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International Journal of Financial Services Management最新文献

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The relationship between insurer solvency and reinsurance: evidence from the Taiwan property-liability insurance industry 保险公司偿付能力与再保险之关系:来自台湾财产责任保险业的证据
International Journal of Financial Services Management Pub Date : 2018-06-26 DOI: 10.1504/IJFSM.2018.10014040
Chen-Ying Lee
{"title":"The relationship between insurer solvency and reinsurance: evidence from the Taiwan property-liability insurance industry","authors":"Chen-Ying Lee","doi":"10.1504/IJFSM.2018.10014040","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10014040","url":null,"abstract":"This study examines the relationship between insurer solvency and reinsurance. Taiwan provides an interesting environment for studying this issue with its relatively shallow market and natural catastrophe risk in the property-liability (P/L) insurance industry. The results of this investigation suggest that insurer solvency and reinsurance are interdependent. I find that insurers with higher solvency tend to purchase more reinsurance, and insurers with higher reinsurance dependence tend to have a higher level of solvency. Other empirical results show that underwriting risks, business concentration, return on investment (ROI) and business mix have a significant impact on reinsurance. Furthermore, I also find that insurers used less reinsurance after the RBC regime. In addition, firm size, return on asset (ROA), ROI, marine insurance, financial holdings and listed firms have a significant influence on an insurer's solvency. My results have practical implications for the P/L insurance industry and competent authorities in Taiwan.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127646162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
The impact of Sukuk financing on economic growth: the case of GCC countries 伊斯兰债券融资对经济增长的影响:以海湾合作委员会国家为例
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10011021
Abdelghani Echchabi, H. Aziz, U. Idriss
{"title":"The impact of Sukuk financing on economic growth: the case of GCC countries","authors":"Abdelghani Echchabi, H. Aziz, U. Idriss","doi":"10.1504/IJFSM.2018.10011021","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10011021","url":null,"abstract":"Islamic finance has been presenting itself for many decades as a viable alternative/complementary system to the long existing conventional financial system. However, recent research has claimed that Islamic finance as it is currently practised does not effectively promote economic growth. Hence, the objective of this study is to empirically examine the potential effect of Islamic finance in the specific form of Sukuk issuance on the economic growth represented by three proxies, namely Gross Domestic Product (GDP), Gross Capital Formation (GCF) and trade activities. The data were collected from the Islamic Finance Information Services (IFIS) and the World Bank databases, and were subsequently analysed through Toda and Yamamoto Granger Non-Causality test. Accordingly, the findings indicated that the Sukuk financing had no influence on economic growth for GCC countries. This finding has significant implications that are discussed in detail in the final section.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116464581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Management of working capital - the Achilles heel of small and medium enterprises: the case of Greece 营运资金管理——中小企业的致命弱点:以希腊为例
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/ijfsm.2018.10011020
Alina Hyz, P. Kalantonis, D. Stavroulakis
{"title":"Management of working capital - the Achilles heel of small and medium enterprises: the case of Greece","authors":"Alina Hyz, P. Kalantonis, D. Stavroulakis","doi":"10.1504/ijfsm.2018.10011020","DOIUrl":"https://doi.org/10.1504/ijfsm.2018.10011020","url":null,"abstract":"The main purpose of this paper is an empirical investigation of the relationship between working capital management and firms' performance in Small and Medium Enterprises (SMEs) in Greece during the crisis period. We used a data set of 459 SMEs split-up over eight sectors of economic activities according to the European NACE classification scheme. The research covers the period of 2008-2012, which gives the five-year period of observation of financial results of selected companies. The efficiency of working capital management was measured by accounts receivables turnover, inventories turnover, accounts payables turnover and cash conversion cycle. Return on assets was used as the profitability variable. The study is based on correlation and regression analysis to analyse data. The results indicate that all working capital components significantly affect Greek SMEs profitability. The paper is organised as follows: in the next section we briefly present the problem based on literature review. This is followed by the presentation of research methodology and the data sources used in the analysis. The results are presented and discussed in Section 3. Last section summarises the conclusions and presents further opportunities for research.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122807472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Role of Islamic banking in financial inclusiveness in Pakistan: promise, performance and prospects 伊斯兰银行在巴基斯坦金融包容性中的作用:承诺、绩效和前景
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10011052
Salman Ahmed Shaikh
{"title":"Role of Islamic banking in financial inclusiveness in Pakistan: promise, performance and prospects","authors":"Salman Ahmed Shaikh","doi":"10.1504/IJFSM.2018.10011052","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10011052","url":null,"abstract":"This paper reviews the progress in Islamic banking industry of Pakistan in contributing towards an egalitarian and equitable financial system. A set of quantitative indicators are used to examine the performance of Islamic banks towards fostering an inclusive financial system. The results highlight that so far, the performance of Islamic banks on these indicators shows a gap between promise and performance. This study highlights that high average cost of financing and concentration on the corporate sector and upper-class individuals is inconsistent with the goal of circulation of wealth and equitable distribution of income. The paper also identifies that people might need finance for health, education and setting up small businesses, but they cannot be served by Islamic banks with the available product structures. The paper gives a geographical footprint of Islamic banks which shows that they are primarily operating in big urban cities. Finally, it is argued that most of the Islamic banking debt-based products are close, but relatively expensive, substitutes for conventional banking in terms of financial costs.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125367327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Does capital structure matter? Reflection on capital structure irrelevance theory: Modigliani-Miller theorem (MM 1958) 资本结构重要吗?对资本结构不相关理论的反思:Modigliani-Miller定理(MM 1958)
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10011008
Noura Al-Kahtani, Mohamed Al-Eraij
{"title":"Does capital structure matter? Reflection on capital structure irrelevance theory: Modigliani-Miller theorem (MM 1958)","authors":"Noura Al-Kahtani, Mohamed Al-Eraij","doi":"10.1504/IJFSM.2018.10011008","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10011008","url":null,"abstract":"Since the 1950s, corporate financing has been an arena for on-going debates that focus on Modigliani and Miller's pioneering theorems of 1958 and 1963. The main purpose of this paper is to present a critical reflection on the debate around corporate capital structure irrelevance that was triggered by Modigliani and Miller theorem in 1958, while taking in consideration the literature, theoretical and empirical findings and the recent global financial crisis (i.e. debt crisis). The paper will briefly review and discuss alternative theories of capital structure, such as the traditional view, the trade-off theory and the pecking order theory in light of reality and perfect capital market hypothesis. The paper starts by defining the concept of capital structure, followed by discussing the assumptions of perfect capital markets under which 'the Modigliani and Miller's irrelevance theory' was originally conceptualised. It finally reflects on the findings before proceeding with the paper's conclusion.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115067738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Price discovery of one security traded in several markets around the world 在全球多个市场交易的一种证券的价格发现
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10011000
Stoyu I. Ivanov, A. Meshcheryakov
{"title":"Price discovery of one security traded in several markets around the world","authors":"Stoyu I. Ivanov, A. Meshcheryakov","doi":"10.1504/IJFSM.2018.10011000","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10011000","url":null,"abstract":"In this paper, we analyse the price discovery for SPDR Gold Trust, which is traded on five different markets across the world: the USA, Mexico, Hong Kong, Japan, and Singapore. We find that all prices in the five markets are identical until 23 January 2013 when the Hong Kong prices start deviating from the rest of the group. On 1 July 2013 Mexico joins Hong Kong and starts differing from the rest. We hypothesise that until 23 January 2013 price discovery occurs in the USA and the rest of the markets become price takers. We find that even after 23 January 2013 the US gold market of the SPDR Gold Trust ETF still dominates other markets with more than 90% of the price discovery when using the Hasbrouck information share methodology.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116580695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Managing market innovation for competitive advantage: how external dynamics hold sway for financial services 为竞争优势管理市场创新:外部动态如何影响金融服务
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.089932
T. Anning-Dorson, R. Hinson, M. Amidu
{"title":"Managing market innovation for competitive advantage: how external dynamics hold sway for financial services","authors":"T. Anning-Dorson, R. Hinson, M. Amidu","doi":"10.1504/IJFSM.2018.089932","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.089932","url":null,"abstract":"From the complexity theory, it is argued that external factors largely determine the effectiveness of firm-level strategies. Hence, firms must seek to align their strategies such as market innovation with the prevailing business environment to achieve competitive advantage. We investigate the moderating effect of three environmental factors, regulatory regime, competitive intensity and customer demand, on the relationship between innovation and competitive advantage creation in financial services firms. Data were collected from the Ghana's financial services sector with a focus on banking and insurance institutions. Constructs were validated through confirmatory factor analysis while robust regressions estimates were run to test their hypothesised relationships. We found that both competitive intensity and regulatory regime positively increase the effect of market innovation on competitive advantage. It was also found that the interaction between competitive intensity and regulatory regime has a positive effect while the interaction between customer demand and regulatory regime dampens the positive relationship between market innovation and competitive advantage creation. The concurrent occurrences of the three factors were found to have a negative moderating effect.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126302635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Factors affecting environmental performance: evidence from banking sector in Bangladesh 影响环境绩效的因素:来自孟加拉国银行业的证据
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10011001
Mohammad Dulal Miah, S. Rahman, M. Haque
{"title":"Factors affecting environmental performance: evidence from banking sector in Bangladesh","authors":"Mohammad Dulal Miah, S. Rahman, M. Haque","doi":"10.1504/IJFSM.2018.10011001","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10011001","url":null,"abstract":"Analysis of environmental impacts of production of goods or services helps assess environmental performance of any activity. This paper aims at determining the factors that influence environmental performance of banks in Bangladesh. Bank's Environmental Performance Score (EnPS) is calculated based on the Global Reporting Initiative (GRI) Sustainability Guidelines, 2002. All the necessary data are collected from the content analysis of the audited annual reports of 31 scheduled commercial banks for the financial year ending December 2012. Applying multiple regression technique this study finds that bank's credit rating score is positively related to EnPS, whereas premium in share price and bank's longevity in service are negatively associated with EnPS. Contrary to the common perception that a large and highly profitable bank would be environmentally more concerned, the result shows no such association between these variables. Policy-makers, therefore, may urge large and highly profitable banks to lead environmental initiatives towards green banking revolution in Bangladesh.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132786212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Performance evaluation of equity mutual funds using data envelopment analysis 基于数据包络分析的股票型共同基金绩效评价
International Journal of Financial Services Management Pub Date : 2018-02-28 DOI: 10.1504/IJFSM.2018.10010999
G. Sharma, Vipul Sharma
{"title":"Performance evaluation of equity mutual funds using data envelopment analysis","authors":"G. Sharma, Vipul Sharma","doi":"10.1504/IJFSM.2018.10010999","DOIUrl":"https://doi.org/10.1504/IJFSM.2018.10010999","url":null,"abstract":"This study has employed the BCC model of non-parametric technique DEA to assess the relative performance of a sample of 33 open ended equity (diversified/large cap) funds selected to represent the Mutual Fund Industry of India for a five year period 2008-2009 to 2012-2013. Specifically, it has carried out a non-parametric analysis of the relationship between output measure proxied by raw returns and a series of input variables including standard deviation, beta and expense ratio.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122530782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Bank capital and risk adjustment decision in emerging markets: the case of India 新兴市场的银行资本与风险调整决策:以印度为例
International Journal of Financial Services Management Pub Date : 2016-11-12 DOI: 10.1504/IJFSM.2016.080120
S. G. Maji, Preeti Hazarika
{"title":"Bank capital and risk adjustment decision in emerging markets: the case of India","authors":"S. G. Maji, Preeti Hazarika","doi":"10.1504/IJFSM.2016.080120","DOIUrl":"https://doi.org/10.1504/IJFSM.2016.080120","url":null,"abstract":"This paper aims to investigate the association between changes in regulatory capital and risk of Indian commercial banks by using secondary data collected from 'Capitaline Plus' corporate database from 2000 to 2014. Employing a three-stage least-squares technique in a simultaneous equation framework, the study finds that changes in capital and those in risk are negatively associated. The observed results also indicate the speed of adjusting the level of risk is greater than the speed of adjusting the level of capital adequacy ratio, which suggests that Indian banks are maintaining stipulated levels of capital and concentrating more on achieving the target level of risk at a faster rate.","PeriodicalId":174638,"journal":{"name":"International Journal of Financial Services Management","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134130463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
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