CBERICGEEE December-2025

Sustainable corporate growth is a crucial goal in today's competitive business environment, especially in sectors like cement manufacturing, where robust domestic and international competitors influence market dynamics. To expand strategically and enhance operational efficiency, companies increasingly rely on mergers and acquisitions (M&As) as an inorganic method to generate synergies, reduce market competition, acquire technical expertise, and optimise resources. This study aims to evaluate how M&A transactions impact both investor sentiment and the financial growth of acquiring firms within the Indian cement industry. Using a dual approach—comprising financial ratio analysis (Current Ratio, Liquid Ratio, Net Profit Ratio, Gross Profit Ratio, RoNW, RoCE, EPS, DPS, Debt- Equity Ratio, and Interest Coverage Ratio) and an event study method—this research examines a selection of cement companies listed on Indian stock exchanges, chosen based on market capitalisation. Secondary data were collected from reliable sources, including the National Stock Exchange (NSE), Money Control, Yahoo Finance, and published annual reports. The event study employs an estimation window of 250 trading days, from 281 to 31 days before the M&A announcement, along with an event window of ± 30 days around the announcement date to capture stock market reactions. The statistical significance of abnormal returns (AR) is tested using t- t-values at a 95% confidence level. Operational efficiency is assessed through ratio analysis over five years (two years pre-merger, the year of merger, and two years post-merger). Results indicate that most ARS are positive for all companies studied, and the AR for Ambuja post- merger is statistically significant and positive (AR > 1. 96), as is that for ACC cement. Although the ARs of Dalmia Bharat and Jay Prakash are not statistically significant, they remain positive. Moreover, ratio analysis reveals that the liquidity, profitability, and solvency positions of all the companies under review have improved post-merger compared to pre-merger. The authors conclude that investors are more responsive to merger and acquisition events, and that M&As create value for shareholders and the companies involved

Purpose: Maternal mortality in Sub-Saharan Africa (SSA) is extremely high. Attention is being given to the key health indicators (as means for achieving human development) among which is maternal mortality towards achieving the global development goals. In a bid to ensuring that the targets are met in SSA, there have been influx of official development assistance for health (ODAH) into the sub-region. Meanwhile, little attention is usually paid to maternal mortality in the study of effects of foreign aid for health despite the multiple consequences of maternal death, hence, the need for the present study.

Methodology: Data from 2000 to 2023 covering 46 SSA countries were obtained from Organization for Economic Cooperation and Development, World Development Indicators, World Governance Indicator and the UNICEF. These were analyzed using system Generalized Method of Moment (sGMM) while the Pooled OLS and the Fixed Effect models were analyzed to confirm robustness of the estimated model.

Findings: Results revealed that ODAH, domestic health expenditure and per capita GDP significantly reduced maternal mortality while fertility rate and corruption significantly increased it. It is appropriate to note that trade openness which is a reflection of globalization did not improve maternal death. It was concluded that though ODAH significantly reduced MMR the effect was small. The AR(1) and AR(2) tests confirmed the validity of the estimated sGMM model while the Sargan and the Hansen tests established the validity of the instrumental variables used in the estimation.

Implication/Recommendation: The study recommended effective use of ODAH, determination and political will to curb corruption in governance especially in the health sector and increased domestic public health spending in order to achieve improved maternal health outcome in the region.

Board diversity has emerged as a central element of corporate governance, shaping how firms manage risk, create value, and respond to stakeholder expectations. Yet, while its effects are well documented in developed markets, evidence from emerging economies remains limited and often inconclusive. This study examines the Saudi context, where ongoing reforms under Vision 2030 have increased attention to board composition—particularly gender, age, and educational diversity.

Using a panel dataset of companies listed on the Saudi Stock Exchange between 2019 and 2023, the analysis employs fixed-effects regression and system GMM estimators to address heterogeneity and endogeneity concerns. Control variables such as firm size, leverage, and industry type are included to isolate the influence of board characteristics.

The results reveal that gender diversity is associated with higher firm value and lower stock price volatility, underscoring the role of female directors in enhancing monitoring and risk management. Age diversity produces mixed effects, although boards with balanced representation appear better equipped for strategic oversight. Educational diversity is consistently linked to improved performance, as varied academic backgrounds broaden perspectives and strengthen problem-solving capacity.

These findings carry significant implications for both theory and practice. For policymakers and corporate leaders, fostering diversity is not merely a matter of fairness but rather a strategic lever for building transparent, stable, and effective governance systems. For investors, the study offers insights into the governance mechanisms that drive firm value in emerging markets.

In conclusion, the evidence demonstrates that board diversity functions as a strategic driver of governance quality and organizational performance. Its impact is especially critical in economies undergoing transition, where aligning governance practices with global standards is essential for sustaining growth and investor confidence.

This study contributes to the understanding of how factors as ESG and green innovation can influence competitive advantage of Egyptian manufacturing firms by developing Sustainable Management Performance (SMP). For the purpose of this analysis, a questionnaire was created and data were collected from 33 Egyptian manufacturing firms. PLS-SEM analysis technique was used, on 367 responses after checking their validity and completeness. The findings indicate that the hypotheses are supported. ESG practices are found to positively impact firms’ capabilities and resources to reduce uncertainty resulting from the rapidly changing business environments. This, in turn, creates value by developing a competitive advantage on the long term, having a positive impact on sustainable management performance in the Egyptian context. Therefore, firms are advised to incorporate ESG practices in their management strategies and to contribute towards green investments and higher innovations, which has a great societal impact, to gain trust, restore confidence and build an image, which will eventually lead to higher financial performance.

South Africa’s electricity shortfalls have imposed significant productivity and revenue losses on small and medium-sized enterprises, catalyzing the rapid adoption of distributed solar and storage solutions. This literature and grey evidence review synthesizes peer-reviewed studies alongside regulatory filings, utility plans, market intelligence, and program documentation to answer three questions: (1) what is the magnitude and heterogeneity of SME impacts from outages, (ii) which distributed solutions and financing instruments are most prevalent, and (iii) what supply chain and policy frictions constrain diffusion? Following a systematic review plan and quality checks, this paper screens more than 400 records from 2013 to 2025 across various databases, including Scopus, Web of Science, Eskom TDPs, IPP office, Nersa, CSIR, GreenCape, and bank/fintech reports. Key findings indicate that SMEs face energy challenges due to outages, which cause business disruptions. In urban areas, formal SMEs are increasingly installing rooftop solar panels and hybrid systems. The primary bottlenecks encountered include financial (high upfront costs, difficulty accessing financing) and installation-related challenges.  Another important discovery indicates that the efficiency of solar and hybrid appliances, as well as their maintenance, has a significant effect on the actual savings businesses achieve. We propose a practical guide on providing working capital to solar installers, enabling businesses to scale up. This includes creating quality assurance programs to ensure systems perform reliably and sharing data openly, so businesses and policymakers can see what works well in terms of performance. Finally, this paper contributes to achieving several targets under United Nations Sustainable Development Goal 7 (Affordable and Clean Energy), particularly those related to universal energy access, clean energy, energy efficiency, and industry partnerships.

Migration and remittances have long been central to the economic and social fabric of Sub-Saharan Africa (SSA). The region is both a sender and recipient of remittances, with millions of households depending on funds sent by migrants for survival, education, health care, and investment in small-scale businesses. According to World Bank data, remittance inflows to SSA have consistently grown over the past two decades, reaching over US$53 billion in 2022, surpassing foreign direct investment (FDI) and even official development assistance in some years. These flows provide a critical lifeline for households in fragile economies, reduce poverty, and contribute to macroeconomic stability. Despite this importance, the cross-border payment landscape in SSA remains highly fragmented, costly, and inefficient. The average remittance cost to SSA is 8–10% per US$200 transaction, well above the UN Sustainable Development Goal (SDG) target of 3%. Migrants often rely on informal transfer systems due to high costs, limited interoperability of payment systems, and weak regulatory frameworks. Meanwhile, digital innovations such as mobile money, fintech platforms, blockchain, and Central Bank Digital Currencies (CBDCs) present opportunities to transform the remittance landscape by lowering costs, improving access, and enhancing transparency. However, these innovations are unevenly adopted and constrained by regulatory barriers, financial literacy gaps, and infrastructure deficits.

Although remittances are a critical source of development finance in SSA, the region continues to face persistent inefficiencies in cross-border payment systems. These inefficiencies result in high transaction costs, low financial inclusion, heavy reliance on informal channels, and limited regional integration. This study employs a panel econometric approach covering 48 SSA countries over the period 2010–2024. Data on remittance and migration was sourced from the World Bank and UN Migration Database. The methodology involves using Panel Regression Analysis to capture dynamics and the relationships between migration flows, remittances, and cross-border payment indicators. The study highlights the urgent need to reinvent cross-border payments in Sub-Saharan Africa by addressing the interplay between migration, remittances, and financial innovation. By applying advanced econometric techniques such as panel ARDL and ECM, the research captures both the short-term dynamics and long-term stability of remittance systems. The findings are expected to provide actionable insights for policymakers, financial institutions, and development partners, ultimately advancing financial inclusion and regional integration in SSA.

In an era characterized by rapid technological and social change, lifelong learning has become essential for individuals seeking to sustain personal growth, employability, and adaptability. However, the diverse backgrounds, needs, and motivations of adult learners pose significant challenges for educators in maintaining engagement and retention. This study explores how inclusive teaching practices can enhance learner engagement and retention within the lifelong learning sector. Grounded in Knowles’ Andragogy Theory, Tinto’s Model of Student Retention, and the Universal Design for Learning (UDL) framework, the research investigates the relationship between inclusive pedagogy, engagement, and persistence among adult learners. A quantitative, explanatory design will be employed, utilizing survey data collected from adult learners enrolled in continuing and vocational education programs. Statistical analysis, including multiple regression and structural equation modeling (SEM), will be used to examine direct and indirect relationships among variables. The study is expected to provide empirical evidence on how inclusive pedagogical strategies foster engagement and reduce attrition in adult learning environments. Findings will contribute to the theoretical discourse on inclusive education and offer practical recommendations for educators and institutions seeking to create equitable, learner-centered environments that promote lifelong learning success.

Financial misconduct remains a critical issue in corporate governance, particularly in the South African context, given the recent history of State Capture and prominent corporate governance scandals. The main objective of this study was to investigate how board composition influences financial misconduct mitigation. Specifically, the study analysed how gender diversity, board independence, committee structure, and director expertise influence fraud detection and prevention. The study employed a quantitative research approach through analysing primary survey data gathered from South African manufacturing firms. Data was collected from 129 individuals holding key governance roles such as board members, senior executives, finance managers, internal auditors, and risk committee members. Using a logistic regression model, it was found that the directors' financial expertise and the presence of strong internal controls significantly enhance confidence in fraud detection. Other factors, such as gender diversity, board independence, having an audit or risk committee, and having an external auditor, were not statistically significant in perceived fraud prevention. These findings suggest that while diverse and independent boards contribute to overall governance improvements, financial expertise and robust internal controls play a more decisive role in preventing corporate fraud. The study provides valuable insights for policymakers, corporate executives, and regulatory bodies seeking to enhance governance frameworks and strengthen financial integrity in the South African corporate landscape.

Purpose of the research: Smart technologies in the media industry are helping shape the news, but misinformation and disinformation has become so pervasive that it is to the point of destroying the real news. The media supply chain is largely affected by deliberate twisting of facts to suit the narrative that satisfies a particular interest. The use of smart technologies can be used to curb or exacerbate this phenomenon. Supply chain resilience capabilities within the media industry can deal adequately with this uncertainty globally.

Design/methodology: The study is quantitative in nature. One hundred and twenty (120) media personnel from different (public and private) media houses were surveyed and the results validate the relationship hypotheses in this study. Using SmartPLS 4.0 software and partial least squares-structural equation modeling (PLSSEM), the proposed associations were examined.

Results/findings: The empirical evidence from this study suggests smart technologies positively influence supply chain resilience capabilities because misinformation, disinformation and fake news are managed by the resilience capabilities of the media industry supply chain. Furthermore, smart technologies positively influence the working environment and this environment influences supply chain resilience capabilities. Ergonomics mediates the relationship of smart technologies and supply chain resilience capabilities. Technostress moderates the relationship between smart technologies and supply chain resilience capabilities but not significant in this context.

Practical implications and Conclusions: The finding from this study suggests that media players need to develop resilience capabilities in their supply chain to migrate the spread of false information that may generate lawsuits that cause the loss of huge sums of money. Theoretically, the contribution is the extension of the dynamic, absorptive, recovery capability theories in the media industry, which is novel to this study. The evidence from this research suggests that, practically, media industry players must invest in their supply chain resilience capabilities to ensure that their media outlet can mitigate against misinformation, disinformation and fake news

The integration of Artificial Intelligence (AI) technology into entrepreneurial endeavours has become a global phenomenon, with the potential to revolutionize industries and improve productivity. In the context of South Africa, understanding the relationship between entrepreneurs and AI is particularly relevant given the country's efforts to foster a vibrant entrepreneurial ecosystem and leverage technological advancements. Understanding the interaction between entrepreneurs and AI is important given the country's aim to build a strong entrepreneurial ecosystem while also leveraging technology breakthroughs. Entrepreneurship is an important engine of economic growth and innovation in emerging markets and developing countries, such as South Africa. This paper systematically reviews and analyses the existing literature to expand the knowledge in this area. This review follows the preferred technique. The methodology for this study adheres to the Preferred Reporting Items for Systematic Reviews and Bibliometric Analysis (PRISMA) standards and Vosviewer software. It applies a comprehensive search approach throughout Scopus, including terms such as "South Africa" "entrepreneurs and artificial intelligence." The rigorous application of inclusion and exclusion criteria resulted in a thorough study of 122 chosen studies on entrepreneurs and AI from various countries. The findings show a vibrant entrepreneurial environment with increasing AI usage, despite considerable constraints such as limited access to resources, infrastructure, skills and expertise. The data also show a high prevalence of conceptual study approaches used in previous research, which was frequently confined to certain countries and technology-driven sectors. There is also an inclination towards investigating AI adoption and challenges within larger companies, while Small Medium Enterprises (SMEs) remain relatively unexplored.

This article examines Azerbaijan’s participation in the European Union’s Eastern Partnership (EaP) from a comparative perspective. It is argued that Azerbaijan is in a more advantageous position due to its unique geopolitical role and resource capabilities. Integration strategies: Azerbaijan combines economic pragmatism with strategic selectivity. Its vast energy resources and position as a key transport corridor between Europe and Asia allow Azerbaijan to contribute to Europe’s energy security and regional relations directly. The analysis shows that Azerbaijan’s integration model, which balances cooperation with the EU and the protection of national interests, offers greater flexibility and sustainability compared to its EaP counterparts. The results show that Azerbaijan has the potential not only to benefit from regional integration but also to influence its direction, presenting itself as a key player within the EaP and a driving force for sustainable regional development.

This article examines Azerbaijan’s participation in the European Union’s Eastern Partnership (EaP) from a comparative perspective. It is argued that Azerbaijan is in a more advantageous position due to its unique geopolitical role and resource capabilities. Integration strategies: Azerbaijan combines economic pragmatism with strategic selectivity. Its vast energy resources and position as a key transport corridor between Europe and Asia allow Azerbaijan to contribute to Europe’s energy security and regional relations directly. The analysis shows that Azerbaijan’s integration model, which balances cooperation with the EU and the protection of national interests, offers greater flexibility and sustainability compared to its EaP counterparts. The results show that Azerbaijan has the potential not only to benefit from regional integration but also to influence its direction, presenting itself as a key player within the EaP and a driving force for sustainable regional development.