Template-Type: ReDIF-Article 1.0 Author-Name: Shamsul Huq Bin Shahriar Author-Workplace-Name: American & Efird Bangladesh Limited Title: Online learning in enhancing educational outcomes: Bangladesh's perspectives Publication-Status: Published Abstract: Purpose: This study aims to evaluate the effectiveness of online learning platforms in improving educational outcomes for girls in Bangladesh, focusing on participants' experiences and challenges considering SDG 4 and SDG 5.  Methodology: This study used a qualitative approach with a sample of 43 girls aged 20-26 from urban and rural areas across Bangladesh. Participants were selected via purposive sampling based on their experience with online learning platforms. Data were collected through in-depth interviews conducted in person or remotely. Thematic analysis was used to identify key insights by coding and grouping the interview responses into themes, focusing on the effectiveness of online learning platforms in improving educational outcomes. Findings: The findings highlight the transformative impact of online education in improving educational outcomes for girls in developing countries like Bangladesh. Online platforms address barriers such as geographic isolation, safety concerns, and cultural restrictions, allowing girls, especially in rural areas, to access education. Respondents noted the benefits of flexible learning, reduced absenteeism, and enhanced participation in STEM. OER and MOOCs provide diverse, high-quality, and affordable learning opportunities, while AI tools support academic tasks. However, ethical concerns regarding AI usage persist. And finally, online education fosters inclusive, equitable education and aligns with SDG 4 and SDG 5 goals. Implications- The implications of the research are that it will help the policymakers to address the functionality of Internet-based online education in increasing educational access to girls and avoiding gender disparity when it comes to education and skill development of the girls in the developing nations in achieving goals 4 and 5 of sustainable development. Limitations and directions for future research: Future research needs larger, longitudinal mixed-methods designs with objective learning measures and wider coverage in Bangladesh to test causal effects and scalability. Originality: This research offers unique insights into the intersection of online learning and gender equity in education with a perspective on how technology can help achieve SDG 4 and 5 in developing countries. Keywords: Online learning; Lifelong learning; Information and Communication Technology; Sustainable development Journal: Journal of Accounting, Finance, Economics, and Social Sciences Pages: 1-18 Volume: 10 Issue: 2 Year: 2025 Month: December DOI: 10.62458/jafess1021sshb File-URL: https://jafess.com/index.php/home/article/view/120 File-Function: Abstract page File-Format: text/html File-URL: https://jafess.com/index.php/home/article/download/120/103 File-Function: Full text File-Format: application/pdf Handle: RePEc:euj:jafess:v:10:y:2025:i:2:id:120 Template-Type: ReDIF-Article 1.0 Author-Name: Melati Melati Author-Workplace-Name: Nasional University, Jakarta, Indonesia Author-Name: Andini Nurwulandari Author-Workplace-Name: Nasional University, Jakarta, Indonesia Author-Name: Hasanudin Hasanudin Author-Workplace-Name: Nasional University, Jakarta, Indonesia Title: Financial flexibility at the crossroads: A bibliometric analysis of research trends, thematic clusters, and crisis-driven evolution Publication-Status: Published Abstract: Purpose: This study maps the intellectual landscape and the literature evolution of financial flexibility publications. By examining thematic clusters, trends, and recent crisis-driven developments, this research emphasize the multidimensional impact of flexibility on organizational performance, strategic decision-making, and resilience. Methodology: A bibliometric analysis was cariied out based on the Crossref database and visualized using VOSviewer software. Network, overlay, and density visualization were used to determine thematic structures, temporal developments, and intensity of research. Findings: The results present seven thematic clusters of financial flexibility research, including foundational finance, crisis-based flexibility, strategic and organizational dimensions, macro and policy implications, cognitive flexibility and behavioral finances, governance and moderating impacts, and payout policy-based flexibility. Implications: Managers must balance retention of liquidity and disciplined investment, integrate risk management practices, and rely on governance structures that preclude wasteful slack building. Regulatory policies also needed for increasing liquidity support, facilitating financing, and enhancing corporate governance. Originality: The paper contributes inclusive bibliometric mappings of literature on financial flexibility. By blending the combination of thematic clusters, temporal, and density analysis, it describes the intellectual trajectory of the concept, identifies hotspots of research, and outlines future potential. Limitations and direction for future research: The study is limited to Crossref-indexed literature and thus does not provide a reflection of the whole literature spanned across databases. The future study should expand to various bibliographic sources and explore cross-disciplinary contexts, such as cognitive and behavioral dimensions. Keywords: Financial flexibility; Crisis management; Bibliometric analysis Journal: Journal of Accounting, Finance, Economics, and Social Sciences Pages: 19-32 Volume: 10 Issue: 2 Year: 2025 Month: December DOI: 10.62458/jafess1022mel File-URL: https://jafess.com/index.php/home/article/view/135 File-Function: Abstract page File-Format: text/html File-URL: https://jafess.com/index.php/home/article/download/135/108 File-Function: Full text File-Format: application/pdf Handle: RePEc:euj:jafess:v:10:y:2025:i:2:id:135 Template-Type: ReDIF-Article 1.0 Author-Name: Pamela Tinashe Bakare Author-Workplace-Name: Hubei University of Technology, China Title: ESG integration and cost of capital: Microsoft's sustainable finance transformation Publication-Status: Published Abstract: Purpose: This study examines the relationship between Environmental, Social, and Governance (ESG) integration and the cost of capital for Microsoft Corporation from 2015 to 2025, analyzing how comprehensive sustainability initiatives influence borrowing costs, credit ratings, and investor valuations. Methodology: Employing a mixed-methods longitudinal case study design, this research combines quantitative analysis of financial metrics (bond yields, credit spreads, cost of debt) with qualitative thematic analysis of ESG initiatives. Secondary data sources include Microsoft's annual reports (2015-2025), sustainability disclosures, credit rating reports, and market data from Bloomberg and Refinitiv databases. Findings: Microsoft's ESG integration strategy correlates strongly with favorable cost of capital outcomes, including maintenance of AAA credit ratings across all major agencies, bond yields approaching Treasury rates (spread compression to 8 basis points), and statistically significant negative correlations (r = -0.82, p < 0.001) between ESG performance scores and cost of debt. The company's carbon-negative commitment, water-positive initiatives, and circular-economy programs demonstrate measurable financial value creation by reducing financing costs. Implications: Findings validate the business case for strategic ESG integration, demonstrating that proactive sustainability investments create quantifiable financial value by reducing capital costs. Microsoft's framework provides actionable insights for technology firms seeking to optimize capital structures through ESG excellence. Originality: This research addresses the limited empirical evidence on ESG-cost of capital dynamics within the technology sector, providing a longitudinal analysis of the sole major corporation maintaining universal AAA ratings while executing transformative sustainability commitments. Limitations and directions for future research: A single-case design limits generalizability across industries and firms with different resource endowments. Future research should pursue comparative technology-sector analysis and longitudinal studies extending beyond 2030 to capture the full impact of realization. Keywords: ESG integration; cost of capital; sustainable finance; Microsoft Corporation; credit ratings Journal: Journal of Accounting, Finance, Economics, and Social Sciences Pages: 33-46 Volume: 10 Issue: 2 Year: 2025 Month: December DOI: 10.62458/jafess1023bpt File-URL: https://jafess.com/index.php/home/article/view/119 File-Function: Abstract page File-Format: text/html File-URL: https://jafess.com/index.php/home/article/download/119/111 File-Function: Full text File-Format: application/pdf Handle: RePEc:euj:jafess:v:10:y:2025:i:2:id:119 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmadu Abubakar Author-Workplace-Name: Federal University Dutsin-Ma, Katsina State, Nigeria Author-Name: Muhammad Malami Maishanu Author-Workplace-Name: Usmanu Danfodiyo University, Sokoto, Nigeria Title: Financial leverage and performance of listed information and communication technology companies in Nigeria Publication-Status: Published Abstract: Purpose: This paper examines how the leverage component of the capital structure determines the performance of Information & Communication Technology (ICT) Companies in Nigeria. Methodology: Data from six listed ICT firms in Nigeria were used, covering the period 2011- 2023. Descriptive statistics and robust Pooled Ordinary Least Squares regression were used for the analysis. Findings: Results indicate that the short-term debt ratio does not determine performance, and the total-debt-to-equity ratio has a detrimental effect on financial performance, as measured by return on equity. Implications: The study has provided value by adding to our understanding of how the performance of ICT firms is influenced by debt. The Pecking Order Theory's prediction was confirmed by the negative effect of debt on performance, with several implications. The Central Bank of Nigeria, through its monetary policy, is encouraged to cut down the cost of borrowing to enhance shareholders’ wealth through increased earnings and investment. Originality: This research is among the very few that enrich our understanding of how leverage impacts performance in a vibrant sector, such as ICT in Nigeria. Limitations and directions for future research: Despite the valuable contributions, the focus on firms in the ICT sector, which limits generalizability to other contexts, and the selection of leverage and performance proxies constitute vital limitations. Future research should examine other sectors, employing additional leverage measures (debt-to-equity ratio and interest coverage ratio) and performance measures (Tobin’s Q and earnings per share). Keywords: Financial Leverage; Performance; Information & Communication Technology; Pooled Ordinary Least Square; Return on Equity Journal: Journal of Accounting, Finance, Economics, and Social Sciences Pages: 47-58 Volume: 10 Issue: 2 Year: 2025 Month: December DOI: 10.62458/jafess1024aam File-URL: https://jafess.com/index.php/home/article/view/136 File-Function: Abstract page File-Format: text/html File-URL: https://jafess.com/index.php/home/article/download/136/113 File-Function: Full text File-Format: application/pdf Handle: RePEc:euj:jafess:v:10:y:2025:i:2:id:136 Template-Type: ReDIF-Article 1.0 Author-Name: Do Van Ly Author-Workplace-Name: Nong Lam University, Ho Chi Minh City, Vietnam Title: Public investment, infrastructure, and the competitiveness of small and medium enterprises: empirical evidence from Vietnam’s fiscal expansion Publication-Status: Published Abstract: Purpose: This study examines the impact of public investment and infrastructure development on the competitiveness of small and medium-sized enterprises (SMEs) in the context of Vietnam’s recent fiscal expansion. Methodology: The study employs a quantitative approach using panel data from Vietnamese provinces over the period 2015 - 2023. Data are collected from official sources, including the General Statistics Office, the Ministry of Planning and Investment, and the World Bank. Fixed-effects regression models are applied to estimate the relationship between public investment, infrastructure, and SME competitiveness while controlling for firm- and region-specific factors. Findings: The results indicate that public investment and infrastructure development have a positive and statistically significant effect on SME competitiveness. In particular, investment in transport and digital infrastructure shows the strongest impact on productivity growth, market expansion, and export participation of SMEs. Implications: The findings suggest that policymakers should prioritize efficient allocation of public investment toward infrastructure sectors that directly support business activities, especially transport and digital connectivity, to enhance regional competitiveness and SME performance Originality: This study provides new empirical evidence from an emerging economy by linking fiscal expansion, infrastructure investment, and firm-level competitiveness. It contributes to the literature by offering a regional-level analysis of how public investment policies shape SME performance in developing countries. Limitations and directions for future research: This study is limited by the use of secondary data at the provincial level and the focus on a single country context. Future research could employ firm-level microdata, explore causal mechanisms using quasi-experimental methods, and extend the analysis to cross-country comparisons. Keywords: Public investment; infrastructure; SMEs; competitiveness; fiscal expansion; regional development; Vietnam Journal: Journal of Accounting, Finance, Economics, and Social Sciences Volume: 10 Issue: 2 Year: 2025 Month: December DOI: 10.62458/jafess1025dvl File-URL: https://jafess.com/index.php/home/article/view/59-70 File-Function: Abstract page File-Format: text/html File-URL: https://jafess.com/index.php/home/article/download/59-70/114 File-Function: Full text File-Format: application/pdf Handle: RePEc:euj:jafess:v:10:y:2025:i:2:id:141