Journal of Risk and Financial Management最新文献_第8页

Extended Least Squares Making Evident Nonlinear Relationships between Variables: Portfolios of Financial Assets 扩展最小二乘法使变量之间的非线性关系显而易见：金融资产组合

Journal of Risk and Financial Management Pub Date : 2024-08-02 DOI: 10.3390/jrfm17080336

Pierpaolo Angelini

引用次数: 0

Mapping Corporate Tax Planning and Corporate Social Responsibility: A Hybrid Method of Category Analysis 企业税收筹划与企业社会责任的映射：类别分析混合法

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080333

Lurdes Araújo, Sérgio Ravara Cruz, Luís Lima Santos, Lucília Cardoso

{"title":"Mapping Corporate Tax Planning and Corporate Social Responsibility: A Hybrid Method of Category Analysis","authors":"Lurdes Araújo, Sérgio Ravara Cruz, Luís Lima Santos, Lucília Cardoso","doi":"10.3390/jrfm17080333","DOIUrl":"https://doi.org/10.3390/jrfm17080333","url":null,"abstract":"The relationship between corporate tax planning (CTP) and corporate social responsibility (CSR) is complex, with various perspectives, and a detailed scientific analysis of this relationship is required. This complexity arises from the conflicting interests of maximizing shareholder value through tax strategies while meeting societal expectations of ethical behaviour and transparency. So, the main objective of this research is to reveal the state of the art regarding the relationship between these two concepts. To achieve this goal and map the scientific literature relating to CTP and CSR, the Scopus and Web of Science (WoS) databases were used, resulting in a screening process identifying 47 relevant articles. The methodology employed is hybrid, combining a systematic review and category analysis. The main results reveal a strong relationship between corporate tax planning and CSR. Tax avoidance is the focus, followed by tax aggressiveness due to the conflict between shareholder benefits and social obligations. In addition, the most tested theory is risk management. This study highlights the interdisciplinary nature of CTP and CSR research, integrating accounting, business ethics, and management for a holistic understanding of corporate behaviour. The focus on tax avoidance underscores its key role in the CTP-CSR relationship, reinforcing theories that link tax practices to corporate ethics and suggesting aggressive tax strategies can undermine CSR efforts. As the main practical implication, the study suggests that policymakers should promote transparency in companies’ tax practices and encourage CSR activities, aligning companies’ behaviour with society’s expectations and improving compliance with tax obligations.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882291","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

Factors Influencing Greenhouse Gas Reduction Measures in European Ports: Implications for Sustainable Investing 影响欧洲港口温室气体减排措施的因素：对可持续投资的影响

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080329

Khilian Schodler, Adriana Saraceni

{"title":"Factors Influencing Greenhouse Gas Reduction Measures in European Ports: Implications for Sustainable Investing","authors":"Khilian Schodler, Adriana Saraceni","doi":"10.3390/jrfm17080329","DOIUrl":"https://doi.org/10.3390/jrfm17080329","url":null,"abstract":"European Union cargo and container ports are under pressure to reduce GHG emissions and achieve carbon neutrality by 2050, as mandated by the European Commission. The pace of progress varies among ports. This study examined the characteristics influencing GHG reduction measures in European cargo and container ports and their implications for sustainable investing. The methods used in this study, such as linear regression models to analyze predictive variables, can be applied in sustainable investing to assess which factors most strongly predict a company’s environmental, social, and governance performance. Using linear regression models to analyze data from the 33 busiest European ports, we identified five predictive variables: port size, cargo mix, surrounding population density, access to the sea, and the economic wealth of the host country. Our findings revealed that the port size significantly correlates with the adoption of measures to reduce scope 1, 2, and 3 emissions. This study underscores the importance of contextual and operational factors in evaluating sustainability efforts across sectors. The results contribute to drawing parallels with the field of sustainable investing within finance. This offers valuable insights for sustainable investing, emphasizing the importance of considering various contextual and operational factors when evaluating the sustainability efforts of entities in different sectors.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"187 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882287","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

Loan Pricing in Peer-to-Peer Lending 点对点借贷中的贷款定价

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080331

David D. Maloney, Sung-Chul Hong, Barin Nag

{"title":"Loan Pricing in Peer-to-Peer Lending","authors":"David D. Maloney, Sung-Chul Hong, Barin Nag","doi":"10.3390/jrfm17080331","DOIUrl":"https://doi.org/10.3390/jrfm17080331","url":null,"abstract":"Lenders writing loans in the peer-to-peer market carry risk with the anticipation of an expected return. In the current implementation, many lenders do not have an exit strategy beyond holding the loan for the full repayment term. Many would-be lenders are deterred by the risk of being stuck with an illiquid investment without a method for adjusting to overall economic conditions. This risk is a limiting factor for the overall number of loan transactions. This risk prevents funding for many applicants in need, while simultaneously steering capital towards other more liquid and mature markets. The underdeveloped valuation methods used presently in the peer-to-peer lending space present an opportunity for establishing a model for assigning value to loans. We provide a novel application of an established model for pricing peer-to-peer loans based on multiple factors common in all loans. The method can be used to give a value to a peer-to-peer loan which enables transactions. These transactions can potentially encourage participation and overall maturity in the secondary peer-to-peer loan trading market. We apply established valuation algorithms to peer-to-peer loans to provide a method for lenders to employ, enabling note trading in the secondary market.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882288","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

Business Model Innovation Factors of Small and Medium-Sized Enterprises in Bolivia 玻利维亚中小企业的商业模式创新因素

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080334

Franco Arandia Arzabe, Lars Bengtsson, Jazmin Estefania Olivares Ugarte

{"title":"Business Model Innovation Factors of Small and Medium-Sized Enterprises in Bolivia","authors":"Franco Arandia Arzabe, Lars Bengtsson, Jazmin Estefania Olivares Ugarte","doi":"10.3390/jrfm17080334","DOIUrl":"https://doi.org/10.3390/jrfm17080334","url":null,"abstract":"This paper aims to explore how four Bolivian small and medium-sized enterprises’ business has overcome the gaps in reliance on traditional small and medium-sized enterprises’ business models, i.e., to extract and sell raw unrefined natural resources in a local area, and instead make productive use of innovation inputs (technology, higher-educated people) by innovating their business models. We were particularly interested in how the small and medium-sized enterprises could manage to develop their business models in relation to the socio-cultural, economic, and technological contexts in a lower middle-income country such as Bolivia. We employ an exploratory multiple case study. The study’s results show that the four selected small and medium-sized enterprises’ business model innovation processes followed two different business model innovation patterns, a technology-driven pattern and market-driven pattern shaped by the macro-level factors of availability of natural resources, the informally organized economy, regulations, and access to higher education resources. The paper ends with presenting the managerial, policy, and theoretical implications of the study.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"216 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882290","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

Prediction of Currency Exchange Rate Based on Transformers 基于变压器的货币汇率预测

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080332

Lu Zhao, Wei Qi Yan

{"title":"Prediction of Currency Exchange Rate Based on Transformers","authors":"Lu Zhao, Wei Qi Yan","doi":"10.3390/jrfm17080332","DOIUrl":"https://doi.org/10.3390/jrfm17080332","url":null,"abstract":"The currency exchange rate is a crucial link between all countries related to economic and trade activities. With increasing volatility, exchange rate fluctuations have become frequent under the combined effects of global economic uncertainty and political risks. Consequently, accurate exchange rate prediction is significant in managing financial risks and economic instability. In recent years, the Transformer models have attracted attention in the field of time series analysis. Transformer models, such as Informer and TFT (Temporal Fusion Transformer), have also been extensively studied. In this paper, we evaluate the performance of the Transformer, Informer, and TFT models based on four exchange rate datasets: NZD/USD, NZD/CNY, NZD/GBP, and NZD/AUD. The results indicate that the TFT model has achieved the highest accuracy in exchange rate prediction, with an R2 value of up to 0.94 and the lowest RMSE and MAE errors. However, the Informer model offers faster training and convergence speeds than the TFT and Transformer, making it more efficient. Furthermore, our experiments on the TFT model demonstrate that integrating the VIX index can enhance the accuracy of exchange rate predictions.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"79 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882292","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

Math Calculation and Financial Literacy: The Incidence of Geometric Progressions in the Calculation of Financial Interest 数学计算与金融知识：财务利息计算中几何级数的发生率

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080330

Elena Moreno-García

{"title":"Math Calculation and Financial Literacy: The Incidence of Geometric Progressions in the Calculation of Financial Interest","authors":"Elena Moreno-García","doi":"10.3390/jrfm17080330","DOIUrl":"https://doi.org/10.3390/jrfm17080330","url":null,"abstract":"Calculations about compound interest serve as the basis of most financial decisions; therefore, it is imperative to explore what mathematical knowledge people need to correctly calculate simple and compound interest. The aim of this study is to analyze the relationship between college students’ competence in calculating simple and compound interest and their understanding of the arithmetic and geometric progressions. It is also pointed out whether the results vary according to gender. Population proportion tests are carried out, and gender proportion differences are considered for inferential analysis. The dichotomous Probit model was used for correlation analysis. Results demonstrate that 59.8% of students know how to formulate a whole-number succession, and only 30.9% in the case of fractional numbers. Less than 50% of students can calculate compound interest, but 76.7% can calculate simple interest. There is no significant difference between men and women. The results show a positive relationship between male students’ competence in calculating compound interest with the possibility to correctly formulate a geometric succession. Findings can be useful for mathematics teaching strategy design and its applications in finance contexts with the purpose of training students to be better at finance decision making.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882286","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

Effects of Risk Committee on Agency Costs and Financial Performance 风险委员会对代理成本和财务业绩的影响

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080328

Abdulateif A. Almulhim, Abdullah A. Aljughaiman, Abdulaziz S. Al Naim, Abdulmohsen K. Alosaimi

{"title":"Effects of Risk Committee on Agency Costs and Financial Performance","authors":"Abdulateif A. Almulhim, Abdullah A. Aljughaiman, Abdulaziz S. Al Naim, Abdulmohsen K. Alosaimi","doi":"10.3390/jrfm17080328","DOIUrl":"https://doi.org/10.3390/jrfm17080328","url":null,"abstract":"This study aimed to explore the influence of risk committee characteristics on agency costs and financial performance as well as investigate whether the attributes of a risk committee moderate the association between the agency costs and financial performance of financial firms listed in the Saudi Stock Market (TASI). We primarily concentrate on six attributes of risk committees (risk committee existence, size, independence, meetings, financial expertise, and busyness) and their impact on agency costs and financial performance. This study employed the ordinary least squares (OLS) and generalized methods of moments (GMM) models to explore these relationships. Using a sample of 455 observations representing the financial corporations listed on the TASI for the period from 2010 to 2022, we found that risk committees’ existence, risk committee independence, and financial expertise have negative and significant associations with agency costs, but a positive influence on financial performance. However, risk committee size and busyness are positively related to agency costs and adversely associated with firms’ financial performance. Furthermore, we showed that agency costs influence banks’ financial performance negatively, yet risk committees oversee this risk and enhance banks’ financial performance. The findings of this study have implications for financial firms, policymakers, and regulators. Beyond making empirical contributions by investigating a relatively unexplored topic in a developing Middle Eastern economy, this analysis provides valuable insights into optimizing risk committee characteristics and structures to improve financial monitoring within the framework of Saudi Arabia. This area of research has been relatively limited compared to studies conducted in developed countries.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882285","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 Audit Oversight Quality Reduce Insolvency Risk, Systematic Risk, and ROA Volatility? The Role of Institutional Ownership 审计监督质量能否降低破产风险、系统性风险和 ROA 波动性？机构所有权的作用

Journal of Risk and Financial Management Pub Date : 2024-08-01 DOI: 10.3390/jrfm17080335

Rebecca Abraham, Hani El-Chaarani, Fitim Deari

{"title":"Does Audit Oversight Quality Reduce Insolvency Risk, Systematic Risk, and ROA Volatility? The Role of Institutional Ownership","authors":"Rebecca Abraham, Hani El-Chaarani, Fitim Deari","doi":"10.3390/jrfm17080335","DOIUrl":"https://doi.org/10.3390/jrfm17080335","url":null,"abstract":"The board of directors appoints the audit committee to assess the financial performance of the firm. The audit committee uses reports provided by audit firms, such as Form 10Ks, and annual reports to assess firm financial performance. The degree of audit oversight quality is a governance measure, which, if effective, may reduce firm risk. This study measures the effect of three measures of audit oversight quality on insolvency risk, systematic risk, and volatility of return on assets for a sample of U.S. pharmaceutical firms and energy firms from 2010 to 2022. All measures of audit oversight quality reduced firm risk, with the first measure reducing both systematic risk and volatility of return on assets, the second measure reducing systematic risk, and the third measure reducing volatility of return on assets. As institutional ownership is also a governance measure, we tested whether its joint effect with audit oversight quality reduced firm risk. This hypothesis was supported for all three measures of audit oversight quality for systematic risk and for the third audit oversight quality measure for volatility of assets. Robustness was established by replicating the regressions with an alternate governance measure, which yielded similar results. Endogeneity of all audit oversight quality measures was absent due to lack of significance of leverage, firm size, equity multiplier, and firm value in reducing risk through their effect on audit oversight quality.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882289","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

Optimal Spending Strategies for Sovereign Wealth Funds Using a Discrete-Time Life Cycle Model 利用离散时间生命周期模型优化主权财富基金的支出策略

Journal of Risk and Financial Management Pub Date : 2024-07-30 DOI: 10.3390/jrfm17080327

Knut Kristian Aase

引用次数: 0