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Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms International Journal of Financial Studies Pub Date : 2024-03-12 SungSup Brian Choi, Kudzai Sauka, MiYoung Lee
This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent
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Decision Rules for Corporate Investment International Journal of Financial Studies Pub Date : 2024-03-04 Reinier de Adelhart Toorop, Dirk Schoenmaker, Willem Schramade
We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated value—resulting in varying preferences for social and environmental impacts or values
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Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics International Journal of Financial Studies Pub Date : 2024-03-05 Ionuț Nica, Camelia Delcea, Nora Chiriță, Ștefan Ionescu
This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced bibliometric methods, we explored the global network of publications, identifying key works
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Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression International Journal of Financial Studies Pub Date : 2024-02-29 Anuwat Boonprasope, Korrakot Yaibuathet Tippayawong
Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant on historical trading data, limiting predictive accuracy and
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Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market International Journal of Financial Studies Pub Date : 2024-02-28 Okechukwu Enyeribe Njoku, Younghwan Lee
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy
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Assessing Energy Mutual Funds: Performance, Risks, and Managerial Skills International Journal of Financial Studies Pub Date : 2024-02-26 Davinder Malhotra, Srinivas Nippani
This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector’s cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market
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The Use of Economic Indicators as Early Signals of Stock Market Progress: Perspectives from Market Potential Index International Journal of Financial Studies Pub Date : 2024-02-26 Tarek Eldomiaty, Islam Azzam, Mostafa Fouad, Yasmeen Said
The progress of financial markets depends on the way world investors foresee the market potential of the country of choice. Countries that are associated with favorable economic incentives are able to motivate investments in their respective stock markets. The objective of this paper is to examine the role of the many economic components which constitute the Market Potential Index in enhancing stock
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Synthetic Central Bank Digital Currencies and Systemic Liquidity Risks International Journal of Financial Studies Pub Date : 2024-02-18 John E. Marthinsen, Steven R. Gordon
The failure of major banks in 2023, such as Silicon Valley Bank (SVB), Signature Bank, First Republic Bank, and Credit Suisse, points to the continuing need for financial institutions to price liquidity risk properly and for financial systems to find alternative sources of liquidity in times of dire need. Central bank digital currencies (CBDCs), fiat-backed stablecoins (fsCOINs), and synthetic central
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Impacts of Investor Attention and Accounting Information Comparability on Stock Returns: Empirical Evidence from Chinese Listed Companies International Journal of Financial Studies Pub Date : 2024-02-14 Li Zhao, Nathee Naktnasukanjn, Ahmad Yahya Dawod, Bin Zhang
The efficient capital markets hypothesis (EMH) posits that security prices incorporate all available information in capital markets. Nevertheless, real stock markets often exhibit speculative behavior due to information asymmetry and the limited rationality of investors. This paper employs Thank you for your feedback. I've reviewed the changes, and the adjustment made to revise the year from 2019 to
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Exploring the Dynamics of Profitability–Liquidity Relations in Crisis, Pre-Crisis and Post-Crisis International Journal of Financial Studies Pub Date : 2024-02-10 Piotr Ratajczak, Dawid Szutowski, Jarosław Nowicki
The aim of this study is to verify the stability of the profitability–liquidity relationship over time, as well as to determine this relationship in terms of its level and structure. In this context, three main research questions were formulated. First, is the profitability–liquidity relationship stable in times of crisis? Second, what is the profitability of companies with high and low liquidity?
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Velocity of Money and Productivity Growth: Explaining the 2% Inflation Target in the U.S. (1959–2007) International Journal of Financial Studies Pub Date : 2024-02-08 Christophe Faugere
This article provides a macro-foundation for why the specific value of 2% is a valid inflation target. The approach postulates that innovations generate transactional cost savings by comparison to barter. The optimal velocity of money is derived as a function of productivity growth and of long-term and short-term interest rates, with coefficients reflecting the leverage ratio of depository institutions
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Impact of the COVID-19 Market Turmoil on Investor Behavior: A Panel VAR Study of Bank Stocks in Borsa Istanbul International Journal of Financial Studies Pub Date : 2024-02-04 Cumhur Ekinci, Oğuz Ersan
Assuming that investors can be foreign or local, do high-frequency trading (HFT) or not, and submit orders through a bank-owned or non-bank-owned broker, we associated trades to various investors. Then, building a panel vector autoregressive model, we analyzed the dynamic relation of these investors with returns and among each other before and during the COVID-19 market crash. Results show that investor
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Determinants of Operating Efficiency for the Jordanian Banks: A Panel Data Econometric Approach International Journal of Financial Studies Pub Date : 2024-01-31 Rasha Istaiteyeh, Maysa’a Munir Milhem, Farah Najem, Ahmed Elsayed
This paper presents a comprehensive analysis of key financial indicators influencing the operational efficiency of banks in Jordan over the period 2006 to 2021. The study, focusing on fifteen commercial banks, employs seven regression models to assess the impact of selected variables on bank operating efficiency. Our findings reveal novel insights with substantial contributions to banking practice
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Board Structure, CEO Equity-Based Compensation, and Financial Performance: Evidence from MENA Countries International Journal of Financial Studies Pub Date : 2024-01-31 Abdullah A. Aljughaiman, Abdulateif A. Almulhim, Abdulaziz S. Al Naim
This paper investigates the association between board of director (BOD) structures and CEO equity-based compensation (long-term incentive) for commercial banks (conventional and Islamic banks) in MENA countries. Specifically, we take board size and board independence to measure the board structure. Furthermore, we investigate the influence of board structure on the association between CEO equity-based
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Predicting Operating Income via a Generalized Operating-Leverage Model International Journal of Financial Studies Pub Date : 2024-01-23 Sherwood Lane Lambert, Kevin Krieger, Nathan Mauck
We propose a generalized, practitioner-oriented operating-leverage model for predicting operating income using net sales, cost of sales, depreciation, and SG&A. Prior research links operating income directly to these items; hence, our model includes all aggregate revenues and expenses that comprise operating income. Prior research finds that the cost of sales is “much less” sticky than depreciation
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How Local Finance and Enforcement Shaped SME Credit Choices before and during the COVID Crisis International Journal of Financial Studies Pub Date : 2024-01-19 Francesco Fasano, Maurizio La Rocca, F. Javier Sánchez-Vidal, Maria Joshepin Lio, Alfio Cariola
Credit from suppliers is an important source of finance for firms. It can sustain firms’ financial flexibility even in periods of downturn. In this study, using a large database of 90,763 Italian firms in the 2015–2021 period, we investigated how local financial development affects the trade-credit policies of SMEs and how this effect is conditioned by the degree of judicial enforcement. Given that
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Bank Market Power, Firm Performance, Financing Costs and Capital Structure International Journal of Financial Studies Pub Date : 2024-01-17 Marisa Pessoa Gonçalves, Pedro M. Nogueira Reis, António Pedro Pinto
In this study, we provide a thorough analysis, conducted on a company-by-company basis, of the impact of bank concentration and the bank-relative power of banks on firm profitability, financing costs, and capital structure in a small economy like Portugal. Using a sample of 434,990 Portuguese companies, the study spans a time frame of 13 years (from 2006 to 2018). Principal component analysis (PCA)
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Is Artificial Intelligence Really More Accurate in Predicting Bankruptcy? International Journal of Financial Studies Pub Date : 2024-01-18 Stanislav Letkovský, Sylvia Jenčová, Petra Vašaničová
Predicting bankruptcy within selected industries is crucial because of the potential ripple effects and unique characteristics of those industries. It serves as a risk management tool, guiding various stakeholders in making decisions. While artificial intelligence (AI) has shown high success rates in classification tasks, it remains uncertain whether its use significantly enhances the potential for
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Firms’ Investment Level and (In)Efficiency: The Role of Accounting Information System Quality International Journal of Financial Studies Pub Date : 2024-01-18 Cláudia Pereira, Beatriz Castro, Luís Gomes, Helena Canha
We investigate whether accounting information system quality has an impact on the level and efficiency of firms’ investments. While firms’ growth depends on investment and financing decisions, accounting information is fundamental for the decision-making of several stakeholders. We assess the accounting information system quality by discretionary accruals, whereas the investment inefficiency is estimated
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The Influence of Airbnb Announcements on North American Capital Markets: Insights for Stakeholders International Journal of Financial Studies Pub Date : 2024-01-16 Tchai Tavor
This research investigates the burgeoning peer-to-peer (P2P) economy, exemplified by platforms such as Airbnb, and its implications within the North American context. The study focuses on understanding the repercussions of Airbnb announcements on capital markets, concentrating specifically on the travel and tourism sector and the real estate sector. The findings unveil a discernible augmentation in
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The Efficiency of Alternative and Conventional Energy Exchange-Traded Funds: Are Clean Energy Exchange-Traded Funds a Safer Asset? International Journal of Financial Studies Pub Date : 2024-01-12 Carla Oliveira Henriques, Maria Elisabete Neves, João Jorge Couceiro
This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA model, efficiency is defined as the ability of an ETF to maximize its outputs (annualized average
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The Impact of Intangible Capital on Firm Profitability in the Technology and Healthcare Sectors International Journal of Financial Studies Pub Date : 2024-01-12 Voicu D. Dragomir
The aim of the present study is to assess the impact of structural capital intensity and utilization on firm profitability in an international setting: the European Union countries, plus Norway, Switzerland and the United Kingdom. The indicators are calculated based on financial data downloaded from the Refinitiv Eikon database. Two financial ratios are used as proxies for the intensity and utilization
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Variable Considerations in ASC 606, Earnings Management and Business Continuity during Crisis International Journal of Financial Studies Pub Date : 2024-01-02 Mohammed M. Yassin, Dea’a Al-Deen Al-Sraheen, Khaldoon Ahmad Al Daoud, Mohammad Alhadab, Farouq Altahtamouni
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”, with the aim of enhancing transparency to provide fairer representation and inhibit the misuse of revenues to manipulate earnings. During COVID-19, variable considerations in ASC 606 were used to manage earnings as a tool to help firms survive. The study aimed
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Unveiling the Dynamics of Financial Institutions and Markets in Shaping Economic Prosperity in MENA International Journal of Financial Studies Pub Date : 2023-12-13 Ali Shaddady
This research explored the relationship between financial development and economic growth in the MENA region from 1996 to 2022. Using panel data, it assessed whether financial institutions and financial markets had differing impacts on economic growth. Various statistical methods, including OLS, GMM, quantile, and U-tests, were employed to analyze this correlation. Our findings revealed a nonlinear
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Climate Change Risks Disclosure: Do Business Strategy and Management Characteristics Matter? International Journal of Financial Studies Pub Date : 2023-12-14 Mahfod M. Aldoseri, Maged M. Albaz
This research aims to broaden the understanding of the determinants of climate change disclosure, where the study analyzes the impact of corporate business strategy and Chief Executive Officer (CEO) overconfidence on the level of climate change disclosure. The study followed a mixed-methods approach that combines quantitative and qualitative techniques to comprehensively examine the relationships used
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Dynamic Stability of Public Debt: Evidence from the Eurozone Countries International Journal of Financial Studies Pub Date : 2023-12-13 Epameinondas Katsikas, Nikiforos T. Laopodis, Konstantinos Spanos
This paper investigates the dynamic stability of public debt and its solvency condition in the face of crisis periods (1980–2021) in a sample of 11 euro-area countries. The focus is on the feedback loop between the dynamic stability of public debt and interest rates, discounted by economic growth, in conjunction with budget deficits during tranquil and turbulent periods. Using the GMM panel dynamic
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Research on Pricing Methods of Convertible Bonds Based on Deep Learning GAN Models International Journal of Financial Studies Pub Date : 2023-12-11 Gui Ren, Tao Meng
This paper proposes two data-driven models (including LSTM pricing model, WGAN pricing model) and an improved model of LSM based on GAN to analyze the pricing of convertible bonds. In addition, the LSM model with higher precision in traditional pricing model is selected for comparative study with other pricing models. It is found that the traditional LSM pricing model has a large error in the first-day
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A Component Expected Shortfall Approach to Systemic Risk: An Application in the South African Financial Industry International Journal of Financial Studies Pub Date : 2023-12-11 Mathias Mandla Manguzvane, Sibusiso Blessing Ngobese
The accelerated growth and interconnectedness of financial institutions and movement towards products and activities outside the regulatory purview have been met with huge concerns. South Africa is one of the emerging economies that this conundrum has beset. Any potential instability in the financial sector likely poses insurmountable consequences and unprecedented government intervention, especially
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Influence of Transparency and Disclosures on the Dividend Distribution Decisions in the Firms: Do Profitability and Efficiency of Firms Matter? International Journal of Financial Studies Pub Date : 2023-12-05 Shailesh Rastogi, Geetanjali Pinto, Amit Kumar Pathak, Satyendra Pratap Singh, Arpita Sharma, Souvik Banerjee, Jagjeevan Kanoujiya, Pracheta Tejasmayee
The purpose of this study is to determine if the impact of transparency and disclosure (TD) levels on shareholders’ current income (dividends) is moderated by technical efficiency (te) and profitability. The study employs econometrics on panel data from 78 BSE-listed enterprises across the 2016–2020 sample period. This conclusion suggests that when TD grows, dividends tend to drop initially, but above
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Factor Sufficiency in Asset Pricing: An Application for the Brazilian Market International Journal of Financial Studies Pub Date : 2023-12-08 Rafaela Dezidério dos Santos Rocha, Márcio Laurini
The multifactor asset pricing model derived from the Fama–French approach is extensively used in asset risk premium estimation procedures. Even including a considerable number of factors, it is still possible that omitted factors affect the estimation of this model. In this work, we compare estimators robust to the presence of omitted factors in estimating the risk premium in the Brazilian market.
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Causal Relationships between Oil Prices and Key Macroeconomic Variables in India International Journal of Financial Studies Pub Date : 2023-12-06 Kamal P. Upadhyaya, Raja Nag, Franklin G. Mixon
India is among the largest and fastest-growing economies in the world. To continue its growth, energy is and will continue to be one of its most important considerations. With a population of over one billion, India is the third largest consumer of petroleum on the globe. To maintain this ranking, India imports a large percentage of its total oil consumption. Given India’s current position as a large
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The Impact of Professionalism Theory Constructs on the Applicability of Forensic Accounting Services: Evidence from Jordan International Journal of Financial Studies Pub Date : 2023-12-04 Razan Nayef Almashaqbeh, Hashem Alshurafat, Hamzeh Al Amosh
This study aims to provide an understanding of the impact of professionalism theory constructs on the applicability of forensic accounting services, as well as reviewing the obstacles to implementing the profession of forensic accounting through a literature review. The accounting side of the study explores the profession of forensic accounting and the sociological side of the study will focus on professionalism
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Studying Differing Impacts of Various Monetary Aggregates on the Real Economy International Journal of Financial Studies Pub Date : 2023-12-01 Romeo Victor Ionescu, Costinela Fortea, Monica Laura Zlati, Valentin Marian Antohi
Since we are living in a time of multiple crises and geopolitical unrest, it is important to look at how monetary aggregates affect the real economy. This will help us figure out how uncertainty affects the economy and come up with more stable financial and monetary policy measures, especially for EU member states that are not in the euro area. This study aims to determine a dynamic structured monetary
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Entrepreneurship Dynamics: Assessing the Role of Macroeconomic Variables on New Business Density in Euro Area International Journal of Financial Studies Pub Date : 2023-12-01 Lenka Vyrostková, Jaroslava Kádárová
This article examines the impact of the macroenvironment on enterprises in euro-area countries over the period 2006–2020. Our study builds on important works and theories in the field of business, including the work of Kar and Özsahin. We employ the Panel Least Squares method to estimate the coefficient of selected variables. We identify political, institutional (government effectiveness index, regulatory
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Audit Expectation Gap in the External Audit of Banks in Mozambique International Journal of Financial Studies Pub Date : 2023-11-15 Osvaldo Massicame, Helena Coelho Inácio, Maria Anunciação Bastos
The function of the external audit, largely as a result of the scandals and financial crises that have occurred, has been the subject of debate and criticism. This aspect has fostered discussions around the Audit Expectation Gap, which, in short, is understood as the differences in expectations between the audit’s results and what is expected from it. In this context, the present study aimed to evaluate
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Cultural Influence on Corporate Sustainability: A Board of Directors Perspective International Journal of Financial Studies Pub Date : 2023-11-06 Diana Escandon-Barbosa, Jairo Salas-Paramo, José Luis Duque
This research aims to analyze the triple moderating effect of the board of directors in the country culture of a firm and its influence on the relationship between organizational innovation and organizational learning in corporate sustainability. A survey of 400 exporting companies of different commercial products from Colombia, Peru, Ecuador, and Bolivia was used to carry out this research. We used
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Extreme Value Theory Modelling of the Behaviour of Johannesburg Stock Exchange Financial Market Data International Journal of Financial Studies Pub Date : 2023-11-03 Maashele Kholofelo Metwane, Daniel Maposa
Financial market data are abundant with outliers, and the search for an appropriate extreme value theory (EVT) approach to apply is an endless debate in the statistics of extremes research. This paper uses EVT methods to model the five-year daily all-share total return index (ALSTRI) and the daily United States dollar (USD) against the South African rand (ZAR) exchange rate of the Johannesburg stock
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The Differential Effects of Internal Control Teams on Investment Decision Making Based on Industry Competition International Journal of Financial Studies Pub Date : 2023-11-03 Hyunjung Choi
This study investigates how a company’s internal control team affects their investment decision making, considering the level of industry competition within the South Korean capital market. A model obtained from the literature was employed to test the hypothesis. When industry competition is low, the quantitative adequacy of internal control staff increases the likelihood of investment when the risk
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Does Economic Policy Uncertainty Explain Exchange Rate Movements in the Economic Community of West African States (ECOWAS): A Panel ARDL Approach International Journal of Financial Studies Pub Date : 2023-11-01 Maud Korley, Evangelos Giouvris
Research proposes that economic policy uncertainty (EPU) leads to exchange rate fluctuations. Given that African countries experience higher levels of uncertainty in developed/emerging markets, we examine the extent to which domestic and foreign EPU affect exchange rates for a panel of 12 ECOWAS countries covering the period 1996–2018. In order to account for non-stationarity, cross-sectional dependence
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Evaluation of Factors Contributing to the Effectiveness of Internal Audit Quality in Pakistani Commercial Banks International Journal of Financial Studies Pub Date : 2023-11-02 Madiha Afzal
The Pakistani banking sectors facing numerous challenges because of poor internal audit quality. Internal audit quality has long been a source of contention. The current study examines the factors that affect internal audit quality in Pakistani commercial banks. Internal audit quality evaluated through potential factors such as competence, objectivity, performance, board audit committee support, and
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An Empirical Analysis of the Dynamics Influencing Bank Capital Structure in Africa International Journal of Financial Studies Pub Date : 2023-11-01 Ayodeji Michael Obadire, Vusani Moyo, Ntungufhadzeni Freddy Munzhelele
Financial institutions, particularly banks, have long grappled with the dilemma of structuring their capital optimally. This process, commonly referred to as capital structure decision-making, is of paramount importance, especially within the financial services sector, where strict regulations are imposed by reserve and central banks in alignment with global Basel guidelines. This study unveils the
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Digital Credit and Its Determinants: A Global Perspective International Journal of Financial Studies Pub Date : 2023-10-25 Tu D. Q. Le, Thanh Ngo, Dat T. Nguyen
Digital credit has gained much attention from academic researchers, practitioners, and policymakers worldwide. This study empirically evaluates the determinants of digital credit using cross-country data from 2013 to 2019. The conventional ordinary least square regression with fixed effects estimator is used to investigate the factors affecting the growth of digital credit. Our study highlights that
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Large-Scale Portfolio Optimization Using Biogeography-Based Optimization International Journal of Financial Studies Pub Date : 2023-10-26 Wendy Wijaya, Kuntjoro Adji Sidarto
Portfolio optimization is a mathematical formulation whose objective is to maximize returns while minimizing risks. A great deal of improvement in portfolio optimization models has been made, including the addition of practical constraints. As the number of shares traded grows, the problem becomes dimensionally very large. In this paper, we propose the usage of modified biogeography-based optimization
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A Bibliometric Analysis of the FinTech Agility Literature: Evolution and Review International Journal of Financial Studies Pub Date : 2023-10-20 Abdelkebir Sahid, Yassine Maleh, Shahram Atashi Asemanjerdi, Pedro Antonio Martín-Cervantes
Bibliometric analysis is crucial in understanding the evolution of research trends and knowledge in various fields. This study applies bibliometric analysis to explore the growth of the research paradigm on agility in the FinTech literature, using co-citation analysis and bibliographic coupling of selected articles. Based on this bibliometric analysis, the evolution of research on agility in the FinTech
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Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE International Journal of Financial Studies Pub Date : 2023-10-16 Umar Butt, Trevor William Chamberlain
This paper examines the relationship between the presence of blockholdings and stock returns and return volatility in the United Arab Emirates. Earlier studies report mixed results for the direction of the relationships across both developed and emerging markets. This study focuses specifically on these relationships in a dividend policy framework. This study further investigates the role of blockholder
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The Impact of Family Ownership on Capital Structure and Business Performance International Journal of Financial Studies Pub Date : 2023-10-10 Lenka Stryckova
Financial decision making in family companies is a topical issue that has arisen from an awareness of the significant impact of family businesses on the economies of individual countries. This article deals with the capital structure and business performance of family firms in the Czech Republic, as there is still a significant gap in family business research and empirical verification. This study
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Does Family Ownership Moderate the Relationship between Board Diversity and the Financial Performance of Saudi-Listed Firms International Journal of Financial Studies Pub Date : 2023-10-04 Ayman Hassan Bazhair, Hamid Ghazi H. Sulimany
This paper explores the moderating role of family ownership in the relationship between board diversity and financial performance. The study sampled data of 98 Saudi non-financial companies from 2012 to 2021. The data were analysed using fixed effect regression, while a generalised method of moments (GMM) was employed for a robustness test. The empirical evidence suggests that board gender may not
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Behavioral Biases and Investment Decisions of SMEs Managers: Empirical Analysis within the Moroccan Context International Journal of Financial Studies Pub Date : 2023-10-04 Khaoula Benayad, Mohammed Rachid Aasri
This article examines the impact of overconfidence, optimism, risk aversion, mimicry and intuition biases on the investment decisions of Moroccan SMEs managers. The study was based on a sample of 133 SMEs managers, who were randomly selected to ensure the representativeness of the results. Analysis showed that optimistic managers tend to make investment decisions more frequently, while those who are
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The Impact of Lending Relationships on the Lead Arrangers’ Retained Share International Journal of Financial Studies Pub Date : 2023-10-04 Alemu Tulu Chala
The lead arrangers of syndicated loans often have lending relationships with the borrowers, while other lenders participating in the syndicate largely engage in an arm’s length transaction. Relatively little is known about how these relationships affect the shares of syndicated loans that the lead arrangers retain in their portfolio. Using a random sample of 10,328 syndicated loans made to 7316 nonfinancial
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Information Sources for Investment Decisions: Evidence from Japanese Investors International Journal of Financial Studies Pub Date : 2023-10-02 Sumeet Lal, Abdul-Salam Sulemana, Trinh Xuan Thi Nguyen, Mostafa Saidur Rahim Khan, Yoshihiko Kadoya
Although the traditional sources of financial knowledge in Japan are financial advisors and investment groups, the digital era and artificial intelligence have made other sources of information, such as social media and mass media, more influential. As such, it has become important to examine the socioeconomic, demographic, and psychological factors influencing the use of these information sources
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Economic Disruptions in Repayment of Peer Loans International Journal of Financial Studies Pub Date : 2023-09-30 David Maloney, Sung-Chul Hong, Barin Nag
Economic disruptions can alter the likelihood of defaults on peer-to-peer loans, causing those impacted to adjust. The option to declare economic hardship and temporarily reduce the payment burden can provide some relief. When this occurs, the borrower’s financial qualifications have changed. The qualities instrumental in successfully securing the original loan terms must be reanalyzed to manage risk
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The Dynamic Return and Volatility Spillovers among Size-Based Stock Portfolios in the Saudi Market and Their Portfolio Management Implications during Different Crises International Journal of Financial Studies Pub Date : 2023-09-12 Nassar S. Al-Nassar
This study contributes to the ongoing debate on the size effect and size-based investment styles by investigating the return and volatility spillovers and time-varying conditional correlations among Saudi large-, mid-, and small-cap indices. To this end, we utilize the weekly returns on the MSCI Saudi large-, mid-, and small-cap indices over a long sample period, spanning several crises. The econometric
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The Impact of Artificial Intelligence Disclosure on Financial Performance International Journal of Financial Studies Pub Date : 2023-09-14 Fadi Shehab Shiyyab, Abdallah Bader Alzoubi, Qais Mohammad Obidat, Hashem Alshurafat
This study determines to what extent Jordanian banks refer to and use artificial intelligence (AI) technologies in their operation process and examines the impact of AI-related terms disclosure on financial performance. Content analysis is used to analyze the spread of AI and related information in the annual report textual data. Based on content analysis and regression analysis of data from 115 annual
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Green Electronic Auditing and Accounting Information Reliability in the Jordanian Social Security Corporation: The Mediating Role of Cloud Computing International Journal of Financial Studies Pub Date : 2023-09-13 Ali Mahmoud Alrabei
The purpose of this research is to examine the impact of green electronic auditing on accounting information reliability and the mediating role of cloud computing in the Jordanian Social Security Corporation. A survey of 500 employees in the Jordanian Social Security Corporation was used to gather data, with a response rate of 31.4% (157 employees). The researcher used structural equation modeling
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Market Reaction to Corporate Releases and News Articles: Evidence from Thailand’s Stock Market International Journal of Financial Studies Pub Date : 2023-09-06 Likittanawong Supawat, Leemakdej Arnat
Studies that quantify the price impact of the information in corporate press releases and news articles mainly focus on quantitative news, such as earnings announcements, dividends, and financial performance-related events, but leave out other corporate news events. Those that do so generally focus on one source of information and do not compare the price impacts from different information sources
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Enhancing Financial Fraud Detection through Addressing Class Imbalance Using Hybrid SMOTE-GAN Techniques International Journal of Financial Studies Pub Date : 2023-09-05 Patience Chew Yee Cheah, Yue Yang, Boon Giin Lee
The class imbalance problem in finance fraud datasets often leads to biased prediction towards the nonfraud class, resulting in poor performance in the fraud class. This study explores the effects of utilizing the Synthetic Minority Oversampling TEchnique (SMOTE), a Generative Adversarial Network (GAN), and their combinations to address the class imbalance issue. Their effectiveness was evaluated using
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Hidden Ownership and Firm Performance: Evidence from Thailand’s Initial Public Offering Firms International Journal of Financial Studies Pub Date : 2023-09-04 Natthawut Wangwan, Arnat Leemakdej
Previous studies have overlooked hidden ownership in their analysis, which could result in biased findings. This research utilizes unique data sources to uncover hidden ownership patterns and employs ordinary least square regression to investigate the relationship between hidden ownership and firm performance. The findings indicate that hidden ownership affects a firm’s performance, but not in the
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A Review of the Implementation of Financial Technology (Fintech) in the Indonesian Agricultural Sector: Issues, Access, and Challenges International Journal of Financial Studies Pub Date : 2023-09-04 Fathi Rufaidah, Tuti Karyani, Eliana Wulandari, Iwan Setiawan
Technological developments, especially in the financial sector, are slowly changing the financial industry through digitalization towards fintech. The application of fintech has been introduced to Indonesia in the last few years; however, the existence and development of fintech in Indonesia still needs to be studied further. This review provided a comprehensive overview of farmer technology accessibility
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Effects of Contract Governance on the Relation of Partnership Critical Success Factors and the Performance of Malaysia Public-Private Partnership Initiatives International Journal of Financial Studies Pub Date : 2023-09-04 Azlan Shah Abdul Latif, Noor Azman Ali, Zahira Ishan, Nor Siah Jaharuddin, Rohail Hassan, Adibah Abdul Latif
Much research has been carried out to discover partnership critical success factors that influence public-private partnership success. Since most public-private partnership projects are long-term in nature and include contractual arrangements, there is still a lot to learn about contract governance’s role in public-private partnership performance. Therefore, this study examines the effect of contract
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A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022 International Journal of Financial Studies Pub Date : 2023-08-23 José-Francisco Vergara-Perucich
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were reviewed in R software and analyzed with the assistance of the Bibliometrix package of the same software. The results indicate that there has been considerable