This study aims to analyze the impact of taxation on investor behavior, including their responses to portfolio rebalancing, risk management, and overall market reactions to changes in fiscal policy. Changes in tax policy, such as the rates of capital gains tax, dividend tax, and income tax, significantly affect investors’ portfolios and investment decisions. Thus, the impact of tax changes can be expressed in terms of a shift in investment portfolios, changes in risk profiles, and shifts in overall market risk assessments. Thus, the study primarily focuses on investors’ attitudes toward fiscal policy changes, adjustments in their investment patterns, and their approach to assessing these changes. It fills the gap in the literature by linking taxation, behavioral finance, and capital markets, providing meaningful insights for policymakers, financial planners, and investors in understanding the profound impacts of tax changes on stock market activity. The study also reviews the immediate reactions and long-run adaptations to taxation and examines the consequences for market efficiency, asset pricing, and investors’ confidence.

Sustainability initiatives have become integral to corporate strategies worldwide, reflecting growing environmental and social concerns. While many firms invest in environmental, social, and governance (ESG) efforts, the financial implications of these initiatives remain a subject of ongoing research, especially in emerging markets like Pakistan. This study quantitatively examines the impact of sustainability initiatives on corporate financial performance of 100 publicly listed Pakistani firms over the period 2014 to 2023. The analysis focuses on key financial metrics including Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, to capture both accounting and market-based performance. Using a dynamic panel data approach, the study employs the System Generalized Method of Moments (System GMM) estimator to address potential endogeneity between sustainability efforts and financial outcomes. Lagged dependent variables are included to capture persistence in financial performance. Control variables such as firm size and leverage are incorporated to isolate the impact of sustainability initiatives measured via ESG scores derived from corporate disclosures. Preliminary findings indicate a statistically significant and positive relationship between sustainability initiatives and corporate financial performance across all three measures (ROA, ROE, Tobin’s Q). The findings imply that companies with more robust sustainability initiatives see increases in market valuations, stakeholder confidence, and operational efficiency. The study's empirical evidence demonstrates the strategic importance of ESG integration in emerging markets and the financial advantages of sustainability initiatives for Pakistani firms. For long-term financial growth and competitive advantage, our findings encourage politicians and corporate management to support sustainable business practices.

The rapid growth of cryptocurrencies has created significant challenges for financial reporting systems that were not designed for decentralized and highly volatile digital assets. This study examines how publicly listed companies recognize, measure, and disclose cryptocurrencies in their financial statements under IFRS and U.S. GAAP, while also exploring the role of Accounting Information Systems (AIS) in supporting cryptocurrency accounting practices. Using a qualitative, interpretivist approach, the study conducts content analysis of audited annual financial statements from six cryptocurrency-exposed companies: Tesla, MicroStrategy, CleanSpark, Riot Platforms, Galaxy Digital, and PayPal. The analysis focuses on accounting policies, asset classification, measurement methods, impairment treatment, disclosure practices, risk reporting, and AIS capabilities. The findings reveal a strong tendency to classify cryptocurrencies as intangible assets, while excluding them from cash and financial instrument categories. However, differences remain in measurement and disclosure practices. Overall, the study contributes to the growing literature on cryptocurrency accounting by providing evidence from actual corporate reporting practices and highlighting ongoing challenges related to comparability, transparency, and system readiness. References ACCA. (2026). Accounting for cryptocurrencies. ACCA Global. https://www.accaglobal.com/ubcs/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-reporting/technical-articles/cryptocurrencies.html Aimable, W. (2026). Disentangling market and uncertainty effects in crypto valuation: A portfolio-based analysis. Pacific-Basin Finance Journal, 96, 103032. https://doi.org/10.1016/j.pacfin.2025.103032 Albrecht, C., Hawkins, S., & Duffin, K. M. (2020). Legitimizing Bitcoin as a currency and store of value: Using discrete monetary units to consolidate value and drive market growth. Ledger, 5. Anjani, P. (2023). Enhancing transparency and trust through effective financial statement audits. Advances in Managerial Auditing Research, 1(3), 228. https://doi.org/10.60079/amar.v1i3.228 Anwar, F., Khan, B. U. I., Kiah, L. B. M., Abdullah, N. A., & Goh, K. W. (2022). A comprehensive insight into blockchain technology: Past development, present impact and future considerations. International Journal of Advanced Computer Science and Applications, 13(11). Baur, D., Hong, K., & Lee, A. (2017). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money. Benedetti, H., Nikbakht, E., & Pastén-Henríquez, B. (2026). Quantile-based connectedness in the crypto-stablecoin network across market conditions. 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Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019). Cryptocurrencies as a financial asset: A systematic analysis. International Review of Financial Analysis, 62, 182–199. Coyne, J. G., & McMickle, P. L. (2017). Can blockchains serve an accounting purpose? Journal of Emerging Technologies in Accounting, 14(2), 101–111. Dumay, J., & de Villiers, C. (2019). Qualitative accounting research: Special issue introduction. Accounting & Finance, 59(3), 1449–1458. https://doi.org/10.1111/acfi.12491 European Financial Reporting Advisory Group. (2020). Accounting for crypto-assets (liabilities): Holder and issuer perspective. https://www.efrag.org/sites/default/files/2023-11/EFRAG%20Discussion%20Paper-Accounting%20for%20Crypto-Assets%20%28Liabilities%29-%20July%202020.pdf (2025). Technical line: Accounting for digital assets, including crypto assets(TL16494-221US). https://www.ey.com/content/dam/ey-unified-site/ey-com/en-us/technical/accountinglink/documents/ey-tl16494-221us-03-28-2025.pdf Farroukh, A., Metzger, M., & Mzoughi, H. (2024). Assessing the influence of cryptocurrencies on financial market stability. Eurasian Economic Review. Fullana, O., & Ruiz, J. (2019). Accounting information systems in the blockchain era. SSRN Working Paper. Hennink, M., & Kaiser, B. N. (2022). Sample sizes for saturation in qualitative research: A systematic review of empirical tests. Social Science & Medicine, 292(1), 1–10. https://doi.org/10.1016/j.socscimed.2021.114523 IFRS Interpretations Committee. (2019). Holdings of cryptocurrencies. IFRS Foundation. https://www.ifrs.org/content/dam/ifrs/supporting-implementation/agenda-decisions/2019/holdings-of-cryptocurrencies-june-2019.pdf Johnson, K. (2024). Understanding conceptual and theoretical frameworks in research. University of Phoenix. https://www.phoenix.edu/research/news/2024/understanding-conceptual-and-theoretical-frameworks-in-research.html Joseph, R., et al. (2023). Triple-entry accounting (TEA) and blockchain implementation in accounting and finance: A survey. IEEE ICBATS 2023. Kimani, B. (2024). Influence of accounting information systems (AIS) on financial reporting accuracy. American Journal of Accounting, 6(1), 37–47. https://doi.org/10.47672/ajacc.1787 Klopper,...

In this study, researchers looked at how management working capital affected the profitability of manufacturing companies producing cement in Khyber Pakhtunkhwa, Pakistan. Our sample consisted of three manufacturing company’s registered on the Karachi Stock Exchange, and we examined their performance over a 12-year period from 2008 to 2020. Our primary independent variables were inventory turnover in days (ITID) and average collection period (ACP), while the dependent variables included return on equity (ROE) and net profit margin (NPM). To examine how management working capital and business performance are related, Studies employed panel data analysis techniques. Our findings suggest a positive influence of management working capital on firm profitability. Importantly, this association was found to be statistically importance at the 5 percent level, indicating that effective management of working capital contributes positively to shareholder value. Our study highlights the significant of sound management working capital practices in enhancing the performance of cement manufacturing companies in Khyber Pakhtunkhwa, Pakistan, ultimately benefiting their shareholders.