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How does the heterogeneity of institutional investors influence corporate tax avoidance? The moderating role of family ownership International Journal of Managerial Finance Pub Date : 2024-02-19 Ramzi Benkraiem, Faten Lakhal, Afef Slama
Purpose This study provides new insights into the relationship between the heterogeneity of institutional investors (IIs) and corporate tax avoidance (CTA). It also investigates whether family ownership moderates this relationship. Design/methodology/approach Based on a sample of 200 French-listed firms from 2008 to 2017, we use the generalized method of moment (GMM) estimator proposed by Arellano
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Labor unions, pay disparity and financial statement comparability International Journal of Managerial Finance Pub Date : 2024-01-04 Eun Hye Jo, Jung Wha Lee
Purpose This study examines how the presence of labor unions affects a firm’s pay disparity between executives and employees and its financial statement comparability. Design/methodology/approach It uses firm-level labor union data in Korea and applies regression analyses to a sample of 1,776 firm-year observations from 2004 to 2008. Findings The authors find that unionized firms have a smaller pay
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The US government customer concentration and the firm innovation International Journal of Managerial Finance Pub Date : 2024-01-03 HyunJun Na
Purpose This study examines the impact of the US government customer concentration and product innovation in supplier firms. The US government customer concentration is defined as the proportion of sales made by a supplier firm to the US government as a major customer. To measure product innovation, the author uses two key metrics: the number of patents and the novelty of the patents. The results indicate
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Debt overhang and carbon emissions International Journal of Managerial Finance Pub Date : 2023-12-29 Md Safiullah, Muhammad Nurul Houqe, Muhammad Jahangir Ali, Md Saiful Azam
Purpose This study investigates the association between debt overhang and carbon emissions (both direct and indirect emissions) using a sample of US publicly listed firms. Design/methodology/approach The study applies generalized least squares (GLS) regression analyses to a sample of 2,043 US firm-year observations over a period of 14 years from 2007 to 2020. The methods include contemporaneous effect
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Investing in a leveraged world International Journal of Managerial Finance Pub Date : 2023-12-29 Keunbae Ahn, Gerhard Hambusch, Kihoon Hong, Marco Navone
Purpose Throughout the 21st century, US households have experienced unprecedented levels of leverage. This dynamic has been exacerbated by income shortfalls during the COVID-19 crisis. Leveraging and deleveraging decisions affect household consumption. This study investigates the effect of the dynamics of household leverage and consumption on the stock market. Design/methodology/approach The authors
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International evidence on the monitoring role of foreign institutional investors in corporate investment efficiency International Journal of Managerial Finance Pub Date : 2023-12-22 Muhammad Ilyas, Rehman Uddin Mian, Affan Mian
Purpose This study examines whether and how the legal origin of foreign institutional investors (FIIs) impacts corporate investment efficiency. Design/methodology/approach The study employs a large panel dataset of firms from 32 non-USA countries from 2005 to 2018. Financial and institutional ownership data are obtained from the COMPUSTAT Global and Public Ownership databases in S&P Capital IQ, respectively
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Institutional ownership stability and product quality failures International Journal of Managerial Finance Pub Date : 2023-12-21 Thanh Dat Le, Nguyen Nguyen
Purpose This study examines the effect of stable institutional investors on firms' product quality failures. Furthermore, the authors investigate the channels through which institutional ownership stability enhances product quality management. Design/methodology/approach This study uses probit, ordered probit and negative binomial regression frameworks to investigate the research questions. In addition
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The real implications of mimicking peer firms' cash holdings International Journal of Managerial Finance Pub Date : 2023-11-28 Marvelous Kadzima, Michael Machokoto, Edward Chamisa
Purpose This study empirically examines the nonlinear effects of mimicking peer firms' cash holdings on shareholder value, with consideration of macroeconomic conditions. Design/methodology/approach An instrumental variable approach for nonlinear models is estimated for a large sample of US firms over the period 1991–2019. This approach addresses the reflection problem in examining peer effects, whereby
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The impact of economic policy uncertainty on sustainability (ESG) performance: the role of the firm life cycle International Journal of Managerial Finance Pub Date : 2023-11-27 Muhammad Azeem Qureshi, Tanveer Ahsan, Ammar Ali Gull, Zaghum Umar
Purpose This study investigates the impact of economic policy uncertainty (EPU) on corporate sustainability [environmental, social and governance (ESG)] performance and aims to explore whether uncertainty-induced sustainability performance is influenced by the firm's life cycle (LC). Design/methodology/approach The study uses data from European non-financial firms listed during the period from 2002
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Oil price uncertainty and corporate inventory investment International Journal of Managerial Finance Pub Date : 2023-10-30 Amanjot Singh
Purpose This study examines the relationship between oil price uncertainty (OPU) and corporate inventory investments using a sample of 6,072 USA manufacturing firms from 1992 to 2019. Design/methodology/approach The author's study employs a panel dataset to examine the relationship between OPU and corporate inventory investments. The author uses several alternative specifications such as fixed effects
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The more, the merrier? The role of an auditor's certification in loan pricing International Journal of Managerial Finance Pub Date : 2023-10-25 Bolortuya Enkhtaivan, Zagdbazar Davaadorj
Purpose The purpose of this paper is to explore the role of three different audit characteristics in loan pricing—the most significant credit term for borrowers. Three characteristics include audit reputation, audit tenure and audit specialization. Design/methodology/approach To examine audit characteristics simultaneously to measure their effect on loan pricing, this study uses a full-rank, three-way
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How does management respond to stock price crashes? International Journal of Managerial Finance Pub Date : 2023-10-18 Suvra Roy, Ben R. Marshall, Hung T. Nguyen, Nuttawat Visaltanachoti
Purpose The purpose of this study is to investigate (1) how managers respond to stock price crashes, (2) why they respond and (3) how their responses affect shareholders. Design/methodology/approach This study employs a panel regression with various firm-level controls and firm- and year-fixed effects. The sample is comprised of 101,532 firm-year observations with 11,727 unique firms from 1950 to 2019
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Effects of time-varying political connections on loan contracts International Journal of Managerial Finance Pub Date : 2023-10-10 Hao Fang, Chieh-Hsuan Wang, Joseph C.P. Shieh, Chien-Ping Chung
Purpose The authors construct two time-varying political connection (PC) indexes to measure a firm's political tendencies toward ruling and opposing parties and analyze whether a firm with ruling party tendencies obtains better bank loan contracts compared to the contracts obtained by a firm with opposing party tendencies and a firm with fixed PC tendencies. Design/methodology/approach Linguistic text
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CEO overconfidence and tax avoidance: role of institutional and family ownership International Journal of Managerial Finance Pub Date : 2023-10-02 Zahra Souguir, Naima Lassoued, Houssam Bouzgarrou
Purpose This study aims to investigate the effect of overconfident chief executive officers (CEOs) on corporate tax avoidance and whether this relationship is affected by institutional and family ownership. Design/methodology/approach Using a sample of French-listed firms from 2009 to 2021, the authors find that firms managed by overconfident CEOs engage in more tax avoidance practice. Findings The
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Dividend policy and firm liquidity under the tax imputation system in Australia International Journal of Managerial Finance Pub Date : 2023-09-28 Min Bai, Yafeng Qin, Feng Bai
Purpose The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework. Design/methodology/approach This paper
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Military CEOs and firm dividends and cash holdings International Journal of Managerial Finance Pub Date : 2023-09-26 Nam Hoang Le, Zhe Li, Megan Ramsey
Purpose The purpose of this study is to examine the relationships between chief executive officers (CEOs) with military service and firm dividend and cash holding decisions. Design/methodology/approach The authors use a sample of Standard and Poor's (S&P) 1500 firms in the USA over a sample period from 1999 to 2017 and a panel data approach, as well as instrumental variable (IV)analysis. The models
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Compensations, overconfidence and use of loan terms International Journal of Managerial Finance Pub Date : 2023-09-15 Jan Voon, Yiu Chung Ma
Purpose This paper contributes to the literature as follows. First, it examines if option and stock compensations raise creditor's risk, and which one is more important than the other. Second, it explores if CEO's compensation interacts with CEO overconfidence to raise creditor's risk. Third, it investigates how banks use different loan terms to alleviate their credit risk. Design/methodology/approach
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Can a firm's hierarchical complexity affect its stock price behavior? Evidence from stock price crash risk International Journal of Managerial Finance Pub Date : 2023-09-05 Hoàng Long Phan, Ralf Zurbruegg
Purpose This paper examines how a firm's hierarchical complexity, which is determined by the way it organizes its subsidiaries across the hierarchical levels, can impact its stock price crash risk. Design/methodology/approach The authors employ a measure of hierarchical complexity that captures the depth and breadth of how subsidiaries are organized within a firm. This measure is calculated using information
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Managerial ability and climate change exposure International Journal of Managerial Finance Pub Date : 2023-08-30 G.M. Wali Ullah, Isma Khan, Mohammad Abdullah
Purpose This study aims to investigate how a firm's management team's capacity to efficiently use its resources affects the firm's exposure to climate change. Specifically, the authors investigate the intriguing question – does managerial ability affect a firm's climate change exposure? Design/methodology/approach The authors use an unbalanced panel dataset of 4,230 US based firms listed on Compustat
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The impact of international money transfer cost transparency on remittance flows to emerging economies International Journal of Managerial Finance Pub Date : 2023-08-25 Primrose Gurira
Purpose The purpose of this study is to explore the impact of cost transparency introduced by the Remittance Prices Worldwide (RPW) online transaction cost comparison tool on remittance inflows of remittance recipient countries in emerging economies. Design/methodology/approach Panel fixed-effect model was employed to test the hypothesis focussing on the period five years before and five years after
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The impact of CEO attributes on corporate decision-making and outcomes: a review and an agenda for future research International Journal of Managerial Finance Pub Date : 2023-08-14 Christiana Osei Bonsu, Chelsea Liu, Alfred Yawson
Purpose The role of chief executive officer (CEO) personal characteristics in shaping corporate policies has attracted increasing academic attention in the past two decades. In this review, the authors synthesize extant research on CEO attributes by reviewing 232 articles published in 29 journals from the accounting, finance and management literature. This review provides an overview of existing findings
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Deglobalization and the value of geographic diversification: evidence from Brexit International Journal of Managerial Finance Pub Date : 2023-08-03 Abongeh A. Tunyi, Tanveer Hussain, Geofry Areneke
Purpose This paper aims to explore the value of geographic diversification in the context of deglobalization, drawing evidence from a quasi-natural experiment – the Brexit referendum that took place on 23 June 2016 in the UK. Design/methodology/approach This study applies an event study methodology to estimate the impact of the Brexit vote on a cross-section of firms with varying levels of geographic
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Does the S&P index effect differ between large and small company stocks? International Journal of Managerial Finance Pub Date : 2023-07-18 Ernest N. Biktimirov, Yuanbin Xu
Purpose The purpose of this study is to compare market reactions to the change in the demand by index funds between large and small company stocks by examining the transition of the S&P 500, S&P 400 MidCap and S&P 600 SmallCap indexes from market capitalization to free-float weighting. This unique information-free event allows not only avoiding confounding information signaling and investor awareness
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Do emerging market corporates mimic the payout policy of peers? International Journal of Managerial Finance Pub Date : 2023-07-04 Neeraj Jain, Smita Kashiramka
Purpose This study aims to investigate the effects of peers on corporate payout policies in one of the largest emerging markets – India. It also examines the motives for mimicking payout decisions. Design/methodology/approach The sample is composed of 3,024 non-financial and non-government firms listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for the period 1995 to 2020
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Currency change and capital structure decisions: evidence from the birth of the Euro area International Journal of Managerial Finance Pub Date : 2023-07-03 Marco Botta
Purpose The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency. Design/methodology/approach A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital
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Geopolitical risk and corporate tax behavior: international evidence International Journal of Managerial Finance Pub Date : 2023-06-22 Vishnu K. Ramesh, A. Athira
Purpose This study examines the association between geopolitical risk (GPR) and corporate tax, which is a major source of revenue for the government and a significant explicit cost for firms. The authors use a comprehensive measure of GPR to study its effects on corporate taxes by using an international sample. Design/methodology/approach The authors adopt the geopolitical measure constructed by Caldara
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Identifying the risk culture of banks using machine learning International Journal of Managerial Finance Pub Date : 2023-06-15 Abena Owusu, Aparna Gupta
Purpose Although risk culture is a key determinant for an effective risk management, identifying the risk culture of a firm can be challenging due to the abstract concept of culture. This paper proposes a novel approach that uses unsupervised machine learning techniques to identify significant features needed to assess and differentiate between different forms of risk culture. Design/methodology/approach
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Strategic working capital management in response to a performance shock: evidence from the NOx Budget Trading Program International Journal of Managerial Finance Pub Date : 2023-06-09 Paula Hearn Moore, Ben Le, Donna L. Paul
Purpose This paper examines how manufacturing firms impacted by the nitrogen oxides (NOx) Budget Trading Program (NBP) strategically managed working capital to release funds for increased costs and mitigate the negative impact on firm performance. Design/methodology/approach The study uses a panel data set including 11,302 manufacturing firm-year observations listed on the US exchanges during the period
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Sources of incentive and entrenchment effects in family firms: balancing self-dealings with operating efficiencies International Journal of Managerial Finance Pub Date : 2023-06-09 Kinshuk Saurabh
Purpose The purpose of the study is to examine how operating efficiencies from incentive alignment compensate for rent extraction in family firms. The author asks whether ownership (1) improves operating efficiencies to increase firm value, (2) positively affects related-party transactions (RPTs), or (3) destroys firm value. Finally, the author assesses whether the incentive effect dominates the entrenchment
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Corporate fraud and industry peer effects on IPO underpricing International Journal of Managerial Finance Pub Date : 2023-05-31 Darshana Palkar
Purpose Existing studies suggest that negative impacts emanating from corporate fraud revelations may diffuse to other firms through lower trust and lower market participation. Extending this literature stream, the authors examine whether corporate fraud revelations are associated with higher costs of raising capital through initial public offerings (IPOs) for industry peers. Design/methodology/approach
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Is corporate digital transformation a tax haven? International Journal of Managerial Finance Pub Date : 2023-05-24 Wanyi Chen, Fanli Meng
Purpose Corporate digital transformation (CDT) has challenged traditional tax administration systems. This study examines the impact of CDT on tax avoidance behavior and tests whether tax authorities can identify this behavior. Design/methodology/approach Using data on listed companies on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2020, this study applies the Heckman two-stage and cross-section
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Gender diversity of directors and financial performance: is there a business case? International Journal of Managerial Finance Pub Date : 2023-05-10 Subba Reddy Yarram, Sujana Adapa
Purpose Do women contribute to performance of companies on which they serve as board of directors? Many prior studies examine this issue, but no consensus is reached on the benefits of women taking on leadership positions. The present study considers this thorny issue from a slightly different perspective. Does the association between gender diversity and business performance vary across sectors and
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Analyzing the static and dynamic dependence among green investments, carbon markets, financial markets and commodity markets International Journal of Managerial Finance Pub Date : 2023-05-08 Emmanuel Joel Aikins Abakah, Aviral Kumar Tiwari, Johnson Ayobami Oliyide, Kingsley Opoku Appiah
Purpose This paper investigates the static and dynamic directional return spillovers and dependence among green investments, carbon markets, financial markets and commodity markets from January 2013 to September 2020. Design/methodology/approach This study employed both the quantile vector autoregression (QVAR) and time-varying parameter VAR (TVP-VAR) technique to examine the magnitude of static and
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Monetary policy, macroeconomic uncertainty and corporate liquid asset demand: a firm-level analysis for India International Journal of Managerial Finance Pub Date : 2023-05-05 Pragati Priya, Chandan Sharma
Purpose The study examines how the liquid assets holdings among non-financial Indian firms vary due to tightening monetary policy and increasing macroeconomic uncertainty. Design/methodology/approach The authors analyze 5,640 firms for the period 2011–2021. The authors first estimate India’s monetary policy shocks by decomposing the exogenous shocks from the systematic component of monetary policy
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Are young CEOs a better match for young firms? Evidence from age, firm performance and CEO compensation International Journal of Managerial Finance Pub Date : 2023-04-27 Snow Xue Han
Purpose The current paper extends previous studies on the match between CEO and firm and explores whether certain characteristics of young CEOs make them more desirable to young firms. Results in this paper will provide useful information to startup companies when they need to find managers leading the firms. Design/methodology/approach This study use a large sample of panel regression to study the
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The effects of debt liquidity risk on firms' growth rate International Journal of Managerial Finance Pub Date : 2023-04-18 Zilong Liu, Hongyan Liang, Chang Liu
Purpose In theory, the impact of debt liquidity risk (DLR) on the firm's future growth is ambiguous. This study aims to examine the empirical relationship between the DLR and firms' growth rate using annual data for USA companies from 1976 to 2020. Design/methodology/approach Given the longitudinal nature of the data, the author uses OLS (ordinary least squares) regression methodology with fixed effects
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Female corporate leadership, institutions and financing constraints around the world International Journal of Managerial Finance Pub Date : 2023-04-04 Charilaos Mertzanis, Hazem Marashdeh, Sania Ashraf
Purpose This study aims to analyze the effect of female top management and female dominant owner on whether firms experience obstacles to obtaining external finance in 136 medium- and low-income countries during 2006–2019. The analysis controls for the role of corporate governance and other firm-specific characteristics, as well as for the impact of national institutions. Design/methodology/approach
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Cross-listing and noncompliance with the mandatory CSR expenditure regulation International Journal of Managerial Finance Pub Date : 2023-03-28 Satish Kumar, Geeta Singh
Purpose In this paper, the authors examine the relation between cross-listing and the noncompliance with the mandatory corporate social responsibility (CSR) expenditure regulation in India, the first country to legally mandate the CSR expenditure. Design/methodology/approach The authors apply panel logit and ordinary least square (OLS) regression models to examine the impact of cross-listing on the
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Blockholder ownership and corporate cash holdings: evidence from European firms International Journal of Managerial Finance Pub Date : 2023-03-21 Abdulaziz Ahmed Alomran
Purpose This study aims to investigate the impact of ownership by large shareholders (blockholders) on corporate cash holdings. The study further investigates heterogeneity in the relationship between blockholder ownership and corporate cash holdings. Design/methodology/approach Building on the precautionary and agency motives of corporate cash holdings, the study focuses on publicly listed firms from
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Earnings quality, institutional investors and corporate cash holdings: evidence from India International Journal of Managerial Finance Pub Date : 2023-03-09 Swechha Chada, Gopal Varadharajan
Purpose This paper aims to examine the relationship between earnings quality and corporate cash holdings in an emerging economy. Existing literature posits that earnings quality is a result of information asymmetry and firms with lower earnings quality increases cash holdings, to shield the firm from future uncertainties. In this paper, the authors propose a ‘private benefits hypothesis’, which suggests
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Bankruptcy law, creditors' rights and dividend policy: evidence from a quasi-natural experiment International Journal of Managerial Finance Pub Date : 2023-02-28 Nemiraja Jadiyappa, Ram Kumar Kakani
Purpose The purpose of this paper is to examine how changes in creditors' rights affect the dividend policy behavior of corporate firms. Design/methodology/approach The authors use the implementation of the bankruptcy and insolvency code (IBC) in India in 2016 as a quasi-natural experiment setup. Differential application of this law allows them to use the Difference in Differences approach to extract
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Is this rating worth it? The benefits of credit ratings in the dynamic tradeoff model International Journal of Managerial Finance Pub Date : 2023-02-28 Karolina Krystyniak, Viktoriya Staneva
Purpose This study seeks to identify the main determinants of the optimal capital structure by reexamining the interpretation of the conventional set of explanatory variables used as proxies for the costs and benefits of debt in the context of the dynamic tradeoff theory. Design/methodology/approach The authors isolate the variation in leverage due to different targets from that caused by deviations
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Investigation of the multi-layers of imprinting on corporate working capital management International Journal of Managerial Finance Pub Date : 2023-02-06 Zagdbazar Davaadorj, Bolortuya Enkhtaivan, Jamie Weathers
Purpose The paper aims to investigate the imprinting effect on working capital (WC) management as higher-level managers' transition to chief executive officer (CEO) positions. This paper proposes that WC management defined as a shorter cash conversion cycle (CCC) can be carried forward to the new firm when the managers are appointed as a CEO. Design/methodology/approach The authors employ a multivariate
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CEO marital status and capital allocation efficiency International Journal of Managerial Finance Pub Date : 2023-02-02 Md Noman Hossain, Md Nazmul Hasan Bhuyan
Purpose The extant literature provides evidence that single CEOs are less risk-averse. Building on the theory of risk aversion, the authors argue that the risk aversion trait arising from CEO’s marital status partially explains capital allocation efficiency. The paper aims to examine the association between CEO marital status and capital allocation efficiency. Design/methodology/approach The primary
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Testing of coherence between monetary policy stimulus, financial flexibility and profitability of manufacturing firms International Journal of Managerial Finance Pub Date : 2022-12-21 Ajaya Kumar Panda, Swagatika Nanda, Apoorva Hegde
Purpose This paper aims to empirically investigate the evidence of the transmission of monetary policy impulses to firm profitability via manufacturing firms’ short-term and long-term corporate financing decisions. Design/methodology/approach This study decomposes the receptiveness of firm profitability to monetary policy shock under circumstances of financial flexibility. Additionally, the study extends
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Earnings management and underperformance after seasoned equity offerings: a cross-country study International Journal of Managerial Finance Pub Date : 2022-12-14 Solomon Opare, Muhammad Houqe, Tony van Zijl
Purpose This purpose of this study is to examine the association between earnings management (accruals earnings management (AEM) and/or real activities manipulation (RAM)) and firm underperformance following seasoned equity offerings (SEOs) using cross-country data. Design/methodology/approach The study applies ordinary least squares regression analyses to a sample of 11,764 observations on firms from
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Electricity access and green financing in the African region International Journal of Managerial Finance Pub Date : 2022-12-08 Geeta Rani Duppati, Stifanos Hailemariam, Roselyn Murray, Jana Kivell
Purpose This study aims to provide empirical evidence on two research questions: firstly, whether green finance is positively related to electricity access, and, secondly, if the domestic economic environment moderates the relationship between green finance and electricity access? This paper pays particular attention to the regional disparities in Africa. Design/methodology/approach While pursuing
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Executive pay disparity and cost of debt financing International Journal of Managerial Finance Pub Date : 2022-12-05 Hsin-I Chou, Xiaofei Pan, Jing Zhao
Purpose This paper aims to examine the relationship between executive pay disparity and the cost of debt. Design/methodology/approach The authors use a sample of syndicated bank loans granted to United States (US) listed firms from 1992 to 2014 and adopt the loan yield spread (Chief Executive Officer (CEO) pay slice) as the main proxy for the cost of debt (executive pay disparity). The authors also
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Risk mitigation effect of foreign debt: evidence from loan pricing International Journal of Managerial Finance Pub Date : 2022-10-13 Yane Chandera
Purpose The author examines the presence of foreign currency effects and the risk-mitigation channel through which a foreign-currency denomination reduces the loan spread. Design/methodology/approach The author runs regression analyses using loan data of firms incorporated in member countries of the Association of Southeast Asian Nations (ASEAN) from 2000 to 2020. The author also runs several robustness
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Audit quality and liquidity policy International Journal of Managerial Finance Pub Date : 2022-09-23 Mohammad Hendijani Zadeh
Purpose The purpose of this study is to examine whether audit quality influences auditees' liquidity policy. Design/methodology/approach The author uses ordinary least squares (OLS) estimators, and we focus on a panel of US publicly traded companies (36,118 company-year observations) over the period of 2004–2019 to examine the effect of audit quality on auditees' cash reserves. Findings The author
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Uncertainty, bank opacity, and market structure International Journal of Managerial Finance Pub Date : 2022-09-23 Van Dan Dang, Hoang Chung Nguyen
Purpose The study examines the impact of uncertainty on bank opacity while particularly taking into account the moderating role of market structures. Design/methodology/approach Using a sample of Vietnamese banks from 2007 to 2019, the paper measures uncertainty at the disaggregate level of the banking sector through the dispersion of bank shocks and capture bank opacity from the perspective of bank
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International evidence on the relationship between corporate ethics and dividend policy International Journal of Managerial Finance Pub Date : 2022-09-09 Omar Farooq, Neveen Ahmed
Purpose This paper aims is to document the relationship between corporate ethics prevailing in the country and the dividend policies adopted by firms. Design/methodology/approach The paper uses the data of non-financial firms from 61 countries to test the arguments presented in this paper. The data cover the period between 2010 and 2017. Findings This paper shows that dividend policies adopted by firms
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Strategic deviance and trade credit International Journal of Managerial Finance Pub Date : 2022-09-08 Harshali Damle, Rajesh Kumar Sinha
Purpose Literature sparsely documents the association between the deviant behavior of a firm and its financial policies. Trade credit is one of the most critical financial policies of a firm. In this study, the authors examine the association between strategic deviance and trade credit. Design/methodology/approach The authors explore a strategy-based explanation for trade credit by examining whether
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Does economic policy uncertainty affect bank profitability? International Journal of Managerial Finance Pub Date : 2022-08-31 Peterson K. Ozili, Thankom G. Arun
Purpose Managers are concerned about how the macroeconomic environment affects business profit. Focusing on banks, this study aims to investigate the effect of economic policy uncertainty (EPU) on bank profitability in 22 advanced countries. Design/methodology/approach The study used the panel fixed effect regression methodology to assess the effect of EPU on several measures of bank profitability
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Feverish sentiment, lockdown stringency, oil volatility, and clean energy stocks during COVID-19 pandemic International Journal of Managerial Finance Pub Date : 2022-08-16 Sakiru Adebola Solarin, Muhammed Sehid Gorus, Veli Yilanci
Purpose This study seeks to investigate role of the coronavirus disease 2019 (COVID-19) pandemic on clean energy stocks for the United States for the period 21 January 2020–16 August 2021. Design/methodology/approach At the empirical stage, the Fourier-augmented vector autoregression approach has been used. Findings According to the empirical results, the response of the clean energy stocks to the
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Debt dynamic, debt dispersion and corporate governance International Journal of Managerial Finance Pub Date : 2022-07-20 Daniel Tut
Purpose This paper addresses the following questions: Why do some firms employ multiple debt types? What explains debt heterogeneity? Is the choice of the source of debt a function of corporate governance? Design/methodology/approach The author's paper is empirical and uses multiple regression analysis. Findings Firms under weak corporate governance have a higher propensity to use multiple debt types
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Stock price crash risk and the adoption of poison pills: evidence from Brazil International Journal of Managerial Finance Pub Date : 2022-07-18 Yuri Gomes Paiva Azevedo, Lucas Allan Diniz Schwarz, Hellen Bomfim Gomes, Marcelo Augusto Ambrozini
Purpose The purpose of this paper is to examine the effect of stock price crash risk on the adoption of poison pills. Design/methodology/approach The authors estimate logit and probit regressions. Their sample includes 185 Brazilian public firms for the period 2010–2018. Following previous studies, the authors use the negative skewness of firm-specific weekly returns and the down-to-up volatility of
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Impact of financial distress on investment-cash flow sensitivity: evidence from emerging economy International Journal of Managerial Finance Pub Date : 2022-07-18 Gaurav Gupta, Jitendra Mahakud
Purpose The purpose of this study is to examine the impact of financial distress (FD) on investment-cash flow sensitivity (ICFS) of Indian firms. Design/methodology/approach The study uses the system generalized method of moments (GMM) technique to investigate the effect of FD on ICFS of Indian firms during the period from 2001 to 2019. Findings Using FD measures like Ohlson's bankruptcy method, Altman's
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A multi-country study of factors and threshold values affecting sovereign debt-taking behavior International Journal of Managerial Finance Pub Date : 2022-07-13 Reza Tahmoorespour, Mohamed Ariff, Yaasmin Farzana Abdul Karim, Kian Tek Lee, Sharon Dharsini Anthony
Purpose This manuscript reports evidence on how debt-taking decisions of top management in a multi-country setting do affect credit rating scores assigned by credit rating agencies (CRAs) as global monitors of creditworthiness of borrowers. This aspect has been long ignored by researchers in the literature. The purpose of this paper is twofold. A test model is specified first using theories to connect
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IFRS experience and earnings quality in the GCC region International Journal of Managerial Finance Pub Date : 2022-07-05 Nasser S. Kh. Al-Enzy, Reza Monem, Shamsun Nahar
Purpose This paper aims to examine the association between the adoption experience of the International Financial Reporting Standards (IFRS) and the quality of reported earnings in the Gulf Cooperation Council (GCC) region – a region that exhibits several features of emerging economies. Design/methodology/approach The authors analyse a hand-collected dataset of 222 firms across 4 countries in the GCC