IDEAS home Printed from https://ideas.repec.org/a/spr/qualqt/v59y2025i2d10.1007_s11135-024-02037-y.html
   My bibliography  Save this article

Measuring scale for digital financial services, economic growth, performance, and environmental sustainability: evidence from EFA and CFA

Author

Listed:
  • Md. Mominur Rahman

    (Bangladesh Institute of Governance and Management (BIGM))

  • Nafis Sadik

    (Bangladesh Institute of Governance and Management (BIGM))

Abstract

The proliferation of digital technologies has brought about transformative changes in the financial landscape, revolutionizing the way individuals and organizations access, manage, and utilize financial services. This study aims to develop and validate a comprehensive measurement scale for assessing digital financial services, economic growth, organizational performance, and sustainability. The study collects data through surveys administered to a diverse sample of individuals and organizations. The survey items are designed based on an extensive literature review and expert consultation, covering various aspects of digital financial services adoption, economic growth, organizational performance, and sustainability. The collected data are then analyzed using EFA to explore underlying factor structures and CFA to validate the measurement scales’ reliability and validity. The findings reveal robust factor structures for each measurement scale, indicating high internal consistency and construct validity. The digital financial service adoption scale encompasses dimensions such as convenience, efficiency, and trust, while the economic growth scale includes factors related to job creation, innovation, and financial stability. Similarly, the organizational performance scale covers aspects like operational efficiency, financial status, and social impact, while the sustainability scale comprises indicators of environmental sustainability, social responsibility, and regulatory support. The validated measurement scales offer researchers, practitioners, and policymakers a standardized tool for assessing and monitoring the impact of digital financial services on economic development, organizational performance, and sustainability.

Suggested Citation

  • Md. Mominur Rahman & Nafis Sadik, 2025. "Measuring scale for digital financial services, economic growth, performance, and environmental sustainability: evidence from EFA and CFA," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(2), pages 1661-1694, April.
    • Handle: RePEc:spr:qualqt:v:59:y:2025:i:2:d:10.1007_s11135-024-02037-y
    DOI: 10.1007/s11135-024-02037-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11135-024-02037-y
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s11135-024-02037-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Joseph F. Hair & Marcelo L.D.S. Gabriel & Dirceu da Silva & Sergio Braga Junior, 2019. "Development and validation of attitudes measurement scales: fundamental and practical aspects," RAUSP Management Journal, Emerald Group Publishing Limited, vol. 54(4), pages 490-507, October.
    2. Arafat Rahman & Peter Björk & Annika Ravald, 2020. "Exploring the effects of service provider’s organizational support and empowerment on employee engagement and well-being," Cogent Business & Management, Taylor & Francis Journals, vol. 7(1), pages 1767329-176, January.
    3. Tapiwanashe James Museba & Edmore Ranganai & Gianfranco Gianfrate, 2021. "Customer perception of adoption and use of digital financial services and mobile money services in Uganda," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 15(2), pages 177-203, February.
    4. Nagy Hanna, 2018. "A role for the state in the digital age," Journal of Innovation and Entrepreneurship, Springer, vol. 7(1), pages 1-16, December.
    5. Shamsher Singh & Ravish Rana, 2017. "Study of Consumer Perception of Digital Payment Mode," Journal of Internet Banking and Commerce, Nahum Goldmann, vol. 22(03), pages 01-14.
    6. Ajimon George & Prajod Sunny, 2023. "Why do people continue using mobile wallets? An empirical analysis amid COVID-19 pandemic," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 807-821, December.
    7. Richard ANKER & Igor CHERNYSHEV & Philippe EGGER & Farhad MEHRAN & Joseph A. RITTER, 2003. "Measuring decent work with statistical indicators," International Labour Review, International Labour Organization, vol. 142(2), pages 147-178, June.
    8. Gerlach, Johannes M. & Lutz, Julia K.T., 2021. "Digital financial advice solutions – Evidence on factors affecting the future usage intention and the moderating effect of experience," Journal of Economics and Business, Elsevier, vol. 117(C).
    9. Jimmy Ebong & Babu George, 2021. "Financial Inclusion through Digital Financial Services (DFS): A Study in Uganda," JRFM, MDPI, vol. 14(9), pages 1-18, August.
    10. Nitin Madan, 2020. "A Review of Access to Finance by Micro, Small and Medium Enterprises and Digital Financial Services in Selected Asia-Pacific Least Developed Countries," MPDD Working Paper Series WP/20/03, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    11. Aziz, Abdul & Naima, Umma, 2021. "Rethinking Digital Financial Inclusion: Evidence from Bangladesh," SocArXiv 7sr5c, Center for Open Science.
    12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    13. repec:osf:socarx:7sr5c_v1 is not listed on IDEAS
    14. Tianyao Zhen & Md. Mominur Rahman, 2024. "Greening Emerging Economies: Enhancing Environmental, Social, and Governance Performance through Environmental Management Accounting and Green Financing," Sustainability, MDPI, vol. 16(11), pages 1-23, June.
    15. Ross P. Buckley & Louise Malady, 2015. "Building consumer demand for digital financial services – the new regulatory frontier," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 122-137.
    16. Richard Chamboko, 2024. "Digital financial services adoption: a retrospective time-to-event analysis approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-27, December.
    17. Falak Khan & Muhammad Ayub Siddiqui & Salma Imtiaz, 2022. "Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2034236-203, December.
    18. Stijn Claessens & Thomas Glaessner & Daniela Klingebiel, 2002. "Electronic Finance: Reshaping the Financial Landscape Around the World," Journal of Financial Services Research, Springer;Western Finance Association, vol. 22(1), pages 29-61, August.
    19. Irena Jindrichovska, 2013. "Financial Management in SMEs," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 79-96.
    20. Aziz, Abdul & Naima, Umma, 2021. "Rethinking digital financial inclusion: Evidence from Bangladesh," Technology in Society, Elsevier, vol. 64(C).
    21. repec:ers:journl:v:xvi:y:2013:i:sisme:p:79-96 is not listed on IDEAS
    22. Kehkashan Nizam & Muhammad Zaki Rashidi, 2024. "Barriers to digital financial inclusion and digital financial services (DFS) in Pakistan: a phenomenological approach," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 17(2), pages 251-274, July.
    23. Dharam GHAI, 2003. "Decent work: Concept and indicators," International Labour Review, International Labour Organization, vol. 142(2), pages 113-145, June.
    24. Timothy Bates & Alicia Robb, 2013. "Greater Access to Capital Is Needed to Unleash the Local Economic Development Potential of Minority-Owned Businesses," Economic Development Quarterly, , vol. 27(3), pages 250-259, August.
    25. Romer, Paul M., 1990. "Human capital and growth: Theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 251-286, January.
    26. Mohsin Showkat & Razia Nagina & Usha Nori & Muzamil Ahmad Baba & Mohd Asif Shah, 2024. "Empowering women in the digital age: can digital financial services fulfil the promise of financial autonomy and gender equality in the attainment of Sustainable Development Goal 5?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 12(1), pages 2342459-234, December.
    27. Favourate Y. Mpofu & David Mhlanga, 2022. "Digital Financial Inclusion, Digital Financial Services Tax and Financial Inclusion in the Fourth Industrial Revolution Era in Africa," Economies, MDPI, vol. 10(8), pages 1-22, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lucie Davoine & Christine Erhel & Mathilde Guergoat-Larivière, 2008. "A Taxonomy of European Labour Markets Using Quality Indicators," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00317280, HAL.
    2. Liang, Guibao & Xia, Qiao & Zhang, Lijie, 2025. "Nonlinear influence of digital finance on green economic efficiency," International Review of Financial Analysis, Elsevier, vol. 101(C).
    3. Jeswin Jose & Nabanita Ghosh, 2025. "Digital financial literacy and financial inclusion in the global south for a sustainable future: A scoping review," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 52(1), pages 129-148, March.
    4. Vaishali Kamboj & Dipasha Sharma, 2025. "Mapping the landscape of digital financial inclusion and proposing integrative framework: trends, influential works, and future directions," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-19, December.
    5. Lucie Davoine & Christine Erhel & Mathilde Guergoat-Larivière, 2008. "A Taxonomy of European Labour Markets Using Quality Indicators," Post-Print halshs-00317280, HAL.
    6. repec:zbw:rwidps:0030 is not listed on IDEAS
    7. Siemiński, Paweł & Hadyński, Jakub & Poczta, Walenty, 2020. "Diversification of Human Capital Resources in Rural and Urban Areas in Poland," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2020(01).
    8. Li, Wenjuan & Liu, Xinghua & Zhou, Lei, 2025. "The role of digital finance in enhancing export competitiveness: insights from China's listed companies," Finance Research Letters, Elsevier, vol. 71(C).
    9. Kostakis, Ioannis & Lolos, Sarantis & Doulgeraki, Charikleia, 2020. "Cultural Heritage led Growth: Regional evidence from Greece (1998-2016)," MPRA Paper 98443, University Library of Munich, Germany.
    10. Wahidin, Deni & Akimov, Alexandr & Roca, Eduardo, 2021. "The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries," International Review of Financial Analysis, Elsevier, vol. 77(C).
    11. Gallego-Losada, María-Jesús & Montero-Navarro, Antonio & García-Abajo, Elisa & Gallego-Losada, Rocío, 2023. "Digital financial inclusion. Visualizing the academic literature," Research in International Business and Finance, Elsevier, vol. 64(C).
    12. Åsa Johansson, 2016. "Public Finance, Economic Growth and Inequality: A Survey of the Evidence," OECD Economics Department Working Papers 1346, OECD Publishing.
    13. de Pineres, Sheila Amin Gutierrez, 1999. "Externalities in the agricultural export sector and economic growth: a developing country perspective," Agricultural Economics, Blackwell, vol. 21(3), pages 257-267, December.
    14. Jonathan Temple, 1995. "Testing the augmented Solow Model," Economics Papers 18 & 106., Economics Group, Nuffield College, University of Oxford.
    15. Indunil De Silva & Sudarno Sumarto, 2015. "Dynamics Of Growth, Poverty And Human Capital: Evidence From Indonesian Sub-National Data," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 40(2), pages 1-33, June.
    16. Alisha Ralph & Akarsh Arora, 2024. "Mapping the literature on decent work: A bibliometric analysis of sustainable development goal 8," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 3937-3952, August.
    17. Bourguignon, Francois & Rogers, F. Halsey, 2007. "Distributional effects of educational improvements: Are we using the wrong model?," Economics of Education Review, Elsevier, vol. 26(6), pages 735-746, December.
    18. Mohamed Abdouli & Anis Omri, 2021. "Exploring the Nexus Among FDI Inflows, Environmental Quality, Human Capital, and Economic Growth in the Mediterranean Region," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(2), pages 788-810, June.
    19. Jean-Marc Fournier & Åsa Johansson, 2016. "The Effect of the Size and the Mix of Public Spending on Growth and Inequality," OECD Economics Department Working Papers 1344, OECD Publishing.
    20. Carton, Christine & Ronquillo, Cely, 2008. "Determinantes del crecimiento en America Latina: Analisis empirico de los sistemas bancarios [Economic growth determinants in Latin American region: An empirical analysis based on bank systems role," MPRA Paper 10832, University Library of Munich, Germany.
    21. Sylwia Zajączkowska-Jakimiak, 2006. "Wiedza techniczna i kapitał ludzki w teorii wzrostu gospodarczego," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 47-69.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:qualqt:v:59:y:2025:i:2:d:10.1007_s11135-024-02037-y. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.