Managerial Finance最新文献

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Response of anchor investors to pre-IPO earnings management: evidence from an emerging market 锚定投资者对首次公开募股前盈利管理的反应:来自新兴市场的证据
IF 1.6
Managerial Finance Pub Date : 2023-12-15 DOI: 10.1108/mf-04-2023-0264
Sahil Narang, Rudra P. Pradhan
{"title":"Response of anchor investors to pre-IPO earnings management: evidence from an emerging market","authors":"Sahil Narang, Rudra P. Pradhan","doi":"10.1108/mf-04-2023-0264","DOIUrl":"https://doi.org/10.1108/mf-04-2023-0264","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the reaction of anchor investors (AIs) to pre-IPO earnings management (EM). The authors use the unique detailed bid data from the Indian anchor experiment. The authors also study the reputed AIs’ EM detection ability and pricing behavior in response to pre-IPO EM.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors use unique AI bid data for 169 Indian IPO firms. Utilizing the logistic regression and Tobit regression models with industry and year-fixed effects, the authors examine the relationship between various measures of AI participation and proxies of short-term and long-term discretionary accruals.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors document that pre-IPO EM is positively associated with the likelihood of anchor backing but negatively related to the likelihood of reputed anchor backing. The findings indicate that AIs are misled by pre-IPO EM, but reputed AIs are not. The authors also observe that reputed AIs, compared to the non-reputed, pay less than the upper band with increasing EM. The findings are robust to using various AI measures and EM proxies.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings have significant implications for regulators in the implementation of AI concept in non-anchor markets and better implementation of policies in existing anchor settings. Findings can also be relevant for non-institutional investors in the IPO domain.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This is one of the few studies on institutional investors' IPO bidding behavior in response to pre-IPO EM. However, this is the first study to analyze AIs' IPO bidding behavior in response to pre-IPO EM.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"119 4 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138687426","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
A frontier-based parametric framework for exploring the competition–efficiency nexus in commercial banking: insights from an emerging economy 探索商业银行竞争与效率关系的前沿参数框架:一个新兴经济体的启示
IF 1.6
Managerial Finance Pub Date : 2023-12-12 DOI: 10.1108/mf-07-2023-0445
Bhavya Srivastava, Shveta Singh, Sonali Jain
{"title":"A frontier-based parametric framework for exploring the competition–efficiency nexus in commercial banking: insights from an emerging economy","authors":"Bhavya Srivastava, Shveta Singh, Sonali Jain","doi":"10.1108/mf-07-2023-0445","DOIUrl":"https://doi.org/10.1108/mf-07-2023-0445","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The present study assesses the commercial bank profit efficiency and its relationship to banking sector competition in a rapidly growing emerging economy, India from 2009 to 2019 using stochastic frontier analysis (SFA).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Lerner indices, conventional and efficiency-adjusted, quantify competition. Two SFA models are employed to calculate alternative profit efficiency (inefficiency) scores: the two-step time-decay approach proposed by Battese and Coelli (1992) and the recently developed single-step pairwise difference estimator (PDE) by Belotti and Ilardi (2018). In the first step of the BC92 framework, profit inefficiency is calculated, and in the second step, Tobit and Fractional Regression Model (FRM) are utilized to evaluate profit inefficiency correlates. PDE concurrently solves the frontier and inefficiency equations using the maximum likelihood process.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results suggest that foreign banks are less profit efficient than domestic equivalents, supporting the “home-field advantage” hypothesis in India. Further, increasing competition drives bank managers to make riskier lending and investment choices, decreasing bank profit efficiency. However, this effect varies depending on bank ownership and size.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Literature on the competition bank efficiency link is conspicuously scant, with a focus on technical and cost efficiency. Less is known regarding the influence of competition on bank profit efficiency. The article is one of the first to examine commercial bank profit efficiency and its relationship to banking sector competition. Additionally, the study work represents one of the first applications of the FRM presented by Papke and Wooldridge (1996) and the PDE provided by Belotti and Ilardi (2018).</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"61 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138563134","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
Activity of informed traders and stock returns 知情交易者的活动与股票回报
IF 1.6
Managerial Finance Pub Date : 2023-12-06 DOI: 10.1108/mf-10-2023-0613
CheChun Hsu
{"title":"Activity of informed traders and stock returns","authors":"CheChun Hsu","doi":"10.1108/mf-10-2023-0613","DOIUrl":"https://doi.org/10.1108/mf-10-2023-0613","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Recent studies suggested the ratio of option to stock volume reflected the private information. Informed traders were drawn to the options market for its leverage effect and relatively low transaction costs. Informed traders use different intervals of option moneyness to execute their strategies. The question is which types of option moneyness were traded by informed traders and what information was reflected in the market. In this study, the authors focused on this question and constructed a method for capturing the activity of informed traders in the options and stock markets.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors constructed the daily measure, moneyness option trading volume to stock trading volume ratio (MOS), to capture the activity of informed traders in the market. The authors formed quintile portfolios sorted with respect to the moneyness option to stock trading volume ratio and provided the capital asset pricing model and Fama–French five-factor alphas. To determine whether MOS had predictive ability on future stock returns after controlling for company characteristic effects, the authors formed double-sorted portfolios and performed Fama–Macbeth regressions.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors found that the firms in the lowest moneyness option trading volume to stock trading volume ratio for put quintile outperform the highest quintile by 0.698% per week (approximately 36% per year). The firms in the highest moneyness option trading volume to stock trading volume ratio for call quintile outperform the lowest quintile by 0.575% per week (approximately 30% per year).</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The authors first propose the measures, moneyness option trading volume to stock trading volume ratio, that combined with the trading volume and option moneyness. The authors provide evidence that the measures have the predictive ability to the future stock returns.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"21 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138580518","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
Upper echelons in college sport: the impact of athletic directors on organizational performance and revenues 高校体育高层:体育主管对组织绩效和收入的影响
IF 1.6
Managerial Finance Pub Date : 2023-12-04 DOI: 10.1108/mf-10-2023-0629
Tyler Skinner, Steven Salaga, Matthew Juravich
{"title":"Upper echelons in college sport: the impact of athletic directors on organizational performance and revenues","authors":"Tyler Skinner, Steven Salaga, Matthew Juravich","doi":"10.1108/mf-10-2023-0629","DOIUrl":"https://doi.org/10.1108/mf-10-2023-0629","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Using the lens of upper echelons theory, this study examines the degree to which National Collegiate Athletic Association athletic department performance outcomes are associated with the personal characteristics and experiences of the athletic director leading the organization.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors match organizational performance data with athletic director and institutional characteristics to form a robust data set spanning 16 years from the 2003–04 to 2018–19 seasons. The sample contains 811 observations representing 136 unique athletic directors. Fixed effects panel regressions are used to analyze organizational performance and quantile regression is used to analyze organizational revenues.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors fail to uncover statistically significant evidence that athletic director personal characteristics, functional experience and technical experience are associated with organizational performance. Rather, the empirical modeling indicates organizational performance is primarily driven by differentiation in the ability to acquire human capital (i.e. playing talent). The results also indicate that on average, women are more likely to lead lower revenue organizations, however, prior industry-specific technical experience offsets this relationship.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>In opposition to upper echelons research in numerous settings, the modeling indicates the personal characteristics and experiences of the organization's lead executive are not an economically relevant determinant of organizational performance. This may indicate college athletics is a boundary condition in the applicability of upper echelons theory.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"54 2","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512402","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
Financial literacy–a regulator of intended investment behaviour: analysing the hypothetical portfolio composition 金融知识——预期投资行为的监管者:分析假设的投资组合构成
IF 1.6
Managerial Finance Pub Date : 2023-12-04 DOI: 10.1108/mf-03-2023-0177
Crystal Glenda Rodrigues, B.V. Gopalakrishna
{"title":"Financial literacy–a regulator of intended investment behaviour: analysing the hypothetical portfolio composition","authors":"Crystal Glenda Rodrigues, B.V. Gopalakrishna","doi":"10.1108/mf-03-2023-0177","DOIUrl":"https://doi.org/10.1108/mf-03-2023-0177","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The investment behaviour of individuals has been a major area of interest for several researchers and policymakers due to its great impact on the economy. This study aimed to assess the investment behaviour of individuals in light of their risk appetite and how financial literacy regulates this relationship.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A self-administered structured questionnaire was used to collect responses from individuals using purposive and convenience sampling techniques. Individuals were presented with 16 investment avenues widely offered by the Indian financial market to choose from to construct a hypothetical portfolio. The association between risk appetite, financial literacy and the composition of the hypothetical portfolio was analysed using a gologit model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Increased risk appetite increased the probability of respondents creating a portfolio with a greater proportion of risky assets and less diversification. Lower levels of financial literacy pointed towards portfolios with traditional and low-risk avenues. The results also revealed a significant moderating impact of financial literacy on risk appetite and the creation of the type of a hypothetical portfolio.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Even though the intended behaviour is a close estimate of actual behaviour, there is a possibility of deviation that cannot be ignored.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The present study provides insights into how individuals make portfolio choices by incorporating risk appetite and diversification factors whilst making investment decisions, thereby expanding the literature from an emerging economy perspective. The role of financial literacy as a moderator has not been studied in the domain of hypothetical portfolio creation in India, which has been empirically explored in the current study.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"55 3","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512401","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
Student loan debt in retirement: identifying the correlates and implications for policy, practice and research 退休后的学生贷款债务:确定政策、实践和研究的相关性和影响
IF 1.6
Managerial Finance Pub Date : 2023-11-29 DOI: 10.1108/mf-11-2022-0543
Thomas Korankye
{"title":"Student loan debt in retirement: identifying the correlates and implications for policy, practice and research","authors":"Thomas Korankye","doi":"10.1108/mf-11-2022-0543","DOIUrl":"https://doi.org/10.1108/mf-11-2022-0543","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Research shows that having student loan debt in retirement is associated negatively with life satisfaction, suggesting that student debt is a bane of retiree well-being. The rationale for this study is to determine the factors related to owing student debt in retirement, given the adverse effects on the well-being of retired households.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study utilizes pooled cross-sectional data from the 2015 and 2018 U.S. National Financial Capability Study. The empirical analysis uses a sample of retired Americans aged 65 years and older (N = approximately 8,000) and estimates two-block logistic regression models to examine the effects of demographic, socioeconomic and behavioral factors on student loan indebtedness in retirement. A sensitivity analysis is performed for the subsample of retirees holding student debt for their children's education. Statistical interpretations use odds ratios.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings indicate that financial literacy, age, homeownership and high subjective financial knowledge are associated with a low likelihood of holding student loan debt in retirement. However, being Black, having postsecondary education, having difficulty covering expenses, having financially dependent children, having high-risk preferences and spending more than income increase the likelihood of holding student debt in retirement. The ensuing discussion will assist financial planners and educators identify practical ways to shape decisions regarding student loan debt in retirement.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The amount of student loan debt is unavailable in the dataset for analysis. One cannot infer causal relations from the study. The factors examined do not reflect the time the student loan was obtained.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study focuses on the determinants of student loan indebtedness among retired Americans rather than young adults or older adults on the verge of retirement. The paper enhances the understanding of student loan holdings in the decumulation phase of the life cycle. Many US individuals have low retirement savings from which they draw a retirement income. The more the student debt burdens on retired Americans, the greater the likelihood of outliving their resources and experiencing poverty.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"51 3","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512403","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
Six decades of corporate disclosure research: a bibliometric review 六十年的公司信息披露研究:文献计量学回顾
IF 1.6
Managerial Finance Pub Date : 2023-11-23 DOI: 10.1108/mf-01-2023-0020
Anjali Srivastava, Anand
{"title":"Six decades of corporate disclosure research: a bibliometric review","authors":"Anjali Srivastava, Anand","doi":"10.1108/mf-01-2023-0020","DOIUrl":"https://doi.org/10.1108/mf-01-2023-0020","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Corporate disclosures are essential because they provide transparent and accurate information about a company's financial health, performance, risks and governance practices. They enable investors to make informed decisions, promote market efficiency and maintain trust in the financial system. This paper uses bibliometrics to identify the intellectual composition of the literature on corporate disclosure.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Based on the bibliometric information of 4,551 articles on corporate disclosure research, the authors conducted citation, keyword co-occurrence, bibliographic coupling and publication analyses to elucidate the leading articles, authors, sources, institutions, countries, themes and topics in the field of corporate disclosure from the 1960s to 2021.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings of this review demonstrate that corporate disclosure research is based on four broad themes – the role of disclosure in capital markets, non-financial disclosure, determinants of corporate disclosure and firm risk and intellectual capital disclosure. This review suggests that management should pay attention to the financial and non-financial corporate information that investors, regulators and the government emphasise.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper is the first comprehensive bibliometric review on corporate disclosure. It summarises the regulatory shifts, technological changes and industry trends that have influenced corporate disclosure research. Besides identifying broad research themes, the authors performed bibliographic coupling for research on disclosure sources, including annual reports, management forecasts, earnings calls, press releases, the Internet and social media, to reveal the thematic clusters related to these sources.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"48 4","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512405","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
Do contingent liabilities affect dividend decisions? 或有负债会影响股利决策吗?
IF 1.6
Managerial Finance Pub Date : 2023-11-17 DOI: 10.1108/mf-06-2023-0362
Barnali Chaklader, Hardeep Singh Mundi
{"title":"Do contingent liabilities affect dividend decisions?","authors":"Barnali Chaklader, Hardeep Singh Mundi","doi":"10.1108/mf-06-2023-0362","DOIUrl":"https://doi.org/10.1108/mf-06-2023-0362","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The paper examines contingent liabilities' effect on the firm's dividend decisions.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Fixed-effects regression and logit model results estimate the influence of contingent liabilities on firms' dividend decisions using a sample of 2,288 firm-year observations of S&amp;P 500 firms from 2012 until 2022. Robustness checks and results from the 2SLS model further support the authors’ findings.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that contingent liabilities negatively affect dividend payment decisions. This analysis further demonstrates that the stated effect of contingent liabilities on dividend decisions is more substantial for firms with financing deficits and those with above-industry-average corporate governance scores.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>There needs to be more systematic conceptual reason for measuring uncertainty for firms and its influence on dividend decisions. Future research should use other measures of firm uncertainty to examine the relation of the firm's uncertainty with dividend decisions.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The authors suggest that contingent liabilities create uncertainty for future cash flows, influence a firm's agency costs and provide credible signals on a firm's prospects to the market. The findings support existing literature that measurable firm-specific variables significantly influence a firm's dividend decisions. The results are robust for an alternative explanation.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>By investigating the impact of the influence of contingent liabilities on dividends, the authors extend research on dividend decisions and attempt to provide insights into a firm's dividend decisions by incorporating an off-the-balance sheet item (contingent liabilities) as a significant predictor for dividend decisions.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"56 3","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512400","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
Does intellectual capital influence banks' efficiency? Evidence from India using panel data tobit model 智力资本影响银行效率吗?来自印度的证据使用面板数据模型
IF 1.6
Managerial Finance Pub Date : 2023-11-16 DOI: 10.1108/mf-05-2023-0303
Santi Gopal Maji, Rupjyoti Saha
{"title":"Does intellectual capital influence banks' efficiency? Evidence from India using panel data tobit model","authors":"Santi Gopal Maji, Rupjyoti Saha","doi":"10.1108/mf-05-2023-0303","DOIUrl":"https://doi.org/10.1108/mf-05-2023-0303","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study investigates the effect of intellectual capital (IC) and its components on the technical efficiency of Indian commercial banks after controlling the influence of bank-specific and macroeconomic variables.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study selects a sample of 37 listed Indian commercial banks from 2005 to 2019 and uses the two-step data envelopment analysis (DEA) approach. Banks' technical efficiency scores are first estimated, while the relationship between IC and technical efficiency is examined in the second stage using the panel data Tobit model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This study's findings suggest a fluctuating trend in the technical efficiency of Indian banks. Notably, from 2015 onwards, a declining technical efficiency trend is observed for all banks. However, private-sector banks outperform public-sector banks in terms of technical efficiency. This study's regression analysis indicates a positive relationship between IC and banks' technical efficiency scores. Further, by decomposing IC into its components like human capital, structural capital and capital employed, the study's findings show that human capital and structural capital enhance banks' technical efficiency. Notably, capital employed reduces technical efficiency. Moreover, bank size, diversification, capitalization, net interest margin and the country's growth rate significantly drive Indian banks' efficiency. In contrast, their operating cost ratio and the country's inflation negatively influence the same.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study makes a novel endeavor to examine the IC and bank's technical efficiency nexus in the Indian context, encompassing a period of landmark banking reforms.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"58 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138512412","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
Asset redeployability and corporate cash holdings 资产再配置和公司现金持有量
Managerial Finance Pub Date : 2023-11-14 DOI: 10.1108/mf-01-2023-0060
Wray Bradley, Li Sun
{"title":"Asset redeployability and corporate cash holdings","authors":"Wray Bradley, Li Sun","doi":"10.1108/mf-01-2023-0060","DOIUrl":"https://doi.org/10.1108/mf-01-2023-0060","url":null,"abstract":"Purpose The purpose of the study is to investigate the impact of asset redeployability on the level of corporate cash holdings. Design/methodology/approach The authors use regression analysis to examine the relation between asset redeployability and corporate cash holdings. Findings Using a large panel sample of US public firms from 1990 to 2020, the authors find a significant positive relation between asset redeployability and cash, which suggests that firms with more redeployable assets hold more cash. Originality/value The authors contribute to a growing literature in accounting and finance that investigates the impact of asset redeployability on firm characteristics and also contribute to the literature on the determinants of cash holdings.","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"5 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136229280","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
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