Search results for: financial assets

Authors: Natalia Feruleva

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The goal of this paper is to develop the fraud risk assessment model basing on both relational and financial data and test the impact of the relationships between Russian non-public companies on the likelihood of financial fraud commitment. Relationships mean various linkages between companies such as parent-subsidiary relationship and person-related relationships. These linkages may provide additional opportunities for committing fraud. Person-related relationships appear when firms share a director, or the director owns another firm. The number of companies belongs to CEO and managed by CEO, the number of subsidiaries was calculated to measure the relationships. Moreover, the dummy variable describing the existence of parent company was also included in model. Control variables such as financial leverage and return on assets were also implemented because they describe the motivating factors of fraud. To check the hypotheses about the influence of the chosen parameters on the likelihood of financial fraud, information about person-related relationships between companies, existence of parent company and subsidiaries, profitability and the level of debt was collected. The resulting sample consists of 160 Russian non-public firms. The sample includes 80 fraudsters and 80 non-fraudsters operating in 2006-2017. The dependent variable is dichotomous, and it takes the value 1 if the firm is engaged in financial crime, otherwise 0. Employing probit model, it was revealed that the number of companies which belong to CEO of the firm or managed by CEO has significant impact on the likelihood of financial fraud. The results obtained indicate that the more companies are affiliated with the CEO, the higher the likelihood that the company will be involved in financial crime. The forecast accuracy of the model is about is 80%. Thus, the model basing on both relational and financial data gives high level of forecast accuracy.

Keywords: financial fraud, fraud prediction, non-public companies, regression analysis, relational data

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Authors: Mohammad Yousaf Safi Mohibullah Afghan

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The study made on Islamic and conventional banks scrutinizes the risks interconnected with credit and liquidity on the productivity performance of Islamic and conventional banks that operate in Pakistan. Among the banks, only 4 Islamic and 18 conventional banks have been selected to enrich the result of our study on Islamic banks performance in connection to conventional banks. The selection of the banks to the panel is based on collecting quarterly unbalanced data ranges from the first quarter of 2007 to the last quarter of 2017. The data are collected from the Bank’s web sites and State Bank of Pakistan. The data collection is carried out based on Delta-method test. The mentioned test is used to find out the empirical results. In the study, while collecting data on the banks, the return on assets and return on equity have been major factors that are used assignificant proxies in determining the profitability of the banks. Moreover, another major proxy is used in measuring credit and liquidity risks, the loan loss provision to total loan and the ratio of liquid assets to total liability. Meanwhile, with consideration to the previous literature, some other variables such as bank size, bank capital, bank branches, and bank employees have been used to tentatively control the impact of those factors whose direct and indirect effects on profitability is understood. In conclusion, the study emphasizes that credit risk affects return on asset and return on equity positively, and there is no significant difference in term of credit risk between Islamic and conventional banks. Similarly, the liquidity risk has a significant impact on the bank’s profitability, though the marginal effect of liquidity risk is higher for Islamic banks than conventional banks.

Keywords: islamic & conventional banks, performance return on equity, return on assets, pakistan banking sectors, profitibility

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Authors: Yiqi Wu, Simon Tait, Andrew Nichols

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Management of UK railway drainage assets is challenging due to the large amounts of historical assets with long asset life cycles. A major concern for asset managers is to maintain the required performance economically and efficiently while complying with the relevant regulation and legislation. As the majority of the drainage assets are buried underground and are often difficult or costly to examine, it is important for asset managers to understand and model the degradation process in order to foresee the upcoming reduction in asset performance and conduct proactive maintenance accordingly. In this research, a Markov chain approach is used to model the deterioration process of rail drainage assets. The study is based on historical condition scores and characteristics of drainage assets across the whole railway network in England, Scotland, and Wales. The model is used to examine the effect of various characteristics on the probabilities of degradation, for example, the regional difference in probabilities of degradation, and how material and shape can influence the deterioration process for chambers, channels, and pipes.

Keywords: deterioration, degradation, markov models, probability, railway drainage

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Authors: Laura de Zwaan, Tracey West

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There is a sustained observable gender gap in financial literacy, with females consistently having lower levels than males. This research explores the knowledge and experiences of high school students in Australia aged 14 to 18 in order to understand how this gap can be improved. Using a predominantly qualitative approach, we find evidence to support impacts on financial literacy from financial socialization and socio-economic environment. We also find evidence that current teaching and assessment approaches to financial literacy may disadvantage female students. We conclude by offering recommendations to improve the way financial literacy education is delivered within the curriculum.

Keywords: financial literacy, financial socialization, gender, maths

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Authors: Gulnara Galeeva

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The Analytic Hierarchy Process is widely used in the economic and financial studies, including the formation of investment portfolios. In this study, a generalized method of obtaining a vector of priorities for the case with separate pairwise comparisons of the expert opinion being presented as a set of several equal evaluations on a ratio scale is examined. The author claims that this method allows solving an important and up-to-date problem of excluding vagueness and ambiguity of the expert opinion in the decision making theory. The study describes the authentic wide pairwise comparison matrix. Its application in the formation of the efficient investment portfolio of intangible assets of a small business enterprise with limited funding is considered. The proposed method has been successfully approbated on the practical example of a functioning dental clinic. The result of the study confirms that the wide pairwise comparison matrix can be used as a simple and reliable method for forming the enterprise investment policy. Moreover, a comparison between the method based on the wide pairwise comparison matrix and the classical analytic hierarchy process was conducted. The results of the comparative analysis confirm the correctness of the method based on the wide matrix. The application of a wide pairwise comparison matrix also allows to widely use the statistical methods of experimental data processing for obtaining the vector of priorities. A new method is available for simple users. Its application gives about the same accuracy result as that of the classical hierarchy process. Financial directors of small and medium business enterprises get an opportunity to solve the problem of companies’ investments without resorting to services of analytical agencies specializing in such studies.

Keywords: analytic hierarchy process, decision processes, investment portfolio, intangible assets

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Authors: Seyed Sajjad Habibi

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The aim of this study is to investigate the impact of global financial crises and corporate financial crisis on tax evasion of companies listed on the Tehran Stock Exchange. For this purpose, panel data in the periods of financial crisis period (2007 to 2012) and without a financial crisis (2004, 2005, 2006, 2013, 2014, and 2015) was analyzed using multivariate linear regression. The results indicate a significant relationship between the corporate financial crisis (bankruptcy risk) and tax evasion in the global financial crisis period. The results also showed a significant relationship between the corporate bankruptcy risk and tax evasion in the period with no global financial crisis. A significant difference was found between the bankruptcy risk and tax evasion in the period of the global financial crisis and that with no financial crisis so that tax evasion increased in the financial crisis period.

Keywords: global financial crisis, corporate financial crisis, bankruptcy risk, tax evasion risk, emerging markets

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Authors: Zouari Ezzeddine, Ghraieb Ikram

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From the results of the academic literature which evokes the limitations of previous studies, this article shows the reasons for multidimensionality Prediction of financial bubbles. A new framework for modeling study predicting financial bubbles by linking a set of variable presented on several dimensions dictating its multidimensional character. It takes into account the preferences of financial actors. A multicriteria anticipation of the appearance of bubbles in international financial markets helps to fight against a possible crisis.

Keywords: classical measures, predictions, financial bubbles, multidimensional, artificial neural networks

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Authors: Yasmin Umar Assegaf, Falikhatun, Salamah Wahyuni

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This study aims to provide empirical evidence about the influence of Islamic Corporate Social Responsibility Disclosures of the financial performance of Islamic banking with the characteristics of the company, as a control variable in Islamic banking in Indonesia. ICSR disclosures are an independent variable, while the Financial Performance is the dependent variable (proxied by Return on Assets (ROA), Return on Equity (ROE), Income Expense Ratio (IER), and Non-net Interest Margin (NIM). The control variables used are firm size, firm age and the type of audit. The population of the study was all Islamic Banks (BUS) operate in Indonesia. The research sample is Islamic Commercial Bank which has existed in Indonesia since 2002 and publishes financial statements between the years of 2007-2011. The sample of the study were include 31 Annual Report published. The results of this study concluded that there are significant influences between the ICSR Disclosures and financial performance. The disclosure is partially effect on ROA, IER and NIM, whereas there is no influence on ROE. Further result shows that all control variables (Firm Size, Age, and Type of Audit Companies) does not have any influence on ICSR Disclosures in Indonesia. This research gives a suggestion for further research to compare these ICSR disclosures in Indonesia with ICSR disclosures in other countries that have Islamic banking, by using other measure variables of financial performance, to get more comprehensive model and real picture.

Keywords: ROA, ROE, IER, NIM, company size, age of the company, audit type, Islamic banking

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Authors: Nyoman Wijana, Chandra Arha

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Disclosures of Intellectual Capital (IC) is a presentation of corporate information assets that are not recorded in the financial statements. This disclosures is very helpful because it provides inform corporate assets are intangible. In the new economic era, the company's intangible assets will determine company's competitive advantage. This study aimed to examine the effect of IC disclosures on market capitalization growth. Observational studies conducted over ten years in 2002-2011. The purpose of this study was to determine the effect for last ten years. One hundred samples of the company's largest market capitalization in 2011 traced back to last ten years. Data that used, are in 2011, 2008, 2005, and 2002 Method that’s used for acquiring the data is content analysis. The analytical method used is Ordinanary Least Square (OLS) and analysis tools are e views 7 This software using Pooled Least Square estimation parameters are specifically designed for panel data. The results of testing analysis showed inconsistent expression levels affect the growth of the market capitalization in each year of observation. The results of this study are expected to motivate the public company in Indonesia to do more voluntary IC disclosures and encourage regulators to make regulations in a comprehensive manner so that all categories of the IC must be disclosed by the company.

Keywords: IC disclosures, market capitalization growth, analytical method, OLS

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Authors: Eunsup Daniel Shim, Jooh Lee

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The US financial crisis of 2008 and subsequent Global Financial Crisis were considered by many economists the worst financial crisis since the Great Depression of the 1930s. As a results, Dodd-Frank Act has passed and aims '(1) to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", (2) to protect the American taxpayer by ending bailouts, (3) to protect consumers from abusive financial services practices, and for other purposes.' The enactment of Dodd-Frank Act, in part, intended to significantly influence accountability on executive compensation especially for the financial institutions. This paper empirically investigates the changes in Financial CEOs’ compensation since the Financial Crisis of 2008. Our findings show that in the post- Financial Crisis period financial leverage is significant factor influencing the CEOs’ total compensation. In addition market based performance such as stock price and market-to-book ratio shows significant positive relationship with CEO compensation. This change can be interpreted an attempt to reduce opportunistic behavior of top executives after the financial crisis and the enactment of the Dodd-Frank Act.

Keywords: financial CEO compensation, firm performance, financial crisis of 2008, dodd-frank act

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Authors: Taylan Kabbani, Ekrem Duman

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The design of adaptive systems that take advantage of financial markets while reducing the risk can bring more stagnant wealth into the global market. However, most efforts made to generate successful deals in trading financial assets rely on Supervised Learning (SL), which suffered from various limitations. Deep Reinforcement Learning (DRL) offers to solve these drawbacks of SL approaches by combining the financial assets price "prediction" step and the "allocation" step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. In this paper, a continuous action space approach is adopted to give the trading agent the ability to gradually adjust the portfolio's positions with each time step (dynamically re-allocate investments), resulting in better agent-environment interaction and faster convergence of the learning process. In addition, the approach supports the managing of a portfolio with several assets instead of a single one. This work represents a novel DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem, or what is referred to as The Agent Environment as Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. More specifically, we design an environment that simulates the real-world trading process by augmenting the state representation with ten different technical indicators and sentiment analysis of news articles for each stock. We then solve the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm, which can learn policies in high-dimensional and continuous action spaces like those typically found in the stock market environment. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of deep reinforcement learning in financial markets over other types of machine learning such as supervised learning and proves its credibility and advantages of strategic decision-making.

Keywords: the stock market, deep reinforcement learning, MDP, twin delayed deep deterministic policy gradient, sentiment analysis, technical indicators, autonomous agent

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Authors: M. S. Turan, Dimple

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Due to implementation of IFRS by several developed and developing countries, India has no option other than to converge their accounting standards with IFRS. There are over 10,000 listed companies required to implement IFRS in India. IFRS based financial information presented by a company is different from the same information provided by Indian GAAPs. In this study, we have brought out and analyzed the effect of IFRS reporting on the financial statements of selected companies. The results reveal that convergence with IFRS brought prominent positive variations in the values of quick ratio, debt/equity ratio, proprietary ratio and net profit ratio, while negative variation is brought in the values of current ratio, debt to total assets ratio, operating profit ratio, return on capital employed and return on shareholders’ equity ratios. It also presents significant changes in the values of items of balance sheet, profit and loss account and cash flow statement.

Keywords: IFRS, reporting standards, convergence process, results

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Authors: Sepinoud Hamedi

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The ponder points to observationally look at the impact of carbon-neutrality approaches on the key assets required for Industry 4.0 driven savvy fabricating and how these assets can give a economical competitive advantage. The hypothetical system is coordinates with the regulation hypothesis and the resource-based see (RBV). The observational strategy is utilized for collecting information through studies and assist covariance-based auxiliary condition modeling is utilized to test the theories. Discoveries demonstrate that carbon–neutral-based government arrangements have a more grounded impact on unmistakable assets and human aptitudes than intangible assets related to Industry 4.0 driven shrewd fabricating. Moment, carbon–neutral arrangement arrangement with the firm’s maintainability destinations plays a directing impact on the relationship between carbon–neutral-based government arrangements and assets (substantial, intangible assets and human abilities) for Industry 4.0 driven shrewd fabricating. Finally, the three assets (substantial, intangible assets and human abilities) for Industry 4.0 driven savvy fabricating play a basic part in creating firms’ carbon–neutral capability and assist improving operational execution. Administrative suggestions incorporate venture in progressed advanced innovations, creating a solid mentality among workers and supply chain partners, and planning preparing programs for upgrading shrewd fabricating execution to create carbon-neutrality capability. This think about proposes a crossover hypothesis within the setting of carbon nonpartisanship by coordination institutional theory and RBV. Typically the primary think about that looks at the impact of carbon neutrality-based government arrangements on crucial Industry 4.0-driven savvy fabricating assets and the circuitous impact on carbon nonpartisanship capability and operational execution.

Keywords: carbon, industry 4.0, neutrality, RBV, nonpartisanship

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Authors: Sanja Pfeifer, Nataša Šarlija, Marina Jeger, Ana Bilandžić

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The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.

Keywords: creative industries, growth prediction model, growth determinants, growth measures

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Authors: Mamochana, A. Ramatea, Fumane, P. Khanare

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Enabling the learning environment is a significant and adaptive technique necessary to navigate learners’ educational challenges. However, research has indicated that quality provision of education in the environments that are enabling, especially to learners with visual impairments (LVIs, hereafter) in rural schools, remain an ongoing challenge globally. Hence, LVIs often have a lower level of academic performance as compared to their peers. To balance this gap and fulfill learners'fundamentalhuman rights¬ of receiving an equal quality education, appropriate measures and structures that make enabling learning environment a better place to learn must be better understood. This paper, therefore, intends to find possible means that rural schools of Lesotho can employ to make the learning environment for LVIs enabling. The present study aims to determine suitable assets that can be drawn to make the learning environment for LVIs enabling. The study is also informed by the transformative paradigm and situated within a qualitative research approach. Data were generated through focus group discussions with twelve teachers who were purposefully selected from two rural primary schools in Lesotho. The generated data were then analyzed thematically using Braun and Clarke's six-phase framework. The findings of the study indicated that participating teachers do have an understanding that rural schools boast of assets (existing and hidden) that have a positive influence in responding to the special educational needs of LVIs. However, the participants also admitted that although their schools boast of assets, they still experience limited knowledge about the use of the existing assets and thus, realized a need for improved collaboration, involvement of the existing assets, and enhancement of academic resources to make LVIs’ learning environment enabling. The findings of this study highlight the significance of the effective use of assets. Additionally, coincides with literature that shows recognizing and tapping into the existing assets enable learning for LVIs. In conclusion, the participants in the current study indicated that for LVIs’ learning environment to be enabling, there has to be sufficient use of the existing assets. The researchers, therefore, recommend that the appropriate use of assets is good, but may not be sufficient if the existing assets are not adequately managed. Hence,VILs experience a vicious cycle of vulnerability. It was thus, recommended that adequate use of assets and teachers' engagement as active assets should always be considered to make the learning environment a better place for LVIs to learan in the future

Keywords: assets, enabling learning environment, rural schools, learners with visual impairments

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Authors: Saad Bin Nasir

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The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, ceo/chairman duality, will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will be used to estimate the impact of CG on firm performance.

Keywords: corporate governance, board size, board independence, leadership

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Authors: Zaiton Osman, Phang Ing, Azaze Azizi Abd Adis, Izyanti Awg Razli, Mohd Rizwan Abd Majid, Rosle Mohidin

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This study is conducted to investigate the level of financial literacy among students taking Financial Management and Banking in Universiti Malaysia Sabah, Malaysia. Students are asked to answer basic financial literacy questions in their first class before study commence and the similar questions were given in their final week of study (after 14 weeks of study duration). The comparison on their level of financial literacy will be examined. This study is expected to yields the following findings; firstly, comparison of the level of financial literacy 'before and after' courses in finance being introduced can be revealed. Secondly, it will provide suggestion on improving the standard of teaching and learning in financial management and banking courses and lastly it will help in identifying financial courses that are important in improving the level of financial literacy among students in Malaysia.

Keywords: financial literacy, university students, personal financial planning, business and management engineering

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Authors: Li Yong

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Using the data of 135 financial institutions in China from 2018 to 2022, this paper deeply analyzes the underlying theoretical mechanism of artificial intelligence (AI) technology promoting financial development and examines the impact of AI technology on the digital transformation performance of financial enterprises. It is found that the level of AI technology has a significant positive impact on the development of finance. Compared with the impact on the expansion of financial scale, AI technology plays a greater role in improving the performance of financial institutions, reflecting the trend characteristics of the current AI technology to promote the evolution of financial structure. By investigating the intermediary transmission effects, we found that AI technology plays a positive role in promoting the performance of financial institutions by reducing operating costs and improving customer satisfaction, but its function in innovating financial products and mitigating financial risks is relatively limited. In addition, the promotion of AI technology in financial development has significant heterogeneity in terms of the type, scale, and attributes of financial institutions.

Keywords: artificial intelligence technology, financial development, China, heterogeneity

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Authors: Paul Buchana, Patrick E. Mc Sharry

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In 2017 there will be about 38 wind farms in the North Sea belonging to 5 different countries. The North Sea is ideal for offshore wind power generation and is thus attractive to offshore wind energy developers and investors. With concerns about the potential for offshore wind turbines to sustain substantial damage as a result of extreme weather conditions, particularly windstorms, this poses a unique challenge to insurers and reinsurers as to adequately quantify the risk and offer appropriate insurance cover for these assets. The need to manage this risk also concerns regulators, who provide the oversight needed to ensure that if a windstorm or a series of storms occur in this area over a one-year time frame, the insurers of these assets in the EU remain solvent even after meeting consequent damage costs. In this paper, using available European windstorm data for the past 33 years and actual wind farm locations together with information pertaining to each of the wind farms (number of turbines, total capacity and financial value), we present a Monte Carlo simulation approach to assess the number of turbines that would be buckled in each of the wind farms using maximum wind speeds reaching each of them. These wind speeds are drawn from historical windstorm data. From the number of turbines buckled, associated financial loss and output capacity can be deduced. The results presented in this paper are targeted towards offshore wind energy developers, insurance and reinsurance companies and regulators.

Keywords: catastrophe modeling, North Sea wind farms, offshore wind power, risk analysis

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Ivana Bulog, Ana Rimac Smiljanić, Sandra Pepur

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The financial fragility of households has received increased attention following the recent health crisis, which has created uncertainty and caused increased levels of stress and consequently impaired individual and family well-being. Job losses and/or reduced wages and insecurity increased the number of people that were unable to meet unexpected expenses, which, in many cases, led to increased household debt levels. This presents a threat to the stability of the financial system and the whole economy; therefore, reducing financial fragility and improving financial literacy present challenges for academicians, practitioners, and policymakers. Concerning financial fragility, significant research attention has been devoted to financial knowledge and financial literacy. However, apart from specific knowledge, personal characteristics are of great importance in making financial decisions in the household. Self-efficacy is one of the personal non-cognitive attributes that is a valuable framework for understanding how household financial decisions are made. Thus, this research proposes that individual levels of financial literacy and self-efficacy are related to the indebtedness and financial instability of the household. The primary data were collected using a structured, self-administered online questionnaire, and a snowball sampling method was applied to reach the participants. Preliminary results confirm our assumptions on the influence of financial literacy and self-efficacy on household financial stability.

Keywords: financial literacy, self-efficacy, household financial fragility, well-being

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Authors: Barbora Chmelíková

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Making sound financial decisions is an essential skill which can have an impact on life of each consumer of financial products. The aim of this paper is to examine decision-making concerning financial matters and personal finance. The selected target group was university students majoring in finance related fields. The study was conducted in the Czech Republic at Masaryk University in 2015. In order to analyze financial decision-making questions related to basic finance decisions were developed to address the research objective. The results of the study suggest gaps in detecting best solutions to given financial decision-making questions among finance students. The analysis results indicate relation between financial decision-making and own experience with holding and using concrete financial products.

Keywords: financial decision-making, financial literacy, personal finance, university students

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Authors: Zahid Ahmad, Samia Yousaf

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The main purpose of this study is to evaluate and assess the financial position, operating performance, and recent outlook of the companies. This study investigates the impact of capital structure, dividend policy and sustainability on the value of firms of textile spinning sector of Pakistan which is listed on Pakistan stock exchange. The panel data technique has been applied to this group of textile sector which is textile spinning. This study covers the last ten years of time period. All the data related to the variables have been collected from the annual reports and financial statements of the textile sector firms. There are differently related determinants to measure the capital structure which are fixed assets turnover ratio, debt ratio, equity ratio, debt to equity ratio, assets tangibility, and shareholder’s equity. Dividend policy is being measured by two determinants which are earning per share (EPS) and dividend payout ratio. Sustainability is being measured by three suitable factors which are sales growth, gross profit margin ratio and firm size. These are three independent variables and their determinants of this study. Value of firm is measured through the return on asset (ROA). Capital structure is at the top of the list among all the three variables. According to the results of this research work, somewhere all the three variables generates positive and significant effect on the firm’s performance and its growth.

Keywords: capital structure, dividend policy, panel data, sustainability

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Authors: Montoya C.A., Erina J., Erina I.

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The purpose of this research is to assess the performance and impact of CSR on business in the banking sector in Australia by applying the financial indicators of 20 ASX banks for the period from 2016-2017. The authors carried out CSR assessment in several stages of research: 1) gathering the nonfinancial and financial indicators of 20 ASX listed banks (available were only 16) from the annual reports of Australian banks for 2016 and 2017; 2) calculation of bank performance indicators using such financial indicators as return on assets (ROA), return on equity (ROE), efficiency ratio and net interest margin; 3) analysis of financial data using cross-sectional regression and answers to the research questions. Based on the obtained research results, the authors obtained answers to the initially raised research questions and came to a conclusion that Q1 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance 2016; Q2 - Insignificant negative coefficient result - slight negative relationship between CSR disclosure and business performance 2017; Q3 - Insignificant positive coefficient result - slight positive relationship between CSR disclosure and business performance.

Keywords: Australia, banks, business performance, CSR

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Authors: Charawee Butbumrung

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This research aim to study the financial service of the Thailand financial Institution, second is to identify "best practices" offered by four financial institutions, namely, Kasikornthai Bank, Bangkok Bank, Siam Commercial Bank, and Thanachart Bank. In-depth interviews with managers of financial institution and borrowers reveal best practices from each financial institution. Close monitoring of and a close relationship with borrowers appear to be important for early detection of any problem. Another aspect that may be important is building up loyalty and developing reliability among members. A close and informal relationship with borrowers may also help in monitoring and early detection of problems that may arise in non-repayment of loans. Other factors that may be considered important to the success of a financial service scheme are cooperation and coordination among various agencies that provide additional support to borrowers. Indirectly, these support systems contribute to the success of a SME in Thailand.

Keywords: best practices, financial service, financial institution, SME in Thailand

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: Sara Santos, Maria João Santos

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Thisarticleanalyzesthethemeofwork-family conflict and professional stress among financial workers and their relationships with burnout syndrome. This also studieshowthesocio demographicandworkingcharacteristicsoftheseprofessionalsinfluencetheirlevelsofburnout. Weadopted a mixedmethodbasedontheanalysisof 255 surveysand 24 interviewscarriedoutwith financial sector professionals. Thekeyresultsincludeverificationofhowtheseprofessionalsregister a positive relationshipbetweenwork-familyconflictandburnoutsyndrome as well as betweenprofessional stress andburnout. Thestudycontributes to a betterunderstandingoftheimpactsthatwork-familyconflictsandprofessional stress haveon financial professionalsandhowtheycontribute to thevariationsprevailingintheirrespectivelevelsofburnout.

Keywords: burnout syndrome, financial area, conflict, stres

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Authors: Aarif Hussain, Afnan Tariq

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In recent years, microfinance has emerged as a critical tool for promoting financial inclusion and empowering marginalized communities, particularly women. In India, where poverty and lack of access to financial services continue to be significant challenges for many, microfinance has the potential to provide much-needed support to women with disabled children. These women face unique challenges, including discrimination, lack of access to education and employment, and limited support systems, making it even more difficult for them to break out of poverty and provide for their families. Microfinance, by providing small loans, savings products, and other financial services, can help these women to start or grow businesses, build assets, and achieve financial independence. India has adhered to an SHG-bank linkage model of microfinance since 1980, and programs like IRDP and SGSY were initiatives in the same direction. In the year 2011, India launched DAY-NRLM, a restructured version of SGSY. DAY-NRLM is an SHG-based microfinance program targeting the rural women of India. It aims to organise these poor women into SHGs and link them to banking institutions for creating sustainable livelihoods. The program has a reservation for disabled women but has no special status for mothers with disabled children. The impact of microfinance on women with disabilities and their families has been well documented. Studies have shown that women participating in microfinance programs are more likely to start businesses, increase their income, and improve their standard of living. Furthermore, these women are more likely to invest in their children's education and health, which can have long-term positive effects on their family’s well-being. In the Union territory of Jammu and Kashmir, the programme started in 2013 and is running smoothly to date. Women with children having a disability have not been documented as a category within the programme. The core aspect of this study is to delve into these women’s lives and analyse the impact of SHG membership on their lives and their children. The participants were selected purposively. For data collection, in-depth interviews were conducted. The findings of the paper show that microfinance has the potential to play a significant role in promoting financial inclusion and empowering women with children having disabilities in Kashmir. By providing access to small loans, savings products, and other financial services, microfinance can help these women to start or grow businesses, build assets, and achieve financial independence. However, more work is needed to ensure that these women have equal access to financial services and opportunities and that microfinance institutions are equipped to effectively serve this population. Working together to address these challenges can create a brighter future for women with children having disabilities and their families in India.

Keywords: DAY-NRLM, microfinance, SHGs, women, disabled children

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Authors: Adekunle Olakunle Felix

Abstract:

Research will be based on the financial management importance within organization and its important role in non-economic and economic activities that provide us the useful information about the efficient procurement and utilization of finance in a profitable manner. Due to industrialization, financial management become a vital part of business and it is very important for the business concern that with a good financial management to earn maximum profit.

Keywords: management, business, profitability, organization, financial, efficiency

Procedia PDF Downloads 311

Authors: Ikechukwu Ndu

Abstract:

This study examines the econometric modeling of the relation between discretionary accrual earnings management, International Financial Reporting Standards (IFRS), and certain corporate governance factors with regard to listed Nigerian non-financial firms. Although discretionary accrual earnings management is a well-known and global problem that has an adverse impact on users of the financial statements, its relationship with IFRS and corporate governance is neither adequately researched nor properly systematically investigated in Nigeria. The dearth of research in the relation between discretionary accrual earnings management, IFRS and corporate governance in Nigeria has made it difficult for academics, practitioners, government setting bodies, regulators and international bodies to achieve a clearer understanding of how discretionary accrual earnings management relates to IFRS and certain corporate governance characteristics. This is the first study to the author’s best knowledge to date that makes interesting research contributions that significantly add to the literature of discretionary accrual earnings management and its relation with corporate governance and IFRS pertaining to the Nigerian context. A comprehensive review is undertaken of the literature of discretionary total accrual earnings management, IFRS, and certain corporate governance characteristics as well as the data, models, methodologies, and different estimators used in the study. Secondary financial statement, IFRS, and corporate governance data are sourced from Bloomberg database and published financial statements of Nigerian non-financial firms for the period 2004 to 2016. The methodology uses both the total and working capital accrual basis. This study has a number of interesting preliminary findings. First, there is a negative relationship between the level of discretionary accrual earnings management and the adoption of IFRS. However, this relationship does not appear to be statistically significant. Second, there is a significant negative relationship between the size of the board of directors and discretionary accrual earnings management. Third, CEO Separation of roles does not constrain earnings management, indicating the need to preserve relationships, personal connections, and maintain bonded friendships between the CEO, Chairman, and executive directors. Fourth, there is a significant negative relationship between discretionary accrual earnings management and the use of a Big Four firm as an auditor. Fifth, including shareholders in the audit committee, leads to a reduction in discretionary accrual earnings management. Sixth, the debt and return on assets (ROA) variables are significant and positively related to discretionary accrual earnings management. Finally, the company size variable indicated by the log of assets is surprisingly not found to be statistically significant and indicates that all Nigerian companies irrespective of size engage in discretionary accrual management. In conclusion, this study provides key insights that enable a better understanding of the relationship between discretionary accrual earnings management, IFRS, and corporate governance in the Nigerian context. It is expected that the results of this study will be of interest to academics, practitioners, regulators, governments, international bodies and other parties involved in policy setting and economic development in areas of financial reporting, securities regulation, accounting harmonization, and corporate governance.

Keywords: discretionary accrual earnings management, earnings manipulation, IFRS, corporate governance

Procedia PDF Downloads 110