Journal of Applied Finance & Banking最新文献_第9页

The Moderating Effect of Automation on Firm Specific Factors and Performance of Initial Public Offering Stocks at The Nairobi Securities Exchange In Kenya 自动化对肯尼亚内罗毕证券交易所公司特定因素和首次公开发行股票绩效的调节作用

Journal of Applied Finance & Banking Pub Date : 2022-03-16 DOI: 10.47260/jafb/1235

Anaclet Biket Okumu, T. Olweny, W. Muturi

{"title":"The Moderating Effect of Automation on Firm Specific Factors and Performance of Initial Public Offering Stocks at The Nairobi Securities Exchange In Kenya","authors":"Anaclet Biket Okumu, T. Olweny, W. Muturi","doi":"10.47260/jafb/1235","DOIUrl":"https://doi.org/10.47260/jafb/1235","url":null,"abstract":"Abstract\u0000\u0000Performance of IPO stocks depicts two anomalies: initial underpricing and long run underperformance. A plethora of studies have established the causes of these IPO puzzle to include information asymmetry, institutional ownership, IPO size, market volatility, the intrinsic value of the IPO and issue characteristics among others. None of these studies on IPO performance as far as research has shown considered moderating effect of automation of securities market on firm specific factors. Kenya’s equity market capitalization has been on a downward trend being surpassed by fixed income securities. IPO stocks performance offer long-term as well as short-term capital to companies. This study attempts to establish whether there is a nexus between NSE automation and firm specific factors regarding performance of IPO stocks at NSE. Longitudinal and descriptive study designs were used on the secondary panel data. Multiple linear regression was used to analyze the data with Stata statistical software. The Hausman test was used to determine between fixed and random effect model. The results showed that automation had negative correlation with firm age and positive correlation with firm size. The study will assist the Kenyan government in developing financial stability measures and investors in making informed decisions.\u0000\u0000Keywords: Automation, Firm specific factors, Initial Public Offerings, Nairobi Securities Exchange.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117319700","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

Effect of Board Diversity on Earnings quality of Non-Financial Firms Listed at the Nairobi Securities Exchange 董事会多元化对内罗毕证券交易所非金融上市公司盈余质量的影响

Journal of Applied Finance & Banking Pub Date : 2022-03-15 DOI: 10.47260/jafb/1234

Sammy Thuo Kangea, T. Nasieku, W. Muturi

{"title":"Effect of Board Diversity on Earnings quality of Non-Financial Firms Listed at the Nairobi Securities Exchange","authors":"Sammy Thuo Kangea, T. Nasieku, W. Muturi","doi":"10.47260/jafb/1234","DOIUrl":"https://doi.org/10.47260/jafb/1234","url":null,"abstract":"Abstract\u0000\u0000The study's main objective was to examine the relationship between board diversity and earnings quality of non-financial firms listed on the Nairobi Securities Exchange (NSE) and how ownership concentration acted as a moderator. As of December 31, 2020, the NSE had 39 non-financial firms listed. The secondary data was collected over a 13-year period (2008-2020). The study used a quantitative research design and positivist research philosophy. The data were analyzed using panel regression. It was put through diagnostic and specification tests. The study found that board diversity had a significant impact on non-financial firms' earnings quality, both with and without ownership concentration as a moderator. The moderator model outperformed the one without (ownership concentration). The study concludes that board diversity has a significant impact on non-financial firms traded on the NSE. The findings suggest that non-financial companies listed on the NSE should carefully examine the criteria used to define board diversity and its characteristics. Thus, boards will be more accountable to shareholders, reducing earnings manipulation.\u0000\u0000Keywords: Board diversity, Earnings quality, Non-financial firms.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124078723","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

A Critical Analysis of Budgeting Processes from the Pharmaceutical Industry and Beyond 对制药行业及其他行业预算流程的批判性分析

Journal of Applied Finance & Banking Pub Date : 2022-03-11 DOI: 10.47260/jafb/1233

Gianfranco Marotta, Phillipe Krahnhof, C. Au

{"title":"A Critical Analysis of Budgeting Processes from the Pharmaceutical Industry and Beyond","authors":"Gianfranco Marotta, Phillipe Krahnhof, C. Au","doi":"10.47260/jafb/1233","DOIUrl":"https://doi.org/10.47260/jafb/1233","url":null,"abstract":"Abstract\u0000\u0000The pharmaceutical industry is challenged by the Industry 4.0 which facilitates numerous change processes. Innovations such as the Internet of Things (IoT), Internet of Services (IoS), Smart Factory, and Cyber-Physical Systems (CPS) are being employed (Ding, 2018, p. 155). These new circumstances stimulate change, innovations, competition, and partnerships. At the same time, technologies such as Big Data Analytics (BDA), artificial intelligence (AI), or Self-Service BI disrupt and enhance financial processes. \u0000In light of the changing environment, the discourses regarding budgeting effectiveness, managerial control, and organizational performance gain new importance. Organizations are dared to ensure solution-oriented approaches that solve budgeting problems that are detrimental to innovation and motivation whilst reinforcing slack-building behavior and inflexibility. In this context, the given paper focuses on budgeting challenges and opportunities with an emphasis on the pharmaceutical industry. As a result of an extensive review, the authors suggest a checklist on how to sustainably improve budgeting processes.\u0000Research data about financial planning cycles are collected from multiple sources such as practitioner literature and online presentations. The propositions made should be investigated with empirical verification and further comparisons with other organizations. \u0000\u0000JEL classification numbers: F30, G30, G31.\u0000Keywords: Budgeting, Better-budgeting, Beyond-budgeting, Change management, Pharmaceutical industry, Big data, Artificial intelligence","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125391053","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

The Information Content of Indirect Insider Trading: Empirical Evidence from Vietnam Security Market 间接内幕交易的信息含量:来自越南证券市场的经验证据

Journal of Applied Finance & Banking Pub Date : 2022-03-10 DOI: 10.47260/jafb/1232

Han‐Ching Huang, William Indajang

{"title":"The Information Content of Indirect Insider Trading: Empirical Evidence from Vietnam Security Market","authors":"Han‐Ching Huang, William Indajang","doi":"10.47260/jafb/1232","DOIUrl":"https://doi.org/10.47260/jafb/1232","url":null,"abstract":"Abstract\u0000\u0000In this paper, we discuss the relationship among indirect insider trading, opportunistic trading and investment horizon in Vietnam security market. Goldie, Jiang, Koch and Wintoki [10] find that in order to camouflage opportunistic trading, insiders trade through the accounts of family members, trusts, and foundations, known as indirect insider trading. According to Cohen, Malloy and Pomorski [5], opportunistic trading are strong predictors of future return. Akbas, Jiang, and Koch [1] document that the performance of short-horizon insiders to forecast future stock prices are better than that of long-horizon insiders since SH insiders are more likely to be unexpected, on average, when compared with the typical expected trade of LH insiders. Empirical results show that the impact of opportunistic trades in indirect insider trading on future return is stronger than that in direct insider trading. In indirect insider trading, the impact of opportunistic trades on future return is still stronger than that of routine trades. Moreover, we find that the impact of short-horizon insiders in indirect insider trading on future return is stronger than that in direct insider trading. In indirect insider trading, the impact of short-horizon insiders on future return is still stronger than that of long-horizon insiders.\u0000 \u0000JEL classification numbers: G11, G14.\u0000Keywords: Insider trading, Indirect insider trading, Opportunistic trading, Investment horizon.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132110481","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

Gamification as a Customer Loyalty Tool. Evidence from the Italian Banking Industry 作为客户忠诚度工具的游戏化。来自意大利银行业的证据

Journal of Applied Finance & Banking Pub Date : 2022-03-09 DOI: 10.47260/jafb/1231

Valeria Roncone, Manuela Massari

{"title":"Gamification as a Customer Loyalty Tool. Evidence from the Italian Banking Industry","authors":"Valeria Roncone, Manuela Massari","doi":"10.47260/jafb/1231","DOIUrl":"https://doi.org/10.47260/jafb/1231","url":null,"abstract":"Abstract\u0000\u0000Over the last few years, gamification, that is the adoption of gaming techniques in non-gaming contexts, has proved to be a powerful tool for customer loyalty and involvement, in many sectors such as, for example: e-learning, tourism, marketing, eco-sustainability and medical health. The objective of this paper is to focus attention on the Italian banking industry in order to investigate the level of implementation of gamification mechanics within the offer of banking products and services. The use of gamification could represent a good opportunity for banks to strengthen the relationship with customers, making a particularly boring activity enjoyable, just by leveraging emotions and psychological factors (fun and motivation). However, from the analysis of the universe of Italian banks taken into consideration, emerges a sector still little inclined to the assimilation of this approach and in the few cases observed a situation of poor diversification between the techniques of gamification. \u0000\u0000JEL classification numbers: G20, G21.\u0000\u0000Keywords: Digital banking, Mobile applications, Websites, Gamification, customer loyalty, Fun, Motivation, Banking products, Banking services, Banking industry, Italy.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127847756","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: 3

Probability Bankruptcy Using Support Vector Regression Machines 基于支持向量回归机的概率破产

Journal of Applied Finance & Banking Pub Date : 2020-08-20 DOI: 10.21203/rs.3.rs-34148/v2

A. Manurung, Derwin Suhartono, B. Hutahayan, Noptovius Halimawan

引用次数: 0

Journal of Applied Finance &amp; Banking最新文献

Journal of Applied Finance & Banking最新文献