Econometric Modeling: Microeconometric Models of Firm Behavior eJournal最新文献_第2页

Firm Fundamentals and the Cross Section of Implied Volatility Shapes 坚定的基本面和隐含波动率形状的横截面

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2020-06-30 DOI: 10.2139/ssrn.3639312

Ding Chen, Biao Guo, Guofu Zhou

引用次数: 1

Do Firms Adjust Corporate Governance in Response to Economic Policy Uncertainty? Evidence From Board Size 企业是否会调整公司治理以应对经济政策的不确定性?来自董事会规模的证据

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2020-05-30 DOI: 10.2139/ssrn.3614259

Viput Ongsakul, Sirimon Treepongkaruna, P. Jiraporn, Ali Uyar

引用次数: 31

A Systematic Literature Review on Shari’ah Governance Mechanism and Firm Performance in Islamic Banking 伊斯兰银行治理机制与企业绩效的系统文献综述

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2020-02-14 DOI: 10.1108/IES-06-2019-0013

Naji Mansour Nomran, Razali Haron

{"title":"A Systematic Literature Review on Shari’ah Governance Mechanism and Firm Performance in Islamic Banking","authors":"Naji Mansour Nomran, Razali Haron","doi":"10.1108/IES-06-2019-0013","DOIUrl":"https://doi.org/10.1108/IES-06-2019-0013","url":null,"abstract":"PurposeThis paper aims to systematically review the existing studies on the relationship of Sharī'ah governance (SG), as represented by the Sharī'ah supervisory board (SSB), with firm performance of Islamic banks (IBs), to suggest opportunities for future research in this field.Design/methodology/approachBy adopting a systematic literature review, 21 empirical and theoretical papers published in Scopus concerning the relationship between SSB and performance of IBs were selected for review and analysis.FindingsIn light of the existing research studies' limitations, this paper suggests that the effect of SSB on IBs' performance still requires more empirical analyses using alternative analytical methods, alternative measures, and different periods (during crisis and non-crisis). Besides that, these studies should take into account the differences across jurisdictions in their SG models, the degree of agencies' intervention in SG practices, the control over cross-memberships of scholars, and the differences across IBs in the position of SSB in the organization structure.Practical implicationsThe analysis undertaken in this paper would address the literature gaps on the effect of SSB on IBs' performance as this study serves as a guide for the researchers, academicians, and interested researchers from Islamic international autonomous non-for-profit organizations, e.g. AAOIFI and IFSB in research related to this important area. Importantly, the findings of this study would support regulators and related authorities across jurisdictions with suggestions on improving the current SG practices.Originality/valueThis paper presents a critical review of the existing research on SSB and IB performance and suggests new variables, measurements, analytical methods, and new issues for researchers in this area. Thus, it identifies the literature gap that still needs further empirical investigation and a suitable way to close it.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123474687","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: 32

A Model of Industry Tournament Incentives 行业竞赛激励模型

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2020-01-30 DOI: 10.2139/ssrn.3528738

J. Coles, Zhichuan Frank Li, Yan Wang

引用次数: 3

Declining Fixed Investment and Increasing Financial Investment of Korean Corporations 韩国企业的固定投资减少，金融投资增加

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-12-30 DOI: 10.2139/ssrn.3516510

Daehwan Kim, Sun-Ok Kwon, Jaiwon Ryou

{"title":"Declining Fixed Investment and Increasing Financial Investment of Korean Corporations","authors":"Daehwan Kim, Sun-Ok Kwon, Jaiwon Ryou","doi":"10.2139/ssrn.3516510","DOIUrl":"https://doi.org/10.2139/ssrn.3516510","url":null,"abstract":"This paper aims to determine factors causing the stagnation of Korean firms’ fixed investment after the global financial crisis, using panel data for the period of 1999-2016. Fixed investment remained sensitive to cash flow and Tobin’s q although their effects decreased after the global financial crisis. A decreasing trend of cash flow and an increase in Tobin’s q since the early 2000’s imply that the worsening cash flow was a major factor behind the sluggish investment after the crisis. Meanwhile, debt-equity ratio remained significant for non-chaebol affiliated firms, reflecting disparity in access to external financing. Volatility of stock returns also became insignificant after the crisis, casting doubt on the argument that uncertainty was a major factor contributing to the decline of fixed investment. Analysis of financial investment confirmed the significant effect of cash flow, larger than that on financial investment than on fixed investment. In particular, debt repayment and other financial investment, except share repurchase, were sensitive to cash flow. However, the substitution of fixed investment by financial investment is a consequence, rather than a cause of declining fixed investment.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122914259","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 Performance-Sensitive Debt Mitigate Debt Overhang? 业绩敏感型债务能否缓解债务积压?

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-12-24 DOI: 10.2139/ssrn.3509880

A. Bensoussan, Benoît Chevalier-Roignant, A. Rivera

引用次数: 5

Bank Balance Sheet Risk Allocation 银行资产负债表风险分配

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-12-13 DOI: 10.2139/ssrn.3505419

Pedro Júdice, Q. Zhu

引用次数: 1

Does Corporate Governance Structures Predict Firm’s Market Value? Empirical Evidence from Ghana 公司治理结构能否预测公司市值?来自加纳的经验证据

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-12-04 DOI: 10.32479/ijefi.8874

Helena Ahulu, J. MacCarthy

引用次数: 6

The Industrial Impact of Economic Uncertainty Shocks in Australia 经济不确定性冲击对澳大利亚工业的影响

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-12-01 DOI: 10.2139/ssrn.3507151

Hamish Burrell, Joaquin Vespignani

{"title":"The Industrial Impact of Economic Uncertainty Shocks in Australia","authors":"Hamish Burrell, Joaquin Vespignani","doi":"10.2139/ssrn.3507151","DOIUrl":"https://doi.org/10.2139/ssrn.3507151","url":null,"abstract":"This study establishes the first empirical evidence of the impact of economic uncertainty shocks on industry-level investment, output and employment in Australia. We find the Construction and Financial and Insurance Services industries are the most impacted by a shock to economic uncertainty. Statistically significant declines are observed for investment, output and employment in the Construction industry, and in terms of magnitude, the declines in output and employment are the largest across all industries studied. Likewise, the Financial and Insurance Services industry experiences declines across investment, output and employment, and undergoes the largest decline in investment in comparison to all other industries examined. Economic uncertainty explains the most substantial portion of the variation in Financial and Insurance Services investment and output, highlighting the detrimental effect it has on the Financial and Insurance Services industry. Furthermore, Health Care and Social Assistance output and Professional, Scientific and Technical Services investment experience considerable declines, and in contrast, Public Administration and Safety is shown to be the least impacted industry.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133673423","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 Governance Structure Have a Say on Dividend? Evidence from Australian Listed Firms 治理结构对股利有影响吗?来自澳大利亚上市公司的证据

Econometric Modeling: Microeconometric Models of Firm Behavior eJournal Pub Date : 2019-11-30 DOI: 10.2139/ssrn.3525826

O. Farooque, A. Hamid, Lan Sun

{"title":"Does Governance Structure Have a Say on Dividend? Evidence from Australian Listed Firms","authors":"O. Farooque, A. Hamid, Lan Sun","doi":"10.2139/ssrn.3525826","DOIUrl":"https://doi.org/10.2139/ssrn.3525826","url":null,"abstract":"This paper investigates whether corporate governance has an impact on dividend policy in Australian listed firms. The empirical studies of corporate governance and dividend policy in the Australian context tend to have a limited scope and the findings are mixed. Unlike the existing literature, this paper provides a more comprehensive examination of the relationship between dividend policy and corporate governance mechanisms. Using a sample of 1,438 firm-year observations for the period of 2005 to 2011 and the panel data approach, this study finds that dividend payout is significantly positively (negatively) correlated with board size, board independence, institutional ownership and use of a Big-4 audit firm (CEO duality and managerial ownership). Moreover, dividend yield is significantly positively (negatively) correlated with managerial ownership (foreign ownership). These findings suggest that dividend policy and corporate governance mechanisms are complementary i.e. firms paying higher dividends are more likely to engage in good governance practices as well as having strong monitoring and control systems in place and therefore both dividend policy and corporate governance are considered as effective tools in reducing agency costs.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126789358","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