ethical governance, implementation capacity, mandatory disclosure and reporting, community participation, and financial management capacity demonstrating significant positive effects on sustainable VFM outcomes. In contrast, perceived social and economic impacts were negatively associated with performance, and planning quality exerted an influence only under specific contextual conditions. These relationships proved highly context-dependent, varying by geography, natural resource availability, transport accessibility, and demographic composition. The findings underscore the need for adaptive and context-sensitive governance strategies to strengthen institutional resilience, enhance fiscal equity, and maximize the developmental impact of village funds in underdeveloped rural regions.