Description

Forum for Economic and Financial Studies (FEFS) is an international, scholarly open access journal on the topic of financial economics. It publishes theoretical and empirical research papers in economics and finance. We also welcome theoretical and econometric innovations, providing the relevance for researchers and policymakers is clearly elucidated. There is no restriction on the maximum length of the papers, we encourage scientists to publish their research in as much detail as possible.

Latest Articles

  • Open Access

    Article

    Article ID: 3069

    Bank lending efficiency assessment of the Ukraine agricultural sector to ensure its sustainable functioning

    by Svitlana Andros, Svitlana Cheremisina

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    Agricultural lending in Ukraine remains one of the determining factors not only of the sustainable functioning of agriculture but also of the survival and preservation of the production and resource potential of enterprises. With the beginning of the full-scale war, the problem of lack of financing to ensure the current production activities of enterprises in the agricultural sector of the economy has become much more acute. The study is devoted to the assessment of the problems of organizing credit relations in the agricultural sector of the economy and the methodological substantiation of the tools for indicative assessment of the effectiveness of agricultural lending. It has been established that low production efficiency and constant growth in debt on loans reduce the creditworthiness of agricultural enterprises and do not allow them to fully use their production potential. It is proposed to evaluate the effectiveness of state support not only by indicators characterizing the economic efficiency of agricultural production (financial result and profit) but also by additional parameters (profitability of lending by operating activities; profitability of lending by all activities of agricultural enterprises; profitability of lending by total capital of enterprises; profitability of lending by current assets of enterprises; definition and factor analysis of the aggregate indicator of lending efficiency). The use of this scientific product will allow the formation of a system for monitoring the level and efficiency of credit provision of enterprises in the agricultural sector of the economy of Ukraine.

    show more
  • Open Access

    Article

    Article ID: 2139

    Drivers and probability of outward foreign divestment in Eastern European Countries

    by Justice Gameli Djokoto

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    The study investigated drivers of divestment and the probability of divestment of outward foreign direct investment (DOFDI) in Eastern European Countries (EEC) from 1991 to 2021. The average likelihood of DOFDI for the EEC is 12%, with notable drivers including low economic growth and minor differences in general price levels of countries when denominated in the market exchange rate. Developed EEC countries showed a propensity towards a higher likelihood of DOFDI. Interestingly, a decrease in trade seemed to encourage DOFDI. Increased political regime characteristics and transitions were found to escalate the probability of DOFDI potentially. The study paved the way for understanding DOFDI for the EEC. It also sheds light on this concept for the region. The innovative measure of DOFDI as a probability measure, coupled with using a probit model to identify the drivers, brought to the fore new contributions to the scholarly domain. The probability of DOFDI was calculated, and the factors influencing it within the EEC were uncovered. This provides a fresh perspective by comparing transition and developed countries within the same region.

    show more
  • Open Access

    Review

    Article ID: 2802

    The role of financial literacy specifically on awareness of products and services in enhancing financial inclusion: A review of mediating effects of financial behavior

    by Muhammad Shamsuddeen Musa, Tijjani Abubakar, Hassan Barau Singhry, Mangai Jossiah Mallo

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    This systematic review examines the crucial role of financial literacy in enhancing financial inclusion, particularly in raising awareness of financial services and products. Financial literacy is essential for individuals to comprehend and utilize various financial offerings, enabling them to make informed financial decisions. The objective of this review is to synthesize existing research to demonstrate how improved financial literacy can increase awareness of financial products and facilitate access to these services. A comprehensive search of electronic databases, including PubMed, Web of Science, Science Direct, Emerald Insight, Google Scholar, Research Gate, and Scopus, initially identified 8601 studies. After removing duplicates, 5273 studies were excluded during the screening phase due to irrelevant titles and abstracts, and an additional 2948 studies were eliminated during the eligibility assessment for not meeting predetermined criteria. Ultimately, 49 studies were included in the analysis. The findings reveal significant patterns and gaps in the literature, indicating that individuals with higher financial literacy are more likely to engage in positive financial behaviors, thereby enhancing their access to essential financial services. This review provides valuable insights for educators and policymakers aiming to strengthen financial literacy programs and promote inclusive financial ecosystems, particularly for underserved populations.

    show more
  • Open Access

    Article

    Article ID: 1553

    Assessing the impact of capital structure on the performance of banks in the Arab nation

    by Mohammad Omran Abuafefah, Ponle Henry Kareem, Grace Oluwatosin Aina

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    The vital role of capital structure in the performance of banks cannot be overemphasized, as several studies have investigated the capital structure-performance nexus across different economies and sectors. However, the findings of these studies are mixed or inconclusive. In addition, there is a relative deficiency of empirical studies examining the capital structure performance of bank linkage in Morocco. This study fills this gap, employing the pooled data of 4 Moroccan banks from 2010 through 2023. This study empirically examined the impacts of capital structure on the performance of four (4) Moroccan banks assessed by return on equity and return on assets. The results of the feasible generalized least square showed that capital structure has mixed interactions with performance, as some of the capital structure proxies depict positive and negative linkage. The findings of this empirical study are of greater significance as they provide valuable insights for financial managers and regulators by enhancing their understanding of the complex processes that influence the performance of banks in Morocco.

    show more
  • Open Access

    Article

    Article ID: 1893

    Enhancing clean energy financial policies: Financing efficiency of new energy industry based on DEA-BCC-Malmquist-Tobit Model

    by Aicong Liu, Yueyue Song, Tong Dong, Shi Yin

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    The “double carbon” objective presents opportunities for new energy enterprises, though financing efficiency remains a significant challenge. This paper assesses the financing efficiency of 153 new energy enterprises from 2017 to 2021 using DEA-BCC (Differential Evolution Algorithm-Bias Corrected and Accelerated) and DEA-Malmquist models, providing both static and dynamic perspectives. The Tobit model is employed to analyze the factors influencing financing efficiency, with a case study on Shanghai Electric. Key findings include: (1) New energy enterprises and Shanghai Electric show diversified financing channels (internal financing, debt, equity, and financial support) with a positive trend. (2) Despite this, their financing remains inefficient. From 2017 to 2021, only about 15% of new energy enterprises achieved DEA effectiveness, with overall financing efficiency impacted by changes in scale efficiency. Dynamic analysis shows an overall improvement, but low efficiency persists. For Shanghai Electric, while its comprehensive technical efficiency was optimal between 2017 and 2020, it declined in 2021 due to suboptimal scale efficiency. Low technical progress and scale efficiency contributed to this inefficiency. (3) Factors affecting financing efficiency include enterprise size, green technology innovation, capital structure, government support, and employee quality. For new energy enterprises, scale is inversely related to financing efficiency, while the other factors positively influence it. For Shanghai Electric, enterprise size, employee quality, capital structure, and government support significantly impact its financing efficiency.

    show more

    (This article belongs to the Special Issue Climate Finance and Sustainable Development: Green Transition and Innovation under Carbon Neutrality Goals)

  • Open Access

    Article

    Article ID: 2026

    The impact of macroeconomic variables on financial performance: A bibliometric analysis

    by Sanjay Singh Chauhan, Pradeep Suri, Farman Ali, Amit Joshi

    Forum for Economic and Financial Studies, Vol.3, No.2, 2025;

    This study aims to review the literature on the relationship between the stock market and macroeconomic variables. Given the stock market’s role in driving economic activity, understanding this interaction is critical for investors, policymakers, and economists. The research uses bibliometric analysis to explore the current literature, identify trends, and map the intellectual landscape. Using Scopus data from 1979 to 2023, 867 publications were analyzed with Bibliophagy, a tool in R’s Bibliometrics package, automating the identification of influential journals, authors, and themes. Citation analysis, co-citation analysis, and social network analysis further provided insights into the academic discourse. The findings show that the relationship between macroeconomic variables and stock markets has evolved with changing economic conditions. This study also identifies research gaps and suggests future studies focus on specific industries to understand better how macroeconomic factors impact different economic segments.

    show more
View All Issues

Announcements

Special column "EconFin Q&A" has been launched!

2025-05-20

A new interactive column of Forum for Economic and Financial Studies called EconFin Q&A has been launched, and it focuses on core issues in the fields of economics and finance in a refined Q&A format. Each column will propose a hot topic and invite journal editors or outstanding scholars to provide concise and professional answers. Through this platform, readers can quickly access authoritative viewpoints, controversial points, and practical insights, promoting a two-way dialogue between academia and policy. The column emphasizes "problem oriented, timely response, and diverse perspectives", which not only serves as a reference for scholars' research, but also provides action basis for policy makers and industry practitioners. We look forward to your participation and welcome you to recommend questions or become an expert in answering them!

Click to find more information: https://ojs.acad-pub.com/index.php/FEFS/EFQA

Read more about Special column "EconFin Q&A" has been launched!