The Journal of Financial, Accounting, and Economics

Trade Facilitation and Intra-Regional Trade in the East African Community: Evidence from Panel Data Analysis

Erick Mchuma, Issacs Kipruto Kemboi, Simeon Nganai — Thu, 30 Jul 2026 00:00:00 +0000

This research investigates the impact of trade facilitation initiatives on intra-regional trade dynamics within the East African Community (EAC) across the period from 2010 to 2024. Despite the EAC's progress towards regional integration, intra-regional trade continues to underperform relative to its potential a situation attributable to enduring procedural problems and institutional deficiencies. The study employed a random effects model to estimate the panel trade data from EAC member countries. The results reveal that export documentation costs, import clearance time and controlling corruption are positively and significantly associated with trade flows while import documentation costs and regulatory quality exert negative influence. Findings highlighted the need for policies that improve trade efficiency, simplify regulations, and promote institutional transparency to help integrate trade within the East African Community. East African Community member states ought to prioritize the streamlining and standardization of trade documentation especially concerning imports, to mitigate procedural barriers that impede cross-border commerce. Enhancing digital customs platforms and broadening the scope of electronic clearance systems can significantly improve processing efficiency and transparency. Furthermore, bolstering anti-corruption initiatives at border crossings is essential given that improved governance directly facilitates more seamless trade and diminishes unofficial expenses.

From Risk to Uncertainty: A Systematic Literature Review of Business Decision-Making in the Era of Global Business Transformation

I Made Surya Negara Sudirman — Fri, 31 Jul 2026 00:00:00 +0000

Changes in the global business environment influenced by digital transformation, geopolitical dynamics, climate change, and increasing economic complexity have made risk and uncertainty strategic issues in business decision-making. Although these two concepts are often used interchangeably, the literature shows that risk is a condition whose probability can still be estimated, while uncertainty relates to limited information that makes the probability and consequences of an event difficult to predict. This conceptual difference has significant implications for the effectiveness of organizational decision-making, especially in dynamic business environments. This study aims to synthesize the development of literature on the concepts of risk and uncertainty in business decision-making, identify research trends, evaluate theoretical and practical contributions, and identify research gaps that remain open during the period 2015–2025.

The study employed a Systematic Literature Review (SLR) approach, adhering to the PRISMA 2020 guidelines. The literature search was conducted through five academic databases: Scopus, ScienceDirect, SpringerLink, Wiley Online Library, and Google Scholar. Of the 18 identified articles, nine met all inclusion criteria and were analyzed using content analysis and thematic synthesis. The results indicate that the literature is evolving toward a more integrative risk management paradigm through the application of Enterprise Risk Management (ERM), digital transformation, artificial intelligence, data analytics, and a sustainability approach (Environmental, Social, and Governance/ESG). The study also identified that the implementation of risk and uncertainty concepts in MSMEs and organizations in developing countries is still relatively limited, thus opening opportunities for further research that integrates behavioral, technological, and local characteristics in developing more adaptive and resilient business decision-making models.

Moderating effect of technology readiness on the relationship between electronic tax invoice adoption and its determinants among small and medium enterprises in Embakasi sub-county, Nairobi, Kenya

Peter Kinuthia, Philip Kiprotich, Risper Achieng — Fri, 31 Jul 2026 00:00:00 +0000

The purpose of this study was to examine the moderating effect of technological readiness on the relationship between perceived benefit, perceived security, relational trust and the adoption of electronic tax invoices among small and medium enterprises (SMEs) in Kenya. Guided by the Innovation Diffusion Theory, the Technology Acceptance and Use of Technology Theory, and the Standard Economic Theory, the study employed an explanatory research design targeting 859 SMEs in Embakasi Sub-County. A sample of 273 SMEs was selected through stratified and simple random sampling techniques. Data were collected using semi-structured questionnaires and analyzed using descriptive and inferential statistics, including regression analysis. The findings revealed that perceived benefit, perceived security, and relational trust all had positive and statistically significant effects on electronic tax invoice adoption. Additionally, technological readiness was found to significantly moderate these relationships, enhancing the adoption process. The study supports theoretical perspectives emphasizing the importance of perceived advantages, trust, and security in technology adoption. It recommends that SME managers focus on improving technological readiness and trust-building initiatives, while policymakers should invest in supportive legal frameworks, digital infrastructure, and capacity building to drive broader adoption of electronic tax systems among SMEs.

The Role of Forecasting in Managerial Planning: A Literature Review of Methods, Contributions, and Implementation Challenges

Made Diah Kartika Maharani — Fri, 31 Jul 2026 00:00:00 +0000

The increasingly dynamic, complex, and uncertain business environment demands that organizations have the ability to anticipate various possible future conditions as a basis for planning and decision-making. In this context, forecasting plays a crucial role as a managerial support instrument that enables organizations to utilize historical data, patterns, trends, and relevant information to generate estimates of future conditions. This study aims to analyze the role of forecasting in managerial planning, identify forecasting methods used in business practices, analyze their contribution to the effectiveness of planning and decision-making, and identify challenges in their implementation. The study uses a literature review approach by examining various relevant academic literature on forecasting, forecasting methods, business planning, managerial decision-making, and the use of technology in forecasting. The literature is analyzed descriptively, comparatively, and interpretively by linking various research findings to gain a more comprehensive understanding.

The study results show that forecasting serves as a supporting instrument for strategic, operational, and financial planning by providing information about possible future conditions. Forecasting methods can be grouped into quantitative approaches, such as time series, moving averages, exponential smoothing, ARIMA, regression, and Monte Carlo simulations, and qualitative approaches such as the Delphi method, scenario planning, and market research. No single method is universally superior because forecasting effectiveness depends on data characteristics, forecasting objectives, time horizon, level of uncertainty, and organizational context. Forecasting can improve the quality of resource planning, risk management, inter-unit coordination, and financial planning, but it does not automatically produce correct decisions. Its effectiveness is also influenced by data quality, human resource competency, model selection, organizational culture, technological support, and management's ability to interpret and use prediction results. Therefore, an integrative approach that combines quantitative and qualitative methods, supported by technology, human resource competency, and continuous model evaluation, is essential to enhancing the benefits of forecasting in managerial planning.

Beyond Rationality: A Systematic Literature Review of Overconfidence Bias in Investment Decision-Making from a Behavioral Finance Perspective

Ni Luh Reni Martini — Fri, 31 Jul 2026 00:00:00 +0000

The development of global financial markets, the digitalization of investment services, and the increasing participation of retail investors have changed the characteristics of investment decision-making. Under these conditions, investment decisions are no longer solely influenced by rational analysis as assumed in traditional financial theory, but are also influenced by various psychological biases, particularly overconfidence. This bias encourages investors to overestimate their abilities, knowledge, and predictive accuracy, potentially resulting in suboptimal investment decisions. This study aims to systematically synthesize the development of literature on the influence of overconfidence on investment decisions from a behavioral finance perspective, identify dominant research themes, evaluate the consistency of empirical findings, and uncover research gaps that still require development. The study used a Systematic Literature Review (SLR) approach with reference to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. The literature selection process was carried out on articles published between 2015 and 2024 through the Scopus, ScienceDirect, SpringerLink, Taylor & Francis, and Google Scholar databases, resulting in ten articles that met all inclusion criteria for analysis.

The synthesis results indicate that overconfidence is a significant determinant of investment decision-making. Five key themes were identified: the influence of overconfidence on investment activity intensity, increased risk appetite, the influence of demographic characteristics such as gender and generation, the role of investment digitalization in reinforcing behavioral biases, and the consistency of overconfidence across developing countries. In addition to strengthening the relevance of behavioral finance as an approach capable of explaining the limitations of investor rationality assumptions, this study also demonstrates that digital transformation has the potential to reinforce the illusion of knowledge and the illusion of control, thereby increasing investors' tendency to make more aggressive investment decisions. This study provides theoretical contributions by mapping the development of the literature on overconfidence and provides practical implications for investors, regulators, and digital investment platform developers in designing strategies to mitigate behavioral biases and strengthen financial literacy. Furthermore, this study identifies the need for longitudinal research and the development of models that integrate financial literacy, financial technology, artificial intelligence, and risk tolerance to broaden understanding of investment behavior in the era of digital transformation.