Archives of Business Research

A Comparison of English Textbooks of Iran, Japan, and Sri Lanka by Correspondence Analysis

Koji Uenishi — 2026-03-03

This paper explores the differences of the English textbooks for the seventh graders in Iran, Japan, and Sri Lanka in Asia. Specifically, the seventh graders’ textbooks were analyzed using a readability tool and Correspondence Analysis (hereafter, CA). An analysis of the data suggests that, in terms of readability and content, there were both similarities and differences between the three textbooks. More precisely, regarding readability, the English textbook of Japan is closer to the level of English textbook of Iran, but the level of textbook of Sri Lanka is much higher than the other two textbooks. Also, concerning the content including vocabulary, CA shows that basically the three textbooks are different from each other.

Theoretical Analysis of Optimal Vaccine Allocation under an Age-Structured Epidemic

Yasunori Fujita — 2026-02-24

This paper develops a theoretical model to analyze the optimal allocation of vaccines in an age-structured population during an infectious disease outbreak. The model explicitly incorporates both deaths caused by infection and mortality risks associated with vaccination, and examines how age-specific vaccination policies affect the total number of deaths over time. Infection dynamics are modeled as depending on the cumulative number of infected individuals and the remaining susceptible population, while vaccination permanently removes individuals from the susceptible pool. The optimal allocation is characterized by a threshold condition determined by age-specific infection fatality rates, population shares and the mortality risk from vaccination. Numerical examples show that, even when the elderly face higher infection fatality rates, prioritizing vaccination for the young can minimize total deaths by dynamically suppressing future infection spread. However, when the vaccination-related mortality risk for the elderly is sufficiently large, refraining from vaccinating the elderly becomes optimal.

The Accounting Measure of the Average Period of Financial Activities for Non-financial Corporations

Miguel Angel Pérez Benedito — 2026-02-24

The accounting principle of accurate on financial instruments requires record keeping in balance sheet the accumulated value of legislative financial rights and obligations whose expiration occurs in the following fiscal year. According to this criterion, this accumulated value forms part of the financial amount transferred to or from the markets in the current accounting period. These financial values are used to obtain average financial periods, and their inclusion in the evaluation of the management of the entities improves the exploration of the events investigated and the accuracy of the expected results in relation to the previous hypotheses. The applied polar-radar chart accounting methodology satisfies Ceva's theorem on control over applied geometric principles and demonstrates that when decision-making has proportional and equitable effects on activities, management results are improved. This means that the visual perception of the generated geometric figures becomes relevant, as they must convey to the public the risks/opportunities regarding the continuity of the entity.

The Rule-based Classification for the Embezzlement Detection using Case-based Reasoning

June-Suh Cho — 2026-02-20

Internal embezzlement is a major source of corporate losses. Companies are making various efforts to detect, prevent, and mitigate it. Embezzlement detection involves identifying financial irregularities through red flag behaviors, such as secretive work habits and unused vacation time. It also involves reviewing employee spending using machine learning-based transaction data analytics and forensic analysis. Furthermore, robust controls, such as double authorizations and regular audits, help detect issues such as fraudulent vendors, fake invoices, and misuse of company cards, thereby preventing significant financial losses. In this paper, we discuss a unique hybrid classification method for detecting embezzlement of corporations. We expect the proposed hybrid classification method to increase the accuracy of corporate embezzlement detection.

A Preliminary Study: The Destination Imagination Challenge Experience and the Emergence of (Workforce) Agility

James G Ward — 2026-02-14

This study explored the Destination Imagination Challenge Experience of students, grades 3-12 and university, participating in the 2024 Destination Imagination Global Finals in Kansas City, Missouri, and highlighted the importance of the improvisation experience leading to workforce agility. The research question was: To what extent does the Destination Imagination Challenge Experience lead to workforce agility? Data were collected by means of a survey from the 27 Destination Imagination experts who served as Team Managers of the Destination Imagination Challenge Experience. Data analyses revealed that 1) collaboration and communication were rated as the highest-important skills resulting from the challenge experience, serving as a foundation for other skills; 2) trust and psychological safety were identified as essential for collaboration for team effectiveness; 3) problem-solving and decision-making were linked to collective critical thinking; and generating creative solutions was tied to collaborative processes; and 4) the byproduct of the experience was workforce agility. The Destination Imagination Challenge Experience demonstrates that workforce agility is not developed through isolated skill instruction, but through intentionally designed, experiential environments that prioritize collaboration, communication, trust, and psychological safety as foundational conditions for performance.

Board Gender Diversity and Corporate Performance: A Comparative Analysis of Listed Deposit Banks and Insurance Companies in Nigeria

Olufemi Aladejebi — 2026-03-03

This study examines the relationship between board gender diversity and corporate performance among listed Nigerian deposit money banks and insurance companies. Using descriptive statistics, trend analysis, and correlation analysis, it compares female board representation and its effect on firm performance in both sectors. Between 2020 and 2024, female board representation in listed banks rose from 25% to 38%, while in 2024, insurance companies averaged 30%. Both sectors showed a steady increase in gender diversity from 2020 to 2024, but at different rates. However, the analysis found no strong or statistically significant link between female board representation and corporate performance in either sector. These findings contrast with some previous Nigerian studies but reflect the mixed results found elsewhere in Africa. While board gender diversity grew substantially, its direct effect on firm performance remains inconclusive and differs between banks and insurance companies.

Monetary Policy and Unemployment in Nigeria

Okeke Oluwatosin Nkechi — 2026-03-04

This study investigates the effect of monetary policy on unemployment in Nigeria from 1986 to 2024, a period marked by significant macroeconomic shifts, including the Structural Adjustment Programme (SAP) and recent post-COVID-19 recovery efforts. The study examines how monetary policy instruments—monetary policy rate (MPR), inflation rate (IFR), exchange rate (EXR), money supply (MS), and cash reserve ratio (CRR)—affect the unemployment rate. An ex-post facto research design was adopted using secondary time-series data sourced from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), and the World Bank. The study is grounded in the Solow Growth Model, Keynesian Theory, and Endogenous Growth Theory. Unit root tests were conducted to determine stationarity, while cointegration was examined using the ARDL bounds testing approach. The Autoregressive Distributed Lag (ARDL) model was then estimated, followed by post-estimation diagnostic tests. The findings reveal that monetary policy significantly affects unemployment in Nigeria. Money supply exhibits a positive effect on employment generation, while a high monetary policy rate constrains economic growth and employment. Inflation and exchange rate instability show significant short-run and long-run relationships with unemployment. The study recommends balanced MPR settings, effective inflation targeting, and exchange rate stability to promote employment growth. It also suggests complementing monetary policy with supportive fiscal reforms for optimal macroeconomic outcomes.

Labour Market Outcomes in Rural Areas and Small Towns in Ontario, Canada

Sadequl Islam — 2026-02-26

This paper examines determinants of employment across different community sizes in the province of Ontario, with a focus on rural areas and small towns. Logistic regression techniques have been applied to the microdata derived from the Canadian Income Survey, 2020, to analyze how different individual characteristics- age, sex, educational attainment, and immigration status affect the probability of being employed. The analysis has been conducted across five geographic categories: i) rural Ontario, ii) towns with a population under 30,000, iii) towns with a population between 30,000 and 99,999, iv) the province of Ontario as a whole, and v) Canada as a whole. The results highlight that labour market outcomes vary substantially by geography. Rural and small-town residents face systematically different employment prospects in comparison to their urban counterparts. The highest level of educational attainment and sex emerge as significant predictors. The results indicate the requirement for regionally tailored employment and educational policies that address the labour market challenges faced by residents of rural areas and small towns of Ontario.

Capital Adequacy and Profitability of Manufacturing Firms Listed in Nigeria

Peter Ifeanyi Ogbebor — 2026-03-04

Manufacturing firms in Nigeria continue to face fluctuating profitability levels despite efforts aimed at improving capital adequacy and operational efficiency. This situation raises concerns regarding the extent to which capital structure and financial management variables influence firm performance. The main objective of this study was to examine the effect of capital adequacy indicators on the profitability of listed manufacturing firms in Nigeria. The study adopted a panel research design using secondary data sourced from the annual reports of selected firms. The findings revealed that EQA had a positive significant effect on profitability with a coefficient of 0.2034 and a probability value of 0.0041, suggesting that stronger equity positions enhance financial performance. CIR also exhibited a positive significant influence on profitability, with a coefficient of 1.6317 and a probability value of 0.0308, indicating that efficient cost management contributes to improved returns. Conversely, CAR (–0.2645; p = 0.3684) and DER (–0.0358; p = 0.2720) showed negative but statistically insignificant effects on profitability, implying that leverage and capital adequacy alone do not meaningfully drive firm performance. It is recommended that firms optimize their capital structures by improving equity positions, adopting cost-effective operational strategies, and reducing reliance on debt financing to boost profitability.

Pecking Order Theory in International Contexts: Insights from Hong Kong Listed Chinese Enterprises

Pujie Lin — 2026-02-14

This research extends the Pecking Order Theory to an international business setting, providing novel insights into corporate finance within a global context. The study posits that firms prioritize internal financing through retained earnings before seeking external financing, such as debt or equity. By integrating attributes of internationalization, this research examines how the degree of internationalization of multinational firms influences their financing decisions, with a focus on the moderating role of international business factors. Analyzing data from 785 companies listed on the Hong Kong main board from 2010 to 2020, the study reveals that the breadth of internationalization supports the traditional pecking order, while the depth of internationalization encourages a reverse pecking order. Legal distance negatively moderates this relationship, while the structure of the financial system has a positive moderating effect. The findings suggest that multinational enterprises (MNEs) with greater overseas resource allocation exhibit enhanced flexibility in financing decisions, particularly in foreign markets with robust investor protection and efficient direct finance mechanisms.

A Big Push without Coordination Failure: Timing and Uncertainty in Structural Transformation

Yasunori Fujita — 2026-02-14

This paper reexamines the Big Push mechanism from a dynamic perspective by emphasizing timing and uncertainty rather than coordination failure. While the traditional Big Push literature attributes delayed structural transformation to complementarities across firms or industries, we reformulate the Big Push as an optimal timing problem faced by a forward-looking firm under uncertainty. The firm earns a stable profit in an incumbent market and can irreversibly switch to a new market characterized by perfect competition by incurring a sunk cost. The profitability of the new market depends on a stochastic demand parameter, generating an option value of waiting. We derive a threshold-based switching rule and show that greater uncertainty or an increase in the number of firms delays entry by increasing the value of waiting, even when the expected profitability of the new market improves over time. As a result, prolonged inertia and abrupt structural change can arise without coordination failure. The analysis offers a new interpretation of development traps and highlights the importance of timing and irreversibility in understanding structural transformation.

How Artificial Intelligence is Revolutionizing Agricultural Business in Nigeria?

Olufemi Aladejebi — 2026-03-03

Artificial intelligence (AI) is also becoming an acknowledged game-changer in the world of agriculture, and it has the potential to increase productivity, efficiency, and food security. This paper discussed how AI can transform agriculture in Nigeria, its present use, opportunities, challenges and the possible effects. Qualitative research design was used, and semi-structured interviews with major stakeholders of active Nigerian agribusiness firms using AI were used. The companies offered their experience with AI-driven tools such as chatbots, predictive analytics, recommender systems, and pest detection models. The results showed that the early adoption of AI is transforming the agricultural practices by enhancing crop monitoring, improving farmer-market connections, optimising the use of inputs, and minimizing losses after harvesting. The companies cited positive effects of AI on productivity, farmer earnings, and rural development, and it was considered essential in enhancing food security and financial inclusion. But still, there were recurring issues that were found such as inadequate digital infrastructure, disjointed datasets, lack of digital literacy, and high implementation expenses. To solve these, companies implemented strategies like incremental implementation, open source technologies, offline solutions and collaborations with research institutions. The report concludes that AI can revolutionize the agricultural industry in Nigeria and lead to a tremendous economic growth, as long as systemic obstacles are overcome. Strategies to improve rural digital infrastructure, building centralised agricultural data systems, improving digital literacy, establishing inclusive financing systems, and collaboration between government, academia and the business sector are all recommended. These results can play a role in the continued discussion of digital agriculture and can serve as a means to implement AI usage in Sub-Saharan Africa on a larger scale.