Asian Journal of Economics, Business and Accounting

From Reactive Engagement to Predictive Intelligence: A Bibliometric Review of AI-Driven Moment Marketing

Gyanendra Kumar — 2026-05-23

Moment marketing is the technique of connecting with customers through contextually relevant, real-time touchpoints. Due to the emergence of artificial intelligence (AI), moment marketing has been completely transformed. This study presents a comprehensive bibliometric analysis of emerging trends in moment marketing publications generated by or utilising AI, published between 2015 and 2026, based on 352 articles retrieved from the Web of Science Core Collection. VOSviewer and Biblioshiny were applied to conduct a bibliometric analysis to identify trends in article publication, key contributors to the literature, the development of the intellectual structure of moment marketing research, and emerging research themes. The key findings indicated 41.35% annual growth rate, with China, the USA, and India as the top contributing countries. Sakas DP was found to be the highest publishing researcher, with 14 articles. Bradford’s Law highlighted 18 core journals with an R² value of 0.9566, whereas Lotka’s Law supported concentrated author contributions using a beta of 2.55. The keyword co-occurrence yielded six themes, with artificial intelligence, big data, and machine learning as the leading research areas. Four major theoretical clusters were identified in the co-citation analysis anchored by Dwivedi, Kannan, and Henseler. The insights gained from the study will help marketers leverage AI-powered prediction technologies and improve real-time consumer engagement practices. To the best of the authors' knowledge, this bibliometric study of the convergence between artificial intelligence and moment marketing in the Web of Science database provides an organised intellectual map for further interdisciplinary studies.

The Impact of Consumer Confidence on Buying Behavior in Türkiye: A Time-Series Analysis

Sabir MAJIDLI — 2026-05-30

Consumer confidence influences household spending behavior and may affect the growth of online and distance retail activity in Türkiye. This study examines the short-run and long-run relationship between the Consumer Confidence Index and retail sales via mail orders and internet using monthly TurkStat data.This study examines the relationship between consumer confidence and online and distance retail activity in Türkiye using monthly secondary data from the Turkish Statistical Institute for the period 2012–2022. The analysis focuses on the Consumer Confidence Index and the Retail Sales Volume Index via Mail Orders and Internet. A quantitative time-series approach was applied, including stationarity tests, short-run Ordinary Least Squares models based on transformed stationary variables, and an additional level-based Autoregressive Distributed Lag (1,1)-style long-run check. The short-run results did not indicate a statistically significant relationship between monthly changes in consumer confidence and changes in online and distance retail sales, either contemporaneously or with a one-month lag. The long-run check suggested possible evidence of a longer-term association; however, this result was interpreted cautiously due to diagnostic limitations and the bivariate structure of the model. The findings suggest that consumer confidence may not immediately predict online and distance retail activity in Türkiye, but it may still serve as a broader contextual indicator for understanding longer-term changes in consumer demand. The study contributes by focusing specifically on online and distance retail rather than aggregate retail trade.

The Predictive Power of Monthly Interest Rate Differential (IRD) Changes on USD/PHP Exchange Rate Movements (2014–2024)

Rustum D. Gevero — 2026-05-26

Background: Fluctuations in the USD/PHP exchange rate influence investment decisions, trade competitiveness, and financial market stability in the Philippines. Understanding how Interest Rate Differentials (IRD) affect these exchange rate movements, including possible delayed effects, is therefore important for investors, businesses, and policymakers managing foreign currency exposure.

Aims: This study examines the predictive power of monthly changes in the Interest Rate Differential (IRD) between the Philippines and the United States on USD/PHP exchange rate movements from 2014 to 2024.

Study Design: Quantitative, correlational, and regression-based research using monthly data.

Place and Duration of Study: Philippines and United States, January 2014 to December 2024.

Methodology: Monthly data on Philippine and U.S. interest rates and the USD/PHP exchange rate were analyzed using Pearson correlation and simple linear regression across seven lag structures (0–6 months). Forecast accuracy was evaluated using Mean Absolute Error (MAE) and Root Mean Squared Error (RMSE).

Results: Changes in the IRD showed a statistically significant but weak relationship with USD/PHP movements only at the four-month lag (B = −1.211, P = .003, R² = .069). All other lag structures were not significant. The four-month lag model yielded the lowest forecast errors (MAE = .549; RMSE = .762).

Conclusion: IRD has a delayed but weak predictive effect on USD/PHP exchange rate movements, with the four-month lag producing the strongest and only statistically significant result. IRD should be treated as a supplementary indicator rather than a standalone forecasting tool.

What Drives the Final Click? Social Influence, Communication and Argument Quality in Buying Intention

Nidhi Yadav — 2026-05-27

Previous studies have examined the impact of social media influencers and electronic communication on consumer buying intention. However, limited research has explored the mediating role of consumer attitude in the relationship between social influence, electronic communication, argument quality, and buying intention, particularly in semi-urban areas where consumer exposure to digital information and engagement with social media platforms differ considerably from those observed in urban populations. Understanding these relationships is essential for developing more effective digital marketing strategies tailored to the behavioural characteristics and informational environments of semi-urban consumers. Intention through Consumer Attitude.consumer buying intention within a semi-urban environment where information access and digital literacy may vary which leads to this study. The data were collected from 246 respondents of Gorakhpur and Kushinagar using a structured questionnaire and convenience sampling method. The mediation analyses further demonstrated that Consumer Attitude moderately mediated the relationship between social influence, communication, argument quality, and Buying intention. These findings suggests that social and informational factors influence buying intention both directly and indirectly through the formation of positive consumer attitudes. The findings suggest that organisation and marketers should attention on strengthening social influence strategies improving communication effectiveness, and delivering high quality and persuasive information to develop favourable consumer attitudes and increase purchase intentions. The study also highlights the growing importance of social modern consumer behaviour within digital environments. The findings suggest that organisations and marketers should focus on strengthening social influence strategies, enhancing communication effectiveness, and delivering high-quality and persuasive information in order to foster favourable consumer attitudes and increase purchase intentions. The study also highlights the growing significance of social influence in shaping modern consumer behaviour within digital commerce environments. These insights may assist businesses in designing more targeted and effective marketing strategies to improve consumer engagement and purchasing outcomes in increasingly digitalised markets.

Role of Implementation of Internship Program of Bachelor of Science in Office Administration and Performance of Students in the Industry Partner

Angelo J. Namuag — 2026-05-27

Internship provides students an avenue to acquire practical experienced in a professional work setting as embedded in their academic program. Internship program enhances students’ skills and competencies through training and development thus, bridging the gap between the academic environment and the industry or professional development. The study aimed to determine the relationship between implementation of internship program and performance of students. The researchers used the descriptive-correlation method and universal sampling in determining the 152 On the Job Training Student in Bachelor of Science in Office Administration and the statistical tools were Mean and Pearson-r. Data revealed that the r-value of 0.790 is and has a significant p-value of 0.000 which is less than the alpha of 0.05. This means that the result indicated that there is a significant relationship between implementation of internship program and performance of students. It implies that the implementation of internship program in terms of training objective, nature of exposure and evaluation tool has an impact in the performance of student. In other words, implementation of internship program could affect performance of students among student in Bachelor of Science in Office Administration in Santo Tomas, College, Agriculture, Sciences and Technology.

A Quantitative Assessment of the Influence of Brand Equity on Customer Retention in the Medical Aid Industry: Empirical Evidence from Premier Service Medical Aid Society in Zimbabwe

Gerald Munyoro — 2026-05-27

Brand equity is a critical intangible asset influencing customer retention in service industries, particularly healthcare financing where trust and perceived quality shape consumer decisions. In Zimbabwe’s medical aid sector, organisations such as Premier Service Medical Aid Society (PSMAS) face declining membership amid economic volatility and service delivery challenges, necessitating examination of brand equity effects on retention. This study employed a quantitative cross-sectional design using structured questionnaires administered to 200 stakeholders of PSMAS in Harare. Data were analysed using SPSS with descriptive statistics, correlation, and multiple regression to determine relationships between brand equity dimensions and customer retention. The findings revealed that brand equity significantly influences customer retention (β=0.58, p<0.01), explaining 64% of variance. Brand loyalty and perceived quality emerged as the strongest predictors of retention, while brand awareness and associations showed moderate effects. Additionally, trust partially mediated the relationship between brand equity and retention, reinforcing its psychological importance in service loyalty. Service delivery inefficiencies negatively affected perceived quality and increased switching intentions among respondents. Overall, the model demonstrated robust explanatory power and confirmed the relevance of brand equity theory in emerging healthcare markets such as Zimbabwe, where institutional trust remains fragile and customer retention is highly sensitive to service performance and economic conditions. Policy and managerial interventions are therefore essential for sustainable retention outcomes. These results confirm that strengthening brand equity enhances retention by reducing perceived risk and improving relational trust in healthcare financing contexts. The study recommends prioritising service quality improvements and trust-based communication strategies to sustain customer loyalty in Zimbabwe’s medical aid industry. Future research should adopt longitudinal designs to validate causal relationships over time.

Asymmetric Impact of Oil Price Shocks on Food Inflation in Nigeria: A Nonlinear ARDL Approach

Saminu Umar — 2026-05-28

Oil price movements are a major source of macroeconomic instability in oil-dependent economies because they affect production costs, exchange rates and domestic prices. In Nigeria, where food accounts for a large share of household spending, understanding how oil price shocks influence food inflation is important for policy design. This study examines the asymmetric effects of oil price shocks on food inflation in Nigeria using a Nonlinear Autoregressive Distributed Lag (NARDL) model. Monthly data from January 2006 to November 2025 were obtained from the Central Bank of Nigeria and related commodity databases. Food inflation is measured as the year-on-year percentage change, while crude oil price and exchange rate capture external transmission channels. The Augmented Dickey-Fuller test shows that all variables are integrated of order one, meeting the conditions for NARDL estimation. The results indicate that oil price shocks have no statistically significant direct effect on food inflation in either the short or long run. However, exchange rate movements are marginally significant at the 10 percent level, suggesting a stronger role in transmitting external shocks to domestic food prices. The bounds test confirms a long-run relationship among the variables, with an F-statistic of 9.2722, above the 1 percent upper bound critical value. The Wald test also confirms significant asymmetry in both the short run (8.9241, p = 0.0115) and long run (7880.3270, p = 0.0000). Diagnostic tests show parameter stability, though residual heteroskedasticity exists. The findings suggest that exchange rate dynamics are more important than direct oil price transmission in explaining food inflation in Nigeria. The study recommends policies that promote exchange rate stability, reduce import dependence and strengthen domestic supply chains.

Instant Gratification as a Mediator between Digital Payment Use and Overspending among College Students

Rudraksh Sharma — 2026-05-29

In India, the rapid expansion of Unified Payments Interface (UPI), mobile wallets, and card-based transactions has enabled seamless and instantaneous financial exchanges. However, there is a lack of empirical evidence examining whether digital payment usage directly leads to overspending, or whether this relationship is mediated by behavioural traits such as instant gratification. This study examines the mediating role of instant gratification in the relationship between digital payment usage and overspending behaviour among college students. A quantitative, cross-sectional research design was employed using primary data collected from 231 respondents through a structured questionnaire. Data analysis involved both descriptive and inferential statistical techniques. Correlation, regression, and bootstrapped mediation analyses were conducted. The results indicate that digital payment usage significantly predicts instant gratification and overspending behaviour. However, the direct effect becomes insignificant when instant gratification is introduced, indicating full mediation. These findings suggest that behavioural tendencies toward immediate consumption, rather than technological factors alone, drive overspending in digital payment environments. Future research should improve generalisability by using probability-based sampling and comparing different demographic groups, such as working professionals and older consumers. Longitudinal studies are recommended to examine the long-term effects of digital payment usage on instant gratification and overspending. Incorporating control variables such as income, gender, and financial independence can further enhance the reliability and robustness of future studies.

Psychological Beliefs (Subjective Knowledge, Financial Attitude, Locus of Control) and Financial Well-being among Working Adults in Ghana: The Mediating Role of Financial Behaviour

Dennis O. Danso — 2026-05-29

Purpose: The financial well-being (FWB) of working Ghanaians is explored in this study, examining the complex interplay between their thoughts on money, their financial actions, and their overall financial health. The study focused on three key areas of their psychological beliefs: Subjective Financial Knowledge (SFK), Financial Attitude (FA) and Locus of Control (LOC). Researchers looked at how these beliefs might influence financial behavior (FB), acting as a bridge between them and overall FWB.

Design/Methodology/Approach: Using a quantitative research design, data were collected from 444 working adults through a structured questionnaire. Descriptive statistics were computed using SPSS version 27, and the structural model was tested through Structural Equation Modelling (SEM) in Smart PLS 4.0 to assess the hypothesised relationships and control variables.

Findings: The results showed that SFK has a positive and significant influence on both FWB (β = 0.154, p < 0.05) and FB (β = 0.447, p < 0.001), supporting H1a and H1b. The findings further showed FA having an affirmative correlation on both FWB (β = 0.300, p < 0.001) and FA (β = 0.252, p < 0.001) backing H2a and H2b. However, LOC yielded insignificant positive correlations on FWB (β = 0.090, t = 1.587, p = 0.113) and FB (β = 0.100, t = 1.526, p > 0.05, p = 0.127), leading to the rejection of both H3a and H3b. H4 was accepted by the findings (β = 0.332, p < 0.001) which shows FB been a strong predictor of FWB. The finding also established that FB significantly mediates the relationships between SFK and FWB (β = 0.148, p<0.001) and between FA and FWB (β = 0.084, p<0.001) supporting H5a and H5b. On the contrary, findings of the study suggested that FB does not play a significant role in mediating the relationship between LOC and FWB (β = 0.033, p=0.134) leading to the rejection of H5c. Control variables showed no significant influence on FWB.

Practical Implications: These results emphasize the role of financial literacy and fostering a positive mindset about money in promoting financial security for Ghanaian Working Adults. This research offers valuable insights for policymakers, financial professionals, and academics, filling a gap in our understanding of how psychological factors interact with financial practices to influence overall FWB. By recognizing how people's beliefs about money affect their FWB and overall well-being, stakeholders can design better interventions that promote positive financial literacy and attitude. This can ultimately lead to a more financially secure and resilient working population in Ghana.

Conclusion: This study sheds light on the intricate relationships between PB and FWB among working adults in Ghana, with a particular focus on the mediating role of FB. Research on financial capability has been heavily concentrated in developed economies, yet this work situates the framework within Ghana’s socio-economic realities, where income variability, limited access to financial services, and cultural norms around money management shape financial decision-making. Thus, by contextualizing financial literacy and behavior within these constraints, the study offers a nuanced understanding of how financial capability operates in lower-middle-income settings.

The Relationship between Remittance Inflows and Economic Performance in Nigeria

Adeniyi Idowu Okeowo — 2026-06-01

The nexus between remittance and economic performance is increasingly visible in economic research, with literature pointing to remittance as a significant driver of economic performance. Remittances often represent a stable source of foreign exchange at the macroeconomic level, which strengthens the balance of payments. The study lends empirical support to this nexus. Having observed the data properties, that some of the data series are stationary while some are non-stationary at levels, the Autoregressive Distributed Model (ARDL) was used in the analysis. The short-run dynamic result shows that remittance inflows increase economic performance, with the impact of remittance inflows enhancing the country's exchange rate. The result also indicates that a higher interest rate dampened economic performance. The study subsequently recommended that remittance recipients investing in capital goods such as machinery should be given a pair of low-interest rates with a subsidised loan. Governments should also integrate a remittance-capital exchange framework through the creation of national funds that pool remittance and capital formation savings together, managed under low-interest regimes hedged against exchange rate volatility. Exchange rate stabilisation backed by remittance reserves to maintain a competitive real exchange rate should be implemented and sustained.

A Comparative Analysis of Returns from Direct Equity and Large-Cap Mutual Fund Investments in India: Evidence from 2020–2025

Atul Oraon — 2026-06-02

India’s growing financial awareness and digital platforms have increased interest in direct equity and mutual funds. Direct equity offers high returns with high risk, while mutual funds provide diversified and safer investments. This study examines the comparative performance of direct equity and selected large-cap mutual fund investments in India during the period 2020–2025. The NIFTY 50 was used as a proxy for direct equity investment, while SBI Large Cap Direct Plan Growth, HDFC Large Cap Direct Fund, and ICICI Prudential Large Cap Fund Direct Plan Growth represented mutual fund investments. The study is based on secondary data collected from the National Stock Exchange (NSE), Association of Mutual Funds in India (AMFI), and Investing.com India using monthly return data. A quantitative and comparative research design was adopted, and descriptive statistics, One-Way ANOVA, and Sharpe Ratio analysis were applied using Microsoft Excel to evaluate return, risk, and risk-adjusted performance.

The findings indicate that ICICI Prudential Large Cap Fund Direct Plan Growth generated the highest average monthly return (1.50%), followed by SBI Large Cap Direct Plan Growth and HDFC Large Cap Direct Fund (1.40%), while the NIFTY 50 recorded an average monthly return of 1.20%. The standard deviation values remained close to 5% for all investment avenues, indicating similar levels of volatility. The ANOVA results (F = 0.0451, p = 0.9873 > 0.05) reveal that the differences in mean returns are not statistically significant. The Sharpe Ratio analysis further indicates that ICICI Prudential Large Cap Fund recorded the highest Sharpe Ratio (0.22), followed by SBI Large Cap Fund (0.20), HDFC Large Cap Fund (0.19), and the NIFTY 50 (0.15), suggesting comparatively better risk-adjusted performance of mutual funds over direct equity investment.

The study concludes that although direct equity and large-cap mutual funds delivered broadly similar performance during the study period, professionally managed mutual funds provided relatively more stable and efficient risk-adjusted returns. Therefore, investment decisions should depend on investors’ risk tolerance, financial objectives, and investment horizon.

Digital Financial Transformation in India: The Role of Fintech Innovation and Remittance Dynamics

Seemarani Meher — 2026-06-03

Digital finance has transformed global banking by making payments faster, cheaper, and more accessible, with India rapidly shifting to digital transactions through UPI and fintech growth. The present study investigates the impact of digital payment systems and fintech innovations on remittances inflows and financial transformation in India during 2011-2025. It also analyzes the relationship between digital payments, remittance inflows, internet penetration, foreign institutional investment (FII), and GDP growth in the context of India’s evolving digital financial ecosystem. The study is based on secondary time-series data gathered from sources such as Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and the World Bank. Trend analysis, compound growth rate, correlation analysis, and multiple regression techniques have been used to examine the nature and extent of these relationships. The findings indicate a significant increase in digital payment transactions and remittance inflows during the study period, mainly due to the expansion of Unified Payments Interface (UPI), increasing internet access, mobile banking adoption, fintech innovations, and government initiatives promoting digital finance and financial inclusion. Correlation analysis reveals a strong positive relationship among digital payments, remittance inflows, and financial inclusion. Regression results show that GDP growth and remittance inflows have a significant positive impact on financial transformation, whereas digital payments exhibit a statistically significant negative association with the dependent variable. Internet penetration and FII were found to be statistically insignificant. The study concludes that digital financial systems have improved the efficiency, accessibility, and transparency of remittance services in India. However, challenges such as digital inequality, cybersecurity risks, and uneven technological access continue to affect the sustainability and effectiveness of India’s digital financial transformation.