ADVANCED INTERNATIONAL JOURNAL OF BUSINESS, ENTREPRENEURSHIP AND SME'S (AIJBES)

INVESTOR SENTIMENT AND POST-IPO PERFORMANCE IN CHINA'S CHINEXT MARKET

2026-06-04T17:47:56+08:00

Post-IPO performance remains a persistent anomaly in financial markets, particularly in emerging economies characterized by high retail investor participation. This study proposes to assess whether investor sentiment at the time of issuance predicts short, medium, and long-term post-IPO performance for firms listed on China’s ChiNext board. Using a multidimensional sentiment measure that integrates market-based indicators with textual sentiment extracted from investor-generated online discourse, the analysis will capture both trading-driven and narrative-based components of collective mood. Empirical results is expected to show that elevated investor sentiment significantly amplifies IPO initial returns and is associated with subsequent return reversals over one to three year horizons. High-sentiment issuance periods are also expected to be linked to increased post-listing volatility, suggesting that sentiment driven demand contributes to both mispricing and risk amplification. By providing board-specific evidence from a retail-dominated emerging market, this study is expected to advance behavioral asset pricing research and highlights the structural conditions under which sentiment-driven IPO mispricing is most likely to arise and persist. The expected results offer implications for market stability, investor protection, and the evaluation of pricing efficiency in growth-oriented equity segments.

WHAT DRIVES SMES TO ADOPT FINTECH? THE MEDIATING ROLE OF PERCEIVED RELATIVE ADVANTAGE AND SECURITY

2026-06-12T09:20:01+08:00

This research aims to examine the adoption intention of FinTech among SMEs in Bangladesh using a cross-sectional approach with data collected through a standardized questionnaire comprising six constructs: perceived organizational readiness, perceived competitive pressure, facilitating conditions, perceived relative advantage, perceived security, and behavioral intention. A quantitative method was applied, integrating positivism and deductive reasoning to identify relationships among variables, and the data were analyzed using PLS-SEM. The findings reveal that perceived organizational readiness and perceived competitive pressure positively influence behavioral intention, whereas facilitating conditions show no significant effect on adoption intention. Moreover, perceived relative advantage mediates the relationship between organizational readiness and adoption intention, while perceived security mediates the relationship between facilitating conditions and adoption intention; however, no mediation effect was observed for organizational readiness and competitive pressure. PLSpredict results indicate that the proposed model has a medium level of predictive power, and robustness tests examining quadratic effects and endogeneity further confirm the reliability of the model.

HOW CASHLESS PAYMENTS SUPPORT SUSTAINABLE FINANCIAL INCLUSION

2026-06-04T16:40:23+08:00

Cashless payments are emerging as an important mechanism to expand financial access, especially in the context of underserved communities. QR-based technologies and digital banking can reduce the provision of physical banking infrastructure and can reduce transaction costs by providing a more secure and transparent platform for every financial transaction. Despite the rapid growth of the cashless ecosystem, the role of cashless transactions in supporting financial inclusion remains crucial. However, underserved communities remain underexplored. This paper investigates how cashless payment systems support sustainable financial inclusion among underserved communities by expanding financial accessibility, enhancing service efficiency, improving transparency and financial security, reducing environmental impact, and supporting long-term economic participation. In addition, the study highlights key challenges that may hinder the effective and inclusive adoption of cashless payment systems among vulnerable populations. This study uses a conceptual research approach, synthesising existing literature on cashless payments, mobile wallets, QR-based transactions, and digital banking to identify how cashless systems contribute to sustainable financial inclusion. The findings indicate that cashless payment systems contribute to sustainable financial inclusion for underserved communities through wider access to financial services, improved transparency and security, lower environmental and operational costs, and enhanced opportunities for long-term economic empowerment. The study concludes that cashless payment systems play a critical role in ensuring that financial inclusion operates effectively and sustainably over time, particularly for underserved populations. To realise these benefits, all parties, such as policymakers, financial institutions, and technology providers, need to work together to strengthen digital infrastructure, regulatory frameworks, and user capabilities.

MACROECONOMIC DETERMINANTS OF GOVERNANCE IN MALAYSIA AND SINGAPORE: A CONCEPTUAL FRAMEWORK

2026-06-08T16:06:17+08:00

This conceptual analysis paper presents an integrated framework to analyse how key macroeconomic determinants such as economic growth, foreign direct investment, trade openness, human capital, and income inequality systematically influence the governance in Malaysia and Singapore. By drawing on institutional economics, political economy, and development theory, this study highlights the channels through which macroeconomic conditions impact the governance of a nation. By contrasting a middle-income developing economy with a high-income developed economy, this study emphasizes the importance of developmental stages and institutional maturity in shaping governance responses. The proposed framework contributes to the governance literature by reframing governance as a macro-driven outcome and offers policy insights aligned with Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions).

WHAT DRIVES E-WALLET ACCEPTANCE AMONG MALAYSIA’S LOW-INCOME GROUPS? A MEDIATED UTAUT MODEL

2026-06-04T16:17:23+08:00

This study examines the factors influencing e-wallet adoption among low-income groups in Malaysia, where digital financial inclusion remains limited despite the rapid expansion of fintech. Using data collected from 384 respondents, the research applies the Unified Theory of Acceptance and Use of Technology (UTAUT) to assess how performance expectancy, effort expectancy, and facilitating conditions shape e-wallet acceptance. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed to test both direct and indirect relationships, with behavioural intention included as a mediating variable. The results indicate that performance expectancy, facilitating conditions, and behavioural intention significantly predict e-wallet acceptance, while effort expectancy shows no significant direct effect. Mediation analysis further reveals that behavioural intention significantly mediates the effects of performance expectancy and facilitating conditions on acceptance. Overall, this study concludes that performance expectancy and facilitating conditions are more critical than effort expectancy in driving e-wallet adoption among low-income groups, providing practical guidance for policymakers and service providers seeking to enhance digital financial inclusion.

NAVIGATING DIGITAL TRANSFORMATION AND SUSTAINABLE PERFORMANCE: A SYSTEMATIC LITERATURE REVIEW ON THE HUMAN-CENTRIC PARADIGM IN INDUSTRY 4.0

2026-06-04T18:12:29+08:00

In the era of Industry 4.0 and Industry 5.0—the latter emphasising human-centric and sustainable production—organisations face a multidimensional challenge: aligning rapid technological advancement with sustainable human resource management. This systematic literature review synthesises recent research on the drivers of sustainable performance, innovative work behaviour, and employee well-being. Drawing on literature across Education 4.0 (the integration of digital and adaptive technologies in higher education), digital transformation, and workplace spirituality (a multidimensional construct comprising meaningful work, sense of community, and alignment with organisational values), the review identifies factors shaping organisational performance and sustainability. Central to the synthesis is the shift from purely performance-driven strategies to human-centric, resilience-based approaches that prioritise work engagement and psychological safety. The findings indicate that while digital tools provide the necessary infrastructure, employees’ perceived empowerment and the experience of meaningful work remain the principal catalysts of measurable innovative outcomes. The review identifies two critical research gaps: (1) generational differences in digital work adaptation and (2) the lack of longitudinal evidence on AI-driven workplace transformation. It offers a comprehensive roadmap for both academic inquiry and management practice in the digital age.

A CHRONOLOGICAL REVIEW OF THE IMPACT OF GREENWASHING ON ESG PERFORMANCE

2026-06-04T15:49:38+08:00

This chronological literature review examines the impact of greenwashing on Environmental, Social, and Governance (ESG) research and practice, with emphasis on how scholarly understanding has evolved across recent years. The study is motivated by the growing concern that ESG disclosure, although increasingly important for investors, regulators, and other stakeholders, may be undermined by symbolic sustainability claims that do not reflect actual environmental or social performance. Such a condition weakens the credibility of ESG reporting, creates information asymmetry, and may distort sustainable investment decisions. To address this issue, the review applies a systematic advanced search strategy using the Scopus database, guided by the main keywords greenwashing, ESG, and sustainability. After screening and selection, the final primary dataset comprised 104 documents (n = 104). The selected studies were analysed using a chronological approach and grouped into three temporal phases: Foundational Emergence (2020–2021), Early Development and Consolidation (2022–2023), and Rapid Expansion and Intensification (2024–2026). The results indicate a clear growth in publication activity and conceptual maturity over time. In the first phase, the literature mainly focused on disclosure credibility, governance mechanisms, and the early identification of greenwashing behaviour. In the second phase, the discussion expanded toward financial constraints, regulatory pressures, green finance, assurance, and methodological refinement in detecting symbolic ESG conduct. In the third phase, the literature showed substantial intensification, with stronger attention to artificial intelligence, digital governance, investor reactions, policy intervention, and more advanced measurement frameworks for distinguishing substantive ESG performance from reputational signalling. Overall, the review concludes that greenwashing has become a central challenge in ESG literature, not only as a reporting issue but also as a governance, financial, and regulatory concern. The chronological structure provides a clearer understanding of how the field has progressed and where future research should be directed.

AN ACADEMIC DISCOURSE ON LEADERSHIP STYLE IN WAQF MANAGEMENT IN HIGHER EDUCATION: AN EXPLORATORY STUDY

2026-06-12T09:59:16+08:00

The growing lack of public funds and rising operational pressures has seen increased interest in Waqf as a viable source of income for higher education. However, most previous studies have focused on legal, financial and governance aspects, while the role of leadership in shaping waqf management practices has not yet been given due attention. Based on a qualitative multi-case study approach, this study examines how leadership interacts with sustainable operational practices in influencing organizational performance in higher education waqf institutions. Findings indicate that leadership plays an important role in guiding the implementation of operational practices, strengthening governance and building stakeholder trust. Transformational, transactional, service-oriented and Islamic leadership styles are found to complement each other in supporting institutional sustainability and organizational effectiveness. This study also emphasizes that contextual factors such as governance structure and socio-cultural environment greatly influence the way leadership is implemented.

THE ROLE OF PARASOCIAL INTERACTION IN INFLUENCER MARKETING AND CONSUMER PURCHASE INTENTIONS WITHIN THE TPB FRAMEWORK

2026-06-04T17:55:54+08:00

This study aims to examine the mediating role of parasocial interaction (PSI) in the relationship between media figure characteristics and consumer behavioral intentions within the framework of the Theory of Planned Behavior (TPB). With the growing influence of social media personalities and brand ambassadors, the research investigates how variables such as media figure credibility, attractiveness, interaction frequency, and emotional connection foster strong parasocial bonds with consumers. These bonds are hypothesized to influence key TPB components—attitudes toward purchasing or endorsing a product, subjective norms related to brand perception, and perceived behavioral control—ultimately affecting consumers’ purchase intentions and behaviors. The proposed model emphasizes the mediating role of PSI in translating media-driven relationships into consumer decision-making processes. Data will be collected from social media users through a structured survey and analysed using structural equation modeling (SEM). This integration aims to enhance understanding of how influencer marketing and parasocial bonds can effectively shape consumer behavior and brand loyalty. The findings provide valuable insights for business managers and marketers, suggesting that cultivating meaningful parasocial connections with influencers can strengthen brand engagement and drive purchasing actions. Overall, this study contributes to the literature on media psychology and consumer behavior by integrating parasocial interaction into the TPB framework as a mechanism explaining how influencer relationships shape purchase intention.

ENHANCING SUPPLY CHAIN PERFORMANCE THROUGH INTEGRATION: THE MEDIATING ROLE OF SUPPLY CHAIN RISK MANAGEMENT AND THE MODERATING ROLE OF KNOWLEDGE MANAGEMENT

2026-06-12T09:30:31+08:00

Supply chain integration has been widely recognized as a critical driver of supply chain performance in increasingly complex and uncertain business environments. However, the mechanisms through which integration translates into performance outcomes remain under-theorized in the literature. This conceptual paper proposes an integrated framework that examines the mediating role of supply chain risk management and the moderating role of knowledge management in the relationship between supply chain integration and supply chain performance. Drawing upon Transaction Cost Theory and the Knowledge-Based View, the paper argues that supply chain integration improves performance indirectly through enhancing risk management practices, while knowledge management capabilities further strengthens this indirect relationship by improving organizational learning and decision-making processes. The proposed framework advances the supply chain management literature by providing an integrated explanation of how integration-driven performance can be sustained under conditions of uncertainty. Practical implications underscore the necessity of aligning integration strategies with knowledge-driven risk management capabilities to achieve resilient and high-performing supply chains.

A CONCEPTUAL FRAMEWORK ON MOTIVATION TO INSURE AGAINST FLOOD PERIL AND THE MODERATING ROLE OF CHARITY HAZARD

2026-06-04T17:30:49+08:00

The increasing frequency and severity of flash flood disasters in Malaysia, particularly in states such as Selangor, Kelantan, and Pahang, has exposed a reality that despite the increasing risk of flood disasters, 74% of homeowners still do not have flood insurance coverage. Moreover, the mind-sets that “floods happen, but it won’t happen to me” indicates that risk perception alone is insufficient to drive protective action. Therefore, a study is essential to investigate the behavioural factors that influence individuals’ motivation to adopt insurance as a protective measure. This paper aims to propose a conceptual framework based on Protection Motivation Theory (PMT) to identify the main factors influencing individuals’ motivation to purchase flood peril cover. Additionally, this paper operationalizes protection motivation variables in the context of insurance purchase motivation This framework developed on two main cognitive appraisals namely threat appraisal and coping appraisal. The uniqueness of this framework lies in the integration of "charity hazard" as a moderator variable to test the extent to which reliance on government assistance weakens the relationship between cognitive appraisal and protection motivation. Theoretically, this study refined the application of PMT by adding moderating effects of charity hazards. Data analysis is proposed through PLS-SEM 3.0 to simultaneously examine direct relationships and for precise moderation analysis. Practically, this framework provides valuable insights to Ministry of Finance, NADMA, insurance companies, NGO’s and communities in designing more effective strategies to reduce household vulnerability through insurance.

BRIDGING PSYCHOLOGICAL CAPITAL AND ENTREPRENEURIAL INTENTION: A CONCEPTUAL MEDIATION MODEL AMONG HOSPITALITY STUDENTS IN MALAYSIAN HIGHER EDUCATION INSTITUTIONS

2026-06-08T16:27:01+08:00

The hospitality sector increasingly demands graduates with entrepreneurial capabilities, yet previous studies indicate that many students lack the psychological readiness to translate entrepreneurial intentions into action. This study synthesizes prior research to examine how psychological capital influences the relationship between key antecedents, including perceived desirability, perceived feasibility, propensity to act, and subjective norms, and entrepreneurial intention among hospitality students in Malaysian higher education institutions. The reviewed studies employ various quantitative approaches, including systematic sampling and structural equation modeling techniques such as SmartPLS, to examine these relationships. Conceptually, the literature highlights the importance of psychological resources in shaping students’ entrepreneurial motivation, suggesting that entrepreneurial intention is influenced not only by cognitive and social factors but also by individual psychological strengths. This synthesis provides theoretical insights for integrating psychological capital into established entrepreneurial intention models and offers guidance for educators, curriculum planners, and higher education policymakers seeking to cultivate entrepreneurial capabilities among hospitality students.

MARKETING DETERMINANTS OF EFFECTIVE ONLINE ADVERTISING: THE IMPACT OF CORPORATE CREDIBILITY, INFORMATIVENESS AND MATERIALISM ON CONSUMER BEHAVIOUR

2026-06-04T16:30:24+08:00

As Malaysia progresses towards being a developed nation, online advertising has become one of the most beneficial marketing platforms for companies to promote and sell their products. Individuals today utilize the internet nearly 24 hours a day in their daily lives, whether for communication through social media platforms, conducting online purchases, or fulfilling employment responsibilities. The challenges encountered by the company include the misinterpretation of information, such as incorrect usage instructions and misleading product details, as well as deceptive advertisements. These misunderstandings can significantly affect consumer behavior regarding online advertising, particularly resulting in negative perceptions. Therefore, this research aims to explore consumer attitudes towards online advertising, specifically to analyze the connection between independent variables, which are corporate credibility, informativeness, and materialism. A sample of 100 respondents was chosen and analyzed using the convenience sampling technique. The questionnaires were distributed to participants who regularly use the internet, particularly those who have made purchases through Facebook and are likely to have encountered with online advertisements. The analysis revealed that both corporate credibility and informativeness are significantly related to consumer attitudes towards online advertising. Meanwhile, the materialism variable does not show a positive correlation with consumer behavior. Hence, various suggestions have been proposed to improve the future research regarding online advertising and to make it easier for respondents to grasp the study conducted. For instance, the company should develop an online survey, targeting respondents who are internet users, which could enhance the overall efficiency of the research results in a more cost-effective manner. Additionally, future studies should provide a brief and straightforward explanation to less educated respondents before they respond to the questions.

ACADEMIC DISCOURSE ON EMPLOYEE PARTICIPATION MODELS

2026-06-08T15:55:25+08:00

This study, set against the backdrop of China's special economic zones, explores the transformation and localization process of employee participation models, focusing on the interaction among adaptation mechanisms, cultural buffering mechanisms, and employees' technological engagement capabilities. A qualitative multi-case study methodology is employed, using employees from six companies across the manufacturing, technology, and service sectors as the analysis subjects. Through semi-structured analysis, the data ultimately reveals the main forms of participation: institutionalized participation, technology-driven participation, and culture-embedded participation. Furthermore, based on differences in company structure, industry sector, and technological accumulation, some typical employee participation models are further identified. Empirical analysis shows that local cultural norms have a significant moderating effect on the effectiveness of formal employee participation systems, and employees' digital skills are a key factor determining the level and depth of employee participation in the industry 4.0 era. This study refines and expands the theoretical framework of employee participatory politics, incorporating cultural and technological dimensions into the traditional framework of institutional research and analysis. The research findings can provide theoretical support and practical reference for business managers and policymakers in emerging economies to build localized employee participation mechanisms and optimize employee participation management strategies according to local conditions.

HUMAN FACTORS IN LEAN MANUFACTURING: A CHRONOLOGICAL REVIEW

2026-06-04T16:03:36+08:00

Human factors are increasingly recognized as a critical determinant of success in lean manufacturing systems; however, existing studies remain fragmented across different periods and research focuses. This study provides a structured understanding by conducting a chronological literature review of human factors in lean manufacturing. A systematic search was performed using the Scopus database with the keywords “human factor” and “lean manufacturing,” applying strict inclusion criteria. From 395 initial records, 113 journal articles were selected for analysis. The literature was categorized into four temporal phases: Emergent (2003–2012), Development and Recognition (2013–2017), Expansion and Peak Interest (2018–2020), and Consolidation and Stabilization (2021–2026). The findings indicate a clear evolution from basic awareness of human-related issues to a stronger emphasis on ergonomics, organizational culture, and workforce engagement. Recent studies highlight the integration of human factors with performance measurement, digitalization, and Lean Six Sigma practices, alongside growing alignment with Industry 4.0 and Industry 5.0. Overall, human factors have evolved from a supporting role to a central element in lean system design. This study offers a temporal framework that enhances understanding of research trends and informs future human-centric lean manufacturing research.

FROM RESILIENCE TO SUSTAINABILITY: ADVANCING THE HALAL SUPPLY CHAIN RESEARCH AGENDA

2026-06-12T10:10:04+08:00

The rising global demand for halal products calls for robust and sustainable supply chains. Unfortunately, studies in this area have been largely fragmented, especially with regards to resilience, sustainability, and incorporation of technology into halal supply chains. The research method employed includes systematic literature review as well as bibliometric analysis. Systematic literature review has been conducted with the help of Scopus AI. First, the targeted search was carried out; later, the concept mapping, topic identification through experts, and thematically clustering of articles were done. Three thematic layers are found to characterize the trajectory of research on halal supply chain management; these include (i) basic themes such as consumer trust and certification; (ii) emerging themes including sustainability incorporation and ESG initiatives; and (iii) transformational themes such as blockchain technology, artificial intelligence, and geospatial technologies. The study makes several contributions in terms of theory development by broadening the scope of supply chain resilience and sustainability to include dimensions of certification integrity, religious compliance, and consumer trust. From the practitioner's point of view, the study provides insights for policymakers and industry practitioners to enhance traceability, operational efficiency, and global competitiveness. The study also identifies current limitations and proposes future research directions, particularly in digital innovation and artificial intelligence to enhance halal supply chain performance.

THE IMPACT OF GREEN TAX INCENTIVES ON ESG PERFORMANCE OF SMES

2026-06-04T18:06:24+08:00

This article discusses the impact of green tax incentives on driving Environmental, Social, and Governance (ESG) transformation among the small and medium enterprises (SMEs) in Malaysia. ESG activities should be well adopted by large corporation, but it is yet to be fully understand and adopted by smaller businesses. ESG for SMEs is crucial because SMEs with robust ESG policies and activities will have a competitive edge and visibility among the investors, consumers and public at large. Thus, this paper explores how targeted tax policies can help SMEs in promoting sustainable business practices, reducing environmental impact, and fostering innovation. By incentivizing renewable energy, waste reduction, and resource efficiency, green tax incentives support small and medium-sized enterprises in meeting ESG goals and contributing to global sustainability targets as stated in Sustainable Development Goals (SDGs). The study highlights the role of government in designing effective tax frameworks, the benefits for businesses adopting these incentives, challenges and recommendations on the long-term economic and environmental advantages of a robust ESG transformation driven by green taxation.

HALAL CERTIFIED PRODUCTS PREFERENCES AMONG GENERATION Z IN MALAYSIA

2026-06-12T09:48:08+08:00

The halal industry has experienced significant growth globally, driven by increasing consumer awareness, lifestyle changes, and demand for ethical and quality-assured products. In Malaysia, Generation Z represents an emerging consumer segment whose preferences towards halal certified products remain underexplored, particularly beyond religious considerations. Despite the widespread availability of halal certified products, limited empirical evidence exists on the factors influencing Gen Z consumers’ preferences in the Malaysian context. This study aims to examine the influence of halal lifestyle and values, social circle influence, and perceived halal benefits of halal certified products on preferences towards halal certified products among Generation Z consumers in Malaysia. A quantitative research design was employed, using a structured questionnaire administered through an online survey. Data were collected from 200 Generation Z respondents using a snowball sampling technique. The data were analysed using SPSS, incorporating reliability analysis, correlation analysis, and multiple regression analysis. The results reveal that halal lifestyle and values and perceived halal benefits of halal certified products have a significant positive influence on preferences towards halal certified products. In contrast, social circle influence was found to have no significant effect. The findings suggest that Generation Z consumers’ preferences are primarily driven by personal values and perceived functional benefits such as health, safety, and quality, rather than social influence. This study contributes to the halal marketing literature by providing insights into Gen Z consumer behaviour and offers practical implications for halal producers and marketers in developing targeted strategies that align with the values and expectations of younger consumers.