Investment Management and Financial Innovations最新文献_第8页

Disclosure level of local government’s financial statements in Indonesia: Role of the internal control system 印尼地方政府财务报表披露水平:内部控制制度的作用

Investment Management and Financial Innovations Pub Date : 2023-07-05 DOI: 10.21511/imfi.20(3).2023.02

Rheny Afriana Hanif, Sem Paulus Silalahi, S. Supriono, Eka Hariyani, Meilda Wiguna

{"title":"Disclosure level of local government’s financial statements in Indonesia: Role of the internal control system","authors":"Rheny Afriana Hanif, Sem Paulus Silalahi, S. Supriono, Eka Hariyani, Meilda Wiguna","doi":"10.21511/imfi.20(3).2023.02","DOIUrl":"https://doi.org/10.21511/imfi.20(3).2023.02","url":null,"abstract":"This study was conducted to examine the factors affecting the level of disclosure of local government financial statements. The study uses the internal control system as a moderating variable. Local government financial reports in Indonesia were the subject of this study’s audit by the Supreme Audit Agency. The number of research samples used was 487 local/city governments in Indonesia for the 2021 period with purposive sampling as a sampling technique. In this study, the Structural Equation Model-Partial Least Square (SEM-PLS) Version 3 data analysis method was employed. Based on the test results, it was found that local government budget expenditures (β = 0.263; p < 0.05) have a significant effect on the level of financial statement disclosure. Meanwhile, financial condition (β = 0.173; p > 0.05) has no significant effect on the level of financial statement disclosures. The internal control system as a moderating variable can moderate the influence of local government budget expenditure (β = 0.263; p < 0.05) on the level of disclosure of financial statements, but cannot moderate the effect of financial condition (β = –0.073; p > 0.05) on the level of disclosure of financial statements. Local governments in Indonesia are expected to be able to further optimize disclosure in accordance with Government Regulations in the future. One of the approaches used by regional governments to execute financial report transparency is the use of information technology to satisfy social expectations more effectively and efficiently.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"80 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87340783","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

Demystifying the relationship between ESG and SDG performance: Study of emerging economies 揭开ESG与可持续发展目标绩效之间关系的神秘面纱:新兴经济体研究

Investment Management and Financial Innovations Pub Date : 2023-07-03 DOI: 10.21511/imfi.20(3).2023.01

Tarun Kumar Soni

{"title":"Demystifying the relationship between ESG and SDG performance: Study of emerging economies","authors":"Tarun Kumar Soni","doi":"10.21511/imfi.20(3).2023.01","DOIUrl":"https://doi.org/10.21511/imfi.20(3).2023.01","url":null,"abstract":"Companies and investors in emerging markets have started paying attention to ESG (Environmental, Social, and Governance) issues. There has been a growing demand for aligning ESG disclosure of companies to UN SDGs (United Nations Sustainable Development Goals), so understanding how the firm-level ESG affects the country-level SDG is very important for evaluating the advances in ESG and SDG implementation in emerging markets. This study examines the linkage between firm-level ESG disclosures and their relationship with country-level SDG scores over ten years for three emerging countries: India, China, and Brazil. The analysis of 1,500 top-listed firms in these countries reveals an increasing trend of firms going for ESG disclosures and increased ESG scores over the years in the three markets. Out of the total sample, almost 75% of firms make ESG disclosures in Brazil, followed by 54% in India and 32% in China. Additionally, companies in all these countries tend to emphasize governance-related disclosures more, with Brazil having higher ESG disclosures than India and China. The correlation and causality tests indicate a significant positive correlation between mean ESG scores and country-specific SDG scores. The Dumitrescu-Hurlin panel causality tests provide stronger linkages between firm-specific Environment scores and SDG scores, indicating that a firm’s environment disclosures translate into higher SDG scores. However, the same is not valid for Social and Governance factors. These findings have important implications given the global attention on the linkages between ESG disclosure and SDG score.\u0000AcknowledgmentsThe financial and infrastructure support provided by FORE School of Management, New Delhi in completing this paper is gratefully acknowledged.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89117791","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

Real earnings management trends in the context of the COVID-19 pandemic: The case of non-financial listed companies in Vietnam COVID-19大流行背景下的真实盈余管理趋势:以越南非金融上市公司为例

Investment Management and Financial Innovations Pub Date : 2023-06-30 DOI: 10.21511/imfi.20(2).2023.25

Dang Anh Tuan, Nguyen Ngoc Khanh Dung, Bui Thi Thu Thao

{"title":"Real earnings management trends in the context of the COVID-19 pandemic: The case of non-financial listed companies in Vietnam","authors":"Dang Anh Tuan, Nguyen Ngoc Khanh Dung, Bui Thi Thu Thao","doi":"10.21511/imfi.20(2).2023.25","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.25","url":null,"abstract":"Real earnings management comprises the intervention by managers intending to change business strategies or policies to achieve specific goals. The paper aims to examine trends and levels of real earnings management in the context of the COVID-19 pandemic in Vietnam. The study uses time series data, and the sample includes 1,800 observations from 2016 to 2021. The methods of the study are regression analyses of the real earnings management model. The results indicate that the COVID-19 pandemic positively and significantly affected real earnings management of companies listed on the Vietnamese stock exchange. The trends and levels of real earnings management in the context of the COVID-19 pandemic increase depending on the severity of the pandemic. In terms of applications, the study provides evidence that the quality of financial reporting is lower during the pandemic. Listed enterprises in Vietnam are using high financial leverage, leading to a higher vulnerability to shocks such as the pandemic. Therefore, the real earnings management technique mainly used by managers is operating cash flow adjustment by using income maximization strategies to increase the ability to borrow capital to maintain business operations. The study suggests that the choice of income maximization or income minimization strategy depends mainly on commitments with the capital provider (credit institutions), specific contexts, and economic factors.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72512701","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

Are cryptocurrencies a threat to financial stability and economic growth of India? Evidence from the cointegration approach 加密货币是否对印度的金融稳定和经济增长构成威胁?来自协整方法的证据

Investment Management and Financial Innovations Pub Date : 2023-06-30 DOI: 10.21511/imfi.20(2).2023.26

S. Panigrahi

{"title":"Are cryptocurrencies a threat to financial stability and economic growth of India? Evidence from the cointegration approach","authors":"S. Panigrahi","doi":"10.21511/imfi.20(2).2023.26","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.26","url":null,"abstract":"The purpose of this paper is to investigate whether the cryptocurrency market affects the financial stability and economic growth of India. The study used time series quarterly data on bitcoin, financial stability, inflation rate, real GDP, economic volatility uncertainty, exchange rate, and market volatility index for the period 2015Q1–2022Q4. The robustness of the findings was confirmed by the fully modified OLS (FMOLS) and canonical cointegration regression (CCR). The study results demonstrated that an increase in cryptocurrency investments will affect the financial stability of India significantly. Each 1% increase in the cryptocurrency would reduce the financial stability by 5% approximately. However, there was a marginal effect of cryptocurrency on economic growth. The results also found that exchange rate volatility and inflationary pressure would also deteriorate the financial stability of the country. Furthermore, the results also identified positive and significant cointegration between economic growth and financial stability. Due to most transactions in the economy being done through the financial system, it is paramount for economic growth. Going forward, aggressive monetary policy tightening, volatility in capital flows and exchange rates, de-anchoring of inflation expectations, faltering in the economic recovery, disruptions due to global supply chains and climate change will be the major risks to the financial stability and economic growth of India.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82183200","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

Cash flow volatility and leverage: Evidence from non-financial Jordanian companies 现金流波动和杠杆:来自约旦非金融公司的证据

Investment Management and Financial Innovations Pub Date : 2023-06-26 DOI: 10.21511/imfi.20(2).2023.24

Mohammad Fawzi Shubita

引用次数: 0

How microeconomic factors influence Vietnam’s listed manufacturing firm value 微观经济因素如何影响越南制造业上市公司价值

Investment Management and Financial Innovations Pub Date : 2023-06-26 DOI: 10.21511/imfi.20(2).2023.23

Phuong Lan Le

{"title":"How microeconomic factors influence Vietnam’s listed manufacturing firm value","authors":"Phuong Lan Le","doi":"10.21511/imfi.20(2).2023.23","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.23","url":null,"abstract":"It is meaningful to identify and quantify the impact of business microeconomic factors on firm value, not only for enterprises, but also for the industry, which contributes to the economic growth of the whole country. This paper aims to find evidence of how microeconomic factors relate to the value of manufacturing firms, helping businesses behave and adjust towards the goal of value maximization. This study applies three commonly used estimators with panel data, namely OLS, FEM and REM, using data obtained from FiinPro (a data providing company) and Vietstock on 691 companies listed on Vietnam’s two stock exchanges from 2008 to 2015; This was a sensitive period of world financial crisis, and Vietnamese manufacturing firms had a really hard time to overcome the difficulty in a global economy downturn. This paper found that (1) firm size, growth opportunities and financial leverage negatively affect firm value; (2) there is no evidence that operating cash flow, cash liquidity and intellectual capital affect firm value; (3) the estimation results confirm the non-linear relationship (order 3) between the directors’ share ownership ratio and corporate value; (4) state ownership and foreign ownership ratios have a negative effect on Vietnamese listed manufacturing firms during the period, but (5) there is no optimal number of BOD members. The findings help to measure the extent of the positive and negative impact of various factors, making it easier to find solutions to improve business value by promoting positive factors and preventing negative factors.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84714503","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

Sin stocks in European countries: The influence of wealth and familiarity bias on investment choices 欧洲国家的股票:财富和熟悉偏差对投资选择的影响

Investment Management and Financial Innovations Pub Date : 2023-06-22 DOI: 10.21511/imfi.20(2).2023.22

Mohammed Hamdan, Pedro Fernandez Calavia, Nasiru Aminu

{"title":"Sin stocks in European countries: The influence of wealth and familiarity bias on investment choices","authors":"Mohammed Hamdan, Pedro Fernandez Calavia, Nasiru Aminu","doi":"10.21511/imfi.20(2).2023.22","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.22","url":null,"abstract":"This study examines the relationship between the wealth of European societies and their investment decisions in «sinful» industries, including tobacco, alcohol, and gambling. The study aims to challenge the widely held belief that wealthier countries are more socially responsible in their investment choices and to investigate the impact of familiarity bias on investment decisions in these industries. An experimental research design with panel data compares the returns from a portfolio of sin stocks from Northern Europe with a portfolio of sin stocks from Southern and Eastern Europe. The study utilises multiple models, including the CAPM single-factor, the Fama-French three-factor, and the Fama-French five-factor, to measure the risk-adjusted returns of sin stocks across various European countries. Findings reveal that sin stocks from wealthier countries tend to have higher risk-adjusted returns compared to those from less wealthy countries. Sin stocks have a significant relation with the market, but their volatility is consistently lower. Countries that drink more alcohol are more willing to invest in alcohol stocks than countries that drink less, as these stocks outperform the market during economic downturns. Sin stocks impact financial performance, investor behaviour, social responsibility, market efficiency, and regulations. The study uncovers the influence of familiarity bias, indicating that investors from countries more accustomed to «sinful» activities are less reluctant to invest in such industries than countries with lower familiarity. This finding highlights the importance of cultural and social factors in shaping investment decisions and challenges traditional concepts of market efficiency.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88153132","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 relationship between corporate governance mechanisms and financial performance: The case of listed industrial companies in Oman 公司治理机制与财务绩效的关系:以阿曼工业上市公司为例

Investment Management and Financial Innovations Pub Date : 2023-06-01 DOI: 10.21511/imfi.20(2).2023.21

A. Raboshuk, D. Zakharov, S. Lehenchuk, O. Morgulets, O. Hryhorevska

{"title":"The relationship between corporate governance mechanisms and financial performance: The case of listed industrial companies in Oman","authors":"A. Raboshuk, D. Zakharov, S. Lehenchuk, O. Morgulets, O. Hryhorevska","doi":"10.21511/imfi.20(2).2023.21","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.21","url":null,"abstract":"The purpose of the study is to examine the impact of corporate governance mechanisms on the financial performance of listed industrial companies in Oman. As the main research method, panel data regression analysis was used to analyze data from 36 Omani industrial companies, listed on the Muscat Stock Exchange for the period 2017–2021. Three regression models were developed using three dependent variables (Return on Assets, Return on Equity, Return on Sales), seven independent variables (Board Size, Independent and Non-executive Board Members, Board Meeting, Chief Executive Officer, Dummy variable for Board Change, Dummy variable for the Secretary on the Board, Dummy variable for Internal Auditor), and two control variables (Leverage, Size of the company). According to the research results, a negative influence of the Board Size and Dummy variable for the presence of the Secretary on the Board on the Return on Assets indicator at 10% and 5% significance level was found; moreover, there is a positive influence of Leverage and Size of the company at the 1% and 5% significance level on Return of Assets. Although, none of the independent variables used has a significant impact on the Return on Equity indicator. Return on Sales is significantly affected only by two control variables, i.e., a negative impact of Leverage at the 10% significance level and a positive impact of the Size of the company at the 10% significance level. The results obtained in the study indicate the imperfection of the corporate governance mechanisms implemented by Omani industrial companies in the field of ensuring financial efficiency.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"123 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78025149","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

Impact of the US unconventional monetary policy in times of crises on Vietnam 危机时期美国非常规货币政策对越南的影响

Investment Management and Financial Innovations Pub Date : 2023-05-29 DOI: 10.21511/imfi.20(2).2023.20

Nam Sy Ngo, Ha Thanh Doan

引用次数: 0

The role of internally generated goodwill in choosing areas and objects of investment 内部产生的商誉在选择投资领域和投资对象中的作用

Investment Management and Financial Innovations Pub Date : 2023-05-29 DOI: 10.21511/imfi.20(2).2023.19

S. Labunska, Ľuboš Cibák, M. Sidak, M. Sobakar

{"title":"The role of internally generated goodwill in choosing areas and objects of investment","authors":"S. Labunska, Ľuboš Cibák, M. Sidak, M. Sobakar","doi":"10.21511/imfi.20(2).2023.19","DOIUrl":"https://doi.org/10.21511/imfi.20(2).2023.19","url":null,"abstract":"The purpose of the study is to develop and test in practice the method of analyzing the relationship between the formation of internally generated goodwill and investment attractiveness of an enterprise based on econometric modeling in order to improve the investment management process. Attracting additional investments, both for Slovakia and Ukraine, requires the identification of promising objects of investment. Assessment of enterprise’s potential cannot be accurately performed on the base of financial statements, which reflect only the state of assets. It is necessary to take into account the prospects for development of this business unit in the future, that largely depends on effective functioning of management system. The success of business processes depends on how rationally managers use the resources of the enterprise and form the structure of assets adequate to the demands of the market. The article considers the problem of estimating the value of enterprises in order to attract investments based on internally generated goodwill, and determines the peculiarities of the formation and types of goodwill of a commercial enterprise. As the main research method, canonical correlation modelling was used to analyze data of Ukrainian machine-building enterprises for the period 2017–2020. As a result, the factors responsible for the formation of internally generated goodwill were identified and classified according to their economic nature. Correlation dependencies between groups of initial and resulting coefficients were calculated and the areas of enterprise management that have the greatest impact on the formation of its market value were identified.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86473751","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