International Journal of Financial Studies最新文献_第5页

Delaware Reincorporation and the Double-Exit Puzzle: Evidence from Post-Initial Public Offering Acquisitions 特拉华州重新公司化与双重退出之谜：首次公开募股后收购的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-04-26 DOI: 10.3390/ijfs12020039

Yang Xu, Vincent Jia, Xinze Qian, Haizhi Wang, Xiaotian Zhang

{"title":"Delaware Reincorporation and the Double-Exit Puzzle: Evidence from Post-Initial Public Offering Acquisitions","authors":"Yang Xu, Vincent Jia, Xinze Qian, Haizhi Wang, Xiaotian Zhang","doi":"10.3390/ijfs12020039","DOIUrl":"https://doi.org/10.3390/ijfs12020039","url":null,"abstract":"Initial public offerings and mergers and acquisitions represent important opportunities for investors to exit and harvest their entrepreneurial success. Some firms are acquired shortly after their initial public offerings. This exit strategy is known as a double exit. In addition, issuing firms may choose to reincorporate in Delaware during their IPOs. In this study, we use hand-collected data from 1993 to 2020 to investigate whether and to what extent Delaware reincorporation may affect the M&As in the post-IPO stage. We use a Cox proportional hazard model to test the relation between Delaware reincorporation and the likelihood of being acquired for our sample IPOs. Recognizing that Delaware reincorporation is not a random decision, we adopt a Heckman switching regression method to estimate the relation between Delaware reincorporation and takeover premiums and announcement returns. We report that IPO firms choosing to reincorporate in Delaware experience a higher likelihood of being acquired compared to those IPO firms choosing to remain incorporated in their home states. We further document that IPO firms choosing to reincorporate in Delaware receive lower premiums in acquisitions, and experience lower abnormal returns on announcements.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"93 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140805871","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

Data-Driven Sustainable Investment Strategies: Integrating ESG, Financial Data Science, and Time Series Analysis for Alpha Generation 数据驱动的可持续投资战略：整合环境、社会和公司治理、金融数据科学以及时间序列分析，创造阿尔法收益

IF 2.3

International Journal of Financial Studies Pub Date : 2024-04-20 DOI: 10.3390/ijfs12020036

Afreen Sorathiya, Pradnya Saval, Manha Sorathiya

{"title":"Data-Driven Sustainable Investment Strategies: Integrating ESG, Financial Data Science, and Time Series Analysis for Alpha Generation","authors":"Afreen Sorathiya, Pradnya Saval, Manha Sorathiya","doi":"10.3390/ijfs12020036","DOIUrl":"https://doi.org/10.3390/ijfs12020036","url":null,"abstract":"In today’s investment landscape, the integration of environmental, social, and governance (ESG) factors with data-driven strategies is pivotal. This study delves into this fusion, employing sophisticated statistical techniques and Python programming to unveil insights often overlooked by traditional approaches. By analyzing extensive datasets, including S&P500 financial indicators from 2012 to 2021 and 2021 ESG metrics, investors can enhance portfolio performance. Emphasizing ESG integration for sustainable investing, the study underscores the potential for alpha generation. Time series analysis further elucidates market dynamics, empowering investors to align with both financial objectives and ethical values. Notably, the research uncovers a positive correlation between ESG risk and total risk, suggesting that companies with lower ESG risk tend to outperform those with higher ESG risk. Moreover, employing a long–short ESG risk strategy yields abnormal returns of approximately 4.37%. This integration of ESG factors not only mitigates risks associated with environmental, social, and governance issues but also capitalizes on opportunities for sustainable growth, fostering responsible investing practices and ensuring long-term financial returns, resilience, and value creation.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"206 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140627271","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

Synergizing Sustainability and Financial Prosperity: Unraveling the Structure of Business Profit Growth through Consumer-Centric Strategies—The Cases of Kosovo and Albania 可持续性与金融繁荣的协同作用：通过以消费者为中心的战略揭示企业利润增长的结构--科索沃和阿尔巴尼亚的案例

IF 2.3

International Journal of Financial Studies Pub Date : 2024-04-07 DOI: 10.3390/ijfs12020035

Enkeleda Lulaj, Blerta Dragusha, Eglantina Hysa, Marian Catalin Voica

{"title":"Synergizing Sustainability and Financial Prosperity: Unraveling the Structure of Business Profit Growth through Consumer-Centric Strategies—The Cases of Kosovo and Albania","authors":"Enkeleda Lulaj, Blerta Dragusha, Eglantina Hysa, Marian Catalin Voica","doi":"10.3390/ijfs12020035","DOIUrl":"https://doi.org/10.3390/ijfs12020035","url":null,"abstract":"This research investigates the synergistic relationship between sustainability and financial prosperity in businesses, specifically focusing on the impact of consumers on profit growth in Kosovo and Albania. The study aims to understand consumers’ perceptions of their purchases, the factors influencing their choice of businesses, and the types of businesses that effectively support consumers in these countries. Data were collected through a survey completed by 200 consumers and 200 businesses. The analysis, utilizing multivariate analysis of variance, descriptive analysis, and reliability analysis with SPSS, reveals that consumers significantly influence the sustainability of business profit growth. Moving forward, it is recommended that businesses prioritize offering reasonable prices, quality products/services, easy access to products/services, clear information about products/services, and convenient locations. The research has profound implications for businesses, consumers, and countries and suggests the need for further exploration of the impact of consumers on profit growth in diverse contexts.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"299 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140597377","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

How Audit Fees Impact Earnings Management in Service Companies on the Amman Stock Exchange through Audit Committee Characteristics 审计费用如何通过审计委员会的特征影响安曼证券交易所服务公司的收益管理

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-26 DOI: 10.3390/ijfs12020032

Ayman Shehadeh, Mahmoud Daoud Daoud Nassar, Husam Shrouf, Mohammad Haroun Sharairi

{"title":"How Audit Fees Impact Earnings Management in Service Companies on the Amman Stock Exchange through Audit Committee Characteristics","authors":"Ayman Shehadeh, Mahmoud Daoud Daoud Nassar, Husam Shrouf, Mohammad Haroun Sharairi","doi":"10.3390/ijfs12020032","DOIUrl":"https://doi.org/10.3390/ijfs12020032","url":null,"abstract":"The primary objective of this research was to investigate the potential moderating role of audit fees in the relationship between audit committee characteristics and earnings management. Specifically, this study aimed to establish connections between audit committee features, such as committee size, member independence, and financial expertise, and the practice of earnings management. To address these research questions, a convenient sample of 46 service providers listed on the Amman Stock Exchange between 2016 and the subsequent year was employed. Descriptive statistical methods were applied to characterize the variables under investigation, while a multiple regression model was utilized to assess the study’s hypotheses. The findings of the study revealed that there was no significant correlation between the size of the audit committee and earnings management. However, a negative correlation was observed between the audit committee’s independence and the financial expertise of its members. Importantly, when audit fees were introduced as a moderating variable, the relationships between committee member independence and earnings management, as well as between committee member financial expertise and earnings management, were found to be weakened. These results have potential implications for policymakers and regulators in Jordan. They may offer valuable insights into corporate governance reforms that could assist Jordanian businesses in enhancing their earnings management practices.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"10 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140325802","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

A Stochastically Correlated Bivariate Square-Root Model 随机相关的双变量方根模型

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-25 DOI: 10.3390/ijfs12020031

Allan Jonathan da Silva, Jack Baczynski, José Valentim Machado Vicente

引用次数: 0

Examining the Effects of the Pandemic on Entrepreneurial Activities among Urban Single Mothers: An Exploratory Study 探讨大流行病对城市单身母亲创业活动的影响：一项探索性研究

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-22 DOI: 10.3390/ijfs12020030

Abdullah Sallehhuddin Abdullah Salim, Norzarina Md Yatim, Salmi Md Zahid

{"title":"Examining the Effects of the Pandemic on Entrepreneurial Activities among Urban Single Mothers: An Exploratory Study","authors":"Abdullah Sallehhuddin Abdullah Salim, Norzarina Md Yatim, Salmi Md Zahid","doi":"10.3390/ijfs12020030","DOIUrl":"https://doi.org/10.3390/ijfs12020030","url":null,"abstract":"This study was conducted in Malaysia to examine the effectiveness of the microfinance programme for urban single mother entrepreneurs in MSMEs during the COVID-19 pandemic and Movement Control Order (MCO). Implemented as a response to the pandemic, the MCO significantly disrupted businesses, particularly MSMEs. The study aimed to investigate the relationship between empowerment factors (economic, social, digital, and psychological) and governance aspects concerning the effectiveness of microfinance programmes. Using a positivist paradigm and employing quantitative methods through online questionnaire distribution, this research established a framework based on empowerment theory. The findings underscore the importance of economic empowerment, digital empowerment, and governance aspects for microfinance programme success, and provide empirical backing for suitable mitigation strategies for MSME entrepreneurs. The study emphasises the importance of supporting single mother entrepreneurs through various developmental activities, technical and vocational training, and comprehensive financial and non-financial aid initiatives. It stresses the critical role of women, particularly single mothers, in propelling societal and economic advancement, and advocating for their empowerment through targeted interventions. Overall, the findings enhance understanding of the challenges MSMEs face during crises, and offer insights for policymakers and microfinance agencies to strengthen support for single mother entrepreneurs in navigating future challenges and fostering economic resilience and development.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"5 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140197016","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

Revisiting the Quiet-Life Hypothesis in the Banking Sector: Do CEOs’ Personalities Matter? 重新审视银行业的 "安静生活假说"：首席执行官的个性重要吗？

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-20 DOI: 10.3390/ijfs12010028

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

引用次数: 0

Unraveling the Dynamics of Intellectual Capital, Firm Performance, and the Influential Moderators—BIG4 Auditors and Group Affiliation 解读智力资本、公司业绩的动态变化以及影响因素--BIG4 审计师和集团隶属关系

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-20 DOI: 10.3390/ijfs12010029

Swati Mohapatra, Jamini Kanta Pattanayak

引用次数: 0

Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms 动态资本结构调整：韩国企业的公司特定因素和宏观经济因素的综合分析

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-12 DOI: 10.3390/ijfs12010026

SungSup Brian Choi, Kudzai Sauka, MiYoung Lee

{"title":"Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms","authors":"SungSup Brian Choi, Kudzai Sauka, MiYoung Lee","doi":"10.3390/ijfs12010026","DOIUrl":"https://doi.org/10.3390/ijfs12010026","url":null,"abstract":"This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"112 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140151031","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

Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics 量化影响，发现趋势：影子银行和金融疫情动态的综合文献计量分析

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-05 DOI: 10.3390/ijfs12010025

Ionuț Nica, Camelia Delcea, Nora Chiriță, Ștefan Ionescu

{"title":"Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics","authors":"Ionuț Nica, Camelia Delcea, Nora Chiriță, Ștefan Ionescu","doi":"10.3390/ijfs12010025","DOIUrl":"https://doi.org/10.3390/ijfs12010025","url":null,"abstract":"This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced bibliometric methods, we explored the global network of publications, identifying key works, influential authors, and the evolution of research over time. The results of the bibliometric analysis have highlighted an annual growth rate of 22.05% in publications related to the topics of shadow banking and financial contagion, illustrating researchers’ interest and the dynamic nature of publications over time. Additionally, significant increases in scientific production have been recorded in recent years, reaching a total of 178 articles published in 2022. The most predominant keywords used in research include “systemic risks”, “risk assessment”, and “measuring systemic risk”. The thematic evolution has revealed that over time, the focus on fundamental concepts used in analyzing these two topics has shifted, considering technological advancements and disruptive events that have impacted the economic and financial system. Our findings provide a detailed insight into the progress, gaps, and future directions in understanding the complex interplay of shadow banking and financial contagion. Our study represents a valuable asset for researchers, practitioners, and policymakers with a keen interest in understanding the dynamics of these critical components within the global financial system.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"23 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140032708","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