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Entrepreneurship Dynamics: Assessing the Role of Macroeconomic Variables on New Business Density in Euro Area 创业动态:评估欧元区宏观经济变量对新企业密度的作用
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2023-12-01 DOI: 10.3390/ijfs11040139
Lenka Vyrostková, Jaroslava Kádárová
This article examines the impact of the macroenvironment on enterprises in euro-area countries over the period 2006–2020. Our study builds on important works and theories in the field of business, including the work of Kar and Özsahin. We employ the Panel Least Squares method to estimate the coefficient of selected variables. We identify political, institutional (government effectiveness index, regulatory quality index, rule of law, market capitalization of company, control of corruption, political stability and absence of violence) and financial (financial development index, gross domestic product, inflation rate, unemployment rate, public debt) determinants that can have an effect on entrepreneurship. The article aims to fill a gap in the existing literature by providing new insights from the Eurozone and updated data that were not included in previous literature reviews and studies. In this way, we contribute to expanding knowledge about the relationship between macroeconomic factors and entrepreneurial activities in this specific geographical area, considering the lack of current analyses. According to our results, there is a positive statistically significant relationship between entrepreneurship and gross domestic product per capita, regulatory quality index, and market capitalization of the company and a negative statistically significant relationship between entrepreneurship and rule of law, and public debt.
本文考察了2006-2020年期间宏观环境对欧元区国家企业的影响。我们的研究以商业领域的重要著作和理论为基础,包括卡尔和Özsahin的著作。我们采用面板最小二乘法来估计所选变量的系数。我们确定了可能对创业产生影响的政治、制度(政府效率指数、监管质量指数、法治、公司市值、腐败控制、政治稳定和暴力缺失)和金融(金融发展指数、国内生产总值、通货膨胀率、失业率、公共债务)决定因素。本文旨在通过提供以往文献综述和研究中未包含的来自欧元区的新见解和更新数据,填补现有文献的空白。通过这种方式,考虑到目前缺乏分析,我们有助于扩大关于宏观经济因素与该特定地理区域的企业活动之间关系的知识。根据我们的研究结果,创业精神与人均国内生产总值、监管质量指数和公司市值之间存在统计学上显著的正相关关系,而创业精神与法治和公共债务之间存在统计学上显著的负相关关系。
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引用次数: 0
Audit Expectation Gap in the External Audit of Banks in Mozambique 莫桑比克银行外部审计中的审计期望差距
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2023-11-15 DOI: 10.3390/ijfs11040138
Osvaldo Massicame, Helena Coelho Inácio, Maria Anunciação Bastos
The function of the external audit, largely as a result of the scandals and financial crises that have occurred, has been the subject of debate and criticism. This aspect has fostered discussions around the Audit Expectation Gap, which, in short, is understood as the differences in expectations between the audit’s results and what is expected from it. In this context, the present study aimed to evaluate the existence of the Audit Expectation Gap in the external audit of banks in Mozambique. For this purpose, auditors, regulators/supervisors, managers and financial staff from banks and companies were surveyed. The results showed statistically significant differences in the opinions of respondents regarding matters related to the scope and objective of the audit, materiality and risk, and different aspects of responsibility. Thus, evidence was obtained that, in addition to reviewing audit regulations for Mozambican credit institutions and financial companies, there is a need for clarification of matters such as the level of security in external audits (which cannot be absolute); the responsibilities of management and auditors in areas such as assessing and reporting compliance with the ratios and prudential limits imposed by the Bank of Mozambique; assessing the suitability of risk management at the bank; and the prevention, detection and reporting of fraud.
外部审计的职能一直是争论和批评的主题,这主要是由于已经发生的丑闻和金融危机。这方面促进了围绕审计期望差距的讨论,简而言之,审计期望差距被理解为审计结果与期望之间的差异。在这方面,本研究旨在评价莫桑比克银行外部审计中是否存在审计期望差距。为此,我们对来自银行和公司的审计师、监管人员、经理和财务人员进行了调查。结果显示,被调查者对审计的范围和目标、重要性和风险以及责任的不同方面的意见存在统计学上的显著差异。因此,获得的证据表明,除了审查莫桑比克信贷机构和金融公司的审计条例外,还需要澄清一些事项,例如外部审计的安全程度(这不能是绝对的);管理层和审计员在评估和报告遵守莫桑比克银行规定的比率和审慎限制等领域的责任;评估银行风险管理的适宜性;以及欺诈的预防、检测和报告。
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引用次数: 0
Corporate Digital Transformation and M&A Efficiency: Evidence Based on Chinese Listed Companies 企业数字化转型与并购效率:基于中国上市公司的实证研究
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-14 DOI: 10.3390/ijfs11040137
Gui Ren, Zhenxian Huo, Jingjing Wang, Xihe Liu
In order to help enterprises to achieve high-quality development and improve the capital market regulatory policies by supporting with more factual basis from China, this paper conducts research on clarifying impact mechanism of digital transformation on M&A efficiency of listed companies. Taking the mergers and acquisitions of listed companies from 2007 to 2021 as a research sample, the influence mechanism of the digital transformation degree of companies on their M&A efficiency was studied. The research results show that the digital transformation of listed companies will improve their M&A efficiency. Digital transformation will reduce the degree of mispricing stocks of M&A companies, curb conflicts between managers and agents of M&A companies, and improve their M&A efficiency. Further research finds that the promotion effect of digital transformation on M&A efficiency is more significant in non-state-owned companies, with a higher degree of financing constraint and high analyst attention. In the future, regulatory authorities should actively promote the digital transformation of listed companies, curb mispricing and management agency problems in the capital market with digital governance, and improve the efficiency of mergers and acquisitions in the capital market. This paper not only provides a more factual basis on concrete case from China but also enriches the related empirical analysis on corporate digital transformation and M&A efficiency.
为了帮助企业实现高质量发展,完善资本市场监管政策,提供更多中国的事实依据,本文对明确数字化转型对上市公司并购效率的影响机制进行了研究。以2007 - 2021年上市公司并购为研究样本,研究公司数字化转型程度对并购效率的影响机制。研究结果表明,上市公司数字化转型将提高其并购效率。数字化转型将降低并购A公司股票的错定价程度,抑制并购A公司管理者与代理人之间的冲突,提高并购效率。进一步研究发现,非国有企业数字化转型对并购效率的促进作用更为显著,融资约束程度较高,分析师关注度较高。未来,监管部门应积极推动上市公司数字化转型,以数字化治理遏制资本市场的错误定价和管理代理问题,提高资本市场并购效率。本文不仅为中国的具体案例提供了更为事实的依据,而且丰富了企业数字化转型与并购效率的相关实证分析。
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引用次数: 0
Assessing the Performance and Risk-Adjusted Returns of Financial Mutual Funds 评估金融共同基金的业绩和风险调整收益
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-09 DOI: 10.3390/ijfs11040136
Davinder K. Malhotra, Tim Mooney, Raymond Poteau, Philip Russel
In this study, we provide a comprehensive examination of the performance of financial (specialty sector financial) mutual funds over a 23-year period, a much longer time frame than what has been analyzed in previous literature. To fully understand the performance of these mutual funds, we consider multiple factors, including risk-adjusted performance, both unconditional and conditional multifactor analysis, and market timing and selectivity. Financial mutual funds have higher risk-adjusted performance than the overall market and financial sector benchmarks. However, fund alphas are not different from zero, and managers do not exhibit market timing or security selection abilities. Our analysis not only includes the overall performance of these mutual funds, but we also delve into sub-samples before and after the 2008 financial crisis and during the recent Coronavirus pandemic.
在本研究中,我们对金融(专业领域金融)共同基金在23年期间的表现进行了全面检查,这比以前文献中分析的时间框架要长得多。为了充分了解这些共同基金的表现,我们考虑了多个因素,包括风险调整后的表现,无条件和有条件的多因素分析,以及市场时机和选择性。金融共同基金经风险调整后的表现高于整体市场和金融行业基准。然而,基金阿尔法值与零并无不同,基金经理也没有表现出市场时机选择或证券选择的能力。我们的分析不仅包括这些共同基金的整体表现,还深入研究了2008年金融危机前后以及最近冠状病毒大流行期间的子样本。
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引用次数: 1
Implementing Toll Road Infrastructure Financing in Indonesia: Critical Success Factors from the Perspective of Toll Road Companies 在印尼实施收费公路基础设施融资:收费公路公司视角下的关键成功因素
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-09 DOI: 10.3390/ijfs11040135
Muhammad Fauzan, Heri Kuswanto, Christiono Utomo
Having effective and efficient financing is one of the most critical steps in accelerating public infrastructure development, including toll roads. This study aims to identify critical success factors (CSFs) for implementing toll infrastructure financing in Indonesia. Thirty-three CSFs have been identified from the literature review. A Delphi survey was conducted involving a panel of experts in the infrastructure industry. Based on the survey, it is known that the internal rate of return, affordability, investment decisions, commercial banks, financing costs, interest rate risk, control of cash flow, contract scope, and principles of risk transfer are important factors for implementing toll infrastructure financing in Indonesia. This study fills research gaps by developing a CSF model for successful toll road infrastructure financing in Indonesian PPPs, considering private perspectives and aiming to provide insights for investors and enhance understanding of country profiles in developing countries. The focus on toll road implementation in Indonesia contributes to a comprehensive understanding of CSFs for PPPs in the country.
拥有有效和高效的融资是加快包括收费公路在内的公共基础设施发展的最关键步骤之一。本研究旨在确定印尼实施收费基础设施融资的关键成功因素(CSFs)。从文献综述中确定了33个csf。一个由基础设施行业专家组成的小组进行了德尔福调查。通过调查可知,内部收益率、可承受性、投资决策、商业银行、融资成本、利率风险、现金流控制、合同范围、风险转移原则是印尼实施收费基础设施融资的重要因素。本研究为印度尼西亚公私合作模式下收费公路基础设施融资的成功建立了一个CSF模型,从而填补了研究空白。该模型考虑了私人视角,旨在为投资者提供见解,并加强对发展中国家国情的了解。对印度尼西亚收费公路实施的关注有助于全面了解该国公私合作的公共服务基金。
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引用次数: 0
Machine Learning to Forecast Financial Bubbles in Stock Markets: Evidence from Vietnam 机器学习预测股市金融泡沫:来自越南的证据
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-08 DOI: 10.3390/ijfs11040133
Kim Long Tran, Hoang Anh Le, Cap Phu Lieu, Duc Trung Nguyen
Financial bubble prediction has been a significant area of interest in empirical finance, garnering substantial attention in the literature. This study aims to detect and forecast financial bubbles in the Vietnamese stock market from 2001 to 2021. The PSY procedure, which involves a right-tailed unit root test to identify the existence of financial bubbles, was employed to achieve this goal. Machine learning algorithms were then utilized to predict real-time financial bubble events. The results revealed the presence of financial bubbles in the Vietnamese stock market during 2006–2007 and 2017–2018. Additionally, the empirical evidence supported the superior performance of the random forest and artificial neural network algorithms over traditional statistical methods in predicting financial bubbles in the Vietnamese stock market.
金融泡沫预测一直是实证金融学的一个重要领域,在文献中获得了大量关注。本研究旨在检测和预测2001年至2021年越南股市的金融泡沫。为了实现这一目标,采用了PSY程序,即通过右尾单位根检验来识别金融泡沫的存在。然后利用机器学习算法来预测实时金融泡沫事件。结果显示,2006-2007年和2017-2018年越南股市存在金融泡沫。此外,经验证据支持随机森林和人工神经网络算法在预测越南股市金融泡沫方面优于传统统计方法。
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引用次数: 0
The Impact of Monetary Policy on the U.S. Stock Market since the COVID-19 Pandemic 新冠肺炎疫情以来货币政策对美国股市的影响
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-08 DOI: 10.3390/ijfs11040134
Willem Thorbecke
Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and then increased the federal funds rate by 500 basis points between March 2022 and May 2023. This paper investigates how this unprecedented tightening has impacted the stock market. To do so, it estimates a fully specified multi-factor model that measures the exposure of 53 assets to monetary policy surprises over the 1994 to 2019 period. It then uses the monetary policy betas to gauge investors’ beliefs about monetary policy between 2020 and 2023. The results indicate that changing perceptions about monetary policy multiplied uncertainty and stock market volatility.
2021年和2022年的通胀增速远高于美联储的预期。美联储在2021年淡化了通胀,然后在2022年3月至2023年5月期间将联邦基金利率上调了500个基点。本文研究了这种前所未有的紧缩政策对股市的影响。为此,它估计了一个完全指定的多因素模型,该模型衡量了1994年至2019年期间53种资产对货币政策意外的敞口。然后,它使用货币政策贝塔值来衡量投资者对2020年至2023年货币政策的看法。结果表明,对货币政策观念的改变增加了不确定性和股市波动。
{"title":"The Impact of Monetary Policy on the U.S. Stock Market since the COVID-19 Pandemic","authors":"Willem Thorbecke","doi":"10.3390/ijfs11040134","DOIUrl":"https://doi.org/10.3390/ijfs11040134","url":null,"abstract":"Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and then increased the federal funds rate by 500 basis points between March 2022 and May 2023. This paper investigates how this unprecedented tightening has impacted the stock market. To do so, it estimates a fully specified multi-factor model that measures the exposure of 53 assets to monetary policy surprises over the 1994 to 2019 period. It then uses the monetary policy betas to gauge investors’ beliefs about monetary policy between 2020 and 2023. The results indicate that changing perceptions about monetary policy multiplied uncertainty and stock market volatility.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135392323","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}
引用次数: 0
Cultural Influence on Corporate Sustainability: A Board of Directors Perspective 文化对企业可持续发展的影响:董事会视角
Q2 Economics, Econometrics and Finance Pub Date : 2023-11-06 DOI: 10.3390/ijfs11040132
Diana Escandon-Barbosa, Jairo Salas-Paramo, José Luis Duque
This research aims to analyze the triple moderating effect of the board of directors in the country culture of a firm and its influence on the relationship between organizational innovation and organizational learning in corporate sustainability. A survey of 400 exporting companies of different commercial products from Colombia, Peru, Ecuador, and Bolivia was used to carry out this research. We used the structural equations model to explore the analysis of the causal and moderation relationships between the variables under study. As a result, it was found that the influence of the board of directors of a firm is essential for innovation processes because they drive their results to corporate sustainability. This last approach is due to the strategic approach adopted by large companies. In the case of SMEs, it was not possible to demonstrate that the board of directors has such a degree of influence. In the case of the moderating effect of the board of directors on the country’s culture, it was possible to observe that the board of directors becomes a factor in the firm’s performance despite its geographical location, which determines the influence of culture on its operation in corporations such as SMEs.
本研究旨在分析董事会在企业国家文化中的三重调节作用及其对企业可持续发展中组织创新与组织学习关系的影响。对来自哥伦比亚、秘鲁、厄瓜多尔和玻利维亚的400家不同商业产品出口公司进行了调查,以进行这项研究。本文采用结构方程模型探讨了研究变量之间的因果关系和调节关系。结果发现,公司董事会的影响对创新过程至关重要,因为他们推动了公司可持续发展的结果。最后一种方法是由于大公司采用的战略方法。在中小企业的情况下,不可能证明董事会具有这种程度的影响力。在董事会对国家文化的调节作用的情况下,可以观察到董事会成为公司业绩的一个因素,尽管它的地理位置,这决定了文化对中小企业等公司运营的影响。
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引用次数: 0
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 Economics, Econometrics and 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 Economics, Econometrics and 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
期刊
International Journal of Financial Studies
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