Acta Universitatis Danubius. Œconomica

Product Development Strategy and Non-Financial Performance of Kenya’s Travel Agencies

Tracy Wangechi Maina — 2025-11-28

Objectives: This study analyzes the influence of product development strategy on the non-financial performance of travel agencies in Nairobi, Kenya. The travel sector significantly contributes to Kenya’s growth and development; however, it faces challenges in developing and adapting products to the market’s ever-evolving needs. Prior work: While several studies have been conducted on the tourism industry in Kenya, the researchers are aware of no explicit studies that assess travel firms registered with the Kenya Association of Travel Agencies. Approach: The researchers utilized a descriptive cross-sectional design to examine the influence of product development strategy on the non-financial performance of travel agencies in Nairobi, Kenya. The study was anchored on pragmatism to collect both qualitative and quantitative data from the respondents. Results: Product development strategy (Coeff = 0.66, p-value = .00) has a statistically significant influence on the non-financial performance of travel agencies. Implications: This research offers insights policymakers and tourism practitioners can use to formulate and execute strategies that foster the growth, development, and sustainability of travel agencies. Value: The study extends the strategic management literature by examining product development strategy through the lens of the resource-based view and the non-financial performance of travel agencies.

From Hidden Reserves to Transparent Prudence: IFRS 17, Profit Recognition, and Institutional Diffusion in the Insurance Sector. Evidence from Albania and European Benchmarks

Esmeralda Yryku — 2025-12-02

Objectives. We show how prudential profit deferral in life insurance is recast by IFRS 17 into explicit, auditable mechanics. For Albania, the standard is not yet applied; 2024 materials are interim or management and unaudited. Prior Work. We build on literatures on prudence versus transparency and institutional diffusion, and on early European note architecture. Approach. We combine process tracing of European and Albanian milestones with a structured 20-item disclosure rubric applied to six insurers (three in Albania; three European benchmarks), and compute three simple presence-only indices of disclosure breadth and IFRS 17-specific innovation, excluding not-applicable items and documenting page-level locators. Results. Audited 2023 European annual reports show CSM/RA roll-forwards, revenue bridges, and explicit discount-rate policies. Albanian 2024 artefacts show elements where presented; absence at interim is treated as not applicable. Implications. Before 2025, no compliance claims are made for Albania. Preparers should standardise templates, quantify the risk adjustment where material, and publish concise bridges to prudential views; supervisors can reinforce interim guidance. Value. We articulate “transparent prudence” and provide a reproducible small-market benchmarking template. Albania-specific caveat: evidence is unaudited, parallel-run, and limited to what is publicly presented; indices are presence only and may be affected by interim windows and not-applicable treatment.

The Impact of Emerging E-Commerce Platforms on Amazon’s Stock Price Performance

Nthabiseng Matsepe — 2025-12-02

Objective: This study analyzes how emerging e-commerce competitors—Temu, eBay, and Etsy—influenced Amazon’s stock returns and volatility between 2018 and 2024. Approach: Using covariance analysis and GARCH-type models, the findings reveal that Amazon’s returns were significantly affected by market shocks and competitive pressures, with clear evidence of volatility clustering and asymmetric effects. While eBay and Etsy moved largely in tandem with Amazon, Temu’s returns displayed an inverse relationship, suggesting its rapid market expansion occurred partly at Amazon’s expense. Results: These results support the study’s objective by demonstrating that rising competition from new entrants materially altered investor sentiment and short-term stock performance in the global e-commerce space. The study also contributes to the intersection of the Efficient Market Hypothesis (EMH) and Behavioral Finance. It shows that investor reactions to competitive developments were not always rational, with herding behaviour and sentiment-driven responses amplifying short-term volatility. Amazon’s heightened sensitivity to firm-specific shocks, relative to broader market trends, underscores its exposure to competitive and innovation-driven risks in a fast-evolving digital landscape. Value: From a practical standpoint, the research highlights the importance for investors to monitor behavioural signals and market narratives, which can influence valuation and risk beyond traditional fundamentals. For e-commerce firms, the results underscore the need for continuous innovation, strategic differentiation, and adaptive pricing to retain market share. While limited by a focused sample and geographic scope, this study lays groundwork for future research incorporating broader datasets, cross-country analysis, and sentiment indices to better understand the interplay of competition and investor psychology in digital markets.

The Impact of Diaspora Remittances on Economic Growth in Zimbabwe (2015–2024)

Charles Nyoka — 2025-12-02

Zimbabwe went through many economic phases since it attained independence in 1980. The country was starved of foreign currency inflows which provide capital for productive sectors to attain economic development. As her foreign currency earning capacity from exports had collapsed, she turned to the inflows from Zimbabweans in the diaspora for survival. This paper determines whether diaspora remittances had a positive effect on Zimbabwe’s economic growth from 2015–2024 using descriptive analysis, correlation analysis, and multiple linear regression analysis. The findings affirm that remittance inflows play a crucial role in supporting GDP growth. Descriptive statistics show significant macroeconomic volatility. Trend analysis confirms a divergence between volatile GDP growth and steady remittance inflows, highlighting the counter-cyclical role of remittances. Correlation analysis supports this, showing a strong positive link between remittances and GDP growth. Multiple regression analysis shows that log-transformed remittances significantly impact GDP growth. This emphasizes the substantial growth-promoting potential of remittances, likely via channels such as household consumption and investment. Overall, remittances are crucial for inclusive growth in Zimbabwe’s macroeconomic policy and hence future fiscal and monetary plans should incorporate this insight by promoting formal remittance channels, increasing diaspora engagement, and maintaining macroeconomic stability to maximize their developmental benefits.

Towards a Strategic Business Onomastic Model: Developing a Conceptual Framework for Small Enterprises in South Africa

Rejoice Sibanda — 2025-12-02

Objectives: This study examines the strategic role of business naming among small enterprises in South Africa, proposing the Strategic Business Onomastic Model (SBOM) to illustrate the relationship between naming typologies and entrepreneurial strategies., Prior Work: Although business naming is recognized as a key element in brand identity and market positioning, its strategic relevance in small enterprise development remains underexplored, particularly in the South African context. Existing literature has primarily focused on large firms, leaving a gap in understanding how naming practices influence strategy in smaller, resource-constrained environments. Approach: Guided by an interpretivist epistemology and employing a qualitative case study design, the research investigates naming practices across various sectors in Gauteng Province. The study draws on empirical data to explore how naming decisions reflect and influence strategic intent. Results: The findings reveal four dominant naming typologies—descriptive, arbitrary, religion-based, and founder-based—each associated with specific strategic orientations. These naming choices affect organizational flexibility, market positioning, and the articulation of long-term goals., Implications: Intentional naming is shown to be a strategic act that contributes to competitive advantage and business growth. By linking naming categories to appropriate strategic postures, the SBOM framework offers a contextualized guide for aligning business identity with entrepreneurial intent and Value: The SBOM model contributes to both theory and practice by offering a novel lens through which to understand naming as a strategic tool. It provides practical insights for entrepreneurs, small business incubators, and policymakers seeking to foster sustainable enterprise development.

Green Manufacturing and Sustainable Performance of Firms in North-Central Nigeria

Samson Achem — 2025-12-19

This study focused on green manufacturing and sustainable performance of firms in North-Central Nigeria. The study examined the extent to which green design affects environmental performance and determined the effect of green efficient processes on product quality. The study utilized a survey research design. A sample size 341 was established. A multi-stage sampling technique was utilized to ensure thorough representation. The study utilized construct validity and applied factor analysis. The study utilized both descriptive and inferential statistics for analyzing the data. Regression analyses were employed to test the established hypotheses. Findings showed that green design has a significant positive effect on environmental performance, and that green efficient processes have a significant positive effect on product quality. The study affirmed that green manufacturing significantly enhances the sustainable performance of firms. The study recommended that manufacturing firms should prioritize the integration of green design into their product development processes to enhance environmental performance, and that manufacturing firms should integrate green efficient processes into their operations to enhance product quality and competitiveness.

Investigating Consumers’ Motives for Attending Major Cultural Events

Gift Muresherwa — 2025-12-19

Cultural events are increasingly recognised as drivers of tourism, social cohesion, and local economic activity. However, limited empirical research exists, especially on the motivations influencing attendance, particularly in African contexts. This study, therefore, explores consumers’ motives for attending major cultural events in South Africa, focusing on the Cape Town Carnival (CTC) event. The study followed a quantitative research design, using survey data collected from attendees during the 2023 and 2024 editions of the event. Data were analysed using IBM SPSS software to identify the key reasons for attending this annual event. Findings reveal that attendees were primarily motivated by the pursuit of fun and entertainment, the influence of family and friends, and the convenience of the event’s location. Cultural appreciation and loyalty among repeat attendees also emerged as significant themes, while other factors such as the outdoor atmosphere and spontaneous participation were less common. These insights highlight the multifaceted nature of consumer behaviour at cultural events. The study recommends that organisers focus on enhancing the experiential and cultural value of the carnival event. It also highlights the importance of leveraging social networks and accessibility to help broaden participation. Overall, the findings provide valuable guidance for event marketing and destination branding in Cape Town.

Realising Decent Academic Citizenship Behaviour in Nigeria’s Higher Education Sector: The Role of Servant Leadership and Psychological Ownership

Mustapha Aliyu — 2025-12-19

The study explores the importance of realising decent academic citizenship in Nigeria’s higher education sector with servant leadership and psychological ownership. This has been reported as one of the vacuums that undermines the quality of teaching, research, and community service. Prior evidence has proven the need for a work environment where academics demonstrate a strong sense of belonging. This study was a multidimensional measure based on a survey to analyse the distribution and correlations between respondents’ views of academic staff members employed at Nigerian Federal universities. The cluster sample approach was adopted to arrive at 392 of the population. It was found that servant leaders prioritising welfare significantly promote citizenship behaviour among academics. Similarly, psychological ownership was also found to significantly promote citizenship behaviour toward academics and the university, as academics who feel a sense of belonging are more likely to engage in community service. The implication is that when leaders actively exhibit civic behaviour towards the academics’ welfare and community service, academics are more likely to respond with behaviours that benefit the institutions in reciprocity. This reciprocal interchange will promote a harmonious work environment where workers feel appreciated and are inspired to contribute beyond their official tasks. Moreover, when academics acquire a strong feeling of psychological ownership towards the university, they are more likely to participate in volunteer actions that promote the institution’s vision.

Effect of Foreign Ownership on the Relationship Between Capital Structure and Listed Manufacturing and Allied Firms in Kenya

Ayiego Jackson Lumbasio — 2025-12-19

Financing decisions are closely linked to investment decisions, as firms require resources to finance the activities that result from investments. Finding a balance between the elements of capital structure is crucial for optimizing the financial value of performance while ensuring long-term sustainability within a dynamic business ecosystem. The NSE, the main stock exchange in Kenya, continues to evolve, reflecting its integration into the broader regional financial systems. After a retrospective review of theories that provide substantial insights into the complex dynamics of capital structure decisions, this study aims to examine the effect of foreign ownership on the relationship between capital structure and financial performance of listed manufacturing and related firms in Kenya.