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The Differential Effects of Internal Control Teams on Investment Decision Making Based on Industry Competition 基于行业竞争的内部控制团队对投资决策的差异效应
Q2 BUSINESS, FINANCE Pub Date : 2023-11-03 DOI: 10.3390/ijfs11040131
Hyunjung Choi
This study investigates how a company’s internal control team affects their investment decision making, considering the level of industry competition within the South Korean capital market. A model obtained from the literature was employed to test the hypothesis. When industry competition is low, the quantitative adequacy of internal control staff increases the likelihood of investment when the risk of underinvestment is high, and it decreases the likelihood of investment when the risk of overinvestment is high. However, this is not the case when industry competition is fierce. Qualitative adequacy of internal control staff—expertise—has a significant effect on investment decision making when industry competition is high, but has no significant effect when industry competition is low. These results suggest that investors should consider the quantitative and qualitative adequacy of internal control staff along with the level of industry competition when evaluating the investment efficiency of a company.
本研究在考虑韩国资本市场行业竞争水平的情况下,探讨了公司内部控制团队如何影响其投资决策。采用从文献中获得的模型来检验假设。当行业竞争程度较低时,内部控制人员的数量充分性在投资不足风险高时增加了投资的可能性,在投资过度风险高时降低了投资的可能性。然而,当行业竞争激烈时,情况并非如此。内部控制人员的质性充分性——专业知识——在行业竞争高时对投资决策有显著影响,在行业竞争低时对投资决策没有显著影响。这些结果表明,投资者在评价公司投资效率时,应考虑内部控制人员的数量和质量是否充足以及行业竞争的程度。
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引用次数: 0
Extreme Value Theory Modelling of the Behaviour of Johannesburg Stock Exchange Financial Market Data 约翰内斯堡证券交易所金融市场数据行为的极值理论建模
Q2 BUSINESS, FINANCE Pub Date : 2023-11-03 DOI: 10.3390/ijfs11040130
Maashele Kholofelo Metwane, Daniel Maposa
Financial market data are abundant with outliers, and the search for an appropriate extreme value theory (EVT) approach to apply is an endless debate in the statistics of extremes research. This paper uses EVT methods to model the five-year daily all-share total return index (ALSTRI) and the daily United States dollar (USD) against the South African rand (ZAR) exchange rate of the Johannesburg stock exchange (JSE). The study compares the block maxima approach and the peaks-over-threshold (POT) approach in terms of their ability to model financial market data. The 100-year return levels for the block maxima approach were found to be almost equal to the maximum observations of the financial markets of 10,860 and R18.99 for the ALSTRI and the USD–ZAR, respectively. For the peaks-over-threshold (POT) approach, the results show that the ALSTRI and the USD–ZAR exchange rate will surpass 17,501.63 and R23.72, respectively, at least once in 100 years. The findings in this study reveal a clear distinction between block maxima and POT return level estimates. The POT approach return level estimates were comparably higher than the block maxima estimates. The study further revealed that the blended generalised extreme value (bGEVD) is more suitable for relatively short-term forecasting, since it cuts off at the 50-year return level. Therefore, this study will add value to the literature and knowledge of statistics and econometrics. In the future, more studies on bGEVD, vine copulas, and the r-largest-order bGEVD can be conducted in the financial markets.
金融市场数据中存在大量的异常值,寻找一种合适的极值理论(EVT)方法是极值统计研究中一个无休止的争论。本文采用EVT方法对约翰内斯堡证券交易所(JSE)的五年期每日全股总回报指数(ALSTRI)和每日美元(USD)兑南非兰特(ZAR)汇率进行建模。该研究比较了块最大值方法和峰值超过阈值(POT)方法在模拟金融市场数据方面的能力。发现块最大值方法的100年回报水平几乎等于ALSTRI和USD-ZAR的金融市场的最大观察值分别为10,860和R18.99。对于超过阈值的峰值(POT)方法,结果表明ALSTRI和USD-ZAR汇率将分别超过17,501.63和R23.72,至少100年一次。本研究的发现揭示了块最大值和POT回报水平估计之间的明显区别。POT方法的收益水平估计值相对高于块最大值估计值。研究进一步表明,混合广义极值(bGEVD)更适合于相对短期的预测,因为它在50年的回报水平上切断。因此,本研究将为统计和计量经济学的文献和知识增加价值。在未来的金融市场中,可以对bGEVD、vine copulas和r最大阶bGEVD进行更多的研究。
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引用次数: 0
Evaluation of Factors Contributing to the Effectiveness of Internal Audit Quality in Pakistani Commercial Banks 影响巴基斯坦商业银行内部审计质量有效性的因素评价
Q2 BUSINESS, FINANCE Pub Date : 2023-11-02 DOI: 10.3390/ijfs11040129
Madiha Afzal
The Pakistani banking sectors facing numerous challenges because of poor internal audit quality. Internal audit quality has long been a source of contention. The current study examines the factors that affect internal audit quality in Pakistani commercial banks. Internal audit quality evaluated through potential factors such as competence, objectivity, performance, board audit committee support, and independence. Along with these factors, a questionnaire designed to determine the nature of the problems confronting Pakistani commercial banks. 102 questionnaires disseminated among the chief internal auditor, chief financial officer, board audit committee, and managers of 26 listed commercial banks. The impact of the factors on internal audit quality investigated using a binary logit regression model and multiple correspondence analyses. Findings show that performance, competence, and objectivity factors are statistically positively significant that influenced internal audit quality to improve it. This research helps improve the internal audit quality in Pakistani commercial banks.
由于内部审计质量差,巴基斯坦银行业面临诸多挑战。内部审计质量长期以来一直是争论的焦点。本研究探讨了影响巴基斯坦商业银行内部审计质量的因素。内部审计质量通过能力、客观性、绩效、董事会审计委员会支持和独立性等潜在因素进行评价。除了这些因素外,还设计了一份问卷,以确定巴基斯坦商业银行面临的问题的性质。对26家上市商业银行的首席内审员、首席财务官、董事会审计委员会和管理人员发放了102份问卷。运用二元logit回归模型和多重对应分析,探讨了影响内部审计质量的因素。结果表明,绩效、胜任力和客观性因素对内部审计质量的提高具有显著的正相关影响。本研究有助于提高巴基斯坦商业银行内部审计质量。
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引用次数: 0
An Empirical Analysis of the Dynamics Influencing Bank Capital Structure in Africa 影响非洲银行资本结构的动态因素实证分析
Q2 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.3390/ijfs11040127
Ayodeji Michael Obadire, Vusani Moyo, Ntungufhadzeni Freddy Munzhelele
Financial institutions, particularly banks, have long grappled with the dilemma of structuring their capital optimally. This process, commonly referred to as capital structure decision-making, is of paramount importance, especially within the financial services sector, where strict regulations are imposed by reserve and central banks in alignment with global Basel guidelines. This study unveils the key factors that determine the capital structure choices of African banks, using panel data encompassing 45 listed banks across six nations that had embraced the Basel III Accord spanning the years 2010 to 2019. The study used the system-generalised moment methods (sys-GMM) estimator to fit the formulated panel data regression model. The study findings showed positive associations between ZSCORE, an indicator of bank financial stability, and net interest margin ratio (NIMR) with bank leverage (TCTE). In addition, the results revealed positive correlations between earnings volatility (EV), profitability (P), and risk (R) with bank leverage (TDCE). This suggests that profitable banks are inclined to favour debt financing, a phenomenon driven by their ability to comfortably service debt obligations with free cash flows. This study’s overarching conclusion underscores the dominant influence of the Liquidity Coverage Ratio (LCR) on African bank capital structures. Whether assessing traditional or Basel III-prescribed measures of bank leverage, LCR consistently emerged as the primary determinant. This finding is of significant relevance to bank executives and regulators, offering them essential insights for informed decision-making by considering striking a balance between equity and debt financing based on financial stability, profitability, and risk profiles.
长期以来,金融机构,尤其是银行,一直在努力解决优化资本结构的难题。这一过程通常被称为资本结构决策,它至关重要,尤其是在金融服务领域,在该领域,储备银行和央行根据全球巴塞尔指导方针实施了严格的监管。本研究揭示了决定非洲银行资本结构选择的关键因素,使用的面板数据涵盖了2010年至2019年期间接受巴塞尔协议III的六个国家的45家上市银行。研究使用系统广义矩方法(sys-GMM)估计器拟合制定的面板数据回归模型。研究发现,银行财务稳定性指标ZSCORE与净息差比率(NIMR)和银行杠杆率(TCTE)呈正相关。此外,研究结果显示,盈利波动率(EV)、盈利能力(P)和风险(R)与银行杠杆率(TDCE)呈正相关。这表明,盈利的银行倾向于债务融资,这种现象是由它们有能力以自由现金流轻松偿还债务所驱动的。本研究的总体结论强调了流动性覆盖率(LCR)对非洲银行资本结构的主导影响。无论是评估传统的还是巴塞尔协议iii规定的银行杠杆指标,LCR始终是主要决定因素。这一发现对银行高管和监管机构具有重要意义,为他们在考虑基于财务稳定性、盈利能力和风险状况在股权融资和债务融资之间取得平衡时做出明智决策提供了重要见解。
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引用次数: 0
Does Economic Policy Uncertainty Explain Exchange Rate Movements in the Economic Community of West African States (ECOWAS): A Panel ARDL Approach 经济政策的不确定性是否解释了西非国家经济共同体(ECOWAS)的汇率变动:一个小组ARDL方法
Q2 BUSINESS, FINANCE Pub Date : 2023-11-01 DOI: 10.3390/ijfs11040128
Maud Korley, Evangelos Giouvris
Research proposes that economic policy uncertainty (EPU) leads to exchange rate fluctuations. Given that African countries experience higher levels of uncertainty in developed/emerging markets, we examine the extent to which domestic and foreign EPU affect exchange rates for a panel of 12 ECOWAS countries covering the period 1996–2018. In order to account for non-stationarity, cross-sectional dependence, and heterogeneity, the paper employs the dynamic heterogeneous panel approach. The ECOWAS has a dual currency arrangement ranging from a common currency union (CFA) to floating exchange rates (Non-CFA). To account for this, this study splits the sample data into CFA and Non-CFA areas. In addition, this study considers the role of the global financial crisis in the exchange rate-EPU nexus. Our results show that domestic EPU has a positive effect on exchange rates in the long run for Non-CFA areas. Different from the existing literature, our results suggest that domestic EPU does not explain exchange rate fluctuations in the short run. For all countries, foreign EPU leads to appreciation in the long run and depreciation in the short run. Interestingly, foreign EPU has a more dominant effect on exchange rate fluctuations in the selected countries than domestic EPU. This may reflect the weak institutional framework in these countries, which allows external fluctuations to have a greater impact. Moreover, this could be attributed to the increase in foreign capital flows during the sample period. Thus, these countries must develop effective policies to effectively absorb these external shocks. Results are robust to different proxies of EPU.
研究表明,经济政策的不确定性导致汇率波动。鉴于非洲国家在发达/新兴市场经历了更高水平的不确定性,我们研究了1996年至2018年期间12个西非经共体国家的国内和国外EPU对汇率的影响程度。为了考虑非平稳性、横截面依赖性和异质性,本文采用了动态异质性面板方法。西非经共体实行双重货币安排,从共同货币联盟(CFA)到浮动汇率(非CFA)。为了解释这一点,本研究将样本数据分为CFA和非CFA区域。此外,本研究还考虑了全球金融危机在汇率与货币单位关系中的作用。我们的研究结果表明,从长期来看,国内EPU对非cfa地区的汇率有积极影响。与现有文献不同的是,我们的研究结果表明国内EPU在短期内不能解释汇率波动。对所有国家而言,外国EPU长期导致升值,短期导致贬值。有趣的是,在选定的国家,外国货币汇率对汇率波动的影响比国内货币汇率对汇率波动的影响更大。这可能反映出这些国家的体制框架薄弱,使外部波动产生更大的影响。此外,这可归因于在抽样期间外国资本流动的增加。因此,这些国家必须制定有效的政策来有效吸收这些外部冲击。结果对EPU的不同代理具有鲁棒性。
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引用次数: 0
Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability 债券发行作为声誉信号:揭穿附加责任的负面认知
Q2 BUSINESS, FINANCE Pub Date : 2023-10-30 DOI: 10.3390/ijfs11040126
Dachen Sheng, Heather A. Montgomery
This paper examines the determinants of bond issuance in the Chinese market and the influence of capital structure—in particular direct debt finance—on firm performance and the cost of debt. The results reveal that institutional factors in the Chinese market, in particular the involvement of the financial authority permission process during bond issuance, enhance the credibility of firms that are able to successfully issue bonds. Empirical analysis of Chinese listed manufacturing firms over the period from 2010 to 2021 demonstrates that firms with higher outstanding levels of bonds perform better and face lower costs of both bond and nonbond direct finance. We interpret this as bond issuance approval serving as a signal to markets of an implicit government guarantee on firms that are approved to issue bonds. The agency problem is analyzed using propensity-score matching and Logit analysis, revealing a trade-off between the principal–agent conflict and conflicts of interest among different shareholders when power is very concentrated through CEO duality: the CEO simultaneously serves as the chairman of the board. In large firms, as measured by total assets, the cost-reducing effect of the principal–agent problem being mitigated by CEO duality outweighs the agency costs arising from conflicts of interest between large and small shareholders, leading to an increased likelihood of successful bond issuance. However, in large firms, as measured by market capitalization, where share ownership is likely more diversified, this effect diminishes. In conclusion, this paper posits that policymakers ought to investigate strategies for granting preferential treatment to high-growth, small to mid-sized enterprises, enabling them to secure funding through direct debt financing.
本文考察了中国市场债券发行的决定因素,以及资本结构(特别是直接债务融资)对企业绩效和债务成本的影响。结果表明,中国市场的制度因素,特别是债券发行过程中金融当局许可程序的参与,提高了能够成功发行债券的公司的可信度。对2010 - 2021年中国制造业上市公司的实证分析表明,债券未偿水平越高的公司表现越好,债券和非债券直接融资成本越低。我们将此解释为债券发行批准向市场发出了一个信号,即政府对被批准发行债券的公司提供了隐性担保。利用倾向得分匹配和Logit分析对代理问题进行分析,揭示了在CEO二元制下权力高度集中的情况下,在CEO兼任董事长的情况下,委托代理冲突与不同股东之间的利益冲突之间存在权衡关系。在大公司中,以总资产衡量,首席执行官双重性缓解委托代理问题的成本降低效应超过了大股东和小股东之间利益冲突产生的代理成本,从而导致成功发行债券的可能性增加。然而,在大公司中,以市值衡量,股权可能更加多样化,这种影响减弱。总之,本文认为,政策制定者应该研究给予高增长中小企业优惠待遇的策略,使它们能够通过直接债务融资获得资金。
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引用次数: 0
Large-Scale Portfolio Optimization Using Biogeography-Based Optimization 基于生物地理学优化的大规模投资组合优化
Q2 BUSINESS, FINANCE Pub Date : 2023-10-26 DOI: 10.3390/ijfs11040125
Wendy Wijaya, Kuntjoro Adji Sidarto
Portfolio optimization is a mathematical formulation whose objective is to maximize returns while minimizing risks. A great deal of improvement in portfolio optimization models has been made, including the addition of practical constraints. As the number of shares traded grows, the problem becomes dimensionally very large. In this paper, we propose the usage of modified biogeography-based optimization to solve the large-scale constrained portfolio optimization. The results indicate the effectiveness of the method used.
投资组合优化是一个数学公式,其目标是在风险最小化的同时实现收益最大化。对投资组合优化模型进行了大量改进,包括增加了实际约束条件。随着股票交易数量的增加,这个问题在维度上变得非常大。本文提出了一种基于改进生物地理学的优化方法来解决大规模约束投资组合优化问题。结果表明了该方法的有效性。
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引用次数: 0
Digital Credit and Its Determinants: A Global Perspective 数字信贷及其决定因素:全球视角
Q2 BUSINESS, FINANCE Pub Date : 2023-10-25 DOI: 10.3390/ijfs11040124
Tu D. Q. Le, Thanh Ngo, Dat T. Nguyen
Digital credit has gained much attention from academic researchers, practitioners, and policymakers worldwide. This study empirically evaluates the determinants of digital credit using cross-country data from 2013 to 2019. The conventional ordinary least square regression with fixed effects estimator is used to investigate the factors affecting the growth of digital credit. Our study highlights that the regulatory frameworks of anti-money laundering and terrorist financing, the economy’s innovative capacity, and financial development are significant factors affecting the development of digital credit, especially fintech credit. However, the findings indicate that only the innovation capacity is more critical to the expansion of bigtech credit. Nonetheless, our results provide some important implications for market participants and the authorities in promoting digital credit. Accordingly, this study contributes to the literature on the growth of digital credit when considering the critical roles of money laundering and terrorist financing frameworks and innovation capacity.
数字信贷已经引起了全球学术研究者、从业者和政策制定者的广泛关注。本研究利用2013年至2019年的跨国数据对数字信贷的决定因素进行了实证评估。采用常规的带固定效应估计量的普通最小二乘回归分析了影响数字信贷增长的因素。我们的研究强调,反洗钱和恐怖融资监管框架、经济创新能力和金融发展是影响数字信贷,特别是金融科技信贷发展的重要因素。然而,研究结果表明,只有创新能力对高技术信贷的扩张更为关键。尽管如此,我们的研究结果为市场参与者和当局在促进数字信贷方面提供了一些重要的启示。因此,在考虑到洗钱和恐怖主义融资框架以及创新能力的关键作用时,本研究有助于研究数字信贷增长的文献。
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引用次数: 0
A Bibliometric Analysis of the FinTech Agility Literature: Evolution and Review 金融科技敏捷性文献计量学分析:演进与回顾
Q2 BUSINESS, FINANCE Pub Date : 2023-10-20 DOI: 10.3390/ijfs11040123
Abdelkebir Sahid, Yassine Maleh, Shahram Atashi Asemanjerdi, Pedro Antonio Martín-Cervantes
Bibliometric analysis is crucial in understanding the evolution of research trends and knowledge in various fields. This study applies bibliometric analysis to explore the growth of the research paradigm on agility in the FinTech literature, using co-citation analysis and bibliographic coupling of selected articles. Based on this bibliometric analysis, the evolution of research on agility in the FinTech domain has been prepared, focusing on the literature related to FinTech agility between 1984 and 2022. In this study, we also address the limitations of individual analyses from Scopus and Web of Science (WOS) and propose a comprehensive approach by merging the two research databases. The results reveal significant disparities between authors, publication influences, and keyword occurrences between the WOS and merged databases. Our research highlights the importance of combining a database approach in bibliometric studies, providing valuable insights for scholars, researchers, and stakeholders. Finally, the in-depth bibliometric analysis demonstrates the significance of “FinTech agility” in the rapidly evolving FinTech sector. Financial technology companies’ agility, or ability to adapt quickly, is the foundation of their success and innovation.
文献计量学分析对于理解各个领域的研究趋势和知识的演变至关重要。本研究采用文献计量分析,利用共引分析和选定文章的书目耦合,探索金融科技文献中敏捷性研究范式的发展。在此文献计量分析的基础上,整理了金融科技领域敏捷性研究的演变,重点研究了1984年至2022年间与金融科技敏捷性相关的文献。在本研究中,我们还解决了来自Scopus和Web of Science (WOS)的单个分析的局限性,并提出了一种通过合并两个研究数据库的综合方法。结果显示WOS和合并数据库之间的作者、发表影响和关键字出现率存在显著差异。我们的研究强调了在文献计量学研究中结合数据库方法的重要性,为学者、研究人员和利益相关者提供了有价值的见解。最后,深入的文献计量分析证明了“金融科技敏捷性”在快速发展的金融科技领域的重要性。金融科技公司的敏捷性,或者说快速适应的能力,是它们成功和创新的基础。
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引用次数: 0
Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE 大宗持股、股息政策、股票回报和回报波动性:来自阿联酋的证据
Q2 BUSINESS, FINANCE Pub Date : 2023-10-16 DOI: 10.3390/ijfs11040122
Umar Butt, Trevor William Chamberlain
This paper examines the relationship between the presence of blockholdings and stock returns and return volatility in the United Arab Emirates. Earlier studies report mixed results for the direction of the relationships across both developed and emerging markets. This study focuses specifically on these relationships in a dividend policy framework. This study further investigates the role of blockholder type by distinguishing between government, individual and corporate blockholders. Our results indicate that blockholder ownership reduces stock return volatility for both non-dividend-paying and dividend-paying stocks, does not impact returns and is not perceived as expropriating the wealth of other investors. We also conclude that the blockholders do not exhibit rent-seeking behavior through the extraction of dividends and investors in UAE firms embrace the role of blockholders and the reinvestment of profits.
本文考察了阿联酋存在的区块持股与股票收益和收益波动之间的关系。早期的研究报告对发达市场和新兴市场之间的关系方向给出了不同的结果。本研究特别关注股息政策框架中的这些关系。本文通过对政府股东、个人股东和公司股东的区分,进一步探讨了股东类型的作用。我们的研究结果表明,大股东所有权降低了非派息和派息股票的股票回报波动性,不影响回报,也不会被视为剥夺其他投资者的财富。我们还得出结论,大股东不会通过提取股息表现出寻租行为,阿联酋公司的投资者接受大股东的角色和利润的再投资。
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引用次数: 0
期刊
International Journal of Financial Studies
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