We collected online public opinions on the CSI 300 index constituents and investigated the different impacts of online public opinion divergence on trading volume. Here, we find that online public opinions are helpful in improving the trading volume, but the online public opinion divergence of investors reduces the expected trading volume. In particular, non-financial and mid-cap stocks with high levels of discussion are more significantly influenced by online public opinion divergence. Through the classification of investors’ influence levels, we find that the divergence among high-level investors increases the trading volume, while the divergence among low-level investors exacerbates the decrease in trading volume. A reduction in divergence for both levels will have a greater impact. We believe that attention should be paid to regulating and guiding the online public opinions of “newcomers”. This will not only improve the quality of Guba but also contribute to the steady development of the Chinese stock market.
{"title":"Does Investors’ Online Public Opinion Divergence Increase the Trading Volume? Evidence from the CSI 300 Index Constituents","authors":"Zihuang Huang, Qing Xu, Xinyu Wang","doi":"10.3390/jrfm17080316","DOIUrl":"https://doi.org/10.3390/jrfm17080316","url":null,"abstract":"We collected online public opinions on the CSI 300 index constituents and investigated the different impacts of online public opinion divergence on trading volume. Here, we find that online public opinions are helpful in improving the trading volume, but the online public opinion divergence of investors reduces the expected trading volume. In particular, non-financial and mid-cap stocks with high levels of discussion are more significantly influenced by online public opinion divergence. Through the classification of investors’ influence levels, we find that the divergence among high-level investors increases the trading volume, while the divergence among low-level investors exacerbates the decrease in trading volume. A reduction in divergence for both levels will have a greater impact. We believe that attention should be paid to regulating and guiding the online public opinions of “newcomers”. This will not only improve the quality of Guba but also contribute to the steady development of the Chinese stock market.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"48 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141808265","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}
Mobile payment, replacing traditional methods like cash and cards, offers users convenience and accessibility, benefiting individuals, businesses, and governments. However, most research on mobile payment adoption has primarily focused on developed countries, leaving a gap in understanding the adoption factors in developing nations. This study addresses this gap by investigating the determinants of mobile payment adoption in Thailand, an emerging economy experiencing significant smartphone adoption and e-commerce growth. Through a quantitative approach and a survey of 475 Thai consumers, this research applies an extended Unified Theory of Acceptance and Use of Technology (UTAUT) model as a theoretical foundation to examine Thai consumers’ mobile payment adoption. Data analysis using SPSS 28.0 and AMOS 28.0 identifies key factors influencing Thai consumers to adopt mobile payment. By offering a comprehensive research model and considering evolving smartphone technology, this study aims to guide policymakers and stakeholders in promoting mobile payment adoption, ultimately enhancing Thailand’s economic development and tourism industry.
{"title":"Unveiling the Path to Mobile Payment Adoption: Insights from Thai Consumers","authors":"Chuleeporn Changchit, Robert Cutshall, Long Pham","doi":"10.3390/jrfm17080315","DOIUrl":"https://doi.org/10.3390/jrfm17080315","url":null,"abstract":"Mobile payment, replacing traditional methods like cash and cards, offers users convenience and accessibility, benefiting individuals, businesses, and governments. However, most research on mobile payment adoption has primarily focused on developed countries, leaving a gap in understanding the adoption factors in developing nations. This study addresses this gap by investigating the determinants of mobile payment adoption in Thailand, an emerging economy experiencing significant smartphone adoption and e-commerce growth. Through a quantitative approach and a survey of 475 Thai consumers, this research applies an extended Unified Theory of Acceptance and Use of Technology (UTAUT) model as a theoretical foundation to examine Thai consumers’ mobile payment adoption. Data analysis using SPSS 28.0 and AMOS 28.0 identifies key factors influencing Thai consumers to adopt mobile payment. By offering a comprehensive research model and considering evolving smartphone technology, this study aims to guide policymakers and stakeholders in promoting mobile payment adoption, ultimately enhancing Thailand’s economic development and tourism industry.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"26 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141806159","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}
Investment in stocks is increasingly dependent on artificial intelligence (AI), but the psychological and social factors that affect stock prices may not be fully covered by the measures currently used in AI training. Here, we search for additional measures that may improve AI predictions. We start by reviewing stock price movements that appear to be affected by social and psychological factors, drawing on stock market behaviour during the COVID-19 pandemic. A review of processes that are likely to produce such stock market movements follows: the disposition effect, momentum, and the response to information. These processes are then explained by regression to the mean, negativity bias, the availability mechanism, and information diffusion. Taking account of these processes and drawing on the consumer behaviour literature, we identify three factors which may not be covered by current AI training data that could affect stock prices: publicity in relation to capitalization, stock-holding penetration in relation to capitalization, and changes in the penetration of stock holding.
{"title":"Potential Predictors of Psychologically Based Stock Price Movements","authors":"Robert East, Malcolm Wright","doi":"10.3390/jrfm17080312","DOIUrl":"https://doi.org/10.3390/jrfm17080312","url":null,"abstract":"Investment in stocks is increasingly dependent on artificial intelligence (AI), but the psychological and social factors that affect stock prices may not be fully covered by the measures currently used in AI training. Here, we search for additional measures that may improve AI predictions. We start by reviewing stock price movements that appear to be affected by social and psychological factors, drawing on stock market behaviour during the COVID-19 pandemic. A review of processes that are likely to produce such stock market movements follows: the disposition effect, momentum, and the response to information. These processes are then explained by regression to the mean, negativity bias, the availability mechanism, and information diffusion. Taking account of these processes and drawing on the consumer behaviour literature, we identify three factors which may not be covered by current AI training data that could affect stock prices: publicity in relation to capitalization, stock-holding penetration in relation to capitalization, and changes in the penetration of stock holding.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"130 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783453","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}
We examine the impact of corporate governance and personal networks on corporate fraud in Japanese companies, using panel logit and Cox proportional hazard models to analyze fraud occurrence and detection. This study focuses on the effects of Japan’s recent corporate governance reform and explores the unique influence of personal networks. Our key findings indicate that recent changes in corporate governance in Japan have been effective in preventing the occurrence of fraud and accelerating its detection. Additionally, stronger personal networks among board members help prevent fraud concealment, highlighting cultural differences in the effectiveness of personal networks in corporate governance compared to findings from Europe and the US.
{"title":"Personal Networks, Board Structures and Corporate Fraud in Japan","authors":"Takeshi Osada, David Vera, Taketoshi Hashimoto","doi":"10.3390/jrfm17080314","DOIUrl":"https://doi.org/10.3390/jrfm17080314","url":null,"abstract":"We examine the impact of corporate governance and personal networks on corporate fraud in Japanese companies, using panel logit and Cox proportional hazard models to analyze fraud occurrence and detection. This study focuses on the effects of Japan’s recent corporate governance reform and explores the unique influence of personal networks. Our key findings indicate that recent changes in corporate governance in Japan have been effective in preventing the occurrence of fraud and accelerating its detection. Additionally, stronger personal networks among board members help prevent fraud concealment, highlighting cultural differences in the effectiveness of personal networks in corporate governance compared to findings from Europe and the US.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783454","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}
Overconfidence (hubris or overestimation of one’s ability to perform) has been viewed in the finance literature as a character trait that is stable over time, e.g., assuming that if a manager is overconfident, he/she is overconfident all the time. In this paper, we aim to show that managerial overconfidence can be state-contingent, i.e., the level of managerial overconfidence could be influenced by an external economic shock such as the global financial crisis in 2008. A novelty of this paper is to provide evidence for and application of the concept of state-based managerial overconfidence, which is new in the finance literature. Two empirical studies were reported. In the first study (Study 1), we analyzed real market data by linear regression. We found that managerial overconfidence could vary according to changes in the state of the macroeconomy or tightening of corporate governance policies. In the second study (Study 2), we conducted a lab experiment simulating how external manipulations could alter participants’ confidence level. Both our empirical studies provide strong evidence of state-contingent overconfidence by Student’s t-test and contribute to the current finance literature, which assumes overconfidence as a personality trait. Our findings have important practical implications for the credit market. According to the state-contingent overconfidence hypothesis, creditors might reduce the loan amount or the loan duration (or other loan contract terms) too excessively by more than the efficient level during an economic downturn if the offsetting effect of state-contingent overconfidence is ignored.
在金融文献中，过度自信（狂妄自大或高估自己的能力）一直被视为一种随时间而稳定的性格特征，例如，假定如果一个管理者过度自信，那么他/她在任何时候都是过度自信的。在本文中，我们旨在说明管理者的过度自信可能是受状态影响的，即管理者的过度自信水平可能受外部经济冲击（如 2008 年的全球金融危机）的影响。本文的新颖之处在于为基于状态的管理者过度自信这一概念提供证据并加以应用，这在金融学文献中尚属首次。本文报告了两项实证研究。在第一项研究（研究 1）中，我们通过线性回归分析了真实市场数据。我们发现，管理者的过度自信会随着宏观经济状况的变化或公司治理政策的收紧而变化。在第二项研究（研究 2）中，我们进行了一项实验室实验，模拟外部操纵如何改变参与者的信心水平。通过学生 t 检验，我们的两项实证研究都提供了状态相关性过度自信的有力证据，并对当前将过度自信假定为一种人格特质的金融文献做出了贡献。我们的研究结果对信贷市场具有重要的现实意义。根据状态偶合型过度自信假说，如果忽略状态偶合型过度自信的抵消效应，那么在经济衰退期间，信贷员可能会过度降低贷款额度或贷款期限（或其他贷款合同条款），降低幅度超过有效水平。
{"title":"Does Managerial Overconfidence Change with Market Conditions? Risk Management for Financial Institutions","authors":"Jan P. Voon, Wai Lan Victoria Yeung, Sze Nam Chan","doi":"10.3390/jrfm17080313","DOIUrl":"https://doi.org/10.3390/jrfm17080313","url":null,"abstract":"Overconfidence (hubris or overestimation of one’s ability to perform) has been viewed in the finance literature as a character trait that is stable over time, e.g., assuming that if a manager is overconfident, he/she is overconfident all the time. In this paper, we aim to show that managerial overconfidence can be state-contingent, i.e., the level of managerial overconfidence could be influenced by an external economic shock such as the global financial crisis in 2008. A novelty of this paper is to provide evidence for and application of the concept of state-based managerial overconfidence, which is new in the finance literature. Two empirical studies were reported. In the first study (Study 1), we analyzed real market data by linear regression. We found that managerial overconfidence could vary according to changes in the state of the macroeconomy or tightening of corporate governance policies. In the second study (Study 2), we conducted a lab experiment simulating how external manipulations could alter participants’ confidence level. Both our empirical studies provide strong evidence of state-contingent overconfidence by Student’s t-test and contribute to the current finance literature, which assumes overconfidence as a personality trait. Our findings have important practical implications for the credit market. According to the state-contingent overconfidence hypothesis, creditors might reduce the loan amount or the loan duration (or other loan contract terms) too excessively by more than the efficient level during an economic downturn if the offsetting effect of state-contingent overconfidence is ignored.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783455","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}
This study investigates the relationship between corporate cash holdings and investment efficiency, with a focus on how COVID-19 and the presence of women directors may influence this relationship. Using data from Indonesian public companies during the COVID-19 period, comprising 2350 firm-year observations, we employ fixed-effect regression models with industry and year controls to test our hypotheses. Robustness and endogeneity tests are conducted to ensure the reliability of our findings. Our research reveals that companies with larger cash reserves tend to experience decreased investment efficiency during the COVID-19 crisis. Moreover, the negative impact of substantial cash reserves on investment efficiency is exacerbated by the presence of female directors on the board. However, our findings also suggest that female directors can mitigate the adverse effects of excessive cash reserves on a company’s investment efficiency, particularly during unforeseen economic challenges such as the pandemic.
{"title":"Corporate Cash Holdings and Investment Efficiency: Do Women Directors and Financial Crisis Matter?","authors":"Ardianto Ardianto, Noor Adwa Sulaiman","doi":"10.3390/jrfm17070311","DOIUrl":"https://doi.org/10.3390/jrfm17070311","url":null,"abstract":"This study investigates the relationship between corporate cash holdings and investment efficiency, with a focus on how COVID-19 and the presence of women directors may influence this relationship. Using data from Indonesian public companies during the COVID-19 period, comprising 2350 firm-year observations, we employ fixed-effect regression models with industry and year controls to test our hypotheses. Robustness and endogeneity tests are conducted to ensure the reliability of our findings. Our research reveals that companies with larger cash reserves tend to experience decreased investment efficiency during the COVID-19 crisis. Moreover, the negative impact of substantial cash reserves on investment efficiency is exacerbated by the presence of female directors on the board. However, our findings also suggest that female directors can mitigate the adverse effects of excessive cash reserves on a company’s investment efficiency, particularly during unforeseen economic challenges such as the pandemic.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"80 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141737997","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}
Phong Minh Nguyen, Darren Henry, Jae H. Kim, Sisira Colombage
This paper proposes a new approach to estimating the minimum variance hedge ratio (MVHR) based on the wild bootstrap and evaluates the approach using a spectrum of conservative to aggressive alternative hedging strategies associated with the percentiles of the MVHR’s bootstrap distribution. This approach is suggested to be more informative and effective relative to the conventional method of hedging solely based on a single-point estimate. Furthermore, the percentile-based MVHRs are robust to influential outliers, non-normality, and unknown forms of heteroskedasticity. The bootstrap percentile-based hedging strategies’ effectiveness is compared with those from the naïve method and the asymmetric DCC-GARCH model for a range of financial assets and commodities. The bootstrap percentile-based hedging technique is identified to outperform its alternatives in terms of hedging effectiveness, downside risk, and return variability, suggesting its superiority to other methods in both the literature and in practice.
{"title":"Estimation of Optimal Hedge Ratio: A Wild Bootstrap Approach","authors":"Phong Minh Nguyen, Darren Henry, Jae H. Kim, Sisira Colombage","doi":"10.3390/jrfm17070310","DOIUrl":"https://doi.org/10.3390/jrfm17070310","url":null,"abstract":"This paper proposes a new approach to estimating the minimum variance hedge ratio (MVHR) based on the wild bootstrap and evaluates the approach using a spectrum of conservative to aggressive alternative hedging strategies associated with the percentiles of the MVHR’s bootstrap distribution. This approach is suggested to be more informative and effective relative to the conventional method of hedging solely based on a single-point estimate. Furthermore, the percentile-based MVHRs are robust to influential outliers, non-normality, and unknown forms of heteroskedasticity. The bootstrap percentile-based hedging strategies’ effectiveness is compared with those from the naïve method and the asymmetric DCC-GARCH model for a range of financial assets and commodities. The bootstrap percentile-based hedging technique is identified to outperform its alternatives in terms of hedging effectiveness, downside risk, and return variability, suggesting its superiority to other methods in both the literature and in practice.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141745844","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}
This research examined factors that help microfinance achieve sustained poverty reduction based on a systematic literature review (SLR). A search was conducted on the SCOPUS database up to December 2023. After analyzing hundreds of documents, a subset of 30 articles was subject to in-depth analysis, exploring factors and corresponding measurement indicators for sustainable poverty reduction in microfinance contexts. This article emphasizes that sustained poverty reduction is a gradual process requiring ongoing efforts from both Microfinance Institutions (MFIs) and governments. Two key success factors are empowering borrowers and ensuring the microfinance programs themselves are profitable. When implemented in an integrated and coordinated manner, these factors can empower individuals to escape poverty by fostering self-employment and income generation, ultimately reducing dependence on external support. Additionally, the study highlights the role of personality traits in influencing long-term entrepreneurial success. The findings provide valuable tools for MFIs and policymakers. MFIs gain a practical framework to guide their interventions towards sustained poverty reduction. Policymakers can leverage the identified factors and indicators when designing and implementing microfinance policies with a long-term focus on poverty alleviation. This study breaks new ground by presenting an operational framework that categorizes and integrates two critical factor groups: empowerment and beneficiary profitability. Furthermore, it links these factors to corresponding measurement indicators within a unified framework, enabling a more holistic assessment of poverty reduction efforts.
{"title":"Factors Influencing Sustainable Poverty Reduction: A Systematic Review of the Literature with a Microfinance Perspective","authors":"Salvador Fonseca, A. Moreira, Jorge Mota","doi":"10.3390/jrfm17070309","DOIUrl":"https://doi.org/10.3390/jrfm17070309","url":null,"abstract":"This research examined factors that help microfinance achieve sustained poverty reduction based on a systematic literature review (SLR). A search was conducted on the SCOPUS database up to December 2023. After analyzing hundreds of documents, a subset of 30 articles was subject to in-depth analysis, exploring factors and corresponding measurement indicators for sustainable poverty reduction in microfinance contexts. This article emphasizes that sustained poverty reduction is a gradual process requiring ongoing efforts from both Microfinance Institutions (MFIs) and governments. Two key success factors are empowering borrowers and ensuring the microfinance programs themselves are profitable. When implemented in an integrated and coordinated manner, these factors can empower individuals to escape poverty by fostering self-employment and income generation, ultimately reducing dependence on external support. Additionally, the study highlights the role of personality traits in influencing long-term entrepreneurial success. The findings provide valuable tools for MFIs and policymakers. MFIs gain a practical framework to guide their interventions towards sustained poverty reduction. Policymakers can leverage the identified factors and indicators when designing and implementing microfinance policies with a long-term focus on poverty alleviation. This study breaks new ground by presenting an operational framework that categorizes and integrates two critical factor groups: empowerment and beneficiary profitability. Furthermore, it links these factors to corresponding measurement indicators within a unified framework, enabling a more holistic assessment of poverty reduction efforts.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 729","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141823851","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}
This study investigates the association between economic uncertainty and audit quality in the BRICS nations, examining both input-based (e.g., audit fees, auditor tenure) and output-based (e.g., restatements, total accruals) measures of audit quality. Utilizing a dataset of 83,511 firm-year observations from 1995–2022, it reveals a significant negative impact of economic uncertainty on audit quality. Additionally, the research explores the moderating role of CEO power, employing principal component analysis to merge various indicators of CEO influence. Findings indicate that powerful CEOs can mitigate the adverse effects of economic uncertainty on audit quality, suggesting a U-shaped relationship between CEO power and audit quality. Methodologically robust, employing techniques like two-stage least squares (2SLS) and two-stage system generalized method of moments (system GMM) to address endogeneity, the study offers a comprehensive analysis of audit quality in the context of economic fluctuations and corporate governance, contributing significantly to the understanding of these dynamics in emerging economies, particularly in the diverse and influential BRICS nations. This study’s findings have significant implications for stakeholders and policymakers, providing insights that can inform policy decisions and enhance corporate governance frameworks.
本研究调查了金砖五国的经济不确定性与审计质量之间的关系，研究了审计质量的投入型（如审计费用、审计师任期）和产出型（如重报、应计总额）衡量标准。研究利用 1995-2022 年间 83,511 个公司年观测数据集，揭示了经济不确定性对审计质量的显著负面影响。此外，研究还探讨了首席执行官权力的调节作用，采用主成分分析法合并了首席执行官影响力的各种指标。研究结果表明，强大的首席执行官可以减轻经济不确定性对审计质量的不利影响，这表明首席执行官权力与审计质量之间存在 U 型关系。本研究采用两阶段最小二乘法（2SLS）和两阶段系统广义矩法（system GMM）等技术来解决内生性问题，方法稳健，在经济波动和公司治理的背景下对审计质量进行了全面分析，极大地促进了人们对新兴经济体，尤其是多样化且具有影响力的金砖国家的这些动态的理解。本研究的发现对利益相关者和政策制定者具有重要意义，提供的见解可为政策决策提供依据并加强公司治理框架。
{"title":"Navigating the Storm: How Economic Uncertainty Shapes Audit Quality in BRICS Nations Amid CEO Power Dynamics","authors":"Antonios Persakis, Ioannis Tsakalos","doi":"10.3390/jrfm17070307","DOIUrl":"https://doi.org/10.3390/jrfm17070307","url":null,"abstract":"This study investigates the association between economic uncertainty and audit quality in the BRICS nations, examining both input-based (e.g., audit fees, auditor tenure) and output-based (e.g., restatements, total accruals) measures of audit quality. Utilizing a dataset of 83,511 firm-year observations from 1995–2022, it reveals a significant negative impact of economic uncertainty on audit quality. Additionally, the research explores the moderating role of CEO power, employing principal component analysis to merge various indicators of CEO influence. Findings indicate that powerful CEOs can mitigate the adverse effects of economic uncertainty on audit quality, suggesting a U-shaped relationship between CEO power and audit quality. Methodologically robust, employing techniques like two-stage least squares (2SLS) and two-stage system generalized method of moments (system GMM) to address endogeneity, the study offers a comprehensive analysis of audit quality in the context of economic fluctuations and corporate governance, contributing significantly to the understanding of these dynamics in emerging economies, particularly in the diverse and influential BRICS nations. This study’s findings have significant implications for stakeholders and policymakers, providing insights that can inform policy decisions and enhance corporate governance frameworks.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141827067","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}
As global warming progresses, implementing green finance to redirect resources into sustainable initiatives has emerged as a crucial strategy for governments to develop financial systems that are carbon-free, green, and sustainable (Jin et al [...]
随着全球变暖的加剧，实施绿色金融，将资源转用于可持续举措，已成为各国政府发展无碳、绿色和可持续金融体系的重要战略（Jin et al [...]
{"title":"Corporate Finance and Environmental, Social, and Governance (ESG) Practices","authors":"Ș. C. Gherghina","doi":"10.3390/jrfm17070308","DOIUrl":"https://doi.org/10.3390/jrfm17070308","url":null,"abstract":"As global warming progresses, implementing green finance to redirect resources into sustainable initiatives has emerged as a crucial strategy for governments to develop financial systems that are carbon-free, green, and sustainable (Jin et al [...]","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 30","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141824299","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：