International Journal of Financial Studies最新文献_第10页

The Differential Effects of Internal Control Teams on Investment Decision Making Based on Industry Competition 基于行业竞争的内部控制团队对投资决策的差异效应

International Journal of Financial Studies Pub Date : 2023-11-03 DOI: 10.3390/ijfs11040131

Hyunjung Choi

引用次数: 0

Extreme Value Theory Modelling of the Behaviour of Johannesburg Stock Exchange Financial Market Data 约翰内斯堡证券交易所金融市场数据行为的极值理论建模

International Journal of Financial Studies Pub Date : 2023-11-03 DOI: 10.3390/ijfs11040130

Maashele Kholofelo Metwane, Daniel Maposa

{"title":"Extreme Value Theory Modelling of the Behaviour of Johannesburg Stock Exchange Financial Market Data","authors":"Maashele Kholofelo Metwane, Daniel Maposa","doi":"10.3390/ijfs11040130","DOIUrl":"https://doi.org/10.3390/ijfs11040130","url":null,"abstract":"Financial market data are abundant with outliers, and the search for an appropriate extreme value theory (EVT) approach to apply is an endless debate in the statistics of extremes research. This paper uses EVT methods to model the five-year daily all-share total return index (ALSTRI) and the daily United States dollar (USD) against the South African rand (ZAR) exchange rate of the Johannesburg stock exchange (JSE). The study compares the block maxima approach and the peaks-over-threshold (POT) approach in terms of their ability to model financial market data. The 100-year return levels for the block maxima approach were found to be almost equal to the maximum observations of the financial markets of 10,860 and R18.99 for the ALSTRI and the USD–ZAR, respectively. For the peaks-over-threshold (POT) approach, the results show that the ALSTRI and the USD–ZAR exchange rate will surpass 17,501.63 and R23.72, respectively, at least once in 100 years. The findings in this study reveal a clear distinction between block maxima and POT return level estimates. The POT approach return level estimates were comparably higher than the block maxima estimates. The study further revealed that the blended generalised extreme value (bGEVD) is more suitable for relatively short-term forecasting, since it cuts off at the 50-year return level. Therefore, this study will add value to the literature and knowledge of statistics and econometrics. In the future, more studies on bGEVD, vine copulas, and the r-largest-order bGEVD can be conducted in the financial markets.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"33 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135868068","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

Evaluation of Factors Contributing to the Effectiveness of Internal Audit Quality in Pakistani Commercial Banks 影响巴基斯坦商业银行内部审计质量有效性的因素评价

International Journal of Financial Studies Pub Date : 2023-11-02 DOI: 10.3390/ijfs11040129

Madiha Afzal

引用次数: 0

An Empirical Analysis of the Dynamics Influencing Bank Capital Structure in Africa 影响非洲银行资本结构的动态因素实证分析

International Journal of Financial Studies Pub Date : 2023-11-01 DOI: 10.3390/ijfs11040127

Ayodeji Michael Obadire, Vusani Moyo, Ntungufhadzeni Freddy Munzhelele

{"title":"An Empirical Analysis of the Dynamics Influencing Bank Capital Structure in Africa","authors":"Ayodeji Michael Obadire, Vusani Moyo, Ntungufhadzeni Freddy Munzhelele","doi":"10.3390/ijfs11040127","DOIUrl":"https://doi.org/10.3390/ijfs11040127","url":null,"abstract":"Financial institutions, particularly banks, have long grappled with the dilemma of structuring their capital optimally. This process, commonly referred to as capital structure decision-making, is of paramount importance, especially within the financial services sector, where strict regulations are imposed by reserve and central banks in alignment with global Basel guidelines. This study unveils the key factors that determine the capital structure choices of African banks, using panel data encompassing 45 listed banks across six nations that had embraced the Basel III Accord spanning the years 2010 to 2019. The study used the system-generalised moment methods (sys-GMM) estimator to fit the formulated panel data regression model. The study findings showed positive associations between ZSCORE, an indicator of bank financial stability, and net interest margin ratio (NIMR) with bank leverage (TCTE). In addition, the results revealed positive correlations between earnings volatility (EV), profitability (P), and risk (R) with bank leverage (TDCE). This suggests that profitable banks are inclined to favour debt financing, a phenomenon driven by their ability to comfortably service debt obligations with free cash flows. This study’s overarching conclusion underscores the dominant influence of the Liquidity Coverage Ratio (LCR) on African bank capital structures. Whether assessing traditional or Basel III-prescribed measures of bank leverage, LCR consistently emerged as the primary determinant. This finding is of significant relevance to bank executives and regulators, offering them essential insights for informed decision-making by considering striking a balance between equity and debt financing based on financial stability, profitability, and risk profiles.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"57 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135221998","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 Economic Policy Uncertainty Explain Exchange Rate Movements in the Economic Community of West African States (ECOWAS): A Panel ARDL Approach 经济政策的不确定性是否解释了西非国家经济共同体(ECOWAS)的汇率变动:一个小组ARDL方法

International Journal of Financial Studies Pub Date : 2023-11-01 DOI: 10.3390/ijfs11040128

Maud Korley, Evangelos Giouvris

{"title":"Does Economic Policy Uncertainty Explain Exchange Rate Movements in the Economic Community of West African States (ECOWAS): A Panel ARDL Approach","authors":"Maud Korley, Evangelos Giouvris","doi":"10.3390/ijfs11040128","DOIUrl":"https://doi.org/10.3390/ijfs11040128","url":null,"abstract":"Research proposes that economic policy uncertainty (EPU) leads to exchange rate fluctuations. Given that African countries experience higher levels of uncertainty in developed/emerging markets, we examine the extent to which domestic and foreign EPU affect exchange rates for a panel of 12 ECOWAS countries covering the period 1996–2018. In order to account for non-stationarity, cross-sectional dependence, and heterogeneity, the paper employs the dynamic heterogeneous panel approach. The ECOWAS has a dual currency arrangement ranging from a common currency union (CFA) to floating exchange rates (Non-CFA). To account for this, this study splits the sample data into CFA and Non-CFA areas. In addition, this study considers the role of the global financial crisis in the exchange rate-EPU nexus. Our results show that domestic EPU has a positive effect on exchange rates in the long run for Non-CFA areas. Different from the existing literature, our results suggest that domestic EPU does not explain exchange rate fluctuations in the short run. For all countries, foreign EPU leads to appreciation in the long run and depreciation in the short run. Interestingly, foreign EPU has a more dominant effect on exchange rate fluctuations in the selected countries than domestic EPU. This may reflect the weak institutional framework in these countries, which allows external fluctuations to have a greater impact. Moreover, this could be attributed to the increase in foreign capital flows during the sample period. Thus, these countries must develop effective policies to effectively absorb these external shocks. Results are robust to different proxies of EPU.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135271400","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

Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability 债券发行作为声誉信号:揭穿附加责任的负面认知

International Journal of Financial Studies Pub Date : 2023-10-30 DOI: 10.3390/ijfs11040126

Dachen Sheng, Heather A. Montgomery

{"title":"Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability","authors":"Dachen Sheng, Heather A. Montgomery","doi":"10.3390/ijfs11040126","DOIUrl":"https://doi.org/10.3390/ijfs11040126","url":null,"abstract":"This paper examines the determinants of bond issuance in the Chinese market and the influence of capital structure—in particular direct debt finance—on firm performance and the cost of debt. The results reveal that institutional factors in the Chinese market, in particular the involvement of the financial authority permission process during bond issuance, enhance the credibility of firms that are able to successfully issue bonds. Empirical analysis of Chinese listed manufacturing firms over the period from 2010 to 2021 demonstrates that firms with higher outstanding levels of bonds perform better and face lower costs of both bond and nonbond direct finance. We interpret this as bond issuance approval serving as a signal to markets of an implicit government guarantee on firms that are approved to issue bonds. The agency problem is analyzed using propensity-score matching and Logit analysis, revealing a trade-off between the principal–agent conflict and conflicts of interest among different shareholders when power is very concentrated through CEO duality: the CEO simultaneously serves as the chairman of the board. In large firms, as measured by total assets, the cost-reducing effect of the principal–agent problem being mitigated by CEO duality outweighs the agency costs arising from conflicts of interest between large and small shareholders, leading to an increased likelihood of successful bond issuance. However, in large firms, as measured by market capitalization, where share ownership is likely more diversified, this effect diminishes. In conclusion, this paper posits that policymakers ought to investigate strategies for granting preferential treatment to high-growth, small to mid-sized enterprises, enabling them to secure funding through direct debt financing.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"27 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136022651","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

Large-Scale Portfolio Optimization Using Biogeography-Based Optimization 基于生物地理学优化的大规模投资组合优化

International Journal of Financial Studies Pub Date : 2023-10-26 DOI: 10.3390/ijfs11040125

Wendy Wijaya, Kuntjoro Adji Sidarto

引用次数: 0

Digital Credit and Its Determinants: A Global Perspective 数字信贷及其决定因素:全球视角

International Journal of Financial Studies Pub Date : 2023-10-25 DOI: 10.3390/ijfs11040124

Tu D. Q. Le, Thanh Ngo, Dat T. Nguyen

引用次数: 0

A Bibliometric Analysis of the FinTech Agility Literature: Evolution and Review 金融科技敏捷性文献计量学分析:演进与回顾

International Journal of Financial Studies Pub Date : 2023-10-20 DOI: 10.3390/ijfs11040123

Abdelkebir Sahid, Yassine Maleh, Shahram Atashi Asemanjerdi, Pedro Antonio Martín-Cervantes

{"title":"A Bibliometric Analysis of the FinTech Agility Literature: Evolution and Review","authors":"Abdelkebir Sahid, Yassine Maleh, Shahram Atashi Asemanjerdi, Pedro Antonio Martín-Cervantes","doi":"10.3390/ijfs11040123","DOIUrl":"https://doi.org/10.3390/ijfs11040123","url":null,"abstract":"Bibliometric analysis is crucial in understanding the evolution of research trends and knowledge in various fields. This study applies bibliometric analysis to explore the growth of the research paradigm on agility in the FinTech literature, using co-citation analysis and bibliographic coupling of selected articles. Based on this bibliometric analysis, the evolution of research on agility in the FinTech domain has been prepared, focusing on the literature related to FinTech agility between 1984 and 2022. In this study, we also address the limitations of individual analyses from Scopus and Web of Science (WOS) and propose a comprehensive approach by merging the two research databases. The results reveal significant disparities between authors, publication influences, and keyword occurrences between the WOS and merged databases. Our research highlights the importance of combining a database approach in bibliometric studies, providing valuable insights for scholars, researchers, and stakeholders. Finally, the in-depth bibliometric analysis demonstrates the significance of “FinTech agility” in the rapidly evolving FinTech sector. Financial technology companies’ agility, or ability to adapt quickly, is the foundation of their success and innovation.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135569659","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

Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE 大宗持股、股息政策、股票回报和回报波动性:来自阿联酋的证据

International Journal of Financial Studies Pub Date : 2023-10-16 DOI: 10.3390/ijfs11040122

Umar Butt, Trevor William Chamberlain

引用次数: 0