International Journal of Financial Studies最新文献_第4页

Share Repurchases and Corporate Sustainability: Evidence from South Africa 股票回购与企业可持续性：南非的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-06-18 DOI: 10.3390/ijfs12020057

Frank Mouton, Carly Londt, Gerhard Cloete, Wynand Hattingh, Gretha Steenkamp

{"title":"Share Repurchases and Corporate Sustainability: Evidence from South Africa","authors":"Frank Mouton, Carly Londt, Gerhard Cloete, Wynand Hattingh, Gretha Steenkamp","doi":"10.3390/ijfs12020057","DOIUrl":"https://doi.org/10.3390/ijfs12020057","url":null,"abstract":"This study examined the relationship between share repurchases and corporate sustainability in South Africa during 2011–2019. According to stakeholder theory, companies may feel a sense of obligation to not only distribute returns to shareholders through share repurchases but also to other stakeholders by investing in environmental, social or governance (ESG)-related projects. Our study, the first of its kind in the context of an emerging economy, reported a positive relationship between share repurchases and corporate sustainability in South Africa (proxied using ESG scores)—specifically social scores. The emphasis on the social, rather than the environmental, dimensions of ESG might result from the emerging economy context, where several societal problems are experienced. The results support stakeholder theory, but increased disclosure pertaining to the social dimension of ESG in years when share repurchases are executed might also provide evidence of ‘social washing’ (when companies employ their integrated report disclosures to paint an overly positive picture of their social responsibility initiatives).","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"53 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141509667","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 Effect of COVID-19 on Public and Private Sector Earnings Management: Evidence from Korea COVID-19 对公共部门和私营部门盈利管理的影响：韩国的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-06-04 DOI: 10.3390/ijfs12020054

Woo-sahng Kim, Bo-young Moon, Dong-goo Jung

引用次数: 0

Comparative Analysis of Spillover Effects in the Global Stock Market under Normal and Extreme Market Conditions 正常和极端市场条件下全球股市溢出效应的比较分析

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-30 DOI: 10.3390/ijfs12020053

Qiang Liu, Chen Xu, Jane Xie

引用次数: 0

Bank Accessibility and Entrepreneurial Activity: Evidence from Brazil 银行便利性与创业活动：巴西的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-24 DOI: 10.3390/ijfs12020050

Rodrigo de Oliveira Leite, Matheus Moura, Layla Mendes, Leonardo Henrique Lima de Pilla

引用次数: 0

Navigating Risk Aversion and Regret 规避风险和后悔

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-11 DOI: 10.3390/ijfs12020046

Miwaka Yamashita

{"title":"Navigating Risk Aversion and Regret","authors":"Miwaka Yamashita","doi":"10.3390/ijfs12020046","DOIUrl":"https://doi.org/10.3390/ijfs12020046","url":null,"abstract":"This study investigates the distinctive modeling of regret utility when compared with common utility. I also introduce the interplay between common utility and regret utility. Using this model, I examine the differences in decision making, which encompasses issues such as risk sharing and principal–agent dilemmas. Regret utility is set so that its risk aversion shows common utility’s prudence (i.e., downside risk aversion). This paper reveals, both qualitatively and quantitively and with a concrete model, that regret utility leads to a more balanced and optimal ratio of agent payouts to outputs compared with common utility, meaning when major outputs are kept by principal, there are relatively larger agent payouts, and when major outputs are kept by the agent, there are relatively smaller agent payouts. This means that regret makes a more balanced distribution, and regret utility is more conservative (not biased). In addition, preliminary empirical research was performed in which people were asked risk preference or averseness questions, and their risk averseness was calculated by using the CRRA (Constant Relative Risk Aversion) utility function. The regret condition leads to a more conservative attitude. Furthermore, the regret model can be used in other areas, like in conservative investment portfolio optimization.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"9 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140932298","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

Determinants of Remuneration Committee Chairman’s Pay: Evidence from the UK 薪酬委员会主席薪酬的决定因素：来自英国的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-10 DOI: 10.3390/ijfs12020045

Fadi Shehab Shiyyab

引用次数: 0

The Impact of Value Creation (Tobin’s Q), Total Shareholder Return (TSR), and Survival (Altman’s Z) on Credit Ratings 价值创造（托宾 Q）、股东总回报（TSR）和存活率（Altman's Z）对信用评级的影响

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-08 DOI: 10.3390/ijfs12020044

Nazário Augusto de Oliveira, Leonardo Fernando Cruz Basso

{"title":"The Impact of Value Creation (Tobin’s Q), Total Shareholder Return (TSR), and Survival (Altman’s Z) on Credit Ratings","authors":"Nazário Augusto de Oliveira, Leonardo Fernando Cruz Basso","doi":"10.3390/ijfs12020044","DOIUrl":"https://doi.org/10.3390/ijfs12020044","url":null,"abstract":"This research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM model to address endogeneity concerns. Three independent variables categorized as market and survival factors alongside seven control variables sourced from leverage, liquidity, interest coverage, profitability, market, survival, and macroeconomic domains were investigated. The sample consisted of 2398 observations from Capital IQ Pro, spanning nine years (2013 to 2021) and encompassing 240 public companies. The findings suggest that neither Tobin’s Q (TQ) nor Total Shareholder Return (TSR) lack significant correlations with credit ratings, implying that stock market performance and total shareholder return do not directly impact credit ratings. In contrast, the Altman Z-score (AZS) emerged as a significant predictor, indicating its importance in assessing credit risk. These insights enhance the understanding of financial indicators’ impacts on credit ratings, aiding financial institutions and companies in prudent lending and financing decisions.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"157 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140932200","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

Probability Distributions for Modeling Stock Market Returns—An Empirical Inquiry 模拟股市回报的概率分布--实证研究

IF 2.3

International Journal of Financial Studies Pub Date : 2024-05-06 DOI: 10.3390/ijfs12020043

Jayanta K. Pokharel, Gokarna Aryal, Netra Khanal, Chris P. Tsokos

{"title":"Probability Distributions for Modeling Stock Market Returns—An Empirical Inquiry","authors":"Jayanta K. Pokharel, Gokarna Aryal, Netra Khanal, Chris P. Tsokos","doi":"10.3390/ijfs12020043","DOIUrl":"https://doi.org/10.3390/ijfs12020043","url":null,"abstract":"Investing in stocks and shares is a common strategy to pursue potential gains while considering future financial needs, such as retirement and children’s education. Effectively managing investment risk requires thoroughly analyzing stock market returns and making informed predictions. Traditional models often utilize normal variance distributions to describe these returns. However, stock market returns often deviate from normality, exhibiting skewness, higher kurtosis, heavier tails, and a more pronounced center. This paper investigates the Laplace distribution and its generalized forms, including asymmetric Laplace, skewed Laplace, and the Kumaraswamy Laplace distribution, for modeling stock market returns. Our analysis involves a comparative study with the widely-used Variance-Gamma distribution, assessing their fit with the weekly returns of the S&P 500 Index and its eleven business sectors, drawing parallel inferences from international stock market indices like IBOVESPA and KOSPI for emerging and developed economies, as well as the 20+ Years Treasury Bond ETFs and individual stocks across varied time horizons. The empirical findings indicate the superior performance of the Kumaraswamy Laplace distribution, which establishes it as a robust alternative for precise return predictions and efficient risk mitigation in investments.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"20 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140887279","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

Determinants of Accounting Information Systems Success: The Case of the Greek Hotel Industry 会计信息系统成功的决定因素：希腊酒店业案例

IF 2.3

International Journal of Financial Studies Pub Date : 2024-04-30 DOI: 10.3390/ijfs12020042

Ioannis E. Diavastis, Konstantinos A. Chrysafis, Georgia C. Papadopoulou

{"title":"Determinants of Accounting Information Systems Success: The Case of the Greek Hotel Industry","authors":"Ioannis E. Diavastis, Konstantinos A. Chrysafis, Georgia C. Papadopoulou","doi":"10.3390/ijfs12020042","DOIUrl":"https://doi.org/10.3390/ijfs12020042","url":null,"abstract":"Accounting information systems (AIS) are primarily designed to convert financial data into usable financial and management information. Their effectiveness or success, which shows the extent to which the requirements of their users are satisfied, is an essential factor in decision making. Previous research has found that user satisfaction is a particularly widely utilized and indicative measure of information system (IS) success. In this setting, the success or failure of an AIS is a crucial issue for all companies since a particular IS cannot be appropriate for everyone, especially in the case of accounting software that has to satisfy the requirements of its users. Furthermore, given the hotel industry’s information-intensive and competitive character, the AIS user satisfaction of hotel financial and accounting executives can be vital to their performance and the hotel’s operational efficiency. The aim of this research is to investigate a number of factors that influence AIS user satisfaction in the post-implementation period in the case of the Greek hotel industry. The findings of our empirical study show that system quality, information quality, system use, service quality, firm’s size, years of system use, information technology integration, and organic structure have a positive effect on user satisfaction with AIS. On the contrary, statistical analysis shows that users’ level of education is negatively correlated with AIS user satisfaction. Finally, the current research findings contribute theoretically to the IS and accounting literature, and they also shine a light on the managerial implications for IS developers, hotel managers, and financial executives.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"32 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140829252","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

Assessing the Circular Economy Funds: Performance, Fees, Risks, and Sustainability 评估循环经济基金：绩效、费用、风险和可持续性

IF 2.3

International Journal of Financial Studies Pub Date : 2024-04-26 DOI: 10.3390/ijfs12020040

Fei Fang, Sitikantha Parida

引用次数: 0