This study presents a comprehensive bibliometric analysis of the literature on public financial management (PFM), aiming to identify key trends, influential publications, and emerging themes. Using data from Web of Science and Scopus, the study examines the evolution of PFM research from 1977 to 2024. The findings reveal a significant increase in PFM research output, particularly after 2010, with countries like the United States, the United Kingdom, and China contributing the most publications. Central themes such as financial management, transparency, and accountability remain prominent while emerging topics like gender budgeting, health insurance, and blockchain technology reflect shifting priorities in the field. The study employed performance analysis and science mapping techniques to assess the structure and dynamics of PFM research. The analysis highlights key focus areas, including fiscal decentralization and sector-specific management, and identifies gaps in the existing literature, particularly regarding interdisciplinary and international collaboration. The results suggest that while PFM remains rooted in traditional governance and financial control, there is a growing emphasis on modern, innovative solutions to address contemporary challenges. This study’s insights provide a roadmap for future research, emphasizing the importance of transparency, technological integration, and inclusive financial policies. In conclusion, this bibliometric analysis contributes to understanding PFM’s evolving landscape, offering scholars and policymakers a clearer perspective on current trends and future directions in the field. Future research should focus on expanding interdisciplinary approaches and exploring the practical impacts of emerging PFM trends across different regions.

This study investigates the evolution of monetary policy in Ghana and explores the potential of Central Bank Digital Currencies (CBDCs), specifically the e-Cedi, as a tool to enhance financial inclusion and modernize the country’s financial system. Ghana’s monetary policy framework has undergone significant transformations since the establishment of the Bank of Ghana in 1957, with notable achievements in stabilizing the economy and managing inflation. However, large segments of the population, particularly in rural areas, remain unbanked or underbanked, highlighting the limitations of traditional monetary tools. The introduction of the e-Cedi presents an opportunity to bridge these gaps by providing secure, efficient, and accessible financial services to underserved communities. The study employs a qualitative research design, integrating historical analysis, case studies, and thematic analysis to assess the potential benefits and challenges of CBDCs in Ghana. Key findings indicate that while the e-Cedi could significantly enhance financial inclusion, challenges related to technological infrastructure, cybersecurity, and public trust must be addressed. The study concludes that a balanced approach, which prioritizes digital infrastructure development, strong cybersecurity measures, and collaboration with financial institutions, is essential for maximizing the potential of CBDCs in Ghana. Recommendations for future research include a deeper exploration of the impact of CBDCs on financial stability and further analysis of rural adoption barriers.

Our study investigates the relationship between firm profitability, board characteristics, and the quality of sustainability disclosures, while examining the moderating effects of financial leverage and external audit assurance. A key focus is the distinction between Big 4 and non-Big 4 audit firms. Using data from Malaysia’s top 100 publicly listed organizations from 2018 to 2020, we analyze sustainability reports based on the Global Reporting Initiative (GRI) standards. Unexpectedly, our results indicate a negative association between firm profitability and board characteristics, challenging traditional assumptions. We find that non-Big 4 audit firms significantly enhance sustainability disclosure quality, contradicting the widely held belief in the superiority of Big 4 firms. Our finding introduces the “Big 4 dilemma” in the Malaysian context and calls for a reassessment of audit firm selection practices. Our study offers new perspectives on the strategic role of board composition and audit firm selection in advancing sustainability disclosures, urging Malaysian organizations to evaluate audit firms on criteria beyond the global prestige of Big 4 firms to improve sustainability reporting.

Interest in the impact of environmental innovations on firms’ financial performance has surged over the past two decades, but studies show inconsistent results. This paper addresses these divergences by analyzing 74 studies from 1996 to 2022, encompassing 4,390,754 firm-year observations. We developed a probability-based meta-analysis approach to synthesize existing knowledge and found a generally positive impact of environmental innovations on financial performance, with a probability range of 0.85 to 0.97. Manufacturing firms benefit more from environmental innovations than firms in other industries, and survey-based studies report a more favorable relationship than those using secondary data. This study contributes to existing knowledge by providing a comprehensive aggregation of data, supporting the resource-based view (RBV) and the Porter hypothesis. The findings suggest significant policy implications, highlighting the need for tailored incentives and information-sharing mechanisms, and underscore the importance of diverse data sources in research to ensure robust results.

Tourism plays a crucial role in driving economic development, and there is a growing demand to integrate sustainability into the sector, particularly in the financial practices of governments. This study introduces the Quintessence Sustainable Tourism Public Finances (QSustainableTPF) model, which combines five established financial models commonly used in the tourism industry. The research aims to identify statistically significant relationships between these models and assess their impact on sustainability and financial performance in tourism. A quantitative methodology was employed, with data collected from financial reports and budget documents of both local and central governments, along with a survey of 2099 citizens and visitors conducted during the 2023–2024 period. Statistical analysis was performed using SPSS and AMOS, incorporating exploratory factor analysis (EFA), reliability testing using Cronbach’s alpha, and confirmatory factor analysis (CFA). The findings underscore the essential role of public finance in supporting tourism sustainability, particularly through transparent budgetary practices, efficient allocation of resources, and targeted investment in local tourism initiatives. The analysis reveals key insights into the benefits of financial transparency, citizen-centred budgeting, and the promotion of innovation in tourism finance. The interconnectedness of the five models highlights the importance of responsible public financial management in fostering tourism growth, enhancing investment, and ensuring long-term financial sustainability in the sector. The study offers practical implications for policymakers, advocating for the adoption of transparent and innovative financial practices to boost tourism development. It also recommends further research to broaden the scope across different regions, integrating additional public finance dimensions to strengthen sustainable tourism growth.

The purpose of this study is to explore new financial product’s impact on the behaviour of individual investors. To analyze investors’ risk and return expectations, this article investigates trading volumes before and after the introduction of financial product innovation. An event research technique was used to gather data from the National Stock Exchange. Data was analyzed using descriptive statistics and the Sharpe ratio approach, which were provided by different investors. The research results highlight that individual investors’ overreaction behaviour is brought out by financial product innovation. Furthermore, the study’s results imply that rising trading volumes are not entirely explained by updated risk-adjusted returns and that new financial products lead to excessive trading by investors and lowering returns. Higher trading volumes are not explained by better risk-adjusted returns. Young investors often respond irrationally to information offered by financial advisors, resulting in short-term gains at the expense of long-term gains. The study demonstrates that the development of innovative financial products does not always result in investors’ long-term prosperity. Worse outcomes and excessive trading could follow from it. The paper concludes by providing various real-world implications that the benefits and drawbacks of innovative financial products should be spelled out in detail by financial institutions and representatives. his research contributes to the implementation of individual investors’ overreaction behaviour that is brought out by financial product innovation. It highlights that higher trading volumes are not explained by better risk-adjusted returns.