The International Journal of Banking and Finance最新文献

{"title":"LEVERAGE AND IPO PRICING: EVIDENCE FROM MALAYSIA","authors":"C. Ong, Rasidah Mohd‐Rashid, Kamarun Nisham Taufil-Mohd","doi":"10.32890/ijbf2020.15.1.9929","DOIUrl":"https://doi.org/10.32890/ijbf2020.15.1.9929","url":null,"abstract":"The pricing of IPOs is a challenging task among underwriters as they require resources from firms. Contrary to the non-financial information presented in a prospectus to set an offer price, pre-IPO accounting information could arguably influence IPO offer price. This study aims to investigate the relationship between leverage and IPO offer price. A crosssectional Ordinary Least Square (OLS) regression was implemented to investigate the relationship between leverage and offer price based on a sample of 129 Malaysian IPOs issued between January 2009 and December 2018. As a result, it was proven that leverage was negatively related to offer prices. Accordingly, it was proposed in the findings that fit, which issued higher leverages prior to IPO listing, often posed high financial risks. Subsequently, underwriters and issuers set a lower price for IPOs to 2 The International Journal of Banking and Finance, Vol. 15, No 1, 2020 : 1-19","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127165217","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}

{"title":"THE IMPACT OF MANAGERIAL CHARACTERISTICS ON CAPITAL STRUCTURE IN MALAYSIAN MANUFACTURING SMES","authors":"K. Chin, Zuriawati Zakaria, Choong Chee Keong","doi":"10.32890/ijbf2020.15.1.9930","DOIUrl":"https://doi.org/10.32890/ijbf2020.15.1.9930","url":null,"abstract":"Access to capital is a critical factor in stimulating small business creation and growth especially in developing companies. The failure of small business entities in securing the needed capital would entail them remaining small and limit their ability to create goods, services, and innovations in the marketplace, including jobs. This study focuses on manufacturing SMEs by examining the influence of managerial characteristics (age, gender, work experience and level of education) on capital structure towards technology improvement. Based on a survey of 219 respondents, the results indicated that male managers, managers with a lot of work experience and educated managers preferred internal and external financing. Furthermore, internal and external financing also showed positive relationships to improve manufacturing technology The International Journal of Banking and Finance, Vol. 15. Number 1, 2020: 21-37 21 22 The International Journal of Banking and Finance, Vol. 15, No 1, 2020 : 21-37","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"201 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131894817","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}

{"title":"COMPARISON OF THE PASS-THROUGH SPEED MODELS OF DIFFERENT MARKETS: AN EMPIRICAL STUDY OF THE MARKETS OF MAINLAND CHINA AND TAIWAN","authors":"C. Ho, W. Lin","doi":"10.32890/ijbf2020.15.1.9932","DOIUrl":"https://doi.org/10.32890/ijbf2020.15.1.9932","url":null,"abstract":"This paper adopted the Boone Indicator, developed by Boone et al. (2008) and Van Leuvensteijn et al. (2011; 2013), to investigate the influence of different pass-through spread models in the competition among banks in emerging markets. With the market share of banks as a dependent variable and marginal cost as an independent variable, this paper probed into the competition among banks regarding the loan market to determine whether competition on the loan interest rates of banks affected the pass-through of monetary policy-related interest rates. After analyzing approximately 5,657 entries of records of the banking industries in Taiwan and mainland China, this paper reached three significant conclusions: 1) the Boone Indicator Model pointed out that, competition in the banking market of mainland China The International Journal of Banking and Finance, Vol. 15. Number 1, 2020: 73-88 73 74 The International Journal of Banking and Finance, Vol. 15, No 1, 2020 : 73-88 was more intense than that of Taiwan; 2) empirical research based on the Interest Rate Spread Model indicated that the spread of mainland China was lower than that of Taiwan; 3) the Passthrough Speed Model implied that, the interest rate sensitivity of the market of mainland China was higher than that of the Taiwan market. The above results indicate that the influence of monetary policy pass-through on the interest rate of the market in mainland China is faster than in Taiwan.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"18 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129103962","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}

{"title":"Separate Legal Entity Under Syariah Law and its Application on Islamic Banking in Malaysia: A Note","authors":"Z. Ayub, Z. M. Yusoff, A. N. Azrae","doi":"10.32890/IJBF.6.2.2009.8394","DOIUrl":"https://doi.org/10.32890/IJBF.6.2.2009.8394","url":null,"abstract":"The principle of separate legal entity – that is, after the incorporation of a company, it is regarded as an artifi cial person or juridical person who has the rights and responsibilities similar to a living person - has been widely accepted and applied in the world of business, trade and industry. In Malaysia, an Islamic banking institution is incorporated under the Companies Act 1965 where after \u0000its incorporation, it becomes a legal entity separated from its members and shareholders. In the case of Bank Islam Malaysia Berhad v. Adnan bin Omar (1994), the court held that Bank Islam Malaysia Berhad is a corporate institution \u0000created by statute. This case has been decided based on civil law system, not under the Islamic legal system. Since the products offered by an Islamic banking institution is solely in harmony with Islamic principles, one fundamental legal question yet to be resolved is whether the principle of separate legal entity is recognised under the Syariah law. This paper aims to discuss the issue of separate \u0000legal entity in Islam and its application to the Islamic banking institutions.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127753724","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}

{"title":"Predicting Implied Volatility in the Commodity Futures Options Markets","authors":"Stephen P. Ferris","doi":"10.32890/ijbf2003.1.1.8329","DOIUrl":"https://doi.org/10.32890/ijbf2003.1.1.8329","url":null,"abstract":"Academics and practitioners have substantial interest in the implied volatility patterns recovered from commodity futures options. Such knowledge enhances their ability to accurately forecast volatility embedded in these high-risk options. This paper reviews option-implied volatility in the September corn futures option contracts for the period of 1991-2000. It also investigates whether a “weekend effect” exists. We compare forecasting performance of different historical volatility measures. We further report average trading profits of a short straddle strategy, which is motivated by differences between option implied volatility and historical volatility. JEL Code: G10, G12, G13","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124973268","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}

{"title":"Momentum Effect all over the World","authors":"Z. Imran, W. Wong, R. Ismail","doi":"10.32890/ijbf2019.14.0.9912","DOIUrl":"https://doi.org/10.32890/ijbf2019.14.0.9912","url":null,"abstract":"This study is intended to reaffirm the existence and profitability of momentum investment strategies in 40 countries around the world during the period 1996–2018.The contradictory findings of previous research on the existence and profitability of momentum strategies have raised a pertinent question on the validity of efficient market hypothesis. We documented the momentum effect in 90% of our sample countries of which 52.5% exhibited positive momentum effect while 37.5% exhibited negative momentum effect. The findings were robust to two distinct sub-period analyses. The clear rejection of efficient market hypotheses is valuable to momentum traders and stock market regulators.The International Journal of Banking and Finance, Vol. 13. Number 2, 2017: 75-93751. IntroductionFinance literature carries substantial evidence on the existence and profitability of momentum returns since the seminal work of Jegadeesh and Titman (1993). Many studies have documented instances where stocks kept on outperforming (underperforming) for the next three to 12 months if they had outperformed (underperformed) during several previous months. Jegadeesh and Titman (1993)","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125039500","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}

{"title":"The Roles of Health Awareness and Knowledge in Medical Takaful Purchase Intention","authors":"Muhammad Wahab, A. Tajuddin","doi":"10.32890/ijbf2019.14.0.9913","DOIUrl":"https://doi.org/10.32890/ijbf2019.14.0.9913","url":null,"abstract":"_________________________________ The present study aims to examine the factors of health awareness and knowledge that influence customers’ intention to use medical takaful coverage among the public sector officers in northern Malaysia. A quantitative research methodology was adopted to answer the objectives progressively. In the current research, data from 313 respondents were collected via questionnaires from three different organisations, namely the police department, the fire and rescue firefighter department, and the education department. Moreover, the data analysis was performed using SPSS version 22. The analysis revealed a significant and positive relationship between health awareness and knowledge and the customers’ intention to purchase medical takaful. Apart from that, the results also indicated that only health awareness has a significant influence on the intention with the strongest impact. On the other hand, the knowledge variable had no significant influence on customers’ intention to use medical The International Journal of Banking and Finance, Vol. 14, 2018-2019 : 95-116 95 96 The International Journal of Banking and Finance, Vol. 14, 2018-2019: 95-116 takaful coverage among the respondents. A number of important limitations need to be considered in the present study which will be further explained in the conclusion section. Furthermore, the current research provides some major implications. First, on behalf of the takaful industry, the findings of the present study encourage the takaful operators, marketing teams, staffs, and agents to improve their performance by increasing their efficiency, creativity, innovation, and knowledge of product features in developing a good impression among potential customers. Second, on behalf of the public sector officers, the results of the study show the important need to enhance the customers’ intention to use medical takaful coverage. Third, the suitability of factors such as health awareness, knowledge and customers’ intention in the previous theory and literature on takaful industry has been proven in the current research. This study helps the marketing team of the takaful operators to formulate marketing strategies that can attract potential customers to participate in the medical takaful coverage, especially among the public sector officers.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131959029","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}

{"title":"A Review of IPO Under-pricing Phenomenon in Asia","authors":"Ali Albada, Othman Yong","doi":"10.32890/ijbf2019.14.0.9909","DOIUrl":"https://doi.org/10.32890/ijbf2019.14.0.9909","url":null,"abstract":"_________________________________ This paper reviews the current status of IPO research in Asia, especially when it comes to the issue of the under pricing phenomenon. This interest stems from the increasing attention that some of the Asia Pacific region countries have, due to their higher average initial returns in comparison to other developed and developing countries. In this review, we identify the determinants for the high levels of under pricing as reported in the literature. We find that the regulatory environment of these Asian countries is the most reasonable source for such under-pricing, as it sets it apart from other developed and developing countries. The International Journal of Banking and Finance, Vol. 14, 2018-2019 : 1-26","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127135459","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}

{"title":"Cash Conversion Cycle and Profitability of Nigerian Small and Medium-Sized Entities: An Empirical Analysis","authors":"M. Tsagem, Norhani Aripin, Rokiah Ishak","doi":"10.32890/IJBF2017.13.1.8498","DOIUrl":"https://doi.org/10.32890/IJBF2017.13.1.8498","url":null,"abstract":"Purpose - The aim of this study is to report the results of an empirical investigation on the \u0000relationship between cash conversion cycle and firm performance of small and medium-sized \u0000entities in Nigeria. SMEs are potentials for Nigerian economy growth; contributing to gross \u0000domestic product, employment generation, poverty reduction and industrialization. Traditionally, \u0000SMEs are faced with significant financial constraints due to their inability to secure external financing.According to Ebben and Johnson (2011) many lenders and investors are reluctant to \u0000provide financing to SMEs because of the risk and cost involved.Thus, external financing tends to \u0000be difficult and highly expensive to SMEs.In addition to financial constraints faced by the SMEs, the global financial crises and credit squeeze is threatening the survival of many SMEs particularly in the developing economies. These relegate them to the use of internally generated funds and short term resources to finance operations by means of efficient working capital management.A shorter cash conversion cycle (CCC) is associated with increase in the firm’s profitability because of the improvement in the efficient use of working capital whereas longer CCC hurts profitability. This indicates that a firm with shorter CCC is collecting its receivables as quickly as possible and delaying payments to suppliers as much as possible (Shin & Soenen, 1998; Lazaridis & Tryfonidis, 2006a).This results to high net present value for the firm cash flow and relatively high firm’s value (Nobanee et al., 2011).CCC can be shortened by reducing the time cash is tied up in the working capital.According to Nobanee et al. (2011) CCC can be shorten by shortening the account receivables period (ARP) through speeding up collections, or by shortening the inventory holding period (IHP) through quick processing of order and selling of goods to customers or by lengthening the accounts payable period (APP) through slowing down of payments to trade creditors.The finding of study revealed insignificant negative association between CCC, IHP and APP with SMEs profitability. A statistically significant negative relationship was found between ARP with SMEs profitability. Also found is a significant positive relationship between firm size, leverage, growth opportunities and firm age with SMEs profitability Methodology - The study analysed panel data from the annual reports of 311 samples of non-financial and non-services Nigerian SMEs over a period of 7 years (2007 – 2013).The sample SMEs are selected from across the six Nigeria Geo-political Zones using stratified and convenience sampling techniques. Financial and services SMEs are excluded from the study due to nature of their business activities. The main variables of the study include the dependent variable return on assets (ROA) which serve as a proxy for the SMEs profitability. The independent variables includes CCC and its components; ARP, IHP and APP. Beside the main var","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127995606","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}

{"title":"Is Islamic banking capable of meeting corporate social responsibility","authors":"S. Delpachitra","doi":"10.32890/IJBF2013.10.2.8474","DOIUrl":"https://doi.org/10.32890/IJBF2013.10.2.8474","url":null,"abstract":"This paper provides an overview of the Islamic banking system and its product ranges, and examines their ability to meet Corporate Social Responsibility obligations while maintaining efficiency and managing risk. The growing literature on Islamic banking products, including their derivatives indicates that Islamic banking is popular worldwide and has global attention. Similarly, the diversity of banking options is growing in Middle Eastern countries with some banks offering separate windows for conventional and Islamic banking options to customers. Due to the unique nature of Islamic banking, which is constrained not only by the standard operating regulations of the respective countries, but also by Islamic law, the Shari’ah, there are significant differences in the philosophy behind its finance transactions, the nature of transactions, goals and the obligations between the two types of institutions. Whether these differences lead to changes in risk preferences, lending decision-making processes, and the ultimate efficiency of operations are some of the key empirical questions yet to be fully answered. The paper introduces a theory based on classical utility theory, and then extends it to show its relevance to Islamic banking. In particular this paper shows that Islamic banking may not only improve operating performance, but also increase profitability for all parties concerned.","PeriodicalId":170943,"journal":{"name":"The International Journal of Banking and Finance","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129104033","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}