International Journal of Finance & Economics最新文献

{"title":"Navigating Financial Evolution: Business Process Optimization and Digital Transformation in the Finance Sector","authors":"Sunil Chahal","doi":"10.47941/ijf.1475","DOIUrl":"https://doi.org/10.47941/ijf.1475","url":null,"abstract":"Purpose: This study presents a thorough analysis of the financial industry's digital transformation environment with a particular emphasis on business process improvement. Financial institutions are navigating a changing environment where cutting-edge technology is being employed widely. Financial operations are changing as a result of advances in cloud computing, blockchain, as well as artificial intelligence (AI), which enable scalability, and cost-efficiency, along with improved consumer experiences. However, this change is not without its difficulties, such as the complexity of regulatory compliance, worries about data security, including the necessity of talent acquisition. The purpose of the study is to develop an in-depth assessment of the alternations in numerous financial aspects, where there has been a rise in process optimization and digital transformation. With the help of the study, the examination of the various measures included with the aid of digital technology for the intensification of company processes optimization has been achieved.
 Methodology: The methodology implemented in the development of the study is that of secondary analysis. Through the application of interpretivism, addressing the issues have been provided, where deductive reasoning has been inculcated for reaching the expected outcome. The collection of information had been enabled from academic journals and other data sources from PubMed, IEEE Xplore, and Google Scholar. The application of literature analysis has been enabled for assessing the various concepts.
 Findings: As per the findings of the study, it has been noted that digital revolution has been extremely fruitful for the growth of financial services. A harmonic balance between technological innovations including compliance needs to be attained via cooperative efforts between financial institutions and regulatory organizations. Efficiency gains, particularly in risk assessment procedures, are being driven by robotic process automation (RPA) and AI-based algorithms. This study highlights the necessity of constant flexibility inside financial institutions to be robust as well as competitive in the rapidly changing digital ecosystem. AI has helped in increasing data security within the financial firms and increased the rates of customer satisfaction.
 Unique Contribution to Theory, Policy and Practice: The unique contribution of the study towards the theory, policy and practices relates to the betterment of theory of digital disruption for increasing the overall potential of the digital services.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135779747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moderating Role of Alternative Finance on Firm Characteristics and Efficiency Nexus","authors":"Jackson Njau Waweru, Kennedy M. Waweru, Kenneth L. Wanjau, Josphat K. Kinyanjui","doi":"10.47941/ijf.1474","DOIUrl":"https://doi.org/10.47941/ijf.1474","url":null,"abstract":"Purpose: Scholarly endeavors to explore the moderating role of alternative finance on the firm operational characteristics - efficiency nexus has received little attention, despite a burgeoning need for funding, for Small and Medium-size Enterprises (SMEs) who have unique financial needs. To counter this conundrum, this study sought to explore how alternative finance influences the relationship between operational characteristics and efficiency of SMEs in the manufacturing sector in Kenya.
 Methodology: The study targeted 171 SMEs members of Kenya Association of Manufacturers. The study used data envelopment analysis, multiple regression modeling and moderated multiple regression analysis techniques to measure efficiency, analyze direct relationships and for moderation analysis respectively. To test robustness of the results the study used Partial Least Squares Structural Equation Modeling.
 Findings: The study found positive relationship between operational characteristics and efficiency of SMEs. Further, alternative finance demonstrated significant moderating role on the relationship between SME operational characteristics and efficiency.
 Unique Contribution to Theory, Policy and Practice: Based on the findings this study, recommends that Intermediators, Government and SME advocacy organizations corroborate to operate on-line hybrid alternative finance-microfinance institutions to assist SMEs achieve higher efficiencies and accelerate economic growth.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135730010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Online Banking and Technical Efficiency of Commercial Banks in Kenya","authors":"Joyce Chepkoech Getugi, Cliff Osoro, Allan Kihara","doi":"10.47941/ijf.1473","DOIUrl":"https://doi.org/10.47941/ijf.1473","url":null,"abstract":"Purpose: The financial sector is being revolutionized as a direct result of technological progress, with banks and other financial institutions embracing new technologies to better serve their customers online. Technological developments in the financial sector are simplifying access to financial services. The study set out to dissect the effects of Fintech on Kenya's commercial banking sector. The general objective was to establish the effect of online banking on technical efficiency of commercial banks in Kenya. The study was anchored on Theory of Constraint-Induced Innovation.
 Methodology: The entire study relied on collecting empirical data and evaluating hypothesis in a positivist way. A causal-comparative research design was used in this research. The study targeted population of Seventeen Kenyan commercial banks from the first and second tiers. The analysis relied on secondary sources of information. The gathered quantitative data was analyzed using both descriptive and inferential statistics. Numbers, medians, and standard deviations were used to characterize the data, and frequency distributions were used to determine the sample size. Models for analyzing correlations and regressions are inferential statistics. STATA was used for the data analysis.
 Findings: The study established that online banking has a positive and significant effect on technical efficiency of commercial banks in Kenya.
 Unique Contribution to Theory, Policy and Practice: The research showed that commercial banks in Kenya could benefit from investing more in their online banking systems to boost their technological efficiency.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136033066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How important is tourism for growth?","authors":"Theodore Panagiotidis,&nbsp;Maurizio Mussoni,&nbsp;Georgios Voucharas","doi":"10.1002/ijfe.2897","DOIUrl":"10.1002/ijfe.2897","url":null,"abstract":"<p>We revisit the tourism-led growth hypothesis by utilising a panel set of 108 countries over the period 1996–2017. We quantify the effects of tourism on the entire conditional distribution of economic growth for both relatively poor and relatively rich countries within a panel quantile regression framework. We address the unobserved heterogeneity and potential endogeneity concerns. We reveal that the lower the conditional growth rate a country experiences the more important is tourism development for the conditional growth distribution for both developing and developed countries. The size of the effect in developed countries is twice as high as in developing ones. On the other hand, tourism specialisation is beneficial only at higher quantiles of the conditional growth distribution and only for developed countries. On the contrary, it brings about an undesirable effect in developing countries. Finally, we examine the impact of a reduction in tourism activity on economic growth due to an exogenous shock (i.e., COVID-19). Simulation analysis based on the quantile regression estimates shows that countries facing relatively low growth rates conditionally to the growth distribution are affected the most. Policymakers may consider the importance of tourism activity in the growth process and formulate strategies that align with the growth experience of each country.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4704-4720"},"PeriodicalIF":2.8,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2897","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136078787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of financial crises on social spending: Delving into the effects in developed and developing countries","authors":"Thanh Cong Nguyen,&nbsp;Vítor Castro,&nbsp;Justine Wood","doi":"10.1002/ijfe.2901","DOIUrl":"10.1002/ijfe.2901","url":null,"abstract":"<p>Despite expecting countries to rely on welfare measures in the aftermath of financial crises, one should not ignore the possibility of fiscal retrenchments due to the constraints that those crises may bring. This article analyses that issue by assessing the impact of financial crises on governmental social spending and its components (healthcare, education and social protection) using a panel of 108 countries from 1991 to 2019. An important contribution of this study is that it assesses the effects of different types of financial crises (banking, currency and debt) in addition to distinguishing between developed and developing countries. The findings indicate that while developed countries neutralise the adverse effects of crises by increasing social spending, developing countries tend to shrink outlays—in particular healthcare and social protection—when financial crises strike, despite the associated negative consequences on human and social well-being. Moreover, debt crises proved to be more detrimental to social spending than banking and currency crises in developing countries. An important policy implication arising from our analysis is that governments should maintain a high level of fiscal balance in normal times to be able to finance welfare state expansion programmes during periods of financial crises, especially in emerging/developing countries.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4721-4741"},"PeriodicalIF":2.8,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136078786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The pass-through effects of oil price shocks on sovereign credit risks of GCC countries: Evidence from the TVP-SVAR-SV framework","authors":"Aktham Maghyereh,&nbsp;Salem Adel Ziadat,&nbsp;Abdel Razzaq A. Al Rababa'a","doi":"10.1002/ijfe.2894","DOIUrl":"10.1002/ijfe.2894","url":null,"abstract":"<p>We implement a two-stage methodology based on the structural vector autoregressive and time-varying parameter vector autoregressive models to examine the time-varying effect of distinct types of oil-price shocks on sovereign credit risks measured by credit default swap (CDS) spreads in Gulf Cooperation Council countries. Using monthly data for the period from May 2011 to February 2022, our results show time-varying responses to structural oil shocks in the short- and medium-run periods, with more fluctuations in responses detected over the full sample period in the former. Overall, we detect a break in the contagious impacts of oil shocks during and in the aftermath of, the 2014–2015 oil crisis and COVID-19 crisis. Specifically, the Bahraini market is found to exhibit a positive (negative) reaction to the oil supply shocks (OS) and oil market-specific demand shocks (OSD) throughout the pandemic period. Furthermore, we uncover a transient response from the Saudi and Qatari CDS spreads to the aggregate demand shocks (ADS) and the OSD over the full sample period, indicating the need for portfolio rebalancing. In the UAE, we detect a positive impact over the three sampled years of OSD since 2011. Moreover, a notable decoupling pattern continues to appear between short- and medium-term innovations in the ADS. Our results suggest adopting more conservative trading in the CDS markets while understanding the oil price and the economic state. The complexity of the trading strategy should also depend on the target Gulf market itself and that seems essential when it comes to investing in Qatar and Saudi Arabia.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4681-4703"},"PeriodicalIF":2.8,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136184413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate price dynamics during and after the COVID-19 pandemic: Insights from a partial equilibrium model","authors":"Antonio Sánchez Serrano","doi":"10.1002/ijfe.2899","DOIUrl":"10.1002/ijfe.2899","url":null,"abstract":"<p>The COVID-19 pandemic created an unprecedented demand and supply shock to the world economies. To understand its impact on corporate prices, we define a partial equilibrium model where non-financial corporations operating in three sectors (suppliers, end-producers and service providers) optimize their production under monopolistic competition and are subject to demand and supply shocks of different intensities. Our model confirms that when the demand shock dominates, prices tend to decrease. We then introduce data from the COVID-19 pandemic in the European Union into our model and find that prices are expected to fall in the most acute phase of the pandemic, when lockdowns and similar health measures decrease demand, and to increase later as a result of tensions in the supply of intermediate goods and of the persistence of the supply shock. Inventories could play a decisive role in avoiding price increases in the moderate phase of the pandemic. In the post-pandemic period, higher prices may continue for a time until the shock to suppliers vanishes. These are relevant insights on the macroeconomic impact of worldwide pandemics, also considering the current macroeconomic environment.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4660-4680"},"PeriodicalIF":2.8,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136212160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Finance and local economic growth: New evidence from China","authors":"Jingzhu Chen,&nbsp;Yuemei Ji","doi":"10.1002/ijfe.2892","DOIUrl":"10.1002/ijfe.2892","url":null,"abstract":"<p>We study the relationship between finance and growth using a sample of 275 Chinese cities from 2009 to 2018. We exclude bank loans to local governments through the local government financing vehicles (LGFVs) and construct a better financial development index which measures the level of loans extended by banks to enterprises and households. We find that financial development in the form of a higher loan-to-GDP ratio leads to lower economic growth. This negative relationship between finance and growth may be attributed to various mechanisms, including discrimination in bank lending, housing market bubbles, and an imbalance in growth between real and financial sectors.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4630-4659"},"PeriodicalIF":2.8,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2892","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does policy uncertainty affect non-financial disclosure? Evidence from climate change-related information","authors":"Cynthia Assaf,&nbsp;Mohammed Benlemlih,&nbsp;Imane El Ouadghiri,&nbsp;Jonathan Peillex","doi":"10.1002/ijfe.2888","DOIUrl":"10.1002/ijfe.2888","url":null,"abstract":"<p>We examine the relationship between economic policy uncertainty and the release of climate change-related information as a representation of non-financial information. We argue that firms are likely to disclose their climate change-related information to gain ethical legitimacy, especially during uncertain times. Using the policy uncertainty measure from Baker, Bloom, and Davis (2016) and an extensive dataset from the <i>CSRwire</i> platform, we provide strong evidence that policy uncertainty is positively associated with releasing climate change-related news. Our findings are robust to alternative measures of policy uncertainty and when controlling for endogeneity. In a set of additional analyses, we show that the industries within which firms operate and their environmental performance are channels that explain the release of climate-related information. Taken together, our results highlight the role that climate change-related information may play in providing firms with ethical legitimacy and building trust among all stakeholders in times of political uncertainty.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4613-4629"},"PeriodicalIF":2.8,"publicationDate":"2023-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135926275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the nexus between Islamic financial institutions Shariah compliance disclosure and corporate governance: New insights from a cross-country analysis","authors":"Zunaiba Abdulrahman,&nbsp;Tahera Ebrahimi,&nbsp;Basil Al-Najjar","doi":"10.1002/ijfe.2891","DOIUrl":"10.1002/ijfe.2891","url":null,"abstract":"<p>We address the scarcity of empirical research on Shariah Compliance Disclosure (hereafter referred to as SCD) by presenting new evidence on the levels and range of SCD, of 807 bank-year observation of Islamic Financial Institutions (hereafter referred to as IFIs) in 19 countries for the period from 2010 to 2020 and its determinants. Using an unweighted disclosure index measured by manual content analysis categorized into Shariah Supervisory Board (hereafter referred to as SSB) information, audit process, Shariah compliance review and Zakat, several outcomes are documented. In general, the SCD level is above average (57.38%) and hence evidence an overall growth during the sample period. Further, the study examines the relationship between corporate governance (CG) and SCD and the results indicate that foreign investors, institutional investors, board size, board independence, SSB reputation and SSB size are vital and influence the extent of SCD level. The study also conducted several tests to examine the main findings' robustness. The findings deliver valuable in-depth empirical insights to regulatory bodies on the current SCD practises of IFIs to assist policymakers in modifying reporting frameworks or guidelines accordingly. In addition, this research can support academics, policymakers or standard setters and managers interested in seeking information about SCD and CG.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4590-4612"},"PeriodicalIF":2.8,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2891","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136062191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}