Qualitative Research in financial Markets最新文献

{"title":"Collaborative investor engagement with policymakers: changing the rules of the game?","authors":"Camila Yamahaki, Catherine Marchewitz","doi":"10.1108/qrfm-08-2023-0201","DOIUrl":"https://doi.org/10.1108/qrfm-08-2023-0201","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Applying universal ownership theory and drawing on a multiplecase study design, this study aims to analyze what drives institutional investors to engage with government entities and what challenges they find in the process.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors relied on document analysis and conducted 12 semi-structured interviews with representatives from asset owners, asset managers, investor associations and academia.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors identify a trend where investors conduct policy engagement to fulfill their fiduciary duty, improve investment risk management and create an enabling environment for sustainable investments. As for engagement challenges, investors report the longer-term horizon, a perceived limited influence toward governments, the need for capacity building for investors and governments, as well as the difficulty in accessing government representatives.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research contributes to filling a gap in the literature on this new form of investor activism, as a growing number of investors engage with sovereign entities on environmental, social and governance issues.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"13 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140583534","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":"Foundations and trends in option pricing models: a 45 years global examination based on bibliometric analysis","authors":"Nisha, Neha Puri, Namita Rajput, Harjit Singh","doi":"10.1108/qrfm-05-2022-0092","DOIUrl":"https://doi.org/10.1108/qrfm-05-2022-0092","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to analyse and compile the literature on various option pricing models (OPM) or methodologies. The report highlights the gaps in the existing literature review and builds recommendations for potential scholars interested in the subject area.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>In this study, the researchers used a systematic literature review procedure to collect data from Scopus. Bibliometric and structured network analyses were used to examine the bibliometric properties of 864 research documents.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>As per the findings of the study, publication in the field has been increasing at a rate of 6% on average. This study also includes a list of the most influential and productive researchers, frequently used keywords and primary publications in this subject area. In particular, Thematic map and Sankey’s diagram for conceptual structure and for intellectual structure co-citation analysis and bibliographic coupling were used.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Based on the conclusion presented in this paper, there are several potential implications for research, practice and society.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study provides useful insights for future research in the area of OPM in financial derivatives. Researchers can focus on impactful authors, significant work and productive countries and identify potential collaborators. The study also highlights the commonly used OPMs and emerging themes like machine learning and deep neural network models, which can inform practitioners about new developments in the field and guide the development of new models to address existing limitations.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The accurate pricing of financial derivatives has significant implications for society, as it can impact the stability of financial markets and the wider economy. The findings of this study, which identify the most commonly used OPMs and emerging themes, can help improve the accuracy of pricing and risk management in the financial derivatives sector, which can ultimately benefit society as a whole.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>It is possibly the initial effort to consolidate the literature on calibration on option price by evaluating and analysing alternative OPM applied by researchers to guide future research in the right direction.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"27 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140172880","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":"A bibliometric review of Islamic economics and finance bibliometric papers: an overview of the future of Islamic economics and finance","authors":"Denizar Abdurrahman Mi'raj, Salih Ulev","doi":"10.1108/qrfm-03-2023-0068","DOIUrl":"https://doi.org/10.1108/qrfm-03-2023-0068","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implicati","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"250 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140074077","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":"How the use of alternative information in risk management fintech platforms influences SME lending: a qualitative case study","authors":"Jie Yan","doi":"10.1108/qrfm-08-2023-0198","DOIUrl":"https://doi.org/10.1108/qrfm-08-2023-0198","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of the study is to examine the use of alternative information in bank lending to small and medium enterprises (SMEs). Understanding alternative information and its use in bank lending to SMEs is important because it has become a growing part of the future of SME finance. The results and findings of my study not only enrich the finance literature but, more importantly, also address the use of Fintech in the risk management of SME lending, a new and complex problem that is specific to both the information technology and finance field.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>To answer the research question, the author used a case study approach that relies upon qualitative data and analysis. By iterating between the existing literature, theoretical pieces and empirical findings, the author explain and interpret in detail how the use of alternative information impacts loan outcomes and develop insights to guide future research.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The case is outlined in two time periods including the prepartnership period and the postpartnership period. It highlights the establishment of a partnership between LoanBank and FintechInc (pseudonym), aimed at SME-focused Fintech lending. The findings underscore how the partnership has enabled a mutually beneficial situation where LoanBank and FintechInc leverage each other’s strengths to provide efficient and effective lending services. The adoption of alternative information in the risk management Fintech (RMF) platform of FintechInc has transformed LoanBank’s lending processes, showcasing how technological innovations can enhance SME lending practices.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study’s originality mainly lies in the three detailed insights regarding alternative information’s impact on SME lending: information, platform properties and financial inclusion. The information part demonstrates that RMF platforms expand the information used for lending decisions, shifting from traditional hard and soft data to incorporating various alternative information sources. The platform properties part suggests that location, openness and technology also play a pivotal role in shaping lending outcomes. Finally, the financial inclusion part proposes that the use of alternative information has the potential to improve financial inclusion and offer better credit terms to previously underserved borrowers.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"129 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140018849","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":"Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistan","authors":"Muhammad Ayub, Khurram Khan, Mansoor Khan, Muhammad Ismail","doi":"10.1108/qrfm-07-2023-0161","DOIUrl":"https://doi.org/10.1108/qrfm-07-2023-0161","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The unique institution of <em>waqf</em> that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of <em>waqf</em> as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of <em>waqf</em> for community development/social inclusion in economies like that of Pakistan.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting <em>Waqf</em> for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for <em>waqf</em>-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the <em>waqf</em> properties makes the <em>waqf</em> institutions sustainable and effective when compared to individual charities.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This is conceptual research discussing the potential of <em>waqf</em> in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The research will provide the researchers with insight into the potential of <em>waqf</em> as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, it is the first major research that discusses the role of <em>waqf</em> in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"15 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139678023","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":"Investors in the Bangladeshi stock market: issues, behavioural biases and circumvention strategies","authors":"Nazreen Tabassum Chowdhury, Nurul Shahnaz Mahdzan, Mahfuzur Rahman","doi":"10.1108/qrfm-09-2022-0164","DOIUrl":"https://doi.org/10.1108/qrfm-09-2022-0164","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to explore the underlying issues of behavioural biases in relation to stock market participation and the challenges of individual investors in Bangladesh. The study identifies behavioural biases affecting individuals’ stock market participation, their circumvention strategies and the importance of financial knowledge in encouraging the participation of individuals in the stock market.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Semi-structured interviews were used in this study to gather information from industry researchers, individual investors, brokers and institutional advisors. Twenty-two experts were contacted, and 13 agreed to participate in the interviews. The study then uses the thematic analysis method to report its findings.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This research shows that investors’ behavioural biases (such as loss aversion, herding, trust, gambler’s fallacy and risk tolerance) are among Bangladesh’s primary drivers of stock market participation. Circumvention strategies (such as poor corporate governance and agency costs) also play a part in individuals’ participation. These influences are in addition to the obvious factors of investment risks, poor infrastructure, poor regulation enforcement and the need for more sufficient investment products.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This study conducted 13 interviews with expert subjects, which is a small sample size. However, the findings achieved saturation and cannot be ignored. Future research should use quantitative or experimental methods with a large sample size to validate the current findings.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is pioneering in the Bangladesh stock market, exploring the behavioural biases of investors’ participation in the market. This paper provides valuable insights into investor participation by discovering the underlying behavioural biases that have been continually ignored; these insights may also be relevant in frontier markets in Asian countries.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"155 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376725","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":"A bibliometric and systematic review analysis of adopting decision intelligence analytics for rational decision-making","authors":"Annu Annu, Ravindra Tripathi","doi":"10.1108/qrfm-01-2023-0005","DOIUrl":"https://doi.org/10.1108/qrfm-01-2023-0005","url":null,"abstract":"\u0000Purpose\u0000This paper aims to study and discover the unsearched area in behavioral finance in the new era of technology enhancement. The study has been done with two significant methodologies of reviews. This study also covers the whole structure of the investment decision scenario.\u0000\u0000\u0000Design/methodology/approach\u0000A systematic and bibliometric analysis has been done to make this study conceptual. Data collection sources are highly indexed journals, Scopus, Web of Science and Google Scholar. The “R” package has been used to do bibliometric analysis. Start with data cleaning and import the data in biblioshiny to get and interpret the result. A total of 642 data has been finalized from 1973 to 2022.\u0000\u0000\u0000Findings\u0000Various noticeable results have been found to accomplish the objectives and fill the gap in the study. There is a need to research both technological and psychological factors to determine the relation of these two variables with the investment decision-making of investors.\u0000\u0000\u0000Originality/value\u0000This study has done a systematic literature review and a bibliometric analysis that shows the importance of technology enhancement for further research, which has been searchable throughout this study.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"33 7","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138943601","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":"Dividend announcements and stock returns: a retrospective analysis","authors":"V. Kumari, Satish Kumar, Dharen Kumar Pandey, Prashant Gupta","doi":"10.1108/qrfm-04-2023-0094","DOIUrl":"https://doi.org/10.1108/qrfm-04-2023-0094","url":null,"abstract":"\u0000Purpose\u0000This study aims to provide insights into different aspects of the extant literature on the effects of dividend announcements. Along with other outputs of a bibliometric study, this study provides deeper insights into the concentration of the extant literature and suggest future research agendas.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses the bibliometric, network and content analysis of the dividend announcement literature indexed in Scopus. This study presents the temporal analysis, the network of authors, countries, author citations and the co-occurrence of author keywords. This study provides the concentration of the extant literature in three clusters and unearth some key future research areas. This study uses the latent Dirichlet allocation method for robustness.\u0000\u0000\u0000Findings\u0000A total of 54 documents examining the US sample have received 1,804 citations. Interestingly, the first article on emerging markets was published in 2002, when at least 34 articles on developed markets had already been published from 1982 to 2001. The content analysis of top-cited literature unveils diverse insights into dividend announcements’ effects on financial markets. Contagion effects negatively impact non-announcing banks, particularly larger ones. Dividend maintenance affects stock market momentum, influencing loser returns. While current dividend/earnings news may not predict future company performance, information content dominates bond market reactions to post-dividend announcements. Concomitantly, while financially constrained firms exhibit short-term gains but worse long-term performance following dividend increases, larger stock dividends send stronger market signals in China.\u0000\u0000\u0000Originality/value\u0000This study significantly contributes to the bibliometric and content analysis literature by analyzing the sample documents based on the sample examined. To the best of the authors’ knowledge, no previous bibliometric study in this domain has been conducted to explore the markets (developed and emerging) to which the samples examined belong and the quality of publications from developed and emerging markets.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"38 7","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138943780","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":"Unravelling the board committee puzzle: a comprehensive review and future research agenda","authors":"Satya Prakash Mani, Shashank Bansal, Ratikant Bhaskar, Satish Kumar","doi":"10.1108/qrfm-05-2023-0128","DOIUrl":"https://doi.org/10.1108/qrfm-05-2023-0128","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the literature from the Web of Science database published on board committees between 2002 and 2023 and outline the quantitative summary, journey of board committees’ research and suggest future research directions.\u0000\u0000\u0000Design/methodology/approach\u0000This study examines bibliometric-content analysis combined with a systematic literature review of articles on board committees to document the summary of the field. The authors used co-citation, co-occurrence and cluster analysis under bibliometric-content analysis to present the field summary.\u0000\u0000\u0000Findings\u0000Board committee composition, such as their gender, independence and expertise, as well as factors affecting corporate governance, such as reporting quality, earnings management and board monitoring, all have a significant impact on board committee literature. The field is getting growing attention from authors, journals and countries. Nevertheless, there is a need for further exploration in areas like expertise, member age and tenure, the economic crisis and the nomination and remuneration committee, which have not yet received sufficient attention.\u0000\u0000\u0000Originality/value\u0000This paper has both theoretical and practical contributions. From a theoretical perspective, this study substantiates the prevalence of agency theory within board committee literature, reinforcing the foundational role of agency theory in shaping discussions about board committees. On practical ground, the comprehensive overview of board committee literature offers scholars a road map for navigating this field and directing their future research journey. The identification of research gaps in certain areas serves as a catalyst for scholars to explore untapped dimensions, enabling them to strengthen the essence of the committees’ performance.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"45 2","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138943548","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":"Agency motives and the corporate diversification decision: perspectives of corporate executives in Nigeria","authors":"Ibeawuchi Ibekwe","doi":"10.1108/qrfm-11-2022-0186","DOIUrl":"https://doi.org/10.1108/qrfm-11-2022-0186","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study was to explore the motives (especially the agency motives) for corporate diversification from the perspective of corporate executives who make such strategic decisions and manage the diversified firms daily.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A qualitative research approach was adopted, and 12 chief executive officers (CEOs) of diversified firms in Nigeria were interviewed for their perspectives on the motives for corporate diversification.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Stewardship motives – diversification to use excess capacities in assets and resources to exploit opportunities in the market and defend against adverse environmental developments – were the most cited reasons for diversification. The relevant agency problem related to corporate diversification motive in Nigeria is the principal–principal (majority shareholder-minority shareholder) one. CEOs with substantial holdings in their firms indicated that they use diversification to reduce their investment risk and retain control of their portfolio.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings suggest that in corporate environments such as Nigeria that feature blockholding prominently, the corporate strategy-related agency problem that policymakers should pay greater attention to is the principal–principal conflict rather than the traditional agent–principal problem that has influenced corporate governance over the years. There is also a need to revise the dominant view that diversification is a value-destroying strategy motivated by the self-seeking behavior of managers who have little or no shares in the companies they manage.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The few studies on motives for corporate diversification that incorporated the perspectives of corporate executives did not address the agency motives of diversification. To the best of the authors’ knowledge, this is the first study that has done so.</p><!--/ Abstract__block -->","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"64 2","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138525984","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}