Pub Date : 2023-12-19DOI: 10.21511/imfi.20(4).2023.34
O. Pasko, Li Zhang, A. Oriekhova, N. Gerasymenko, O. Polishchuk
The paper delves into the relationship between accounting conservatism, valued by financial stakeholders, and corporate social performance (CSP), esteemed by non-financial stakeholders. This study assesses the potential impact of financial reporting practices, specifically accounting conservatism, on a firm’s CSP activities, which has significant implications for diverse stakeholders. Employing an accrual-based proxy for accounting conservatism and the social contribution value per share from the Shanghai Stock Exchange as a proxy for CSP, the study utilizes a sample of 25,490 year-company observations of A-share listed companies on China’s Shanghai and Shenzhen stock exchanges spanning from 2008 to 2019. Empirical findings indicate a negative correlation between accounting conservatism and CSP. The study suggests that higher levels of social performance are associated with reduced conservatism in financial reporting, indicating that firms prioritize CSP over the interests of financial stakeholders by adopting less conservative financial reporting policies. Aligned with agency theory, these results underscore that socially responsible firms are less inclined to employ accounting conservatism in reporting earnings. This study establishes a connection between firms’ unconventional and less traditional activities, such as CSP, and conservative financial reporting, offering valuable insights for investors, analysts, and regulators. AcknowledgmentThis paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “Embracing EU corporate social responsibility: challenges and opportunities of business-society bonds transformation in Ukraine” – 101094100 – EECORE – ERASMUS-JMO-2022-HEI-TCH-RSCH-UA-IBA / ERASMUS-JMO-2022-HEI-TCHRSCH https://eecore.snau.edu.ua/
{"title":"Solving the choice puzzle: Financial and non-financial stakeholders preferences in corporate disclosures","authors":"O. Pasko, Li Zhang, A. Oriekhova, N. Gerasymenko, O. Polishchuk","doi":"10.21511/imfi.20(4).2023.34","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.34","url":null,"abstract":"The paper delves into the relationship between accounting conservatism, valued by financial stakeholders, and corporate social performance (CSP), esteemed by non-financial stakeholders. This study assesses the potential impact of financial reporting practices, specifically accounting conservatism, on a firm’s CSP activities, which has significant implications for diverse stakeholders. Employing an accrual-based proxy for accounting conservatism and the social contribution value per share from the Shanghai Stock Exchange as a proxy for CSP, the study utilizes a sample of 25,490 year-company observations of A-share listed companies on China’s Shanghai and Shenzhen stock exchanges spanning from 2008 to 2019. Empirical findings indicate a negative correlation between accounting conservatism and CSP. The study suggests that higher levels of social performance are associated with reduced conservatism in financial reporting, indicating that firms prioritize CSP over the interests of financial stakeholders by adopting less conservative financial reporting policies. Aligned with agency theory, these results underscore that socially responsible firms are less inclined to employ accounting conservatism in reporting earnings. This study establishes a connection between firms’ unconventional and less traditional activities, such as CSP, and conservative financial reporting, offering valuable insights for investors, analysts, and regulators.\u0000AcknowledgmentThis paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “Embracing EU corporate social responsibility: challenges and opportunities of business-society bonds transformation in Ukraine” – 101094100 – EECORE – ERASMUS-JMO-2022-HEI-TCH-RSCH-UA-IBA / ERASMUS-JMO-2022-HEI-TCHRSCH https://eecore.snau.edu.ua/","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":" 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138962782","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}
Pub Date : 2023-12-15DOI: 10.21511/imfi.20(4).2023.33
Oksana Dubanych, J. Vavřina, Josef Polák
Food insecurity is not a new phenomenon even in leading European economies, but this complex problem area is facing new global challenges. This article traces the research gap in addressing food insecurity by focusing on the role of food retail chains in the former “Eastern Bloc” in light of unprecedented food price inflation and the resulting scale of demand for the services of food banks. Through empirical analysis of secondary financial corporate data, a low level of their profitability in the period of 2011–2019 was revealed, which preceded the synchronicity of two unexpected global economic downturns. Specifically, Return on Sales for food retailers located in the Czech Republic and Hungary was generally below 2%, offset by higher Total Asset Turnover figures, consistent with the need to extend the volume of goods for sale. Development in profitability in selected newer EU member states is just as significantly similar to the situation in Ukraine. The mutual interaction of factors of economic size and the country of residence of business was analyzed regarding a possible influence on their financial performance. This study concluded that the presence of unresolved market distortions can both lead to increased food insecurity and, paradoxically, contribute to increased food waste. AcknowledgmentThe authors are thankful to the Internal Grant Agency of Mendel University in Brno for financial support to carry out this research as the partial output of the project No. IGA-PEF-TP-23-015 “Zajišťování výživových potřeb obyvatelstva vzhledem k aktuálním výzvám v oblasti regenerativních přístupů při vykonávání hospodářských činností podniků agropotravinářského komplexu se zaměřením na roli tuzemských potravinových bank”.
即使在欧洲主要经济体，粮食不安全也不是一个新现象，但这一复杂的问题领域正面临着新的全球性挑战。鉴于前所未有的粮食价格上涨以及由此产生的对食品银行服务的大规模需求，本文通过重点研究前 "东欧集团 "食品零售连锁店的作用，追溯了解决粮食不安全问题的研究空白。通过对二级财务公司数据的实证分析，发现在 2011-2019 年期间，食品零售连锁店的盈利能力处于较低水平，而在此之前，全球经济出现了两次意料之外的衰退。具体而言，位于捷克共和国和匈牙利的食品零售商的销售回报率普遍低于 2%，但由于需要扩大销售商品的数量，总资产周转率较高，从而抵消了这一影响。部分欧盟新成员国的盈利能力发展情况与乌克兰的情况非常相似。研究分析了经济规模和企业所在国这两个因素之间的相互作用对其财务业绩可能产生的影响。本研究得出结论，未解决的市场扭曲问题既可能导致粮食不安全加剧，也可能加剧粮食浪费。IGA-PEF-TP-23-015 "Zajišťování výživových potřeb obyvatelstva vzhledem k aktuálním výzvám v oblasti regenerativních přístupů při在农业银行的基础上建立农业再生综合体"。
{"title":"Development of financial performance of food retailers as an attribute behind the increase of food insecurity in selected Central and Eastern European Countries","authors":"Oksana Dubanych, J. Vavřina, Josef Polák","doi":"10.21511/imfi.20(4).2023.33","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.33","url":null,"abstract":"Food insecurity is not a new phenomenon even in leading European economies, but this complex problem area is facing new global challenges. This article traces the research gap in addressing food insecurity by focusing on the role of food retail chains in the former “Eastern Bloc” in light of unprecedented food price inflation and the resulting scale of demand for the services of food banks. Through empirical analysis of secondary financial corporate data, a low level of their profitability in the period of 2011–2019 was revealed, which preceded the synchronicity of two unexpected global economic downturns. Specifically, Return on Sales for food retailers located in the Czech Republic and Hungary was generally below 2%, offset by higher Total Asset Turnover figures, consistent with the need to extend the volume of goods for sale. Development in profitability in selected newer EU member states is just as significantly similar to the situation in Ukraine. The mutual interaction of factors of economic size and the country of residence of business was analyzed regarding a possible influence on their financial performance. This study concluded that the presence of unresolved market distortions can both lead to increased food insecurity and, paradoxically, contribute to increased food waste.\u0000AcknowledgmentThe authors are thankful to the Internal Grant Agency of Mendel University in Brno for financial support to carry out this research as the partial output of the project No. IGA-PEF-TP-23-015 “Zajišťování výživových potřeb obyvatelstva vzhledem k aktuálním výzvám v oblasti regenerativních přístupů při vykonávání hospodářských činností podniků agropotravinářského komplexu se zaměřením na roli tuzemských potravinových bank”.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"272 35‐38","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138997260","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}
The Indian IPO market showcased resilience during the global stock market downturn in 2022, emerging as a notable bright spot in regions such as Europe, the Middle East, India, and Africa. As the bullish rally of 2022 persists, Indian stock markets remain enticing for foreign institutional investors in 2023. A resurgence in IPO activity is anticipated, driven by increasing momentum and larger deals that are poised to overcome the constraints of subdued global sentiments and liquidity pressures, addressing the challenges posed by these factors. The study offers insights into factors influencing IPO subscriptions, capitalizing on the context of heightened stock market volatility and optimistic trends in the Indian stock market. A total of 132 IPOs listed on the Indian stock market between April 2019 and March 2023 were analyzed in this study. Multiple Linear Regression was used to assess the strength of the association between several factors outlined in the literature, and the overall subscription. Among the ten variables investigated in the study, it was observed that three variables under the external factors, specifically Grey Market Premium, IPO Rating, and Broker Recommendations, exerted a significant influence on the overall subscription. While other factors such as allocation proportion and issue attributes, were found to have no discernible influence on the overall subscription. The results indicate that the Indian IPO market demonstrates a prevalence of speculative behavior and a stronger reliance on expert recommendations, rather than being primarily driven by IPO characteristics. Acknowledgment Authors acknowledge that the publication fee is funded by Kingdom University, Bahrain.
{"title":"IPO subscription dynamics: A comprehensive inquiry into the Indian stock market","authors":"Chetan Shetty, V. P, Sumera Aluru, Prakash Pinto, Iqbal Thonse Hawaldar","doi":"10.21511/imfi.20(4).2023.32","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.32","url":null,"abstract":"The Indian IPO market showcased resilience during the global stock market downturn in 2022, emerging as a notable bright spot in regions such as Europe, the Middle East, India, and Africa. As the bullish rally of 2022 persists, Indian stock markets remain enticing for foreign institutional investors in 2023. A resurgence in IPO activity is anticipated, driven by increasing momentum and larger deals that are poised to overcome the constraints of subdued global sentiments and liquidity pressures, addressing the challenges posed by these factors. The study offers insights into factors influencing IPO subscriptions, capitalizing on the context of heightened stock market volatility and optimistic trends in the Indian stock market. A total of 132 IPOs listed on the Indian stock market between April 2019 and March 2023 were analyzed in this study. Multiple Linear Regression was used to assess the strength of the association between several factors outlined in the literature, and the overall subscription. Among the ten variables investigated in the study, it was observed that three variables under the external factors, specifically Grey Market Premium, IPO Rating, and Broker Recommendations, exerted a significant influence on the overall subscription. While other factors such as allocation proportion and issue attributes, were found to have no discernible influence on the overall subscription. The results indicate that the Indian IPO market demonstrates a prevalence of speculative behavior and a stronger reliance on expert recommendations, rather than being primarily driven by IPO characteristics.\u0000Acknowledgment Authors acknowledge that the publication fee is funded by Kingdom University, Bahrain.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"14 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139004854","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}
Company value plays a significant role in investment decisions, company performance assessment, and risk analysis. In addition, there is uncertainty or inconsistency in the relationship between factors such as sales, assets, and leverage that can affect company value. The study aims to analyze the effect of sales growth, asset growth, and leverage on company value in companies listed on the Indonesia Stock Exchange, especially in the LQ-45 index during the 2021–2022 period. The research method uses a quantitative approach with statistical tools and hypothesis testing. Regression analysis through path analysis models is used to test the proposed hypothesis. The results showed asset growth of 15.42%, debt-equity ratio of 1.7797, and high Price to Book Value (36.2721). Nonetheless, leverage does not act as a mediator in the relationship between asset growth and company value, defying the Modigliani-Miller theory. The finding highlights the complexity of such factors in the context of LQ-45 companies, emphasizing the need for prudent asset management and debt policy to enhance competitiveness. The findings have important implications for financial management and business strategy in a dynamic and competitive environment.
Pub Date : 2023-12-07DOI: 10.21511/imfi.20(4).2023.30
Haeyoung Ryu, Soo-Joon Chae
When companies invest in their internal accounting personnel, investors place greater trust in disclosed earnings information and highly regard a company’s information transparency. This results in prompt investment decisions regarding the company. Consequently, earnings information will be immediately reflected in stock prices, thereby reducing stock price drift. The purpose of this study is to examine the impact of investments in establishing and operating internal accounting systems on investors’ responses to the mitigation of stock price drift. The study focused on firms listed on the Korea Exchange from 2011 to 2018 and constructed a regression model using the cumulative abnormal return following earnings disclosure dates for 30, 60, and 120 days as the dependent variable, with the characteristics of internal accounting personnel as independent variables. The analysis reveals that companies with many internal accounting personnel and position experts, such as accountants, within their internal accounting control systems, experience a significantly lower stock price drift. The coefficients of the interaction terms between internal accounting personnel characteristics and standardized unexpected earnings are positive and significant at the 1% level for all cumulative abnormal return values. The findings of the study indicate that as efficiency is secured, stemming from the scale of personnel managing internal accounting control systems and their expertise, market investors’ understanding and trust of accounting information also increase. Investors, as information users, react promptly to the earnings information disclosed by the company, leading to a decrease in stock price drift. AcknowledgmentsThis work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2021S1A5A8070518).
{"title":"Impact of human resource characteristics of internal accounting system on post-earnings announcement drift: Evidence from Korea","authors":"Haeyoung Ryu, Soo-Joon Chae","doi":"10.21511/imfi.20(4).2023.30","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.30","url":null,"abstract":"When companies invest in their internal accounting personnel, investors place greater trust in disclosed earnings information and highly regard a company’s information transparency. This results in prompt investment decisions regarding the company. Consequently, earnings information will be immediately reflected in stock prices, thereby reducing stock price drift. The purpose of this study is to examine the impact of investments in establishing and operating internal accounting systems on investors’ responses to the mitigation of stock price drift. The study focused on firms listed on the Korea Exchange from 2011 to 2018 and constructed a regression model using the cumulative abnormal return following earnings disclosure dates for 30, 60, and 120 days as the dependent variable, with the characteristics of internal accounting personnel as independent variables. The analysis reveals that companies with many internal accounting personnel and position experts, such as accountants, within their internal accounting control systems, experience a significantly lower stock price drift. The coefficients of the interaction terms between internal accounting personnel characteristics and standardized unexpected earnings are positive and significant at the 1% level for all cumulative abnormal return values. The findings of the study indicate that as efficiency is secured, stemming from the scale of personnel managing internal accounting control systems and their expertise, market investors’ understanding and trust of accounting information also increase. Investors, as information users, react promptly to the earnings information disclosed by the company, leading to a decrease in stock price drift.\u0000AcknowledgmentsThis work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2021S1A5A8070518).","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"26 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138593664","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}
Pub Date : 2023-12-07DOI: 10.21511/imfi.20(4).2023.29
Awatif Hodaed Alsheikh, Warda Hodaed Alsheikh
In recent decades, stakeholders have begun to place a greater emphasis on sustainability-related issues, including climate change. Furthermore, the implementation of climate change initiatives has prompted companies to disclose information regarding their evaluation and handling of climate-related risks and potential benefits. However, there is a lack of existing literature that investigates this issue in less developed markets, particularly in Saudi Arabia, where the capital market is rapidly developing. The objective of this study is to assess the degree of performance in reporting climate risk and investigate potential correlations between climate risk reporting performance and firm characteristics among non-financial firms in Saudi Arabia during the period from 2018 to 2021. To achieve the objectives of the study, a total of 515 firm-year observations were utilized, representing 140 non-financial firms in the context of Saudi Arabia. The study’s findings illustrate that the climate risk reporting performance level has steadily improved in Saudi companies over the years. In addition, the findings reveal that firm size and industry exhibit a positive correlation with climate risk reporting performance. Conversely, firm leverage and profitability do not demonstrate such associations. The results are in line with alternative measures of climate risk reporting performance, as well as when climate risk reporting performance is broken down into the four core elements. Policymakers and market regulators could use these results to promote awareness of the factors that influence climate risk reporting performance and to enhance sustainable practices.
{"title":"The level of climate risk reporting performance and firm characteristics: Evidence from the Saudi Stock Exchange","authors":"Awatif Hodaed Alsheikh, Warda Hodaed Alsheikh","doi":"10.21511/imfi.20(4).2023.29","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.29","url":null,"abstract":"In recent decades, stakeholders have begun to place a greater emphasis on sustainability-related issues, including climate change. Furthermore, the implementation of climate change initiatives has prompted companies to disclose information regarding their evaluation and handling of climate-related risks and potential benefits. However, there is a lack of existing literature that investigates this issue in less developed markets, particularly in Saudi Arabia, where the capital market is rapidly developing. The objective of this study is to assess the degree of performance in reporting climate risk and investigate potential correlations between climate risk reporting performance and firm characteristics among non-financial firms in Saudi Arabia during the period from 2018 to 2021. To achieve the objectives of the study, a total of 515 firm-year observations were utilized, representing 140 non-financial firms in the context of Saudi Arabia. The study’s findings illustrate that the climate risk reporting performance level has steadily improved in Saudi companies over the years. In addition, the findings reveal that firm size and industry exhibit a positive correlation with climate risk reporting performance. Conversely, firm leverage and profitability do not demonstrate such associations. The results are in line with alternative measures of climate risk reporting performance, as well as when climate risk reporting performance is broken down into the four core elements. Policymakers and market regulators could use these results to promote awareness of the factors that influence climate risk reporting performance and to enhance sustainable practices.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"108 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138590753","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}
Pub Date : 2023-12-06DOI: 10.21511/imfi.20(4).2023.28
Ammar Jreisat
This paper investigates the impacts of oil price shocks on the stock markets of six Latin American countries – Argentina, Brazil, Chile, Colombia, Mexico, and Peru – by employing a Nonlinear Autoregressive Distributed Lag (NARDL) approach. This is during periods of global turbulence triggered by the COVID-19 pandemic and Russia’s war in Ukraine. The study used data gathered from January 2020 to July 2023, daily stock prices of the six countries, and West Texas Intermediate (WTI) as a proxy of the oil price index. The analysis revealed that the complex relationship between oil price shocks and stock markets in Latin America has changed significantly since the start of the pandemic and the Russian-Ukrainian War. The findings indicate that the relationship between oil price changes and stock markets is not a straightforward linear correlation, but rather is more complex, with non-linear and counteracting effects, likely due to the uncertainty created by the pandemic and the Russian-Ukrainian War, which has caused investors to be more cautious when responding to oil price shocks.
{"title":"Dynamics of oil price shocks in Latin American stock markets during global turbulence: A nonlinear autoregressive distributed lag analysis","authors":"Ammar Jreisat","doi":"10.21511/imfi.20(4).2023.28","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.28","url":null,"abstract":"This paper investigates the impacts of oil price shocks on the stock markets of six Latin American countries – Argentina, Brazil, Chile, Colombia, Mexico, and Peru – by employing a Nonlinear Autoregressive Distributed Lag (NARDL) approach. This is during periods of global turbulence triggered by the COVID-19 pandemic and Russia’s war in Ukraine. The study used data gathered from January 2020 to July 2023, daily stock prices of the six countries, and West Texas Intermediate (WTI) as a proxy of the oil price index. The analysis revealed that the complex relationship between oil price shocks and stock markets in Latin America has changed significantly since the start of the pandemic and the Russian-Ukrainian War. The findings indicate that the relationship between oil price changes and stock markets is not a straightforward linear correlation, but rather is more complex, with non-linear and counteracting effects, likely due to the uncertainty created by the pandemic and the Russian-Ukrainian War, which has caused investors to be more cautious when responding to oil price shocks.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"42 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138595350","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}
Pub Date : 2023-12-04DOI: 10.21511/imfi.20(4).2023.27
Katarina Valaskova, Pavol Durana, T. Kliestik, Simona Vojtekova
The financial impact of the COVID-19 pandemic on entire economies has been proven. The current necessity is to determine the level of consequences for distinct industries and sectors. The local lockdowns and travel restrictions shocked the hospitality industry and its performance. Thus, the purpose of this study is to explain the effect of the pandemic on a particular economic sector, specifically NACE I (Accommodation and food service activities), and changes in financial indicators in Slovak circumstances for the period 2016–2021. The study focuses on debt ratios that reflect the financial stability of businesses. Friedman’s test was run to determine how the chosen indebtedness indicators developed over the chosen years. Based on a sample of 321 Slovak companies, statistically significant differences were found. But only the interest coverage ratio was significantly different between the pre-pandemic and pandemic eras, according to the post-hoc tests. In addition, there was a hint of a positive overall transformation in the sector of accommodation and food service activities. The decline of the number of enterprises by total indebtedness from the alarming threshold in 2021 declared this fact. The conclusions implicate that Slovak businesses are becoming more mindful of debt financing and are attempting to reduce the risks of going bankrupt. AcknowledgmentThis research was financially supported by the Slovak Research and Development Agency – Grant Vega 1/0121/20: Research of transfer pricing system as a tool to measure the performance of national and multinational companies in the context of earnings management in conditions of the Slovak Republic and V4 countries and faculty institutional research 1/KE/2022: Analysis of the determinants of indebtedness and profitability of business entities in the European area.
COVID-19大流行对整个经济体的金融影响已得到证实。目前的需要是确定对不同行业和部门的影响程度。当地的封锁和旅行限制震惊了酒店业及其表现。因此，本研究的目的是解释流行病对特定经济部门的影响，特别是NACE I(住宿和食品服务活动)，以及斯洛伐克2016-2021年期间财务指标的变化。这项研究的重点是反映企业财务稳定性的债务比率。运行弗里德曼的测试是为了确定选定的债务指标在选定年份的发展情况。基于321家斯洛伐克公司的样本，发现了统计学上显著的差异。但根据事后测试，只有利息覆盖率在大流行前和大流行时期之间存在显著差异。此外，有迹象表明，住宿和食品服务活动部门总体上出现了积极的转变。企业总负债数量从2021年的警戒线下降就说明了这一事实。这些结论表明，斯洛伐克企业正越来越注意债务融资，并试图降低破产的风险。本研究得到了斯洛伐克研究与发展署的财政支持- Grant Vega 1/0121/20:转让定价系统作为衡量斯洛伐克共和国和V4国家条件下盈余管理背景下国家和跨国公司绩效的工具的研究以及教师机构研究1/KE/2022:欧洲地区商业实体负债和盈利能力的决定因素分析。
{"title":"Level of pandemic consequences for the indebtedness of the Slovak hospitality sector","authors":"Katarina Valaskova, Pavol Durana, T. Kliestik, Simona Vojtekova","doi":"10.21511/imfi.20(4).2023.27","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.27","url":null,"abstract":"The financial impact of the COVID-19 pandemic on entire economies has been proven. The current necessity is to determine the level of consequences for distinct industries and sectors. The local lockdowns and travel restrictions shocked the hospitality industry and its performance. Thus, the purpose of this study is to explain the effect of the pandemic on a particular economic sector, specifically NACE I (Accommodation and food service activities), and changes in financial indicators in Slovak circumstances for the period 2016–2021. The study focuses on debt ratios that reflect the financial stability of businesses. Friedman’s test was run to determine how the chosen indebtedness indicators developed over the chosen years. Based on a sample of 321 Slovak companies, statistically significant differences were found. But only the interest coverage ratio was significantly different between the pre-pandemic and pandemic eras, according to the post-hoc tests. In addition, there was a hint of a positive overall transformation in the sector of accommodation and food service activities. The decline of the number of enterprises by total indebtedness from the alarming threshold in 2021 declared this fact. The conclusions implicate that Slovak businesses are becoming more mindful of debt financing and are attempting to reduce the risks of going bankrupt.\u0000AcknowledgmentThis research was financially supported by the Slovak Research and Development Agency – Grant Vega 1/0121/20: Research of transfer pricing system as a tool to measure the performance of national and multinational companies in the context of earnings management in conditions of the Slovak Republic and V4 countries and faculty institutional research 1/KE/2022: Analysis of the determinants of indebtedness and profitability of business entities in the European area.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"35 38","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138601325","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}
Pub Date : 2023-11-10DOI: 10.21511/imfi.20(4).2023.16
Pham Duc Hieu, Hoang Ha Anh
This paper’s primary goal is to examine the influence of a firm’s capital structures on practices of accrual-based earnings management by doing empirical research covering 51 non-financial Vietnamese listed companies during a period from 2013 to 2022. To estimate accrual-based earnings management practices, the modified Dechow and Dichev (2002) model was mobilized. Then, a regression between earnings management estimated values based on accruals and a group of capital structure variables and control variables that are hypothesized to influence earnings management practices is performed. The feasible generalized least square model is used to address econometric issues. Empirical results reveal that activities for managing accrual-based earnings indicate a considerable adverse influence from institutional ownership. However, other hypothesized variables that are management ownership, ownership concentration, foreign ownership, and leverage do not have a determinant sign as expected. ROA, one of five control factors, has a favorable impact on accrual-based earnings management practices, whereas company size has a negative impact. The study provides useful information to investors and stakeholders for their making investment decisions in Vietnam. The empirical findings are also based for recommendations to control earnings management practices at Vietnamese listed enterprises to enhance accounting information quality, thus contributing to the sustainable development of the Vietnam Stock Exchange.
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Pub Date : 2023-11-07DOI: 10.21511/imfi.20(4).2023.15
Ade Gunawan, None Mukmin, Sri Fitri Wahyuni, Maya Sari
Financial Management Behavior refers to the systematic activities involved in predicting, gathering, allocating, investing, and strategizing the cash flow required for a company’s or individual’s efficient functioning. This study aims to examine the role of locus of control in moderating the relationship between financial socialization, financial knowledge, financial experience, and financial management behavior among Paylater users in Medan, North Sumatra, Indonesia. The population of this research is the people of Medan, North Sumatra, Indonesia, who use Paylater. The sampling methodologies utilized were purposive sampling and snowball sampling. A total of 221 individuals participated in data collection for this study. The questionnaires were disseminated using social media chat functions or messaging applications (e.g., WhatsApp, Line, Telegram) in which the Google Forms link is shared. The study employs the data analysis technique of SEM-PLS with the assistance of PLS 4.00 software. The research results show that financial socialization, knowledge, and experience influence financial management behavior (p < 0.05). Furthermore, financial socialization, financial knowledge, and financial experience influence financial management behavior, moderated by locus of control (p < 0.05). The research implications are expected to improve the Financial Management behavior of the Paylater users by providing literacy about managing their finances. AcknowledgmentThis study was funded by the Revenue and Expenditure Budget of the Universitas Muhammadiyah Sumatera Utara following the assignment agreement letter in the context of implementing the Basic Research Program of the Revenue and Expenditure Budget of the Universitas Muhammadiyah Sumatera Utara for the 2023 Fiscal Year, Number: 73/II.3- AU /UMSU-LP2M/C/2023.
财务管理行为是指公司或个人有效运作所需现金流的预测、收集、分配、投资和战略制定的系统活动。本研究旨在探讨控制点在印尼棉兰市Paylater使用者金融社会化、金融知识、金融经验与财务管理行为之间的调节作用。这项研究的人群是印度尼西亚北苏门答腊岛棉兰的人，他们使用Paylater。采用的抽样方法有目的抽样和滚雪球抽样。共有221人参与了本研究的数据收集。问卷通过社交媒体聊天功能或即时通讯应用程序(如WhatsApp、Line、Telegram)进行分发，其中共享了Google Forms链接。本研究采用SEM-PLS数据分析技术，并辅以PLS 4.00软件。研究结果表明，理财社会化、理财知识和理财经验会影响理财行为(p <0.05)。此外，财务社会化、财务知识和财务经验影响财务管理行为，并受控制点调节(p <0.05)。研究结果有望通过提供理财知识来改善Paylater用户的财务管理行为。本研究由苏门答腊大学收入和支出预算资助，根据2023财政年度实施苏门答腊大学收入和支出预算基础研究计划的转让协议函，编号:73/II。3- au / umsu-lp2m / c /2023。
{"title":"Factors affecting financial management behavior of Paylater users in Indonesia: Examining the moderating role of locus of control","authors":"Ade Gunawan, None Mukmin, Sri Fitri Wahyuni, Maya Sari","doi":"10.21511/imfi.20(4).2023.15","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.15","url":null,"abstract":"Financial Management Behavior refers to the systematic activities involved in predicting, gathering, allocating, investing, and strategizing the cash flow required for a company’s or individual’s efficient functioning. This study aims to examine the role of locus of control in moderating the relationship between financial socialization, financial knowledge, financial experience, and financial management behavior among Paylater users in Medan, North Sumatra, Indonesia. The population of this research is the people of Medan, North Sumatra, Indonesia, who use Paylater. The sampling methodologies utilized were purposive sampling and snowball sampling. A total of 221 individuals participated in data collection for this study. The questionnaires were disseminated using social media chat functions or messaging applications (e.g., WhatsApp, Line, Telegram) in which the Google Forms link is shared. The study employs the data analysis technique of SEM-PLS with the assistance of PLS 4.00 software. The research results show that financial socialization, knowledge, and experience influence financial management behavior (p &amp;lt; 0.05). Furthermore, financial socialization, financial knowledge, and financial experience influence financial management behavior, moderated by locus of control (p &amp;lt; 0.05). The research implications are expected to improve the Financial Management behavior of the Paylater users by providing literacy about managing their finances. AcknowledgmentThis study was funded by the Revenue and Expenditure Budget of the Universitas Muhammadiyah Sumatera Utara following the assignment agreement letter in the context of implementing the Basic Research Program of the Revenue and Expenditure Budget of the Universitas Muhammadiyah Sumatera Utara for the 2023 Fiscal Year, Number: 73/II.3- AU /UMSU-LP2M/C/2023.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"64 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135476747","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}
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