Board Diversity and Financial Performance of Oil and Gas Firms Listed in the Nigerian Exchange Group
This study investigated how board diversity affects the financial performance of oil and gas firms listed on the Nigerian Exchange Group using a panel data regression approach. Data covering a decade (2014–2023) were culled from the financial statements of listed companies under study. The Hausman test was used to choose between fixed and random effects models. The results revealed that gender, age, nationality, and tenure diversity showed statistically insignificant relationships with ROA and ROE, while educational and professional diversity negatively impacted ROE and EPS significantly. However, tenure diversity demonstrated a significant positive relationship with EPS. The study concluded that while diversity is essential, excessive diversity in educational and professional backgrounds can hinder financial performance, whereas tenure diversity positively influences earnings and recommended the adoption of a strategic approach to board diversity, ensuring alignment with organizational goals, and leveraging tenure diversity's benefits to enhance shareholder value.
Keywords: Age diversity, board diversity, financial performance, gender diversity, return on assets.
JEL: L25; M14; G34.
Amos Adejare Aderibigbe, Olàbisi Bolarinwa Odewole, Tirimisiyu Gbadebo Ogunmefun and Kafayat Ololade Edun (2025). Board Diversity and Financial Performance of Oil and Gas Firms Listed in the Nigerian Exchange Group. Indian Journal of Applied Business and Economic Research. 6(2), 161-187.
Foreign Direct Investment and Growth of the Manufacturing Sector: Does Absorptive Capacity Matter?
Despite inconsistent empirical findings, the economic argument surrounding the growth impact of foreign direct investment (FDI) on host communities continues to be one of the most heated discussions among scholars. Current attempts to address the observed discrepancy in results center on nation-specific traits and sectoral importance, this study evaluated the contribution of absorptive capacity to the relationship between FDI and the expansion of Nigeria’s manufacturing sector. The main goal of the research is to ascertain how significant host country-specific features are in the relationship between FDI and growth. While the Autoregressive Distributed Lag (ARDL) bound test approach was used for estimation, the analysis is based on the Augmented Solow production function. Findings revealed that: (i) FDI significantly exerts negative impacts on growth of the manufacturing sector, (ii) result provided support for the importance of absorptive capacity and government regulatory quality in determination of both the nature and magnitude of growth-impact of FDI in the manufacturing sector.
Keywords: FDI, Absorptive Capacity, Government regulatory quality, Growth of Manufacturing Sector, ARDL model, Nigeria.
JEL Codes: C22, F23, F43.
Marius Ikpe (2025). Foreign Direct Investment and Growth of the Manufacturing Sector: Does Absorptive Capacity Matter? Indian Journal of Applied Business and Economic Research. 6(2), 189-208.
Impact of Financial Literacy on Investment Decisions: Evidence From The Nepal Stock Market
Purpose - this study aims to investigate the impact of financial literacy on investment decision-making in the Nepal Stock Market. It particularly focuses on identifying disparities in financial literacy levels among investors and provides insights to inform policymakers and stakeholders in enhancing financial education programs across Nepal. Design/methodology/approach - a causal-comparative research design was employed, targeting investors in the Kathmandu Valley and representing all seven provinces of Nepal. Using a convenience sampling method, data were collected from 250 investors through a structured questionnaire. Analytical methods like descriptive statistics, correlation analysis, and multivariate regression were used to examine how different aspects of financial literacy—like knowledge, awareness, experience, skills, ability, and goals—affect investment decisions. Findings-the findings reveal that financial literacy significantly influences investment behavior, though the extent of influence varies across its components. Financial Knowledge (FKW) had a notably strong positive impact on investment decisions. Financial Awareness (FAW), Financial Experience (FEX), and Financial Skills (FSK) showed moderate effects. Financial Capability (FCP) emerged as a key determinant, while Financial Goals (FGL) exerted a substantial influence on decision-making.
Originality/value-this study provides empirical evidence of the role of financial literacy in shaping investment behavior within the Nepalese context—a relatively underexplored area. It offers practical recommendations for enhancing financial literacy through personalized education programs, accessible learning resources, and institutional integration. These insights are valuable for fostering a more informed, rational, and inclusive investment environment in Nepal.
Keywords: financial literacy, investment decision-making, Nepal Stock Market, financial education, empirical analysis.
Shiva Raj Ghimire, Nirdosh Kumar Agarwal and Sneha Chaurasiya (2025). Impact of Financial Literacy on Investment Decisions: Evidence From The Nepal Stock Market. Indian Journal of Applied Business and Economic Research. 6(2), 209-231.
Major Crops and Agricultural Growth in India: An Analysis of Recent Trends
Indian agriculture has transitioned from chronic food shortages to a position of surplus and global recognition. Despite this progress, the sector still faces challenges such as climate change, regional disparities, and resource constraints. This study evaluates recent trends in the production and productivity of major crops—rice, wheat, pulses, oilseeds, and others—comparing two critical periods: the 12th Five-Year Plan (2012–17) and the first five years (2017–22) of India's 15-year vision document, which aims to modernize agriculture during the Amrit Kaal leading to 2047. Using secondary data from official sources, growth trends have been analyzed through Compound Annual Growth Rates (CAGR) in area, production, and yield. The study finds that while area under cultivation showed modest or declining trends in some crops, production and yields improved significantly in the post-plan period. For instance, rice production grew from 0.62% to 3.60% and yield from 0.20% to 2.05%. Wheat and coarse grains also showed substantial productivity gains, with yields rising by 0.78% and 3.98%, respectively. Cotton, which previously registered negative growth, rebounded in production and yield during the vision document period. The study also highlights inter-state variations, with states like Punjab, Gujarat, and Maharashtra showing higher productivity, while others like Bihar and Assam lag behind. Government interventions such as the Soil Health Card Scheme, PM-Krishi Sinchai Yojana, RKVY, and improved MSPs contributed to these improvements. Overall, the research underscores the effectiveness of recent policy measures and the need for continued focus on sustainability, regional equity, and technological innovation. The findings indicate requirement for targeted interventions to address state-level disparities and support India's vision of a modern, resilient, and inclusive agricultural sector.
Keywords: Agricultural Growth, Crop Productivity, Major Crops in India, Regional Disparities, Agricultural Policy Measures, Sustainable Agriculture.
Surender Singh Yadav and Laxmi Narayan (2025). Major Crops and Agricultural Growth in India: An Analysis of Recent Trends. Indian Journal of Applied Business and Economic Research. 6(2), 233-253.
Transforming Gender Roles and Economic Empowerment in the Digital Era
This research paper explores the intersection of gender and economic empowerment in the rapidly evolving digital landscape. As technology breaks down global barriers, it raises the question: how are these changes impacting economic opportunities and outcomes for men and women. This study employs a “mixed methods” approach, combining quantitative analysis of large data sets with qualitative insights from interviews and casestudies. The findings reveal that while digital technologies offer vast platforms for women to pursue economic opportunities, significant obstacles remain, including unequal access to the digital space, skill gaps, and socio-cultural barriers. Ultimately, the paper discusses policy recommendations to leverage the potential of Information Communication and Technology (ICT) for promoting economic equality.
Keywords: Gender, Economic Empowerment, Digital, Equality.
Mohammed Imran, Bhabani S. Mohanty, Alok Ranjan Behera & Sabina Begum (2025). Transforming Gender Roles and Economic Empowerment in the Digital Era. Indian Journal of Applied Business and Economic Research. 6(2), 255-270.
Analysis of Credit flow to the MSME Sector in Uttar Pradesh
Marginal, Small and Medium Enterprises play an important role in the growth of the industrial sector in any country. This sector has special strategic importance for the growth and development of the industrial sector in India. According to the fourth Economic Census of the MSME sector, this sector contributes 40% of the total manufacturing output and 45% of the total exports from India. The sector behaves like an incubator for new business ideas that have the potential to grow in large industries in future. One of the most important requirements of the MSME sector is adequate and timely credit provision. The Indian government has initiated many schemes to ensure sufficient and timely credit supply to the sector. This study analyses the growth of credit in the MSME sector through commercial banks in Uttar Pradesh. This study is based on secondary data taken from various editions of the Handbook of Statistics on the Indian Economy. The study period was from 2012 to 2022. The study shows that although credit growth to the MSME sector in India has remained stagnant, it shows good growth in Uttar Pradesh. However, during the post-pandemic period, the pace of credit growth seems stagnant.
Keywords: MSME sector, Credit, Commercial Banks, Priority sector Lending, Uttar Pradesh, Covid-19, AAGR, CAGR
JEL Classification: G20, G21, G28, L53.
Sadhana Singh and L.C. Mallaiah (2025). Analysis of Credit flow to the MSME Sector in Uttar Pradesh. Indian Journal of Applied Business and Economic Research. 6(2), 271-280.
Gender Dynamics in Startups: An Indian Perspective
The Indian startup ecosystem has emerged as a critical driver of innovation, employment generation, and economic growth; however, it continues to be marked by significant gender disparities in entrepreneurial participation and outcomes. This study examines the position of women within India’s startup ecosystem, with a particular focus on leadership representation and access to funding. Using a descriptive research design, the study relies exclusively on secondary data drawn from government reports and published literature covering the period 2017–2024. The analysis indicates that women’s participation in startups has increased over time, and startups offer relatively greater leadership opportunities for women compared to traditional corporate structures. Despite this progress, women remain underrepresented as founders and key decision-makers. More critically, the study identifies a persistent funding gap: while women-founded startups account for a notable share of investment deals, their share in total funding value remains disproportionately low, suggesting smaller average deal sizes and structural constraints in capital allocation. The study underscores the need for targeted policy interventions to enhance women’s access to growth-stage finance, strengthen entrepreneurial networks, and promote inclusive investment practices to ensure sustainable and equitable economic development.
Keywords: Gender disparities, Startup Ecosystem,Women Entrepreneurship, diversity, venture capital.
Laxmi Narayan & Meet (2025). Gender Dynamics in Startups: An Indian Perspective. Indian Journal of Applied Business and Economic Research. 6(2), 281-309.
Sustainable Intelligence and Pro-Environmental Behaviour: A Systematic Review and Future Research Agenda
Sustainable Intelligence (SI) has emerged as a capability-oriented construct that explains how individuals and organizations interpret and respond to sustainability challenges. However, its behavioural significance remains unclear, particularly in relation to the well-established pro-environmental behaviour (PEB) literature, which is primarily grounded in intention-based and norm-based theoretical frameworks. This study conducts a systematic literature review of 60 peer-reviewed articles published between 2010 and 2025 to examine the conceptual evolution, operationalization, and behavioural grounding of SI, and to determine its position within the broader knowledge structure of PEB research. Guided by the SPAR-4-SLR protocol, the study integrates bibliometric mapping using VOSviewer with structured qualitative synthesis based on the Theory-Context-Characteristics- ethodology (TCCM) framework. The findings reveal that while PEB research demonstrates theoretical maturity and strong anchoring in established behavioural models, SI scholarship remains conceptually fragmented and predominantly descriptive. Empirical validation of SI is limited, with only a small subset of studies directly linking SI to observable pro-environmental behaviour; most rely on attitudinal or intention-based proxies.
The review further shows that SI is not yet structurally embedded within the dominant behavioural architecture of sustainability research. We argue that SI may function as an upstream cognitive-ethical capability that shapes the formation of sustainability-relevant judgements prior to intention and action. By consolidating definitions, clarifying construct boundaries, and identifying structural gaps in behavioural validation, this study repositions Sustainable Intelligence as a theoretically meaningful and potentially integrative antecedent within sustainability behaviour research, while outlining directions for more robust empirical development.
Vivek Kumar Singh & Tulsee Giri Goswami (2025). Sustainable Intelligence and Pro-Environmental Behaviour: A Systematic Review and Future Research Agenda. Indian Journal of Applied Business and Economic Research. 6(2), 311-331.