Managerial Finance最新文献

{"title":"Real asset liquidity and accounting conservatism: evidence from asset redeployability","authors":"Wei Huang, Rui-Zhong (R.Z.) Zhang","doi":"10.1108/mf-10-2023-0633","DOIUrl":"https://doi.org/10.1108/mf-10-2023-0633","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study examines the implications of real asset liquidity for accounting conservatism. We investigate whether the liquidity of a firm’s physical assets mitigates lenders’ demand for conservatism by increasing the amount lenders can recover if the firm is liquidated, a theoretical prediction in Göx and Wagenhofer (2009).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We use an asset redeployability index as a proxy for firm-level real (physical) asset liquidity and adopt ordinary least squares (OLS) regressions in the test. We also investigate the differential impact of real asset liquidity on conservatism in two unique settings where lenders’ demand for accounting conservatism varies (loan initiation and bank deregulation).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>We find that accounting conservatism decreases as real asset liquidity increases. The negative effect of real asset liquidity on conservatism increases as the quantity of the firm’s real assets increases, and the negative association is strengthened when firms face high financing constraints and have access to public debt markets. The moderating effect of real asset liquidity on lenders’ demand for conservatism increases (decreases) when real asset liquidity is more (less) important to lenders.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study provides direct empirical evidence for the theoretical prediction in Göx and Wagenhofer (2009). Prior research shows that real asset liquidity impacts a firm’s capital structure and investment decisions (Campello and Giambona, 2013; Kim and Kung, 2017; Ortiz-Molina and Phillips, 2014; Williamson, 1988). We complement this literature by providing evidence that real asset liquidity also plays a role in financial reporting by reducing accounting conservatism.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"173 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141870141","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}

{"title":"Product market competition, debt rollover risk and financial default risk: evidence from Indian corporates","authors":"Anurag Chaturvedi, Archana Singh","doi":"10.1108/mf-11-2023-0726","DOIUrl":"https://doi.org/10.1108/mf-11-2023-0726","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The study investigates the impact of the interaction effect of product market competition and rollover risk on the default risk of the firms.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study used the sample of unbalanced panel data from Indian corporates without any survivability bias over the period from 2009 to 2020 consisting of 30,396 firm-year observations of 6,718 firms spread across 143 industry groups. The panel data regression tests the interaction effect in the context of the asset substitution problem, predation threat theory, competitive shock, and competitive risk.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The empirical results highlighted the dominance of the predatory effect of competition over the disciplinary advantage of short-term debts. The competitive shock to the industry results in a higher credit spread for refinancing short-term debt and significantly increases rollover risk for firms. Smaller firms have higher default risk from rollover losses than larger firms in the face of competition due to asset-substitution problems and strong rivalry. For firms with weaker fundamentals, the interaction effect of rollover risk and competition exacerbates the flight-to-quality problem, resulting in a systemic event.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The investors can benefit by factoring ex-ante the interdependence of competition, debt market illiquidity, and default premia while calculating the credit risk. The shareholders of competitive firms can reduce the moral hazard of refinancing the rollover losses and defaulting at a higher fundamental default threshold, by reducing sub-optimal utilization of funds by managers and agency costs.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>As per the best of author knowledge, the present study is the first to study the moderating effect of product market competition in exacerbating default risk through the rollover channel.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"53 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141784270","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}

{"title":"Does societal trust matter for the conservative financing policy puzzle? European SMEs evidence","authors":"Paulo M. Gama, Elisabete F. Vieira","doi":"10.1108/mf-12-2023-0767","DOIUrl":"https://doi.org/10.1108/mf-12-2023-0767","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper studies the impact of societal trust on the conservative financing policy puzzle, aiming to cover a gap in the relationship between cultural values and the conservative financing policy.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We use a sample of 14,509 privately held medium-sized manufacturing firms from 26 European countries between 2015 and 2020 and rely on logistic regression methods controlling for firm-specific and macroeconomic factors.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>We show that societal trust decreases the odds of being a zero-leverage or almost zero-leverage firm. Also, the probability of being a conservatively financed firm increases for older and more profitable firms and decreases with tangibility. In more trustworthy national environments, firms are less averse to debt as a source of financing. Our results are robust to the specific measure of trust, estimation methods, sampling procedures, and annual financial constraint status. Moreover, we show that the effect is noticed both in the long-term debt and the short-term debt with a lower economic impact in the latter situation and that increased societal trust attenuates (reinforces) the effect of being a financially constrained (unconstrained) firm on the odds of adopting a conservative financing policy.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Societal trust strategically impacts debt financing policy and could help foster firms’ growth, particularly for those facing heavier financial constraints.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Novel evidence on the impact of societal trust on the conservative financing policy, for privately held medium-sized European firms.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"56 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141741932","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}

{"title":"Assessing firm performance in digital transformation: a preliminary analysis using financial indicators","authors":"Cheng-Kui Huang, Yu-Hsin Cheng","doi":"10.1108/mf-02-2024-0081","DOIUrl":"https://doi.org/10.1108/mf-02-2024-0081","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Digital transformation (DT) has great potential to improve operations and stimulate business growth. It has attracted widespread attention from businesses around the world. However, firm performance in DT implementation (DTI) cannot be neglected. This study examines the benefits and costs of DT and its effects on operations and financial performance of DT.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Based on the financial report data from S&amp;P 500 firms, we measure the financial performance, productivity and market value of DTI with a baseline in 2020. In addition, we collect secondary data to construct linear regression models for three dummy variables, including DT adopters, first movers and better performers.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Empirical results demonstrate that digitally transformed firms are positively correlated with business performance, while the performance among first movers has a partially positive impact. DT has also had a significant impact on long-term performance as shown by our long-term observations. Empirical findings indicate that DT has varying impacts on organizational performance in different dimensions and provides DT target-setting guidance to enterprises.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>There are no studies so far that could proffer certain evidence to reveal the influence of DTI on firm performance. Such evidence is necessary for managers to convince their investors and stakeholders to believe that DTI can create new revenue for enterprises.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"23 2 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141611556","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}

{"title":"Uncertainty and the transmission of monetary policy via bank liquidity creation","authors":"Japan Huynh","doi":"10.1108/mf-03-2024-0162","DOIUrl":"https://doi.org/10.1108/mf-03-2024-0162","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper investigates the moderating role of uncertainty in the impact of monetary policy on bank liquidity creation.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Utilizing data from Vietnam spanning 2007–2022, the paper measures uncertainty in the banking industry through the dispersion of shocks to crucial bank-level variables and considers both interest rate- and quantity-based tools of the monetary policy regime. The study regresses economic models using different econometric methods, including the generalized method of moments (GMM) estimator in the main section and the least squares dummy variable corrected (LSDVC) estimator for the robustness check.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Monetary expansion enhances banks’ ability to create liquidity, affirming the existence of the bank liquidity creation channel. Further analyses suggest that monetary policy adjustments aimed at regulating bank liquidity creation may be less effective in the presence of higher uncertainty in the banking system. This observation holds for both interest rate- and quantitative-based monetary policy tools, emphasizing the functioning of the monetary policy transmission mechanism through bank liquidity creation and the mitigating effect of uncertainty.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes novel insights to the existing literature by presenting the first attempt to explore the dynamics of monetary policy transmission through the bank liquidity creation channel in the context of banking sector uncertainty. Moreover, our contribution extends to examining a multi-tool environment, incorporating both interest rate- and quantitative-based indicators.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"8 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141585338","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}

{"title":"Does firm-level teamwork culture affect cash holdings?","authors":"Rajesh Kumar Sinha, Harshali Damle","doi":"10.1108/mf-03-2024-0216","DOIUrl":"https://doi.org/10.1108/mf-03-2024-0216","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Prior literature on the cultural determinants of cash holdings focuses on time-invariant cultural variables measured at the geographical level. These measures of culture do not capture the firm-level variation in corporate culture. Using a validated time-variant measure of firm-level corporate culture, specifically teamwork, we examine the effect of teamwork on a firm's cash holdings.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>In this paper, we explore the effect of corporate teamwork culture on firms' cash holdings. Using sudden CEO turnover as an exogenous shock to a firm's teamwork culture, we find teamwork increases cash holdings. Also, we test and find two channels—financial constraint and agency—and two new labour-related channels—human capital quality and labour inefficiency—through which teamwork culture affects cash holdings. Our results are robust to endogeneity tests.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>We find that teamwork increases the cash holdings of firms. We find that a firm with a high teamwork culture has higher cash holdings: an increase of one standard deviation in teamwork leads to a 14.6% rise in the mean cash holdings.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To our knowledge, our study is the first to introduce the firm-level teamwork cultural construct as a determinant of cash holdings.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"27 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141570975","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}

{"title":"Heterogeneous political connections and corporate overinvestment: evidence from Malaysian firms","authors":"Kang Wan Tan, Mei Foong Wong","doi":"10.1108/mf-11-2023-0720","DOIUrl":"https://doi.org/10.1108/mf-11-2023-0720","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;This paper examines the relationship between heterogeneous political connections and corporate overinvestment.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;Based on a comprehensive Malaysian dataset of 834 publicly listed companies from 2000 to 2022, the authors employed multivariate ordinary least squares regression to test the relationship.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;Despite different types of political connections, the findings demonstrate a positive relationship between political connections and corporate overinvestment. In particular, the association is more profound in government-linked companies (GLCs) but weaker in firms that developed political ties through family members of ruling elites. Further analysis reveals that the “helping hand” effect is only observed in GLCs and firms with politically connected directors and businessmen, whereas the “grabbing hand” effect is observed among firms connected through board, businessmen, and family ties. Moreover, the relationship is more persistent among firms with politically connected directors and businessmen around the regime change.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;Regardless of the types of political connections, the findings show that politically connected firms tend to engage in rent-seeking through political patronage networks and high levels of government interference in resource allocation. Therefore, a more sophisticated monitoring system should be developed within the political patronage networks to reduce the likelihood of different types of political-business collusion. In terms of research limitations, the research design does not consider the influence of financial constraints and management efficiency. Future research could explore these facets to comprehensively understand the dynamics between political connections and corporate investment decisions.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;The evidence informs market participants about the relationship between heterogeneous political connections and corporate overinvestment, reinforcing previous findings that crony capitalism, political patronage, agency problems, and weak governance are well-entrenched in Malaysia’s emerging economy. The government should acknowledge these concerns by enacting anti-corruption campaigns and promoting a fair business environment. In the meantime, policymakers might redesign regulations and revise corporate governance frameworks to substantially reduce the value of political connections, thereby diminishing the bargaining power of politicians.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implications&lt;/h3&gt;\u0000&lt;p&gt;As corporate investment efficiency has a considerable impact on firm value, investment decisions that enhance firm value will increase share price and maximise shareholder value. Conversely, firms may damage shareholder value if they overinvest or undertake projects t","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"48 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141551195","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}

{"title":"The prospect theory and the idiosyncratic risk-return linkage: a quantile regression approach for Vietnam’s stock market","authors":"Ho Hoang Gia Bao, Thi Hai Ly Tran, Thi Thu Hong Dinh","doi":"10.1108/mf-10-2023-0630","DOIUrl":"https://doi.org/10.1108/mf-10-2023-0630","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper scrutinizes the relationship between idiosyncratic risks and stock returns at different quantiles, especially the extremely low and high ones, to explore the applicability of the Prospect Theory’s rationale in Vietnam’s stock market.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The Prospect Theory demonstrates that investors’ attitudes towards risks can change from risk-seeking in the loss domain to risk-averse in the gain domain. This can be observed by the negative (positive) connection between idiosyncratic risks and returns for the losing (winning) stocks. To explore if the aforesaid patterns occur in Vietnam’s stock market, this paper employs the quantile regression method which is suitable for inspecting the relationship at the high and low tails of the stock returns.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The estimation results acknowledge the changes in attitudes towards risks as mentioned by the Prospect Theory.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The negative relationship between idiosyncratic risks and stock returns confirms investors’ risk-seeking behavior in the loss domain, which is in line with the prediction of the Prospect Theory. This behavior may cause worse investment performance as the losing stocks in investors’ portfolios remain overvalued, leading to subsequent negative returns. Therefore, investors should establish and follow their investment disciplines to protect themselves from larger losses.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Existing research found little evidence for the Prospect Theory’s rationale in Vietnam’s stock market, which can stem from the usage of the conditional-mean regression methods. Different from the prior studies, this paper is the first to apply the quantile regression method and provide new evidence supporting the Prospect Theory’s rationale in Vietnam’s stock market.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"152 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141505937","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}

{"title":"The mediating role of intellectual capital on the nexus between diversification, financial stability and efficiency of commercial banks in Ethiopia","authors":"Yichlal Simegn Filatie, Dhiraj Sharma","doi":"10.1108/mf-02-2024-0083","DOIUrl":"https://doi.org/10.1108/mf-02-2024-0083","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The main objective of this study is to analyze the mediating role of intellectual capital in the relationship between diversification, financial stability, and efficiency of the banking sector in Ethiopia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Secondary data for this study was obtained from audited financial statements of 17 Ethiopian commercial banks for a decade starting in 2013. A descriptive and explanatory research design with a quantitative research approach was employed. The seemingly unrelated Hierarchical regression analysis is used to estimate diversification’s effect on banks' financial stability and efficiency, considering the interaction between diversification and intellectual capital as a mediating variable.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The Mediation analysis reveals that asset diversification improves the financial stability of commercial banks when mediated by intellectual efficiency. Investment diversification negatively impacts risk-adjusted return on asset and Z score. Intellectual capital significantly enhances commercial banks' efficiency and financial stability in Ethiopia and mediates the relationship between geographic diversification, financial stability, and efficiency. The mediation analysis also indicates that intellectual capital significantly mediates the relationship between income diversification and efficiency.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study highlights the importance of intellectual capital and promotes its strategic allocation by management and regulatory bodies to enhance the financial stability and operational effectiveness of the banking industry in Ethiopia.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p> To the best of the researcher’s knowledge, this study is one of the rare attempts to investigate the mediating role of intellectual capital on the nexus between diversification, financial stability, and efficiency of commercial banks in Ethiopia.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"8 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141505938","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}

{"title":"Risk management of small and medium-sized enterprises (SMEs) for upcoming research priorities","authors":"Meiryani","doi":"10.1108/mf-07-2023-0459","DOIUrl":"https://doi.org/10.1108/mf-07-2023-0459","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to present a comprehensive assessment of the literature about the research agenda for future studies on risk management in small and medium-sized businesses (SMEs) with a research agenda for bibliometric analysis. The author's goals are to point out inconsistencies and gaps in the literature and to suggest directions for future study.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A total of 147 papers were analyzed in terms of bibliographic information, research design, and findings. These included publication by year, most cited documents, citation by year, publication by authors, publication by subject area, publication by country, publication by affiliation, funding sponsor, network representation of keyword co-occurrence, and cluster visualization of keyword co-occurrence. This study used bibliometric analysis methods, keyword searches, and suitability assessment for bibliometric analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The bibliometric research revealed a number of potential risk categories for small and medium enterprises (SMEs). In addition, an analysis of the risk-related elements aimed to avoid or reduce their adverse effects, the published study highlights how crucial a risk management procedure is for SMEs. Risk factors were also shown to be unavoidable; as a result, everyone needs to practice social responsibility in order to reduce the detrimental effects on the economy.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Future studies are required on risk identification, analysis, plan implementation, and control in the context of small and medium-sized enterprise risk management.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This work represents the first in a bibliometric analysis of risk management in small and medium-sized enterprises (SMEs) for the future research agenda.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"137 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141505951","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}