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Firms’ Investment Level and (In)Efficiency: The Role of Accounting Information System Quality 公司的投资水平与(不)效率:会计信息系统质量的作用
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-18 DOI: 10.3390/ijfs12010009
Cláudia Pereira, Beatriz Castro, Luís Gomes, Helena Canha
We investigate whether accounting information system quality has an impact on the level and efficiency of firms’ investments. While firms’ growth depends on investment and financing decisions, accounting information is fundamental for the decision-making of several stakeholders. We assess the accounting information system quality by discretionary accruals, whereas the investment inefficiency is estimated by the residuals of an investment regression for a sample of 3073 Portuguese SMEs from 27 industries, over the period from 2016 to 2021 using a panel regression analysis. The empirical evidence suggests that firms exhibiting higher accounting information system quality tend to invest more. In addition, firms with a lower accounting information system quality have more inefficient investments, as they tend to engage in more overinvestment, although this is not significant for underinvestment. Therefore, this study provides new evidence regarding the impact of accounting information systems on investment that may be useful for several stakeholders, such as managers, creditors, regulators, and academics, by providing evidence for SMEs, where empirical studies are scarce.
我们研究了会计信息系统的质量是否会影响企业的投资水平和效率。企业的发展取决于投资和融资决策,而会计信息对多个利益相关者的决策至关重要。我们通过全权应计项目来评估会计信息系统质量,而投资低效率则通过投资回归的残差来估算,样本是来自 27 个行业的 3073 家葡萄牙中小型企业,采用面板回归分析法,时间跨度为 2016 年至 2021 年。经验证据表明,会计信息系统质量较高的企业往往投资较多。此外,会计信息系统质量较低的企业投资效率较低,因为它们倾向于进行更多的过度投资,尽管这对投资不足的影响并不显著。因此,本研究提供了有关会计信息系统对投资影响的新证据,通过为实证研究稀缺的中小企业提供证据,可能对管理者、债权人、监管者和学术界等多个利益相关者有用。
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引用次数: 0
Bank Market Power, Firm Performance, Financing Costs and Capital Structure 银行市场力量、公司业绩、融资成本和资本结构
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-17 DOI: 10.3390/ijfs12010007
Marisa Pessoa Gonçalves, Pedro M. Nogueira Reis, António Pedro Pinto
In this study, we provide a thorough analysis, conducted on a company-by-company basis, of the impact of bank concentration and the bank-relative power of banks on firm profitability, financing costs, and capital structure in a small economy like Portugal. Using a sample of 434,990 Portuguese companies, the study spans a time frame of 13 years (from 2006 to 2018). Principal component analysis (PCA) was used to determine bank concentration, and a new variable, “bank-related power”, was introduced. This work employed linear regression with static panel data for fixed and pooled effects, using Driscoll–Kraay standard errors and robust standard error estimation. A direct association was found between business performance and the use of bank credit in highly concentrated banking markets (SMEs), and there is evidence of an inverse relationship when the relative power of banks increases (small business). Evidence also shows that financing costs increase with greater bank concentration, while firms’ capital structure improves under similar conditions. When a bank holds greater relative market power, it tends to exert a negative impact on the capital structure of large companies. However, an inverse relationship is observed in the case of SMEs. Unlike previous studies, the article assesses the effects of bank market power on each of the different companies involved by using both bank concentration (as a composite variable) and a new variable that measures the relative power of banks. Due to its extensive database and expanded time frame, this research is innovative in the context of small-sized companies.
在本研究中,我们以公司为单位,深入分析了在葡萄牙这样的小型经济体中,银行集中度和银行相对权力对公司盈利能力、融资成本和资本结构的影响。研究以 434990 家葡萄牙公司为样本,时间跨度长达 13 年(从 2006 年到 2018 年)。研究采用主成分分析法(PCA)确定银行集中度,并引入了一个新变量 "银行相关权力"。这项研究采用线性回归法,使用固定效应和集合效应的静态面板数据,使用 Driscoll-Kraay 标准误差和稳健标准误差估计。研究发现,在高度集中的银行业市场(中小型企业)中,经营业绩与银行信贷的使用之间存在直接联系,有证据表明,当银行的相对权力增加时,两者之间存在反向关系(小型企业)。证据还显示,银行集中度越高,融资成本就越高,而在类似条件下,企业的资本结构会得到改善。当银行拥有更大的相对市场力量时,往往会对大公司的资本结构产生负面影响。然而,中小型企业的情况则相反。与以往的研究不同,本文通过使用银行集中度(作为一个综合变量)和一个衡量银行相对权力的新变量来评估银行市场权力对每个不同公司的影响。由于数据库庞大,时间跨度大,这项研究在小型公司方面具有创新性。
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引用次数: 0
The Influence of Airbnb Announcements on North American Capital Markets: Insights for Stakeholders Airbnb 公告对北美资本市场的影响:对利益相关者的启示
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-16 DOI: 10.3390/ijfs12010006
Tchai Tavor
This research investigates the burgeoning peer-to-peer (P2P) economy, exemplified by platforms such as Airbnb, and its implications within the North American context. The study focuses on understanding the repercussions of Airbnb announcements on capital markets, concentrating specifically on the travel and tourism sector and the real estate sector. The findings unveil a discernible augmentation in index returns preceding the announcement’s publication in both sectors. However, a notable divergence manifests post-announcement: while the real estate sector sustains an upward trajectory in returns, the travel and tourism sector experiences a post-publication decline. These results underscore the strategic advantage available to investors with early access to Airbnb announcements, enabling them to capitalize on excess profits. Furthermore, the broader investor community can leverage the insights gleaned from Airbnb announcements for financial gains. A nuanced examination of regression results reveals the substantial impact of macroeconomic variables on index returns in both the travel and tourism sector and the real estate sector. These insights contribute to a more nuanced understanding of the intricate dynamics shaping these economic domains.
本研究调查了以 Airbnb 等平台为代表的蓬勃发展的点对点(P2P)经济及其对北美市场的影响。研究重点是了解 Airbnb 公告对资本市场的影响,尤其是对旅行和旅游业以及房地产行业的影响。研究结果表明,在公告发布之前,这两个行业的指数回报率都出现了明显的上升。然而,公告发布后出现了明显的分化:房地产行业的回报率持续上升,而旅行和旅游行业的回报率在公告发布后出现下降。这些结果凸显了投资者在早期获得 Airbnb 公告的战略优势,使他们能够利用超额利润。此外,更广泛的投资者群体可以利用从 Airbnb 公告中获得的洞察力来获取财务收益。对回归结果的细致研究显示,宏观经济变量对旅行和旅游行业以及房地产行业的指数收益都有重大影响。这些见解有助于人们更细致地了解塑造这些经济领域的复杂动态。
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引用次数: 0
The Efficiency of Alternative and Conventional Energy Exchange-Traded Funds: Are Clean Energy Exchange-Traded Funds a Safer Asset? 替代能源和传统能源交易所交易基金的效率:清洁能源交易所交易基金是更安全的资产吗?
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-12 DOI: 10.3390/ijfs12010004
Carla Oliveira Henriques, Maria Elisabete Neves, João Jorge Couceiro
This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA model, efficiency is defined as the ability of an ETF to maximize its outputs (annualized average return; environmental, social responsibility, and corporate governance; and net asset value) given a fixed level of inputs (expense ratio and beta). The findings indicate that alternative energy ETFs have the potential for long-term outperformance compared to conventional energy ETFs in terms of efficiency. However, during financial crises, the performance differences between the two types of ETFs diminish, with no significant outperformance observed in either category. The expense ratio and net asset value are identified as key factors influencing the efficiency of both ETF types. Additionally, social and governance metrics have a notably stronger positive impact on conventional energy ETFs relative to alternative energy ETFs, highlighting the increasing significance of these factors in financial asset performance.
本文结合以产出为导向的基于松弛的数据包络分析(DEA)模型和聚类分析,研究了2018年至2020年替代能源股票交易所交易基金(ETF)和传统能源股票ETF的效率。在以产出为导向的 DEA 模型中,效率被定义为 ETF 在固定投入水平(费用率和贝塔系数)下最大化其产出(年化平均回报率;环境、社会责任和公司治理;资产净值)的能力。研究结果表明,与传统能源 ETF 相比,替代能源 ETF 有可能在效率方面长期表现优异。然而,在金融危机期间,两类 ETF 之间的业绩差异缩小,没有观察到任何一类 ETF 有显著的超额收益。费用率和资产净值被认为是影响两类 ETF 效率的关键因素。此外,与替代能源 ETF 相比,社会和治理指标对传统能源 ETF 的积极影响明显更大,这凸显了这些因素在金融资产绩效中日益重要的地位。
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引用次数: 0
The Impact of Intangible Capital on Firm Profitability in the Technology and Healthcare Sectors 无形资本对科技和医疗保健行业企业盈利能力的影响
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-12 DOI: 10.3390/ijfs12010005
Voicu D. Dragomir
The aim of the present study is to assess the impact of structural capital intensity and utilization on firm profitability in an international setting: the European Union countries, plus Norway, Switzerland and the United Kingdom. The indicators are calculated based on financial data downloaded from the Refinitiv Eikon database. Two financial ratios are used as proxies for the intensity and utilization of structural capital. The balanced panel consists of 625 companies from 25 countries, over the period from 2013 to 2022. The panel includes financial information on two industries that are considered innovation-oriented, namely technology and healthcare. Alternative model specifications are proposed to test the robustness of the basic model, including dynamic models (with lagged dependent variables). The present study indicates that a higher proportion of structural capital (intangible assets, excluding goodwill) is a negative factor for company profitability in the technology and healthcare sectors. There is no indication that a more intense use of intangible assets and more investments in R&D positively contribute to company profitability in the respective industries, for a large sample of listed companies. A higher proportion of intangible assets, as reported in financial statements, is possibly related to inefficiencies in the management of structural capital. The inverse relationship between profitability and investments in intangible assets is likely due to failures in cost accounting. Limitations and future research propositions are provided in the conclusions.
本研究旨在评估结构性资本密集度和利用率在国际环境下对企业盈利能力的影响:欧盟国家以及挪威、瑞士和英国。这些指标是根据从 Refinitiv Eikon 数据库下载的财务数据计算得出的。两个财务比率被用作结构资本强度和利用率的替代指标。平衡面板由来自 25 个国家的 625 家公司组成,时间跨度为 2013 年至 2022 年。面板包括两个被认为以创新为导向的行业,即技术和医疗保健行业的财务信息。为检验基本模型的稳健性,提出了其他模型规格,包括动态模型(滞后因变量)。本研究表明,结构资本(无形资产,不包括商誉)比例越高,对科技和医疗保健行业的公司盈利能力越不利。在大量的上市公司样本中,没有迹象表明更多使用无形资产和更多研发投资会对相应行业的公司盈利能力产生积极影响。财务报表中无形资产比例较高,可能与结构资本管理效率低下有关。盈利能力与无形资产投资之间的反比关系可能是由于成本会计的失误。结论中提出了局限性和未来的研究建议。
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引用次数: 0
A Systematic Review of Fintech and Banking Profitability 金融科技与银行业盈利能力系统回顾
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-11 DOI: 10.3390/ijfs12010003
Adey Tarawneh, Aisyah Abdul-Rahman, Syajarul Imna Mohd Amin, Mohd Fahmi Ghazali
Financial technology (Fintech), characterized as technology-driven financial innovation, has catalyzed significant economic growth across various nations. The Fintech sector has experienced remarkable expansion, boasting vast user numbers. While regions like the United States and China have seen accelerated Fintech development, other areas like Western Europe, Eastern Asia, and the Middle East continue their evolutionary journey with this technology. Our research offers a systematic review of contemporary literature, probing the crucial Fintech metrics affecting bank profitability and identifying the primary factors influencing these profits. This review introduces a holistic methodology for quantitatively assessing the evolving Fintech measures and their interplay with determinants of bank profitability. According to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, our study evaluates 28 articles from Web of Science and Scopus databases from August 2019 to August 2023. Findings delineate two principal themes: Fintech measures at both bank and country levels and determinants of profitability, encompassing bank-specific and country-specific variables. We utilize the Theories, Constructs, Contexts, and Methods framework to chart the course for future research. Our insights bear significance for theoretical progression and practical implementation, offering academics, banking professionals, and policymakers a nuanced comprehension of the nexus between Fintech and bank profitability.
金融科技(Fintech)是以技术为驱动的金融创新,它催化了各国经济的显著增长。金融科技行业经历了显著的扩张,拥有庞大的用户数量。在美国和中国等地区金融科技发展加速的同时,西欧、东亚和中东等其他地区也在继续这一技术的发展历程。我们的研究对当代文献进行了系统回顾,探究了影响银行盈利能力的重要金融科技指标,并确定了影响这些利润的主要因素。本综述介绍了一种整体方法,用于定量评估不断发展的金融科技指标及其与银行盈利能力决定因素之间的相互作用。根据系统综述和元分析首选报告项目(PRISMA)指南,我们的研究评估了 2019 年 8 月至 2023 年 8 月期间来自 Web of Science 和 Scopus 数据库的 28 篇文章。研究结果划定了两个主题:银行和国家层面的金融科技措施以及盈利能力的决定因素,包括银行特定变量和国家特定变量。我们利用理论、结构、背景和方法框架来规划未来的研究方向。我们的见解对理论进展和实际实施具有重要意义,为学术界、银行业专业人士和政策制定者提供了对金融科技与银行盈利能力之间关系的细微理解。
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引用次数: 0
Market Shocks and Stock Volatility: Evidence from Emerging and Developed Markets 市场冲击与股票波动:新兴市场和发达市场的证据
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-11 DOI: 10.3390/ijfs12010002
M. Tabash, Neenu Chalissery, T. Nishad, M. Al-Absy
Market turbulences and their impact on the financial market, particularly on the stock market, is a financial topic that has received significant research attention recently. This study compared the characteristics of stock return and volatility in selected developed and emerging markets between the 2008 financial crisis and the 2019 worldwide pandemic. In this sense, we seek to answer two concerns. First, do the developed and emerging markets behave similarly during crisis periods? Second, does economic strength always shield markets from poor economic circumstances? For this purpose, the daily return data of E7 (Emerging 7) and G7 (Developed 7) countries for two sample periods—namely, the financial crisis period of 2007–2009 and the global pandemic period of 2019–2021—were chosen. By using univariate GARCH models, namely GARCH, EGARCH, and TGARCH, the study discovered that developing and developed markets reacted differently to these two financial crises. While emerging markets responded similarly to these two crises, developed economies acted differently, being more volatile and sensitive to the worldwide pandemic of 2019 than the financial crisis of 2008. Moreover, a country’s economic prowess does not always shield it from economic turmoil. This study will help investors identify diversification opportunities among the developed and emerging markets during a crisis period. Additionally, this will help portfolio and fund managers understand the behaviour of stock markets during times of market crisis and thus give advice to investors.
市场动荡及其对金融市场尤其是股票市场的影响是近来备受研究关注的金融话题。本研究比较了 2008 年金融危机和 2019 年世界性大流行病之间部分发达市场和新兴市场的股票收益率和波动率特征。在这个意义上,我们试图回答两个问题。首先,发达市场和新兴市场在危机期间的表现是否相似?其次,经济实力是否总能使市场免受恶劣经济环境的影响?为此,我们选取了 E7(新兴七国)和 G7(发达七国)国家在两个样本时期的每日收益数据,即 2007-2009 年金融危机时期和 2019-2021 年全球大流行时期。通过使用单变量 GARCH 模型,即 GARCH、EGARCH 和 TGARCH,研究发现发展中国家和发达国家市场对这两次金融危机的反应不同。新兴市场对这两次危机的反应类似,而发达经济体的反应则不同,它们对 2019 年全球大流行病的波动性和敏感性要高于 2008 年金融危机。此外,一个国家的经济实力并不总能使其免受经济动荡的影响。本研究将帮助投资者在危机期间识别发达市场和新兴市场之间的多样化机会。此外,这将有助于投资组合和基金经理了解市场危机时期的股市行为,从而为投资者提供建议。
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引用次数: 0
Variable Considerations in ASC 606, Earnings Management and Business Continuity during Crisis ASC 606、收益管理和危机期间业务连续性中的各种考虑因素
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-01-02 DOI: 10.3390/ijfs12010001
Mohammed M. Yassin, Dea’a Al-Deen Al-Sraheen, Khaldoon Ahmad Al Daoud, Mohammad Alhadab, Farouq Altahtamouni
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”, with the aim of enhancing transparency to provide fairer representation and inhibit the misuse of revenues to manipulate earnings. During COVID-19, variable considerations in ASC 606 were used to manage earnings as a tool to help firms survive. The study aimed to test the mediating role of earnings management in influencing the effect of variable considerations in ASC 606 on the continuity of the firm. An online questionnaire was sent to financial reporting preparers in US public shareholding firms; 403 valid questionnaires were received. The results of PLS-SEM revealed that crises such as COVID-19 have highlighted the way in which variable considerations in ASC 606 were exploited to manage firms’ earnings to ensure their survival. Companies resort to showing their best financial performance, beautifying its financial reports by manipulating profits, using flexibility in accounting policies, but this may negatively affect the country’s entire economy by collapsing companies and creating more financial crises that cannot be easily addressed.
美国财务会计准则委员会(FASB)发布了《会计准则汇编》(ASC)第 606 号 "与客户签订合同产生的收入",旨在提高透明度,提供更公平的表述,抑制滥用收入来操纵收益的行为。在 COVID-19 期间,ASC 606 中的变量考虑因素被用来管理收益,作为帮助企业生存的工具。本研究旨在检验收益管理在影响 ASC 606 中可变因素对公司持续性的影响方面所起的中介作用。研究向美国上市公司的财务报告编制人员发送了一份在线问卷,共收到 403 份有效问卷。PLS-SEM 的结果显示,COVID-19 等危机凸显了《美国会计准则第 606 号》中的变量因素被用来管理公司收益以确保其生存。公司诉诸于展示其最佳财务业绩,通过操纵利润美化其财务报告,利用会计政策的灵活性,但这可能会对国家的整个经济产生负面影响,使公司倒闭,并造成更多难以解决的金融危机。
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引用次数: 0
Impact of Motivational Workshop on Financial Inclusion of Rural People in Bangladesh: Evidence from Randomized Controlled Trial 激励性研讨会对孟加拉国农村人口金融包容性的影响:来自随机对照试验的证据
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2023-12-15 DOI: 10.3390/ijfs11040151
Md Monzur Morshed, K. Maharjan
Despite the expansion of financial institutions and the proliferation of mobile financial services, reaching the unbanked and bringing them under formal financial services has become a policy concern in many developing countries. Due to the lack of financial accounts, unbanked people prefer informal, risky, and inconvenient mechanisms for receiving, sending, and transferring money. Previous studies rely much on common interventions like no account maintenance and opening fees, easy documentation processes, and money subsidies for opening financial accounts. This study aims to examine the impact of the motivational workshop on opening savings accounts through causality among the unbanked people in a setting where the respondents are unbanked despite having all the requirements and many institutional offers to open savings accounts. We encouraged the unbanked people through a one-hour-long motivational workshop to open savings accounts. Based on our cross-sectional data and randomized controlled trial experiment among the 505 unbanked rural people at Dhubil union under Sirajganj in Bangladesh, we have evidence that motivational workshop positively impacts opening accounts by 32.33 percent. However, the account opening rate differs in terms of respondent’s preference for financial institutions. Our study also finds that unbanked people have the highest preference for mobile financial services for opening accounts resulting in 15.33 percent. The result of this study has some policy implications for adopting effective strategies for universal financial access in many developing countries.
尽管金融机构在扩张,移动金融服务也在普及,但在许多发展中国家,帮助无银行账户者并将其纳入正规金融服务已成为一项政策关切。由于缺乏金融账户,没有银行账户的人更愿意选择非正规、有风险和不方便的机制来收款、汇款和转账。以往的研究主要依赖于常见的干预措施,如免收账户维护费和开户费、简便的文件编制程序以及为开设金融账户提供资金补贴等。本研究旨在通过因果关系研究激励性工作坊对无银行账户者开设储蓄账户的影响。我们通过一个小时的激励研讨会鼓励无银行账户者开设储蓄账户。根据我们的横截面数据和随机对照试验,我们在孟加拉国 Sirajganj 下属 Dhubil 联盟的 505 名无银行账户的农村人口中发现,激励性研讨会对开户率产生了 32.33% 的积极影响。然而,受访者对金融机构的偏好不同,开户率也不同。我们的研究还发现,没有银行账户的人在开户时对移动金融服务的偏好最高,达到 15.33%。这项研究的结果对许多发展中国家采取有效战略普及金融服务具有一定的政策影响。
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引用次数: 0
Climate Change Risks Disclosure: Do Business Strategy and Management Characteristics Matter? 气候变化风险披露:企业战略和管理特征重要吗?
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2023-12-14 DOI: 10.3390/ijfs11040150
Mahfod M. Aldoseri, Maged M. Albaz
This research aims to broaden the understanding of the determinants of climate change disclosure, where the study analyzes the impact of corporate business strategy and Chief Executive Officer (CEO) overconfidence on the level of climate change disclosure. The study followed a mixed-methods approach that combines quantitative and qualitative techniques to comprehensively examine the relationships used by the content analysis method to analyze the annual reports of a sample of Saudi companies for the period from 2019 to 2022 to measure the level of disclosure of practices related to climate change. The results of the study show that the companies that tend to adopt the initiative strategy provide more information about climate change than the defending companies do, while the CEO’s overconfidence does not affect the level of climate change disclosure. The results of the study indicate that the nature of the strategic direction adopted by the company is more important in determining the motives for disclosing climate change information than the personal characteristics of management.
本研究旨在拓宽对气候变化信息披露决定因素的理解,研究分析了企业经营战略和首席执行官(CEO)过度自信对气候变化信息披露水平的影响。研究采用混合方法,结合定量和定性技术,全面考察了内容分析法所使用的关系,分析了2019年至2022年期间沙特公司的年度报告样本,以衡量气候变化相关实践的披露水平。研究结果表明,倾向于采取主动战略的公司比防御型公司提供了更多的气候变化信息,而首席执行官的过度自信并不影响气候变化信息的披露水平。研究结果表明,在决定披露气候变化信息的动机方面,公司所采取的战略方向的性质比管理层的个人特征更为重要。
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引用次数: 0
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International Journal of Financial Studies
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