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This study utilizes firm-specific and macroeconomic data, including the number of internet users proxied as fintech, as well as ESG variables, to empirically examine the impact on the profitability and non-performing loans (NPLs) of Islamic and traditional banks in developing countries with a focus on Islamic financing. This study aimed to ascertain if our findings aligned with the New Empirical Industrial Organization (NEIO) and Tripple Bottom Line/Quadruple Bottom Line (TBL/QBL) paradigms. We collected data from more than 600 financial institutions, including both Islamic and conventional banks, from 2005 to 2022. This study complements the literature by examining a wide range of years and banks in QISMUT + 3 countries, as well as investigating the impact of the number of internet users as proxied by fintech variable and ESG variables both on NPLs and profitability indicators in both Islamic and conventional banks in Islamic finance-oriented countries. In terms of persistence, traditional banks are superior to Islamic banks, and banks with sufficient capital are more competitive and efficient in generating profits. Islamic banks (IB) outperformed conventional banks (CB) during the global financial crisis; however, CB outperformed IB in terms of credit risk management. IBs compete more effectively than CBs do because they provide unique Sharia-compliant financial products. Furthermore, the ESG and fintech proxies play a significant role in determining bank asset quality and financial performance. The results are expected to improve the understanding of Islamic banking by bankers, investors, academics, and policymakers, as well as help in policy development for the banking industry in these countries.

The global economy is confronted with a myriad of risks, encompassing economic instability, climate change, social challenges, and technological transformations. These risks pose significant threats to companies, their financial health, and long-term sustainability. In the era of globalization and heightened awareness of environmental and social issues, sustainable development has emerged as a critical component of business operations worldwide. To address these challenges, organizations are increasingly adopting various risk management strategies, including sustainability reporting. This practice entails the disclosure of information pertaining to environmental, social, and governance (ESG) aspects. In Kazakhstan, as in other nations, there is a growing imperative for companies to disclose their sustainability-related activities. However, the approaches to reporting in this domain remain underdeveloped, underscoring the necessity to examine current practices and formulate corporate standards. This article explores the issue of sustainability reporting by Kazakhstani companies within the framework of sustainable development, which encompasses economic, environmental, and social dimensions. The authors scrutinize current reporting practices, their alignment with international standards, and propose recommendations for enhancing transparency and bolstering business accountability to society and the environment. To investigate the risks of instability in the global economy and the role of sustainability reporting in mitigating them, a variety of methods can be employed. These methods facilitate a deeper understanding of the issue and the identification of key aspects. They include qualitative methods (such as case studies, interviews with experts and industry participants, and document analysis), comparative analysis, and the examination of political and institutional factors (including political economy analysis and regulatory environment analysis). The integration of these methods provides a comprehensive understanding of the risks of instability in the global economy and the role of sustainability reporting in managing them, offering both qualitative and quantitative data for in-depth analysis and the formulation of recommendations for businesses and governmental bodies.

The main aim of this empirical work is to investigate cost management efficiency determinants of oil and gas companies in Eurasian Economic Union. The data was carefully gathered with updated financial data of 24,813 firm-year observations for the following period 2012-2020. Two main models were developed: with social responsibility and without social responsibility. In order to conduct panel data regression analysis, we employ two-step system GMM. The Durbin, Wu-Hausman test was used to find endogeneity, before we use the system GMM. Findings reveal that capital structure, taxes, and the oil demand crisis of 2014-2015 to be the most dominant determinants of cost management efficiency in the studied sample of oil and gas companies. Results suggest that increased taxes boost the cost management efficiency of oil and gas firms. Findings of the present study offer many insights and policy implications to help investors, managers, and policy makers. The contribution to the literature is twofold.