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Response of anchor investors to pre-IPO earnings management: evidence from an emerging market 锚定投资者对首次公开募股前盈利管理的反应:来自新兴市场的证据
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-12-15 DOI: 10.1108/mf-04-2023-0264
Sahil Narang, Rudra P. Pradhan

Purpose

This study aims to examine the reaction of anchor investors (AIs) to pre-IPO earnings management (EM). The authors use the unique detailed bid data from the Indian anchor experiment. The authors also study the reputed AIs’ EM detection ability and pricing behavior in response to pre-IPO EM.

Design/methodology/approach

The authors use unique AI bid data for 169 Indian IPO firms. Utilizing the logistic regression and Tobit regression models with industry and year-fixed effects, the authors examine the relationship between various measures of AI participation and proxies of short-term and long-term discretionary accruals.

Findings

The authors document that pre-IPO EM is positively associated with the likelihood of anchor backing but negatively related to the likelihood of reputed anchor backing. The findings indicate that AIs are misled by pre-IPO EM, but reputed AIs are not. The authors also observe that reputed AIs, compared to the non-reputed, pay less than the upper band with increasing EM. The findings are robust to using various AI measures and EM proxies.

Practical implications

The findings have significant implications for regulators in the implementation of AI concept in non-anchor markets and better implementation of policies in existing anchor settings. Findings can also be relevant for non-institutional investors in the IPO domain.

Originality/value

This is one of the few studies on institutional investors' IPO bidding behavior in response to pre-IPO EM. However, this is the first study to analyze AIs' IPO bidding behavior in response to pre-IPO EM.

本研究旨在考察锚定投资者(AIs)对上市前盈利管理(EM)的反应。作者使用了来自印度锚定实验的独特的详细投标数据。作者还研究了知名锚定投资者对首次公开募股前盈利管理的检测能力和定价行为。作者利用带有行业和年份固定效应的逻辑回归和托比特回归模型,研究了人工智能参与的各种措施与短期和长期可自由支配权责发生制代用指标之间的关系。研究结果作者发现,上市前人工智能与锚支持的可能性呈正相关,但与知名锚支持的可能性呈负相关。研究结果表明,首次公开募股前的新兴市场会误导人工合成企业,但声誉良好的人工合成企业不会。作者还发现,与无声誉的人工合成企业相比,有声誉的人工合成企业所支付的费用随着 EM 的增加而低于上限。这些发现对于监管机构在非锚定市场实施人工智能概念以及在现有锚定环境中更好地实施政策具有重要意义。研究结果也适用于 IPO 领域的非机构投资者。然而,这是第一份分析人工智能企业针对首次公开招股前市场化的首次公开招股投标行为的研究报告。
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引用次数: 0
A frontier-based parametric framework for exploring the competition–efficiency nexus in commercial banking: insights from an emerging economy 探索商业银行竞争与效率关系的前沿参数框架:一个新兴经济体的启示
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-12-12 DOI: 10.1108/mf-07-2023-0445
Bhavya Srivastava, Shveta Singh, Sonali Jain

Purpose

The present study assesses the commercial bank profit efficiency and its relationship to banking sector competition in a rapidly growing emerging economy, India from 2009 to 2019 using stochastic frontier analysis (SFA).

Design/methodology/approach

Lerner indices, conventional and efficiency-adjusted, quantify competition. Two SFA models are employed to calculate alternative profit efficiency (inefficiency) scores: the two-step time-decay approach proposed by Battese and Coelli (1992) and the recently developed single-step pairwise difference estimator (PDE) by Belotti and Ilardi (2018). In the first step of the BC92 framework, profit inefficiency is calculated, and in the second step, Tobit and Fractional Regression Model (FRM) are utilized to evaluate profit inefficiency correlates. PDE concurrently solves the frontier and inefficiency equations using the maximum likelihood process.

Findings

The results suggest that foreign banks are less profit efficient than domestic equivalents, supporting the “home-field advantage” hypothesis in India. Further, increasing competition drives bank managers to make riskier lending and investment choices, decreasing bank profit efficiency. However, this effect varies depending on bank ownership and size.

Originality/value

Literature on the competition bank efficiency link is conspicuously scant, with a focus on technical and cost efficiency. Less is known regarding the influence of competition on bank profit efficiency. The article is one of the first to examine commercial bank profit efficiency and its relationship to banking sector competition. Additionally, the study work represents one of the first applications of the FRM presented by Papke and Wooldridge (1996) and the PDE provided by Belotti and Ilardi (2018).

本研究采用随机前沿分析法(SFA),评估了 2009 年至 2019 年印度这一快速增长的新兴经济体中商业银行的利润效率及其与银行业竞争的关系。采用两种 SFA 模型来计算替代利润效率(无效率)得分:Battese 和 Coelli(1992 年)提出的两步时间衰减法以及 Belotti 和 Ilardi(2018 年)最近开发的单步成对差异估计法(PDE)。在 BC92 框架的第一步中,计算利润无效率,在第二步中,利用 Tobit 和分数回归模型(FRM)评估利润无效率相关性。结果表明,外资银行的利润效率低于国内银行,这支持了印度的 "主场优势 "假说。此外,日益激烈的竞争促使银行经理做出风险更大的贷款和投资选择,从而降低了银行的利润效率。原创性/价值有关竞争与银行效率联系的文献明显很少,主要集中在技术和成本效率方面。关于竞争对银行利润效率影响的研究则较少。本文是最早研究商业银行利润效率及其与银行业竞争关系的文章之一。此外,这项研究工作也是 Papke 和 Wooldridge(1996 年)提出的 FRM 以及 Belotti 和 Ilardi(2018 年)提供的 PDE 的首次应用之一。
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引用次数: 0
Activity of informed traders and stock returns 知情交易者的活动与股票回报
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-12-06 DOI: 10.1108/mf-10-2023-0613
CheChun Hsu

Purpose

Recent studies suggested the ratio of option to stock volume reflected the private information. Informed traders were drawn to the options market for its leverage effect and relatively low transaction costs. Informed traders use different intervals of option moneyness to execute their strategies. The question is which types of option moneyness were traded by informed traders and what information was reflected in the market. In this study, the authors focused on this question and constructed a method for capturing the activity of informed traders in the options and stock markets.

Design/methodology/approach

The authors constructed the daily measure, moneyness option trading volume to stock trading volume ratio (MOS), to capture the activity of informed traders in the market. The authors formed quintile portfolios sorted with respect to the moneyness option to stock trading volume ratio and provided the capital asset pricing model and Fama–French five-factor alphas. To determine whether MOS had predictive ability on future stock returns after controlling for company characteristic effects, the authors formed double-sorted portfolios and performed Fama–Macbeth regressions.

Findings

The authors found that the firms in the lowest moneyness option trading volume to stock trading volume ratio for put quintile outperform the highest quintile by 0.698% per week (approximately 36% per year). The firms in the highest moneyness option trading volume to stock trading volume ratio for call quintile outperform the lowest quintile by 0.575% per week (approximately 30% per year).

Originality/value

The authors first propose the measures, moneyness option trading volume to stock trading volume ratio, that combined with the trading volume and option moneyness. The authors provide evidence that the measures have the predictive ability to the future stock returns.

目的近期的研究表明,期权与股票成交量的比率反映了私人信息。知情交易者被期权市场的杠杆效应和相对较低的交易成本所吸引。知情交易者使用不同区间的期权货币性来执行他们的策略。问题是,知情交易者交易的是哪种类型的期权货币性,市场反映了哪些信息。在本研究中,作者重点研究了这一问题,并构建了一种方法来捕捉知情交易者在期权和股票市场中的活动。作者根据货币性期权交易量与股票交易量之比组成了五分位数投资组合,并提供了资本资产定价模型和法玛-法式五因子阿尔法。为了确定 MOS 在控制公司特征效应后是否具有预测未来股票收益的能力,作者组成了双重排序组合,并进行了法玛-麦克贝斯回归。原创性/价值作者首次提出了期权交易量与股票交易量比这一衡量指标,并将其与交易量和期权货币性相结合。作者提供的证据表明,这些指标具有预测未来股票收益的能力。
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引用次数: 0
Upper echelons in college sport: the impact of athletic directors on organizational performance and revenues 高校体育高层:体育主管对组织绩效和收入的影响
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-12-04 DOI: 10.1108/mf-10-2023-0629
Tyler Skinner, Steven Salaga, Matthew Juravich

Purpose

Using the lens of upper echelons theory, this study examines the degree to which National Collegiate Athletic Association athletic department performance outcomes are associated with the personal characteristics and experiences of the athletic director leading the organization.

Design/methodology/approach

The authors match organizational performance data with athletic director and institutional characteristics to form a robust data set spanning 16 years from the 2003–04 to 2018–19 seasons. The sample contains 811 observations representing 136 unique athletic directors. Fixed effects panel regressions are used to analyze organizational performance and quantile regression is used to analyze organizational revenues.

Findings

The authors fail to uncover statistically significant evidence that athletic director personal characteristics, functional experience and technical experience are associated with organizational performance. Rather, the empirical modeling indicates organizational performance is primarily driven by differentiation in the ability to acquire human capital (i.e. playing talent). The results also indicate that on average, women are more likely to lead lower revenue organizations, however, prior industry-specific technical experience offsets this relationship.

Originality/value

In opposition to upper echelons research in numerous settings, the modeling indicates the personal characteristics and experiences of the organization's lead executive are not an economically relevant determinant of organizational performance. This may indicate college athletics is a boundary condition in the applicability of upper echelons theory.

目的运用上层梯队理论的视角,考察美国大学体育协会体育部门绩效结果与领导该组织的体育主管的个人特征和经历的关联程度。作者将组织绩效数据与体育主管和机构特征相匹配,形成了从2003-04赛季到2018-19赛季的16年的稳健数据集。样本包含811个观察结果,代表136个不同的体育主管。固定效应面板回归用于分析组织绩效,分位数回归用于分析组织收入。研究结果作者没有发现统计上有意义的证据表明体育主管的个人特征、功能经验和技术经验与组织绩效有关。相反,实证模型表明,组织绩效主要是由获取人力资本(即发挥才能)能力的差异驱动的。结果还表明,平均而言,女性更有可能领导收入较低的组织,然而,先前特定行业的技术经验抵消了这种关系。独创性/价值与许多环境中的高层研究相反,该模型表明,组织首席执行官的个人特征和经验并不是组织绩效的经济相关决定因素。这可能说明高校体育是上层梯队理论适用性的一个边界条件。
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引用次数: 0
Financial literacy–a regulator of intended investment behaviour: analysing the hypothetical portfolio composition 金融知识——预期投资行为的监管者:分析假设的投资组合构成
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-12-04 DOI: 10.1108/mf-03-2023-0177
Crystal Glenda Rodrigues, B.V. Gopalakrishna

Purpose

The investment behaviour of individuals has been a major area of interest for several researchers and policymakers due to its great impact on the economy. This study aimed to assess the investment behaviour of individuals in light of their risk appetite and how financial literacy regulates this relationship.

Design/methodology/approach

A self-administered structured questionnaire was used to collect responses from individuals using purposive and convenience sampling techniques. Individuals were presented with 16 investment avenues widely offered by the Indian financial market to choose from to construct a hypothetical portfolio. The association between risk appetite, financial literacy and the composition of the hypothetical portfolio was analysed using a gologit model.

Findings

Increased risk appetite increased the probability of respondents creating a portfolio with a greater proportion of risky assets and less diversification. Lower levels of financial literacy pointed towards portfolios with traditional and low-risk avenues. The results also revealed a significant moderating impact of financial literacy on risk appetite and the creation of the type of a hypothetical portfolio.

Research limitations/implications

Even though the intended behaviour is a close estimate of actual behaviour, there is a possibility of deviation that cannot be ignored.

Originality/value

The present study provides insights into how individuals make portfolio choices by incorporating risk appetite and diversification factors whilst making investment decisions, thereby expanding the literature from an emerging economy perspective. The role of financial literacy as a moderator has not been studied in the domain of hypothetical portfolio creation in India, which has been empirically explored in the current study.

个人的投资行为由于其对经济的巨大影响,一直是一些研究人员和政策制定者感兴趣的主要领域。本研究旨在评估个人的投资行为,根据他们的风险偏好和金融素养如何调节这种关系。设计/方法/方法采用自我管理的结构化问卷,采用目的性和便利性抽样技术收集个人的回答。研究人员向个人展示了印度金融市场广泛提供的16种投资途径,供他们选择,以构建一个假设的投资组合。风险偏好、金融知识和假设投资组合构成之间的关系,使用一个地质学模型进行了分析。风险偏好的增加增加了受访者创建风险资产比例更高、多样化程度更低的投资组合的可能性。金融知识水平较低的人倾向于选择传统的低风险投资渠道。研究结果还显示,金融知识对风险偏好和假设投资组合类型的创建具有显著的调节作用。研究局限/启示虽然预期的行为是对实际行为的接近估计,但存在不可忽视的偏差的可能性。原创性/价值本研究提供了个人在做出投资决策时如何通过纳入风险偏好和多样化因素来做出投资组合选择的见解,从而从新兴经济体的角度扩展了文献。金融素养作为调节因素的作用尚未在印度的假设投资组合创建领域进行研究,这在当前的研究中已经进行了实证探索。
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引用次数: 0
Student loan debt in retirement: identifying the correlates and implications for policy, practice and research 退休后的学生贷款债务:确定政策、实践和研究的相关性和影响
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-11-29 DOI: 10.1108/mf-11-2022-0543
Thomas Korankye

Purpose

Research shows that having student loan debt in retirement is associated negatively with life satisfaction, suggesting that student debt is a bane of retiree well-being. The rationale for this study is to determine the factors related to owing student debt in retirement, given the adverse effects on the well-being of retired households.

Design/methodology/approach

The study utilizes pooled cross-sectional data from the 2015 and 2018 U.S. National Financial Capability Study. The empirical analysis uses a sample of retired Americans aged 65 years and older (N = approximately 8,000) and estimates two-block logistic regression models to examine the effects of demographic, socioeconomic and behavioral factors on student loan indebtedness in retirement. A sensitivity analysis is performed for the subsample of retirees holding student debt for their children's education. Statistical interpretations use odds ratios.

Findings

The findings indicate that financial literacy, age, homeownership and high subjective financial knowledge are associated with a low likelihood of holding student loan debt in retirement. However, being Black, having postsecondary education, having difficulty covering expenses, having financially dependent children, having high-risk preferences and spending more than income increase the likelihood of holding student debt in retirement. The ensuing discussion will assist financial planners and educators identify practical ways to shape decisions regarding student loan debt in retirement.

Research limitations/implications

The amount of student loan debt is unavailable in the dataset for analysis. One cannot infer causal relations from the study. The factors examined do not reflect the time the student loan was obtained.

Originality/value

The study focuses on the determinants of student loan indebtedness among retired Americans rather than young adults or older adults on the verge of retirement. The paper enhances the understanding of student loan holdings in the decumulation phase of the life cycle. Many US individuals have low retirement savings from which they draw a retirement income. The more the student debt burdens on retired Americans, the greater the likelihood of outliving their resources and experiencing poverty.

研究表明,学生贷款债务与退休后的生活满意度呈负相关,这表明学生贷款是退休后幸福的祸根。本研究的基本原理是考虑到对退休家庭福利的不利影响,确定与退休时欠学生债务有关的因素。设计/方法/方法本研究利用了2015年和2018年美国国家金融能力研究的汇总横截面数据。实证分析使用65岁及以上的退休美国人样本(N =约8,000),并估计双块逻辑回归模型来检验人口、社会经济和行为因素对退休后学生贷款负债的影响。对为子女教育而持有学生贷款的退休人员的子样本进行了敏感性分析。统计解释使用优势比。研究结果表明,金融知识、年龄、房屋所有权和高度的主观金融知识与退休后持有学生贷款债务的可能性较低有关。然而,作为黑人,受过高等教育,难以支付费用,有经济上依赖的孩子,有高风险偏好以及支出大于收入增加了退休后持有学生债务的可能性。接下来的讨论将帮助财务规划师和教育工作者找到切实可行的方法来决定退休后的学生贷款债务。研究限制/启示学生贷款债务的数额在数据集中不可用于分析。人们不能从这项研究中推断出因果关系。调查的因素并不能反映学生贷款获得的时间。独创性/价值这项研究的重点是退休美国人学生贷款负债的决定因素,而不是年轻人或即将退休的老年人。本文增强了对学生贷款持有在生命周期的减记阶段的认识。许多美国人的退休储蓄很少,他们从中提取退休收入。退休的美国人背负的学生债务负担越大,他们就越有可能耗尽自己的资源,陷入贫困。
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引用次数: 0
Six decades of corporate disclosure research: a bibliometric review 六十年的公司信息披露研究:文献计量学回顾
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-11-23 DOI: 10.1108/mf-01-2023-0020
Anjali Srivastava, Anand

Purpose

Corporate disclosures are essential because they provide transparent and accurate information about a company's financial health, performance, risks and governance practices. They enable investors to make informed decisions, promote market efficiency and maintain trust in the financial system. This paper uses bibliometrics to identify the intellectual composition of the literature on corporate disclosure.

Design/methodology/approach

Based on the bibliometric information of 4,551 articles on corporate disclosure research, the authors conducted citation, keyword co-occurrence, bibliographic coupling and publication analyses to elucidate the leading articles, authors, sources, institutions, countries, themes and topics in the field of corporate disclosure from the 1960s to 2021.

Findings

The findings of this review demonstrate that corporate disclosure research is based on four broad themes – the role of disclosure in capital markets, non-financial disclosure, determinants of corporate disclosure and firm risk and intellectual capital disclosure. This review suggests that management should pay attention to the financial and non-financial corporate information that investors, regulators and the government emphasise.

Originality/value

This paper is the first comprehensive bibliometric review on corporate disclosure. It summarises the regulatory shifts, technological changes and industry trends that have influenced corporate disclosure research. Besides identifying broad research themes, the authors performed bibliographic coupling for research on disclosure sources, including annual reports, management forecasts, earnings calls, press releases, the Internet and social media, to reveal the thematic clusters related to these sources.

公司信息披露至关重要,因为它们提供了有关公司财务状况、业绩、风险和治理实践的透明和准确的信息。它们使投资者能够做出明智的决定,促进市场效率,并维持对金融体系的信任。本文运用文献计量学方法,对企业信息披露相关文献的知识构成进行了分析。设计/方法/方法基于4551篇企业信息披露研究论文的文献计量学信息,对20世纪60年代至2021年企业信息披露领域的主要论文、作者、来源、机构、国家、主题和课题进行了引文、关键词共现、书目耦合和发表分析。本综述的研究结果表明,公司披露研究基于四个广泛的主题——披露在资本市场中的作用、非财务披露、公司披露的决定因素、公司风险和智力资本披露。本文建议管理层应关注投资者、监管机构和政府所重视的公司财务信息和非财务信息。原创性/价值本文首次对企业信息披露进行了全面的文献计量研究。它总结了影响公司信息披露研究的监管转变、技术变革和行业趋势。除了确定广泛的研究主题外,作者还对包括年度报告、管理层预测、收益电话会议、新闻稿、互联网和社交媒体在内的披露来源的研究进行了书目耦合,以揭示与这些来源相关的主题集群。
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引用次数: 0
Do contingent liabilities affect dividend decisions? 或有负债会影响股利决策吗?
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-11-17 DOI: 10.1108/mf-06-2023-0362
Barnali Chaklader, Hardeep Singh Mundi

Purpose

The paper examines contingent liabilities' effect on the firm's dividend decisions.

Design/methodology/approach

Fixed-effects regression and logit model results estimate the influence of contingent liabilities on firms' dividend decisions using a sample of 2,288 firm-year observations of S&P 500 firms from 2012 until 2022. Robustness checks and results from the 2SLS model further support the authors’ findings.

Findings

The results show that contingent liabilities negatively affect dividend payment decisions. This analysis further demonstrates that the stated effect of contingent liabilities on dividend decisions is more substantial for firms with financing deficits and those with above-industry-average corporate governance scores.

Research limitations/implications

There needs to be more systematic conceptual reason for measuring uncertainty for firms and its influence on dividend decisions. Future research should use other measures of firm uncertainty to examine the relation of the firm's uncertainty with dividend decisions.

Practical implications

The authors suggest that contingent liabilities create uncertainty for future cash flows, influence a firm's agency costs and provide credible signals on a firm's prospects to the market. The findings support existing literature that measurable firm-specific variables significantly influence a firm's dividend decisions. The results are robust for an alternative explanation.

Originality/value

By investigating the impact of the influence of contingent liabilities on dividends, the authors extend research on dividend decisions and attempt to provide insights into a firm's dividend decisions by incorporating an off-the-balance sheet item (contingent liabilities) as a significant predictor for dividend decisions.

目的研究或有负债对企业股利决策的影响。设计/方法/方法固定效应回归和logit模型结果使用2012年至2022年标准普尔500指数公司的2288个公司年度观察样本估计或有负债对公司股息决策的影响。稳健性检验和2SLS模型的结果进一步支持了作者的发现。研究结果表明,或有负债对股利支付决策有负向影响。这一分析进一步表明,对于有融资赤字和公司治理得分高于行业平均水平的公司来说,或有负债对股息决策的影响更为显著。研究局限/启示需要更系统的概念性理由来衡量企业的不确定性及其对股息决策的影响。未来的研究应该使用企业不确定性的其他措施来检查企业的不确定性与股息决策的关系。实际意义:作者认为,或有负债为未来现金流创造了不确定性,影响了企业的代理成本,并向市场提供了有关企业前景的可靠信号。研究结果支持了现有的文献,即可测量的公司特定变量显著影响公司的股息决策。对于另一种解释,结果是可靠的。独创性/价值通过调查或有负债对股息的影响,作者扩展了对股息决策的研究,并试图通过将资产负债表外项目(或有负债)作为股息决策的重要预测因子,为公司的股息决策提供见解。
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引用次数: 0
Does intellectual capital influence banks' efficiency? Evidence from India using panel data tobit model 智力资本影响银行效率吗?来自印度的证据使用面板数据模型
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2023-11-16 DOI: 10.1108/mf-05-2023-0303
Santi Gopal Maji, Rupjyoti Saha

Purpose

This study investigates the effect of intellectual capital (IC) and its components on the technical efficiency of Indian commercial banks after controlling the influence of bank-specific and macroeconomic variables.

Design/methodology/approach

The study selects a sample of 37 listed Indian commercial banks from 2005 to 2019 and uses the two-step data envelopment analysis (DEA) approach. Banks' technical efficiency scores are first estimated, while the relationship between IC and technical efficiency is examined in the second stage using the panel data Tobit model.

Findings

This study's findings suggest a fluctuating trend in the technical efficiency of Indian banks. Notably, from 2015 onwards, a declining technical efficiency trend is observed for all banks. However, private-sector banks outperform public-sector banks in terms of technical efficiency. This study's regression analysis indicates a positive relationship between IC and banks' technical efficiency scores. Further, by decomposing IC into its components like human capital, structural capital and capital employed, the study's findings show that human capital and structural capital enhance banks' technical efficiency. Notably, capital employed reduces technical efficiency. Moreover, bank size, diversification, capitalization, net interest margin and the country's growth rate significantly drive Indian banks' efficiency. In contrast, their operating cost ratio and the country's inflation negatively influence the same.

Originality/value

This study makes a novel endeavor to examine the IC and bank's technical efficiency nexus in the Indian context, encompassing a period of landmark banking reforms.

目的研究在控制了银行特定变量和宏观经济变量的影响后,智力资本及其组成部分对印度商业银行技术效率的影响。本研究选取2005年至2019年37家印度上市商业银行为样本,采用两步数据包络分析(DEA)方法。首先估计银行的技术效率得分,第二阶段使用面板数据Tobit模型检验IC与技术效率之间的关系。本研究的结果表明,印度银行的技术效率呈波动趋势。值得注意的是,从2015年开始,所有银行的技术效率都呈下降趋势。然而,私营部门银行在技术效率方面优于公共部门银行。本研究的回归分析表明,集成电路与银行技术效率得分呈正相关。进一步,通过将集成电路分解为人力资本、结构资本和使用资本等组成部分,研究发现人力资本和结构资本对银行技术效率有促进作用。值得注意的是,资本投入降低了技术效率。此外,银行规模、多元化、资本化、净息差和国家增长率显著推动了印度银行的效率。相比之下,它们的运营成本比率和国家的通货膨胀率对其产生了负面影响。原创性/价值本研究在印度背景下进行了一次新颖的尝试,以考察IC和银行的技术效率关系,包括一段具有里程碑意义的银行改革时期。
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引用次数: 0
Asset redeployability and corporate cash holdings 资产再配置和公司现金持有量
Q2 BUSINESS, FINANCE Pub Date : 2023-11-14 DOI: 10.1108/mf-01-2023-0060
Wray Bradley, Li Sun
Purpose The purpose of the study is to investigate the impact of asset redeployability on the level of corporate cash holdings. Design/methodology/approach The authors use regression analysis to examine the relation between asset redeployability and corporate cash holdings. Findings Using a large panel sample of US public firms from 1990 to 2020, the authors find a significant positive relation between asset redeployability and cash, which suggests that firms with more redeployable assets hold more cash. Originality/value The authors contribute to a growing literature in accounting and finance that investigates the impact of asset redeployability on firm characteristics and also contribute to the literature on the determinants of cash holdings.
本研究的目的是探讨资产再配置对企业现金持有量水平的影响。设计/方法/方法作者使用回归分析来检验资产可再配置性与企业现金持有量之间的关系。通过对1990年至2020年美国上市公司的大型面板样本分析,作者发现资产可再配置性与现金之间存在显著的正相关关系,这表明拥有更多可再配置资产的公司持有更多现金。原创性/价值作者为会计和金融领域越来越多的文献做出了贡献,这些文献调查了资产可重新部署对公司特征的影响,也为现金持有决定因素的文献做出了贡献。
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引用次数: 0
期刊
Managerial Finance
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