Journal of Economics, Management and Trade

The Impact of Herding on Financial Markets

2026-06-01T12:38:53+00:00

Modern financial markets are increasingly shaped by behavioral biases and herding behavior, which challenge traditional assumptions of rational investor decision-making and contribute to market instability. This paper explores the influence of herding behavior on financial markets, outlining its primary drivers, underlying mechanisms, and resulting market outcomes. Using a qualitative, desk-based research design framed around thematic analysis, this study synthesizes findings from current academic studies, empirical research, and financial reports. The thematic analysis identified three main themes: the antecedents driving herding specifically uncertainty, information asymmetry, and market sentiment; the pathways through which herding is propagated namely informational herding, behavioral (emotional) herding, and the distinction between institutional and retail investor herding; and the consequences of herding behavior on markets, including increased volatility, speculative bubbles, and market crashes. Herding emerges from a multi-factor network of interdependent processes rather than any single cause, with implications that extend beyond individual behavior to systemic outcomes affecting the stability and efficiency of financial markets. The study further reveals a dynamic and circular relationship among these components, whereby herding outcomes such as heightened volatility can reignite the drivers that originally triggered collective behavior. Overall, the evidence presented lends strong support to behavioral finance as a viable theoretical framework for understanding modern financial markets, challenging key assumptions of the Efficient Market Hypothesis. The research carries considerable theoretical and practical implications for investors, policymakers, and financial regulators seeking to identify and mitigate the disruptive effects of herding in an increasingly digitally interconnected and information-saturated investment environment.

AI-Driven Brand Communication: Power, Trust and Identity in Digital Marketing Ecosystems

2026-06-23T10:00:47+00:00

Artificial intelligence (AI) is reshaping digital brand communication by redistributing communicative power among brands, platforms, algorithms and consumers. This review critically examines how AI-mediated tools influence power, trust and identity within digital marketing ecosystems. It focuses on applications such as chatbots, recommender systems, generative content tools, sentiment analysis and algorithmic personalisation, and considers their implications for consumer-brand relationships. A structured narrative synthesis approach was used to review multidisciplinary literature and selected case-based evidence published mainly between 2018 and 2025, while retaining earlier foundational studies relevant to branding, trust and digital communication. Thirteen case studies were thematically organised into four domains: AI-powered trust formation, brand identity evolution, algorithmic power in platform-mediated branding, and AI-driven personalisation and engagement. The synthesis indicates that AI can support timely, scalable and personalised communication, improve service responsiveness and strengthen some aspects of brand relevance and consumer engagement. However, these benefits are accompanied by concerns about data privacy, algorithmic opacity, uneven service quality, loss of human agency and the possible fragmentation of brand identity. The review also shows that trust in AI-mediated brand communication depends not only on system performance but also on transparency, perceived fairness, ethical governance and the credibility of the parent brand or platform. Overall, AI should be understood as a socio-technical participant in brand ecosystems rather than as a neutral communication tool. The paper contributes by integrating power, trust and identity into a conceptual account of AI-driven brand communication and by identifying areas for future empirical research on responsible and coherent AI use in digital marketing.

Sustainable Economic Development in Sub-Saharan Africa (SSA) Countries: Implications for Environmental and Social Factors

2026-06-03T13:10:34+00:00

The desired for better enhancement of sustainable economic development in sub-Saharan Africa (SSA) countries has tremendously increased environmental challenges of these region’s economies. Thereby, causing adverse effects on social human behavior despite series of efforts by the successive governments of the regions’. Given the above, this study is out to investigate the interactions among environmental factor, social factor and sustainable economic development in sub-Saharan Africa region. The study used annual time series data spanning from 1980 to 2023 and sourced from regional SSA pooled World Bank, World Development Indicator of 2023 database edition. Vector Autoregressive (VAR) model was used as estimation technique to achieve the objectives of the study. Result of multivariate co-integration test based on Johansen and Juselius co-integration technique, confirms the existence of a long run relationship among the variables in the model. Impulse response function estimates showed that carbon dioxide emissions, Nitro-oxide and poverty rate negatively affect economic development in SSA region and pronouncedly persistent throughout the forecast horizon. Further, the results of forecast error variance decomposition (FEVD) revealed that in the long run, carbon dioxide emissions, Nitro-oxide and poverty rate exerts a greater influence on economic development sustainability over time in SSA region in the 10^th period while other variables like population growth rate, literacy and inflation rates relatively exerts low influence in the region. The study concluded that environmental pollution indicators are highly pronounced in the region. Again, poverty and inflation levels as well as overpopulation are very high, thereby needs government intervention and control. This implies that SSA region’s government and policymakers should strengthen more than ever before on environmental regulations so as to improve social aspect life of the people for better improvement of economic development sustainability. The study therefore recommends among others that successive governments in the region should take adequate measure to improve literacy level, reduce both poverty and inflation rates, as well as population growth rate towards adopting birth control measure in the region.

Cloud-Based HRIS Attributes and User Satisfaction in a Higher Education Institution

2026-06-08T13:03:43+00:00

Human Resource Information Systems (HRIS) have advanced from compliance tools into strategic assets that optimize organizational performance. However, while employees generally perceive these systems as useful, differences in satisfaction often arise from role-based access constraints. Hence, this study sought to measure the relationships between HRIS attributes- such as usefulness, ease of use, data security, and user satisfaction regarding a cloud-based HRIS implemented by a state higher education institution in Mindanao. Additionally, this study employed a quantitative, explanatory research design in gauging perceptions of faculty, administrators, and staff, totaling 259 responses. Moreover, regression analysis revealed that user satisfaction is significantly predicted by HRIS attributes; in fact, faculty satisfaction is driven by task accomplishment and increased productivity, Staff by audit trails and decision support, and administrators by user authentication and mobile accessibility. The study concludes that the cloud-based HRIS of the state higher education institution has evolved from a supplementary tool to an essential institutional infrastructure that ensures data integrity and operational efficiency. Nevertheless, its strategic potential is limited by a centralized interface that favors administrative roles. To maximize institutional impact, the state higher education institution must shift toward differentiated innovation, which means prioritizing streamlining of faculty-specific academic modules and maintaining a mobile-first design to keep high user engagement across all user groups.

The Impact of Viral Marketing on the Competitiveness of Iraqi Private Colleges: An Applied Study

2026-06-19T08:35:23+00:00

Background: Interest in viral marketing has increased in higher education because digital platforms enable institutions to disseminate information quickly, interact with stakeholders and support low-cost promotional activities. In Iraqi private colleges, however, the relationship between specific viral marketing dimensions and institutional competitiveness requires focused empirical examination.

Aims: This research aimed to identify the impact of viral marketing dimensions, namely e-mail, websites, social networking sites and WhatsApp, on the competitiveness of Iraqi private colleges, represented by Al-Hikma University College and Al-Bayan University.

Study Design: A descriptive-analytical cross-sectional design was adopted to examine the relationship between the study variables within the selected colleges.

Methodology: Data were collected using a self-administered questionnaire comprising 34 items. The questionnaire was distributed to 175 managers and employees in the selected colleges. The first five items addressed demographic variables, 15 items measured viral marketing and 14 items measured competitiveness. Data were analysed using SPSS version 26. Arithmetic means, standard deviations, Pearson correlation coefficients and simple linear regression were used to describe the responses and test the hypotheses.

Results: The findings indicated a statistically significant positive relationship between viral marketing and competitiveness at the level of statistical significance reported in the study. The overall correlation coefficient was 0.618, and the regression results showed that viral marketing explained 0.382 of the change in competitiveness. WhatsApp ranked first among the viral marketing dimensions, followed by social media, websites and e-mail. Among the competitiveness dimensions, technological capability ranked first.

Conclusion: The results indicate that the use of viral marketing supports the competitiveness of the selected Iraqi private colleges. Greater attention to websites and strategic competencies may strengthen the effectiveness of these institutions' marketing activities.

Exploring the Factors Influencing AI Adoption in the Vietnamese Garment Industry: The Role of Technological Readiness and Environmental Pressure

2026-06-29T13:28:13+00:00

Artificial intelligence (AI) is increasingly discussed as a technology that can support operational improvement, production planning, quality control, and competitiveness in manufacturing industries. In the Vietnamese garment industry, however, evidence on the factors associated with AI adoption remains limited. This study examines the determinants of AI adoption in Vietnam’s garment sector using the Technology–Organisation–Environment (TOE) framework. The research focuses on three explanatory dimensions: technological context, organisational context, and environmental context. Data were collected through a survey of 301 valid respondents working in the garment industry and were analysed using partial least squares structural equation modelling. The measurement model was assessed through indicator reliability, internal consistency reliability, convergent validity, discriminant validity, and collinearity statistics. The structural model results show that technological context has a positive and statistically significant relationship with AI adoption. Environmental context also has a positive and statistically significant relationship with AI adoption and shows the strongest path coefficient among the three TOE dimensions. In contrast, organisational context has a positive but statistically non-significant relationship with AI adoption at the conventional 5% significance level. The model explains 60.6% of the variance in AI adoption, indicating a meaningful level of explanatory power. The findings suggest that technological readiness and external environmental pressures are more influential than internal organisational conditions in explaining AI adoption in the surveyed context. The study contributes to the application of the TOE framework in the Vietnamese garment industry and provides practical implications for firms seeking to strengthen technology infrastructure, respond to market requirements, and develop more appropriate strategies for AI implementation.

Structural Oil Market Shocks, Exchange Rate Dynamics, and Market-Based Economic Activity in Nigeria: Evidence from SVAR and NARDL Models

2026-06-30T07:51:42+00:00

This study examines how structurally identified global oil market shocks influence market-based economic activity in Nigeria, with attention to exchange-rate dynamics and asymmetric transmission. Monthly data from January 1999 to April 2026 were analysed using a Structural Vector Autoregressive model and a Nonlinear Autoregressive Distributed Lag framework. Oil price movements were decomposed into oil supply shocks, aggregate demand shocks and oil-specific demand shocks, while exchange rate shocks were incorporated as a domestic transmission channel. Unit root and cointegration properties were assessed using conventional and structural-break procedures before estimating the structural and nonlinear models. Historical decomposition shows that oil-specific demand shocks were the largest contributor to oil price fluctuations, followed by aggregate demand shocks, whereas oil supply shocks made a smaller contribution. The NARDL estimates indicate that oil supply shocks, aggregate demand shocks and exchange rate shocks are statistically associated with market-based economic activity in both the short run and the long run. Oil-specific demand shocks are significant only in the short run, suggesting a mainly transitory influence. Wald symmetry tests show that asymmetry is not a pervasive long-run feature of the relationship. Instead, short-run asymmetry emerges through aggregate demand shocks, indicating that favourable and unfavourable global demand conditions are transmitted with different magnitudes and persistence. The findings suggest that Nigeria’s exposure to external oil-market disturbances is shaped by the structural sources of oil price movements and by exchange-rate adjustment, rather than by oil price changes alone.

Effect of Electronic Banking Channels on Commercial Banks’ Liquidity in Nigeria

2026-07-01T07:00:44+00:00

Advances in information and communication technology and globalisation have encouraged Nigerian banks to adopt electronic banking services, including automated teller machines, mobile banking and internet banking. These innovations have improved service delivery, but they may also create liquidity risks when not properly managed. This study examined the relationship between electronic banking channels and commercial banks’ liquidity in Nigeria. Time-series data obtained from the Central Bank of Nigeria Statistical Bulletin, covering the period 2009–2021, were used. The liquidity ratio was adopted as the dependent variable for measuring banks’ stability, while automated teller machine transactions, point-of-sale transactions, mobile banking, web banking and electronic banking penetration rate served as the explanatory variables. The electronic banking penetration rate was introduced as an intervening variable. The data were subjected to preliminary tests, including unit-root analysis, which indicated a mixed order of integration. Consequently, the model parameters were estimated using the Autoregressive Distributed Lag and error-correction procedures with EViews version 10.0. The findings revealed significant short- and long-run relationships between electronic banking channels and commercial banks’ liquidity in Nigeria. In the short run, mobile banking, internet banking and electronic banking penetration rate increased banks’ liquidity ratio, whereas automated teller machine and point-of-sale transactions reduced it. The study concludes that electronic banking has contributed significantly to the liquidity performance of commercial banks in Nigeria.

Availability of Green Skilled Labour for Sustainable Building Development in Nigeria

2026-07-02T11:44:11+00:00

This study examined the availability of green-skilled labour for sustainable building development in Nigeria, with specific emphasis on construction firms operating in Eti-Osa Local Government Area, Lagos State. The research addressed the nature, accessibility and competency profile of skilled trades required to support sustainable construction practices. A descriptive survey design was adopted. The study focused on 36 sustainable and conventional construction firms registered in the study area between June and September 2024. A purposive sample of 180 professionals, comprising project managers, quantity surveyors, human resource officers, builders and engineers, was selected. Data were collected through a structured questionnaire that assessed 15 skilled trade categories and relevant competency dimensions using a five-point Likert scale. The data were analysed using descriptive statistics, mean item score and Pearson's correlation analysis. The results showed that specialised knowledge and technical expertise were the most prominent characteristics of skilled labour, while certification, continuous learning, collaboration, safety compliance, adaptability and flexibility remained comparatively weak. The correlation matrix revealed positive associations among continuous learning, certification and problem-solving, but negative relationships between manual dexterity and progressive green competencies. Trade-level analysis identified three main clusters: baseline artisans, specialised systems technicians and secondary or finishing trades. Although traditional trades such as masons, carpenters, plumbers and welders were relatively available, trades linked to building automation, HVAC systems and other smart technologies showed lower workforce capacity. Finishing trades also demonstrated weak levels of certification and continuous learning. The study concludes that Nigeria's construction workforce is technically experienced but insufficiently aligned with the competency requirements of sustainable building delivery. Targeted vocational training, industry collaboration, certification support and technology-oriented upskilling are therefore needed to improve labour readiness for sustainable construction.

Impact of Global Oil Market Shocks on Macroeconomic Variables in Nigeria: An SVAR Approach

2026-07-02T11:54:14+00:00

This study examines the effects of structural shocks in the global oil market on Nigeria’s key macroeconomic variables. Recognising that oil price movements reflect diverse underlying forces, the analysis distinguishes between oil supply shocks, aggregate demand shocks, and oil-specific demand shocks. Using a Structural Vector Autoregressive (SVAR) framework following Kilian (2009), the study traces how each category of global oil shock transmits to Nigeria’s exchange rate and economic activity. The methodology incorporates Augmented Dickey-Fuller, Phillips-Perron, and Zivot-Andrews unit root tests, alongside Johansen, Gregory-Hansen, and Hatemi-J cointegration procedures to account for potential structural breaks in the data. Dynamic responses are assessed using impulse response functions and variance decompositions. The empirical results indicate that variations in oil prices are primarily driven by global real economic activity and oil-specific demand shocks, while supply-side disruptions exert minimal influence. Both global demand and oil-specific shocks significantly affect Nigeria’s exchange rate and economic activity, but no long-run cointegration is found among the variables. The analysis further reveals the absence of a meaningful pass-through between the exchange rate and domestic output. These findings suggest that, over the sample period, Nigeria’s exchange rate and stock-market-based activity indicator were sensitive to external oil-market conditions, while the estimated exchange-rate–activity linkage appeared weak within the SVAR framework. The study concludes that policy efforts should prioritise structural diversification and productivity-enhancing reforms to reduce exposure to oil market volatility and strengthen macroeconomic resilience.