International Journal of Business, Economics & Financial Studies (IJBEFS) is a double-blind peer-reviewed scientific journal published 2 (two) times a year, i.e., May and November. IJBEFS applies theory developed from economics and financial studies to actual phenomena. IJBEFS aims to publish papers covering theoretical and empirical investigation across all economics and financial studies disciplines, including applied microeconomics, behavioral and experimental economics, decision theory, development economics, econometrics, economic history, Islamic economics, economics of education, economics of technology, environmental, resource, and energy economics, financial economic, game theory, health economics, industrial organization, international trade, labor economics, macroeconomics, market design, microeconomic theory, monetary economics, political economy, public economics. Organization theory, organizational behavior, human resource management, strategy, international business, entrepreneurship, tourism, innovation, and critical management studies. Financial markets (e.g., portfolio theory, asset pricing, financial intermediation, investment banking, behavioral finance), financial instruments (e.g., derivatives, futures markets, computational finance, financial engineering, financial econometrics), corporate finance (e.g., corporate governance, investment policy, agency theory, risk management), public finance management, banking systems, financial regulation and policy.