Oikonomia Review: Journal of Economics, Management, and Accounting
Oikonomia Review is a peer-reviewed, open-access academic journal published by Kalam Practica Media. The journal focuses on the advancement of knowledge in economics, management, accounting, and business strategy. It provides a scholarly platform for researchers, academics, practitioners, and policymakers to disseminate high-quality research and innovative ideas that contribute to the development of economic and business sciences. The journal is published four times a year in March, June, September, and December.
Agile Project Governance, Knowledge Sharing, and Software Delivery Performance in Vietnamese Tech Startups: The Mediating Role of Sprint Discipline
Agile methods are widely adopted by Southeast Asian startups to accelerate product development, yet many teams struggle to sustain predictable delivery as organizational complexity grows. This study examines how agile project governance influences software delivery performance in Vietnamese tech startups through knowledge sharing and sprint discipline. Drawing on project governance theory, knowledge-based view, and agile execution research, the model conceptualizes agile governance as lightweight controls that clarify decision rights, align priorities, and manage stakeholder change without undermining autonomy. Survey data were collected from 372 agile teams across Vietnamese tech startups engaged in web and mobile product development. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test direct effects and parallel mediation. Results indicate that agile project governance strengthens knowledge sharing and sprint discipline; sprint discipline and knowledge sharing each improve delivery performance; sprint discipline partially mediates the governance–performance link and also transmits the effect of knowledge sharing on performance. The findings suggest that startups achieve agile speed when governance builds execution discipline and learning routines rather than imposing bureaucracy. Practical implications emphasize establishing clear backlog ownership, explicit definition-of-done standards, and structured retrospectives that convert knowledge sharing into stable delivery.
Copyright (c) 2026 Oikonomia Review: Journal of Economics, Management, and Accounting
Data Privacy Governance, Consumer Trust, and Continued Use of E-Wallets in Cambodia: The Mediating Role of Perceived Fairness
E-wallet ecosystems have expanded rapidly in Cambodia, yet sustained use increasingly depends on consumer confidence in how platforms handle personal data. While technical security remains important, consumers also evaluate governance practices such as transparency, consent, and fairness of data use. This study examines how perceived data privacy governance influences continued use intention of e-wallets through consumer trust and perceived fairness. Drawing on privacy calculus and institutional trust perspectives, the model conceptualizes privacy governance as clarity of consent, data minimization, transparency of third-party sharing, and responsiveness to complaints. Survey data were collected from 621 Cambodian e-wallet users who had conducted at least five transactions in the previous month. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test direct effects and serial mediation. Results indicate that privacy governance strengthens perceived fairness and consumer trust; fairness also strengthens trust; trust predicts continued use intention. The findings suggest that retention in digital finance depends on governance legitimacy, not only on usability. Practical implications emphasize plain-language disclosures, granular permissions, and visible dispute resolution practices that reduce privacy anxiety and increase long-term engagement.
Responsible Artificial Intelligence Adoption and Employee Innovative Behavior in the Service Industry: A PLS-SEM Mediation Analysis of Psychological Empowerment
This study examines the influence of Responsible Artificial Intelligence Adoption on Employee Innovative Behavior by investigating the mediating role of Psychological Empowerment within service organizations. A cross-sectional quantitative research design was employed using data collected from 485 employees working in the service sector. The proposed research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) implemented in SmartPLS 4. Measurement model reliability and validity were evaluated prior to testing the structural relationships, while hypothesis testing was conducted using a bootstrapping procedure with 5,000 resamples. The empirical findings indicate that Responsible Artificial Intelligence Adoption exerts a significant positive effect on Psychological Empowerment (β = 0.584, p < 0.001) and Employee Innovative Behavior (β = 0.412, p < 0.001). Psychological Empowerment also serves as a significant partial mediator between Responsible Artificial Intelligence Adoption and Employee Innovative Behavior, with a statistically significant indirect effect (β = 0.298, p < 0.001). Furthermore, the proposed model demonstrated satisfactory predictive capability and model fit, with a predictive relevance value (Q²) exceeding 0.35, a Standardized Root Mean Square Residual (SRMR) of 0.052, and a Normed Fit Index (NFI) of 0.912. These findings suggest that the successful implementation of responsible and transparent artificial intelligence systems extends beyond technological efficiency by strengthening employees' psychological empowerment. When AI technologies are perceived as ethical, transparent, and supportive rather than controlling, employees experience greater autonomy, competence, and meaningfulness in their work. These psychological conditions encourage higher levels of creativity and innovative behavior, enabling service organizations to leverage responsible AI as a strategic resource for enhancing workforce innovation and sustaining organizational competitiveness.
Green Intellectual Capital and Circular Economy Practices for Sustainable Competitive Advantage: A Covariance-Based Structural Analysis of Manufacturing Firms
This study investigates the structural pathways linking green intellectual capital and circular economy practices to sustainable competitive advantage within the manufacturing sector. A deductive quantitative research design was deployed, collecting empirical survey data from 412 senior operations and sustainability executives managing large-scale manufacturing facilities. Covariance-based structural equation modeling was executed within the IBM SPSS AMOS environment to evaluate the psychometric properties of the measurement framework and test the direct and indirect structural path hypotheses via maximum likelihood estimation. The structural model confirmed that Green Intellectual Capital exerts a significant positive effect on Circular Economy Practices (β = 0.542, p < 0.001) and Sustainable Competitive Advantage (β = 0.318, p < 0.001). Circular Economy Practices also demonstrated a strong positive influence on Sustainable Competitive Advantage (β = 0.456, p < 0.001). The indirect effect of Green Intellectual Capital on Sustainable Competitive Advantage through Circular Economy Practices was statistically significant (β = 0.247, p < 0.001), indicating partial mediation. The proposed structural model achieved satisfactory goodness-of-fit, with χ²/df = 1.782, Comparative Fit Index (CFI) = 0.968, Tucker-Lewis Index (TLI) = 0.961, Root Mean Square Error of Approximation (RMSEA) = 0.043, and Standardized Root Mean Square Residual (SRMR) = 0.038. These findings suggest that manufacturing firms can strengthen their sustainable competitive advantage by integrating green intellectual capital with circular economy practices, enabling environmental knowledge and organizational capabilities to be translated into long-term strategic value.
Digital Financial Capability, Financial Resilience, and Sustainable Business Growth in Cambodian MSMEs: A Moderated Mediation PLS-SEM Approach
This study examines the structural relationships between Digital Financial Capability and Sustainable Business Growth by investigating the mediating role of Financial Resilience and the moderating effect of FinTech Adoption. A cross-sectional quantitative research design was employed, involving 364 validated responses from MSME owner-managers across the major economic regions of Cambodia. The proposed research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) implemented in SmartPLS 4, while hypothesis testing was performed using a bootstrapping procedure with 5,000 resamples. The empirical findings indicate that Digital Financial Capability exerts a significant positive effect on both Financial Resilience (β = 0.434, p < 0.001) and Sustainable Business Growth (β = 0.245, p < 0.001). Financial Resilience also demonstrates a significant positive influence on Sustainable Business Growth (β = 0.388, p < 0.001), confirming its role as a key mediating mechanism through which digital financial capability contributes to long-term business performance. FinTech Adoption significantly moderates the relationship between Digital Financial Capability and Financial Resilience (interaction effect: β = 0.162, p = 0.002), indicating that the positive impact of digital financial capability becomes stronger as firms adopt financial technologies more extensively. These findings suggest that developing digital financial capability alone is insufficient to ensure sustainable business growth. Instead, MSMEs must complement financial competencies with the effective adoption of digital financial technologies to strengthen organizational resilience and improve long-term business sustainability. The study extends the Resource-Based View by demonstrating that digital capabilities and FinTech adoption operate as complementary strategic resources that jointly enhance organizational resilience and sustainable business growth within emerging economies.
Variance-Based Structural Equation Modeling
ESG Orientation and Corporate Innovation Performance: Structural Equation Modeling of Organizational Learning Capability in ASEAN Manufacturing Firms
This research evaluates the structural relationships linking environmental, social, and governance orientation to corporate innovation performance, specifically testing the underlying mediating function of organizational learning capability within manufacturing networks. Confirmatory covariance-based structural equation modeling via IBM SPSS AMOS 26 software was executed on a cross-sectional dataset matching secondary sustainability index scores with primary survey disclosures from 412 large-scale manufacturing firms across Indonesia, Malaysia, Thailand, and Vietnam. The empirical findings confirmed that Environmental, Social, and Governance (ESG) Orientation exerts a significant positive effect on Organizational Learning Capability (β = 0.542, p < 0.001) and Corporate Innovation Performance (β = 0.218, p < 0.01). Organizational Learning Capability also demonstrated a strong positive influence on Corporate Innovation Performance (β = 0.476, p < 0.001) and significantly mediated the relationship between ESG Orientation and Corporate Innovation Performance (β = 0.258, p < 0.001). Furthermore, the proposed structural model achieved satisfactory goodness-of-fit, with χ²/df = 1.842, Comparative Fit Index (CFI) = 0.968, Tucker-Lewis Index (TLI) = 0.963, and Root Mean Square Error of Approximation (RMSEA) = 0.044, indicating that the model adequately represents the observed data.
Covariance-Based Structural Equation Modeling
AI-Augmented Decision-Making Capability, Dynamic Capability, and SME Performance: The Mediating Role of Strategic Agility among Vietnamese SMEs
Artificial intelligence (AI) has become a strategic resource that reshapes managerial decision-making by enabling organizations to analyze large volumes of structured and unstructured data, identify emerging market patterns, and improve strategic responsiveness. Although AI adoption among small and medium-sized enterprises (SMEs) continues to accelerate across Southeast Asia, evidence explaining how AI-enabled managerial capability is translated into superior organizational performance remains fragmented, particularly within emerging economies. This study investigates the relationships among AI-augmented decision-making capability, dynamic capability, strategic agility, and SME performance using Vietnamese SMEs as the empirical context. A quantitative explanatory design was employed by surveying 350 SME owners and senior managers representing manufacturing, retail, logistics, information technology, and professional service sectors. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings demonstrate that AI-augmented decision-making capability exerts a significant positive influence on both dynamic capability and strategic agility. Dynamic capability enhances strategic agility while simultaneously contributing to organizational performance. Strategic agility emerges as the strongest predictor of SME performance and partially mediates the relationship between AI capability and organizational outcomes. The structural model explains 69.4% of the variance in SME performance, indicating substantial predictive power. These findings suggest that technological investment alone is insufficient to improve firm performance. Organizations derive greater value from AI when digital technologies are integrated with adaptive organizational capabilities, continuous learning, flexible resource reconfiguration, and rapid strategic decision processes. The study extends Dynamic Capability Theory by positioning AI-augmented decision-making capability as an antecedent of organizational agility and provides practical guidance for SME managers and policymakers seeking to strengthen digital competitiveness within emerging economies.
Green Supply Chain Collaboration, Cost Efficiency, and Export Readiness among Indonesian Manufacturing SMEs: The Mediating Role of Process Standardization
Manufacturing SMEs in Southeast Asia face growing pressure to demonstrate environmental responsibility as buyers incorporate sustainability criteria into procurement and export supply chains. While green supply chain practices are often framed as compliance costs, collaboration with upstream and downstream partners can create efficiency benefits when environmental goals are embedded in process routines and shared standards. This study examines how green supply chain collaboration influences cost efficiency and export readiness among Malaysian manufacturing SMEs through process standardization. Drawing on relational view and operations capability logic, the model conceptualizes collaboration as joint problem solving, information sharing, and coordinated environmental practices with suppliers and customers. Survey data were collected from 412 Malaysian manufacturing SMEs across food processing, textiles, and light manufacturing. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to test direct effects and mediation. Results indicate that green collaboration is positively associated with both cost efficiency and export readiness, with process standardization operating as a partial mediator. The findings suggest that SMEs can convert environmental collaboration into economic advantage when shared routines stabilize quality, reduce waste, and improve documentation demanded by export buyers. Policy implications emphasize capability-building programs that support standard adoption, supplier engagement, and documentation tools suitable for SME constraints.
Copyright (c) 2025 Oikonomia Review: Journal of Economics, Management, and Accounting
Sustainability-Oriented HRM, Employee Engagement, and Service Quality in Indonesian Hospitality SMEs: The Mediating Role of Green Organizational Commitment
Hospitality SMEs in Southeast Asia face rising expectations to adopt sustainability practices while recovering from demand volatility and workforce turnover. Human resource management plays a central role in translating sustainability goals into everyday service behavior, yet evidence on how sustainability-oriented HRM affects service quality in small hospitality firms remains limited. This study examines how sustainability-oriented HRM practices influence service quality in Malaysian hospitality SMEs through employee engagement and green organizational commitment. Drawing on the Ability–Motivation–Opportunity framework and organizational commitment theory, the model conceptualizes sustainability-oriented HRM as recruitment, training, performance management, and involvement practices aligned with environmental and social responsibility. Survey data were collected from 389 employees across small hotels and restaurants in three Malaysian tourism areas. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test direct effects and parallel mediation. Results indicate that sustainability-oriented HRM strengthens employee engagement and green commitment, which in turn improve perceived service quality. Green commitment partially mediates the HRM–service quality relationship and complements the engagement pathway. The findings suggest that sustainability in hospitality SMEs becomes operationally meaningful when HR practices build psychological attachment to green values and create opportunities for employees to translate those values into customer-facing behavior. Practical implications emphasize aligning training and incentives with sustainability routines, strengthening employee voice, and designing low-cost green engagement practices suitable for SME constraints.
AI-Enabled Demand Forecasting Capability, Inventory Resilience, and Operational Performance among Vietnamese Retail SMEs: The Mediating Role of Decision Quality
Retail SMEs across Southeast Asia increasingly experiment with AI-enabled analytics to improve demand forecasting, yet performance outcomes remain uneven because technology adoption does not automatically translate into better operational decisions. This study examines how AI-enabled demand forecasting capability influences operational performance among Vietnamese retail SMEs through inventory resilience and decision quality. Building on capability theory, information processing logic, and resilience perspectives, the model conceptualizes AI capability as a set of routines that combine data readiness, tool reliability, and managerial interpretive competence. Survey data were collected from 455 Vietnamese retail SMEs that had used digital analytics tools for forecasting or replenishment planning for at least six months. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test direct effects and parallel mediation. Results indicate that AI-enabled forecasting capability is positively associated with operational performance, with decision quality and inventory resilience operating as complementary mediators. Decision quality strengthens resilience by improving replenishment timing and reducing overreaction to short-term noise. The findings clarify why AI initiatives often fail when data and interpretation routines are weak, and they offer ASEAN-relevant insights for small retailers facing demand volatility and supply disruptions. Practical implications emphasize pairing analytics tools with data governance and managerial training, enabling SMEs to convert forecasts into robust inventory actions.
Digital Financial Literacy, Fraud Awareness, and Safe Mobile Payment Behavior among Filipino Consumers: The Mediating Role of Perceived Control
Digital payments have become ubiquitous in Southeast Asia, yet the expansion of cashless ecosystems has been accompanied by rising fraud attempts, phishing, and social engineering schemes that disproportionately affect consumers with limited digital financial competence. This study examines how digital financial literacy influences safe mobile payment behavior among Filipino consumers, focusing on fraud awareness and perceived control as key psychological mechanisms. Drawing on protection motivation theory, self-efficacy perspectives, and perceived risk logic, the model conceptualizes literacy as a capability that improves threat appraisal, strengthens coping appraisal, and increases the likelihood that consumers adopt safe practices such as verification, device hygiene, and transaction monitoring. Survey data were collected from 644 active mobile payment users across Luzon, Visayas, and Mindanao. Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied to test direct effects and serial mediation. Results indicate that literacy strengthens fraud awareness and perceived control; awareness increases perceived control by clarifying threats and actionable responses; perceived control strongly predicts safe payment behavior. The findings suggest that anti-fraud outcomes depend not only on awareness campaigns but also on building consumer confidence to execute protective routines. Policy implications emphasize integrating literacy modules into wallet onboarding and community-based education tailored to local fraud narratives.
Maria Lourdes Santos Maria Lourdes Santos
Buy-Now-Pay-Later Adoption, Debt Stress, and Repurchase Intention among Filipinos Gen Z Consumers: The Mediating Role of Budgeting Self-Efficacy
Buy-Now-Pay-Later (BNPL) services have expanded rapidly across Southeast Asia, blending digital checkout convenience with short-term consumer credit. While BNPL is often marketed as a frictionless payment innovation, concerns about impulsive spending and debt stress have grown, particularly among Gen Z consumers whose digital shopping frequency is high and financial buffers are limited. This study examines the determinants and consequences of BNPL adoption among Filipinos Gen Z consumers, focusing on how adoption relates to repurchase intention through debt stress and budgeting self-efficacy. Building on financial behavior theory, self-efficacy perspectives, and perceived risk logic, the model treats BNPL adoption as a behavioral routine that can simultaneously increase purchase flexibility and amplify repayment anxiety. Survey data were collected from 602 Filipinos Gen Z consumers who had used BNPL at least twice during the preceding three months. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to test direct effects and parallel mediation. Results indicate that perceived convenience and promotional attractiveness strengthen BNPL adoption, while perceived transparency reduces debt stress. Adoption is positively associated with repurchase intention but also increases debt stress; budgeting self-efficacy reduces the negative influence of stress and partially mediates the path from transparency to healthier outcomes. The findings clarify why BNPL can drive commerce growth while simultaneously creating consumer welfare risks. Policy and platform implications emphasize transparent fee disclosure, cooling-off design, and budgeting support features tailored to youth consumers.
Mobile Banking Service Quality, Perceived Security, and Continued Usage Intention among Thai Consumers: The Moderating Role of Privacy Concern
Mobile banking has become a primary channel for everyday financial transactions in Southeast Asia, yet sustained usage is shaped not only by functional features but also by the credibility of service delivery and the perceived safety of digital interactions. This study examines how mobile banking service quality influences continued usage intention among Thai consumers through perceived security and trust, while assessing whether privacy concern weakens key relationships. Building on the DeLone and McLean Information Systems Success logic, technology trust theory, and perceived risk perspectives, the research conceptualizes service quality as a multidimensional construct comprising system quality, information quality, and responsiveness. Survey data were collected from 512 mobile banking users across four Thai provinces representing different levels of urban density. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to test direct effects, serial mediation, and moderation. The results indicate that service quality strengthens perceived security and trust, which in turn increase continued usage intention; privacy concern dampens the translation of perceived security into trust and reduces the strength of the trust–intention link. The findings extend digital finance research by clarifying why convenience-driven adoption does not guarantee retention, highlighting the importance of security perceptions and privacy-sensitive design. Policy implications emphasize transparent communication, incident-response readiness, and consumer literacy interventions that reduce privacy anxiety without normalizing risky behavior.
Fintech Lending Readiness, Borrower Trust, and Credit Access among Vietnamese SMEs: The Mediating Role of Information Transparency
Fintech lending platforms have expanded rapidly across Southeast Asia, promising faster credit decisions and broader access for small and medium-sized enterprises (SMEs) that struggle with conventional collateral-based banking. Even so, many SMEs remain hesitant to rely on digital lenders, and platform usage frequently fails to translate into reliable credit access when borrowers cannot demonstrate credible information, predictable repayment capacity, or procedural transparency. This study examines how fintech lending readiness influences perceived credit access among Vietnamese SMEs through borrower trust and information transparency. Drawing on signaling theory, technology trust perspectives, and information asymmetry logic, the model treats readiness as an operational capability that combines digital preparedness, documentation discipline, and procedural familiarity. Survey data were collected from 418 Vietnamese SMEs across manufacturing, services, and agri-business sectors. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed to test direct effects and parallel mediation. The results indicate that fintech lending readiness relates positively to perceived credit access, with borrower trust and information transparency operating as complementary mediators. The findings suggest that digital credit inclusion depends not only on platform availability but also on the borrower’s capacity to present verifiable information and to interpret lending processes confidently. Policy implications emphasize integrating SME digital bookkeeping support with platform governance standards that improve explainability, dispute handling, and fairness perceptions.
Digital Payment Capability, Trust, and Sales Growth among Philipphines Micro‑Retailers: The Moderating Role of Financial Literacy
Digital payments have become a defining feature of retail transformation across Southeast Asia, yet performance benefits from QR and e‑wallet diffusion remain uneven among micro‑retailers who operate with thin margins, limited buffers, and highly variable customer flows. This study examines how digital payment capability influences micro‑retailer sales growth through two behavioral mechanisms—customer trust and transaction convenience—while assessing whether financial literacy strengthens the conversion of capability into these demand‑side effects. Grounded in capability theory and technology‑trust perspectives, the model treats adoption as a minimum condition and focuses instead on execution maturity (reliability, exception handling, reconciliation, and communication competence). Survey data were collected from 436 Philipphines micro‑retailers across three provinces with diverse infrastructure conditions. Partial Least Squares Structural Equation Modeling (PLS‑SEM) was applied to evaluate direct effects, parallel mediation, and moderation. Results show that digital payment capability relates positively to sales growth, with trust and convenience operating as partial mediators; financial literacy strengthens the capability‑to‑trust and capability‑to‑convenience pathways. The findings indicate that cashless ecosystems deliver inclusive performance gains when merchant‑side capability is supported by practical literacy and governance routines that stabilize customer experience. Policy implications emphasize pairing QR expansion with merchant education, simplified reconciliation tools, and dispute‑resolution reliability rather than relying on infrastructure rollout alone.
ESG Practices, Access to Finance, and Firm Performance among Malaysian SMEs: A Trust-Based Capability Perspective
This study examines how ESG practices relate to SME performance in Malaysia, focusing on the enabling role of access to finance and the moderating influence of market turbulence. Drawing on the Resource-Based View and stakeholder-oriented trust mechanisms, we conceptualize ESG as an organizational capability that can strengthen legitimacy and reduce perceived risk, thereby improving financing outcomes and operational performance. Survey data were collected from 402 Malaysian SMEs across manufacturing, services, and agribusiness sectors. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), the analysis indicates that ESG practices are positively associated with firm performance, with access to finance operating as a partial mediator. The relationship strengthens under higher market turbulence, suggesting that ESG operates as a resilience-enhancing capability when external volatility increases. The study contributes to ESG literature by explaining performance pathways in the SME context and offering an ASEAN-relevant perspective on how sustainability-related capabilities translate into tangible outcomes. The findings suggest that policy initiatives supporting ESG adoption—especially those linked to green financing and disclosure assistance—may improve both firm competitiveness and financial inclusion among SMEs.
Digital Service Quality, Institutional Trust, and Citizen Satisfaction in Indonesian Municipal E-Government Systems
Digital transformation in public administration has become a strategic priority for local governments across Southeast Asia. In Indonesia, municipal governments increasingly rely on e-government platforms to deliver administrative services, yet user satisfaction remains inconsistent. This study examines the relationships among digital service quality, citizen trust, and user satisfaction in municipal e-government systems. Drawing upon the DeLone and McLean Information Systems Success Model and trust theory, the research proposes an integrated model in which system quality, information quality, and service responsiveness influence citizen trust and satisfaction. A quantitative survey was conducted involving 428 users of online population administration services across four Indonesian municipalities. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that system quality and service responsiveness significantly affect citizen trust, while information quality shows both direct and indirect effects on satisfaction. Citizen trust partially mediates the relationship between digital service quality and user satisfaction. The structural model explains 72.6% of the variance in satisfaction. The findings contribute to e-government and public management literature by empirically validating a trust-mediated service quality model in a developing country context. Practically, the study provides actionable insights for municipal policymakers seeking to enhance digital governance performance through improved reliability, transparency, and responsiveness.