International Journal of Financial Studies最新文献

Financial Interdependencies: Analyzing the Volatility Linkages between Real Estate Investment Trusts, Sukuk, and Oil in GCC Countries 金融相互依存性：分析海湾合作委员会国家房地产投资信托、苏库克债券和石油之间的波动联系

IF 2.3

International Journal of Financial Studies Pub Date : 2024-09-18 DOI: 10.3390/ijfs12030092

Nevi Danila

{"title":"Financial Interdependencies: Analyzing the Volatility Linkages between Real Estate Investment Trusts, Sukuk, and Oil in GCC Countries","authors":"Nevi Danila","doi":"10.3390/ijfs12030092","DOIUrl":"https://doi.org/10.3390/ijfs12030092","url":null,"abstract":"This study investigates the financial interconnections among Real Estate Investment Trusts (REITs), sukuk (Islamic bonds), and oil in Gulf Cooperation Council (GCC) nations. The study sample comprises S&P GCC Composite Equity Real Estate Investment Trusts (REITs) Shariah, the S&P GCC Bond and Sukuk Index, and the OPEC crude oil basket on a daily basis. The duration of coverage spans from 2014 until the beginning of 2024. The TVP-VAR methodology is utilized to examine the interrelationship among the assets. The results indicate that Real Estate Investment Trusts (REITs) and oil are sources of volatility transmission, whereas sukuk is a recipient of volatility within the network. Examining the net pairwise directional linkages of two assets, namely REITs and oil markets, reveals that they transfer their volatility to the sukuk market. Moreover, a reciprocal relationship exists between REITs and oil regarding volatility spillover. It means that REITs act as transmitters to the oil markets during specific periods, while the influence is reversed at other times. This study implies that portfolio managers and investors can discern the volatility patterns of assets in order to enhance their risk-management techniques. For policymakers, comprehending the interdependence of certain asset classes provides valuable knowledge for formulating regulations that might stabilize the financial system and foster economic growth. From a research and academic perspective, this study enhances understanding of the interconnections between different financial asset classes and pricing dynamics in financial markets.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"102 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142267061","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

Impacts of Digital Transformation and Basel III Implementation on the Credit Risk Level of Vietnamese Commercial Banks 数字化转型和《巴塞尔协议 III》的实施对越南商业银行信贷风险水平的影响

IF 2.3

International Journal of Financial Studies Pub Date : 2024-09-13 DOI: 10.3390/ijfs12030091

Ngan Bich Nguyen, Hien Duc Nguyen

{"title":"Impacts of Digital Transformation and Basel III Implementation on the Credit Risk Level of Vietnamese Commercial Banks","authors":"Ngan Bich Nguyen, Hien Duc Nguyen","doi":"10.3390/ijfs12030091","DOIUrl":"https://doi.org/10.3390/ijfs12030091","url":null,"abstract":"For a bank-based economy like Vietnam, the commercial banking sector’s conduct greatly influences Vietnamese economic and social prosperity. In Vietnam, net income from credit activities hold the largest portion of the total revenue of Vietnamese commercial banks. Therefore, in the context of Vietnam, credit risk obviously also plays a pivotal important role in the banking sector. Hence, the risk of credit failure can lead to a bank’s collapse and have a profound effect on a country’s societal structure. As seen in the previous literature, there are many macroeconomic and bank-level factors that have commonly affected the level of credit risk; however, these factors may change in the recent development era of the banking industry, especially the new impacts of digital transformation and the transition to full Basel III adoption. The overall aim of this study is to analyze the impacts of digital transformation and Basel III implementation on the credit risk level of Vietnamese commercial banks during the period from 2017 to 2023, with a sample of 21 Vietnamese listed commercial banks. This study employs the pooled OLS, fixed effect model (FEM), and random effect model (REM) methods to reach the finding that investing in technology for the readiness of digital transformation and implementing Basel III could adversely affect credit risk. Based on this finding, the authors give some recommendations for commercial banks to enhance the sustainability, safety, and better management of credit risk.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"41 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142203020","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

Microcredit Pricing Model for Microfinance Institutions under Basel III Banking Regulations 巴塞尔协议 III 银行法规下的小额信贷机构小额信贷定价模型

IF 2.3

International Journal of Financial Studies Pub Date : 2024-09-03 DOI: 10.3390/ijfs12030088

Patricia Durango-Gutiérrez, Juan Lara-Rubio, Andrés Navarro-Galera, Dionisio Buendía-Carrillo

{"title":"Microcredit Pricing Model for Microfinance Institutions under Basel III Banking Regulations","authors":"Patricia Durango-Gutiérrez, Juan Lara-Rubio, Andrés Navarro-Galera, Dionisio Buendía-Carrillo","doi":"10.3390/ijfs12030088","DOIUrl":"https://doi.org/10.3390/ijfs12030088","url":null,"abstract":"Purpose. The purpose of this research is to propose a tool for designing a microcredit risk pricing strategy for borrowers of microfinance institutions (MFIs). Design/methodology/approach. Considering the specific characteristics of microcredit borrowers, we first estimate and measure microcredit risk through the default probability, applying a parametric technique such as logistic regression and a non-parametric technique based on an artificial neural network, looking for the model with the highest predictive power. Secondly, based on the Basel III internal ratings-based (IRB) approach, we use the credit risk measurement for each borrower to design a pricing model that sets microcredit interest rates according to default risk. Findings. The paper demonstrates that the probability of default for each borrower is more accurately adjusted using the artificial neural network. Furthermore, our results suggest that, given a profitability target for the MFI, the microcredit interest rate for clients with a lower level of credit risk should be lower than a standard, fixed rate to achieve the profitability target. Practical implications. This tool allows us, on the one hand, to measure and assess credit risk and minimize default losses in MFIs and, secondly, to promote their competitiveness by reducing interest rates, capital requirements, and credit losses, favoring the financial self-sustainability of these institutions. Social implications. Our findings have the potential to make microfinance institutions fairer and more equitable in their lending practices by providing microcredit with risk-adjusted pricing. Furthermore, our findings can contribute to the design of government policies aimed at promoting the financial and social inclusion of vulnerable people. Originality. The personal characteristics of microcredit clients, mainly reputation and moral solvency, are crucial to the default behavior of microfinance borrowers. These factors should have an impact on the pricing of microcredit.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"13 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142203022","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

Deregulating the Volume Limit on Share Repurchases 解除对股票回购数量限制的管制

IF 2.3

International Journal of Financial Studies Pub Date : 2024-09-03 DOI: 10.3390/ijfs12030089

Adhiraj Sodhi, Aleksandar Stojanovic

引用次数: 0

Efficiency of Healthcare Financing: Case of European Countries 医疗融资的效率：欧洲国家案例

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-26 DOI: 10.3390/ijfs12030087

Aleksy Kwilinski, Alina Vysochyna

引用次数: 0

The Probability of Hospital Bankruptcy: A Stochastic Approach 医院破产的概率：随机方法

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-23 DOI: 10.3390/ijfs12030085

Ramalingam Shanmugam, Brad Beauvais, Diane Dolezel, Rohit Pradhan, Zo Ramamonjiarivelo

{"title":"The Probability of Hospital Bankruptcy: A Stochastic Approach","authors":"Ramalingam Shanmugam, Brad Beauvais, Diane Dolezel, Rohit Pradhan, Zo Ramamonjiarivelo","doi":"10.3390/ijfs12030085","DOIUrl":"https://doi.org/10.3390/ijfs12030085","url":null,"abstract":"Healthcare leaders are faced with many financial challenges in the contemporary environment, leading to financial distress and notable instances of bankruptcies in recent years. What is not well understood are the specific conditions that may lead to organizational economic failure. Though there are various models that predict financial distress, existing regression methods may be inadequate, especially when the finance variables follow a nonnormal frequency pattern. Furthermore, the regression approach encounters difficulties due to multicollinearity. Therefore, an alternate stochastic approach for predicting the probability of hospital bankruptcy is needed. The new method we propose involves several key steps to better assess financial health in hospitals. First, we compute and interpret the relationship between the hospital’s revenues and expenses for bivariate lognormal data. Next, we estimate the risk of bankruptcy due to the mismatch between revenues and expenses. We also determine the likelihood of a hospital’s expenses exceeding the state’s median expenses level. Lastly, we evaluate the hospital’s financial memory level to understand its level of financial stability. We believe that our novel approach to anticipating hospital bankruptcy may be useful for both hospital leaders and policymakers in making informed decisions and proactively managing risks to ensure the sustainability and stability of their institutions.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"18 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142203025","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 Influence of Women on Boards on the Relationship between Executive and Employee Remuneration 董事会中的女性对高管与员工薪酬关系的影响

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-23 DOI: 10.3390/ijfs12030084

María L. Gallén, Carlos Peraita

{"title":"The Influence of Women on Boards on the Relationship between Executive and Employee Remuneration","authors":"María L. Gallén, Carlos Peraita","doi":"10.3390/ijfs12030084","DOIUrl":"https://doi.org/10.3390/ijfs12030084","url":null,"abstract":"The growing presence of women at the top of companies has sparked interest in examining their role in the remuneration gap between senior managers and employees. This article analyses the traditional Chief Executive Officer (CEO)-to-employee pay ratio but includes a new relation, the senior-management-to-employee pay ratio, and extends the research by including six positions for women in company management: on the board of directors, executive directors, CEOs, proprietary directors, independent directors, and senior managers. The study is based on a sample of 77 listed companies in Spain from 2015 to 2022 and the panel data models have been estimated using the Generalised Method of Moments (GMM). The main findings indicate that the proportion of women in different categories of board and senior management positions has a positive effect on the CEO-to-employee pay ratio, especially in companies with higher market capitalisation. In contrast, the proportion of women in senior management positions has a negative effect on the CEO-to-employee pay ratio in all the samples analysed. Government agencies should prioritise the participation of women in non-board senior management positions in order to at least reduce the pay gap between senior managers and employees.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"167 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142203024","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

Breaking the Boundaries in the Digital Age: Open Banking and Tax Evasion 打破数字时代的界限：开放银行与逃税

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-23 DOI: 10.3390/ijfs12030086

Ngoc Thang Dang, Stelios Andreadakis, Pamela Nika, Monomita Nandy

{"title":"Breaking the Boundaries in the Digital Age: Open Banking and Tax Evasion","authors":"Ngoc Thang Dang, Stelios Andreadakis, Pamela Nika, Monomita Nandy","doi":"10.3390/ijfs12030086","DOIUrl":"https://doi.org/10.3390/ijfs12030086","url":null,"abstract":"In this paper, we examine the relationship between open banking and tax evasion. As the open banking literature is still evolving, we try to systematically analyze the literature on conventional banking and tax evasion and then extend the discussion in the context of open banking. The popularity of open baking recently raises a question about its relationship with tax evasion. Digital banking and digital taxation contributed positively to mitigating tax evasion in the context of conventional banking. However, in open banking, the customers can decide to what extent they will share any transaction-related data with their bank, while they can also choose to complete direct transactions with third parties. This creates a new challenge in relation to the mitigation of tax evasion, which is the focus of this paper. Due to lack of granular empirical data, we conduct a systematic literature review and a bibliometric analysis to track the development of the relevant academic debates and identify the arguments that have been presented in relation to this topic. This approach is recognized as well suited for emerging topics in finance research, particularly when data are scarce, as evidenced by studies on COVID-19 and biodiversity. We find that the gaps of the current regulatory framework, at both the national and supranational level, have created challenges and uncertainties at multiple levels. Nonetheless, the findings of the study suggest future research directions and offer valuable guidelines for regulators in utilizing open banking.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"21 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142203026","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

Corporate Culture, Special Items, and Firm Performance 企业文化、特殊项目与公司业绩

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-22 DOI: 10.3390/ijfs12030083

S. Thomas Kim, Li Sun

引用次数: 0

Risk of Economic Violence: A New Quantification 经济暴力风险：新的量化方法

IF 2.3

International Journal of Financial Studies Pub Date : 2024-08-19 DOI: 10.3390/ijfs12030082

Federica D’Agostino, Giulia Zacchia, Marcella Corsi

引用次数: 0