Journal Description
International Journal of Financial Studies
International Journal of Financial Studies
is an international, peer-reviewed, scholarly open access journal on financial market, instruments, policy, and management research published quarterly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: CiteScore - Q2 (Finance)
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 27.6 days after submission; acceptance to publication is undertaken in 8.5 days (median values for papers published in this journal in the second half of 2023).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.3 (2022);
5-Year Impact Factor:
2.1 (2022)
Latest Articles
Social Capital and Cross-Border Venture Capital Investments in China
Int. J. Financial Stud. 2024, 12(2), 41; https://doi.org/10.3390/ijfs12020041 (registering DOI) - 29 Apr 2024
Abstract
In the context of the Chinese market, foreign cross-border venture capitalists have devised specific strategies to mitigate the challenges associated with the liabilities of foreignness, such as risks and information asymmetry. They have strategically leveraged social capital to not only decrease investment risk
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In the context of the Chinese market, foreign cross-border venture capitalists have devised specific strategies to mitigate the challenges associated with the liabilities of foreignness, such as risks and information asymmetry. They have strategically leveraged social capital to not only decrease investment risk but also to influence their investment preferences and behaviors. To investigate the influence of different types of social capital on the investment decisions of cross-border venture capitalists, hypotheses are proposed and tested using regression analysis. Our research reveals several key findings in this regard. Firstly, cross-border venture capitalists with a robust structural social capital network exhibit a greater propensity to invest in early-stage companies. This suggests that well-established connections and partnerships within the Chinese entrepreneurial ecosystem provide a level of comfort and confidence when investing in ventures at their infancy. Interestingly, relational and cognitive social capital, though undoubtedly valuable, do not significantly impact the decision to make early-stage investments. Furthermore, we have observed that venture capitalists with higher levels of structural and cognitive social capital are more inclined to form syndications. Collaborative partnerships and shared knowledge networks seem to be crucial factors that drive syndication decisions. Lastly, venture capitalists endowed with substantial structural and relational social capital tend to allocate larger investment amounts, signifying the influence of business or personal relationships and network connections on the scale of their investments.
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Open AccessArticle
Assessing the Circular Economy Funds: Performance, Fees, Risks, and Sustainability
by
Fei Fang and Sitikantha Parida
Int. J. Financial Stud. 2024, 12(2), 40; https://doi.org/10.3390/ijfs12020040 - 26 Apr 2024
Abstract
We studied various fund investing options in the circular economy sector. We found that most circular economy mutual funds and exchange-traded funds charge higher fees and take higher risks than their benchmarks. However, they appear to have underperformed their benchmarks during their short
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We studied various fund investing options in the circular economy sector. We found that most circular economy mutual funds and exchange-traded funds charge higher fees and take higher risks than their benchmarks. However, they appear to have underperformed their benchmarks during their short existence so far. Most of these funds are rated as sustainable and low-carbon funds. Investors keen on circular economy startups may consider private equity/venture capital funds, but most of these funds are exclusive to institutional and accredited investors.
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(This article belongs to the Special Issue Sustainable Investing and Financial Services)
Open AccessArticle
Delaware Reincorporation and the Double-Exit Puzzle: Evidence from Post-Initial Public Offering Acquisitions
by
Yang Xu, Vincent Jia, Xinze Qian, Haizhi Wang and Xiaotian Zhang
Int. J. Financial Stud. 2024, 12(2), 39; https://doi.org/10.3390/ijfs12020039 - 26 Apr 2024
Abstract
Initial public offerings and mergers and acquisitions represent important opportunities for investors to exit and harvest their entrepreneurial success. Some firms are acquired shortly after their initial public offerings. This exit strategy is known as a double exit. In addition, issuing firms may
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Initial public offerings and mergers and acquisitions represent important opportunities for investors to exit and harvest their entrepreneurial success. Some firms are acquired shortly after their initial public offerings. This exit strategy is known as a double exit. In addition, issuing firms may choose to reincorporate in Delaware during their IPOs. In this study, we use hand-collected data from 1993 to 2020 to investigate whether and to what extent Delaware reincorporation may affect the M&As in the post-IPO stage. We use a Cox proportional hazard model to test the relation between Delaware reincorporation and the likelihood of being acquired for our sample IPOs. Recognizing that Delaware reincorporation is not a random decision, we adopt a Heckman switching regression method to estimate the relation between Delaware reincorporation and takeover premiums and announcement returns. We report that IPO firms choosing to reincorporate in Delaware experience a higher likelihood of being acquired compared to those IPO firms choosing to remain incorporated in their home states. We further document that IPO firms choosing to reincorporate in Delaware receive lower premiums in acquisitions, and experience lower abnormal returns on announcements.
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Open AccessArticle
Investigating ESG Funds in China: Management Fees and Investment Performance
by
Michael C. S. Wong and Wei Li
Int. J. Financial Stud. 2024, 12(2), 38; https://doi.org/10.3390/ijfs12020038 - 25 Apr 2024
Abstract
This study investigates the association among management fees, ESG scores, and investment performance of ESG funds in China. It explores the significance of comprehending the cost–benefit analysis and long-term yields associated with sustainable investing. The investigation specifically concentrates on China’s open-end equity funds
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This study investigates the association among management fees, ESG scores, and investment performance of ESG funds in China. It explores the significance of comprehending the cost–benefit analysis and long-term yields associated with sustainable investing. The investigation specifically concentrates on China’s open-end equity funds and uncovers some noteworthy discoveries. Initially, funds with higher management fees tend to yield greater returns, suggesting a potential validation for these fees. Nevertheless, when taking risk-adjusted metrics into account, these funds do not exhibit superior performance, indicating that the elevated fees may not necessarily result in enhanced performance after factoring in risk. Furthermore, the analysis discloses an adverse influence of ESG factors on fund performance. In general, the findings indicate that ESG funds in China do not impose higher management fees and do not ensure better returns but often produce superior risk-adjusted investment performance if their ESG scores are moderately higher. Exceptionally high ESG scores can end up with the worst risk-adjusted investment performance.
Full article
(This article belongs to the Special Issue Sustainable Investing and Financial Services)
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Open AccessArticle
The Impact of Financial Development on Renewable Energy Consumption: The Case of Vietnam and Other ASEAN Members
by
Chien Van Nguyen
Int. J. Financial Stud. 2024, 12(2), 37; https://doi.org/10.3390/ijfs12020037 - 25 Apr 2024
Abstract
The purpose of this study was to evaluate the impact of financial development and renewable energy consumption in Vietnam and some selected countries in Southeast Asia. After researching over the period from 1970 to 2022, using quantitative analyses, including the ordinary least squares
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The purpose of this study was to evaluate the impact of financial development and renewable energy consumption in Vietnam and some selected countries in Southeast Asia. After researching over the period from 1970 to 2022, using quantitative analyses, including the ordinary least squares (OLS), fixed effects method (FEM), and random effects method (REM), and measuring the Driscoll–Kraay standard errors to assess cross-dependence between countries as well as a Dynamic Ordinary Least Squares (DOLS) estimation analysis to evaluate the robustness of the research, the research results confirm that financial development has a negative impact on renewable energy consumption, which reflects the important role of fossil energy sources in meeting energy consumption demand. Similarly, increased per capita income negatively affects renewable energy consumption. This study also confirms the positive impact of foreign direct investment on renewable energy use.
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(This article belongs to the Special Issue Sustainable Investing and Financial Services)
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Data-Driven Sustainable Investment Strategies: Integrating ESG, Financial Data Science, and Time Series Analysis for Alpha Generation
by
Afreen Sorathiya, Pradnya Saval and Manha Sorathiya
Int. J. Financial Stud. 2024, 12(2), 36; https://doi.org/10.3390/ijfs12020036 - 20 Apr 2024
Abstract
In today’s investment landscape, the integration of environmental, social, and governance (ESG) factors with data-driven strategies is pivotal. This study delves into this fusion, employing sophisticated statistical techniques and Python programming to unveil insights often overlooked by traditional approaches. By analyzing extensive datasets,
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In today’s investment landscape, the integration of environmental, social, and governance (ESG) factors with data-driven strategies is pivotal. This study delves into this fusion, employing sophisticated statistical techniques and Python programming to unveil insights often overlooked by traditional approaches. By analyzing extensive datasets, including S&P500 financial indicators from 2012 to 2021 and 2021 ESG metrics, investors can enhance portfolio performance. Emphasizing ESG integration for sustainable investing, the study underscores the potential for alpha generation. Time series analysis further elucidates market dynamics, empowering investors to align with both financial objectives and ethical values. Notably, the research uncovers a positive correlation between ESG risk and total risk, suggesting that companies with lower ESG risk tend to outperform those with higher ESG risk. Moreover, employing a long–short ESG risk strategy yields abnormal returns of approximately 4.37%. This integration of ESG factors not only mitigates risks associated with environmental, social, and governance issues but also capitalizes on opportunities for sustainable growth, fostering responsible investing practices and ensuring long-term financial returns, resilience, and value creation.
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(This article belongs to the Special Issue Making Green from Green: The Truth about Sustainable Finance)
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Synergizing Sustainability and Financial Prosperity: Unraveling the Structure of Business Profit Growth through Consumer-Centric Strategies—The Cases of Kosovo and Albania
by
Enkeleda Lulaj, Blerta Dragusha, Eglantina Hysa and Marian Catalin Voica
Int. J. Financial Stud. 2024, 12(2), 35; https://doi.org/10.3390/ijfs12020035 - 07 Apr 2024
Abstract
This research investigates the synergistic relationship between sustainability and financial prosperity in businesses, specifically focusing on the impact of consumers on profit growth in Kosovo and Albania. The study aims to understand consumers’ perceptions of their purchases, the factors influencing their choice of
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This research investigates the synergistic relationship between sustainability and financial prosperity in businesses, specifically focusing on the impact of consumers on profit growth in Kosovo and Albania. The study aims to understand consumers’ perceptions of their purchases, the factors influencing their choice of businesses, and the types of businesses that effectively support consumers in these countries. Data were collected through a survey completed by 200 consumers and 200 businesses. The analysis, utilizing multivariate analysis of variance, descriptive analysis, and reliability analysis with SPSS, reveals that consumers significantly influence the sustainability of business profit growth. Moving forward, it is recommended that businesses prioritize offering reasonable prices, quality products/services, easy access to products/services, clear information about products/services, and convenient locations. The research has profound implications for businesses, consumers, and countries and suggests the need for further exploration of the impact of consumers on profit growth in diverse contexts.
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(This article belongs to the Special Issue Sustainable Investing and Financial Services)
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Open AccessArticle
Forecasting Selected Commodities’ Prices with the Bayesian Symbolic Regression
by
Krzysztof Drachal and Michał Pawłowski
Int. J. Financial Stud. 2024, 12(2), 34; https://doi.org/10.3390/ijfs12020034 - 29 Mar 2024
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This study firstly applied a Bayesian symbolic regression (BSR) to the forecasting of numerous commodities’ prices (spot-based ones). Moreover, some features and an initial specification of the parameters of the BSR were analysed. The conventional approach to symbolic regression, based on genetic programming,
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This study firstly applied a Bayesian symbolic regression (BSR) to the forecasting of numerous commodities’ prices (spot-based ones). Moreover, some features and an initial specification of the parameters of the BSR were analysed. The conventional approach to symbolic regression, based on genetic programming, was also used as a benchmark tool. Secondly, various other econometric methods dealing with variable uncertainty were estimated including Bayesian Model Averaging, Dynamic Model Averaging, LASSO, ridge, elastic net, and least-angle regressions, etc. Therefore, this study reports a concise and uniform comparison of an application of several popular econometric models to forecasting the prices of numerous commodities. Robustness checks and statistical tests were performed to strengthen the obtained conclusions. Monthly data beginning from January 1988 and ending in August 2021 were analysed.
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Open AccessArticle
Crowdfunding versus Traditional Banking: Alternative or Complementary Systems for Financing Projects in Portugal?
by
Bruno Torres, Zélia Serrasqueiro and Márcio Oliveira
Int. J. Financial Stud. 2024, 12(2), 33; https://doi.org/10.3390/ijfs12020033 - 29 Mar 2024
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In an era where crowdfunding in Portugal is garnering increased public attention, exemplified by notable campaigns like the recent funding of the nurses’ strike, we explore its potential as an alternative financial source to traditional banking. Through a comprehensive case study, we delve
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In an era where crowdfunding in Portugal is garnering increased public attention, exemplified by notable campaigns like the recent funding of the nurses’ strike, we explore its potential as an alternative financial source to traditional banking. Through a comprehensive case study, we delve into pertinent issues, encompassing European legislation, market dynamics, and a survey disseminated to representatives of the four prominent Portuguese crowdfunding platforms. Comprising forty-one questions across four categories, the survey extracts insights on platform details, company/project information, investor perspectives, and the financing process, along with an evaluation of platform advantages/disadvantages vis-à-vis traditional banking. Despite heightened visibility, crowdfunding remains relatively unfamiliar to the broader public, yet it diverges from banking not as a substitute but as a complementary financial mechanism. Emphasizing accessibility, process agility, and reduced bureaucracy, crowdfunding serves as a means of swiftly gaining recognition for a company or project while tapping into a broad audience. Rather than competition, it offers supplementary support, facilitating the identification and validation of investment opportunities and concepts. Moreover, it streamlines subsequent interactions with banks and investors, enhancing confidence in a project’s viability. In essence, crowdfunding emerges not as an alternative but a strategic complement, enriching the financial landscape with its unique attributes.
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How Audit Fees Impact Earnings Management in Service Companies on the Amman Stock Exchange through Audit Committee Characteristics
by
Ayman Shehadeh, Mahmoud Daoud Daoud Nassar, Husam Shrouf and Mohammad Haroun Sharairi
Int. J. Financial Stud. 2024, 12(2), 32; https://doi.org/10.3390/ijfs12020032 - 26 Mar 2024
Abstract
The primary objective of this research was to investigate the potential moderating role of audit fees in the relationship between audit committee characteristics and earnings management. Specifically, this study aimed to establish connections between audit committee features, such as committee size, member independence,
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The primary objective of this research was to investigate the potential moderating role of audit fees in the relationship between audit committee characteristics and earnings management. Specifically, this study aimed to establish connections between audit committee features, such as committee size, member independence, and financial expertise, and the practice of earnings management. To address these research questions, a convenient sample of 46 service providers listed on the Amman Stock Exchange between 2016 and the subsequent year was employed. Descriptive statistical methods were applied to characterize the variables under investigation, while a multiple regression model was utilized to assess the study’s hypotheses. The findings of the study revealed that there was no significant correlation between the size of the audit committee and earnings management. However, a negative correlation was observed between the audit committee’s independence and the financial expertise of its members. Importantly, when audit fees were introduced as a moderating variable, the relationships between committee member independence and earnings management, as well as between committee member financial expertise and earnings management, were found to be weakened. These results have potential implications for policymakers and regulators in Jordan. They may offer valuable insights into corporate governance reforms that could assist Jordanian businesses in enhancing their earnings management practices.
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Open AccessArticle
A Stochastically Correlated Bivariate Square-Root Model
by
Allan Jonathan da Silva, Jack Baczynski and José Valentim Machado Vicente
Int. J. Financial Stud. 2024, 12(2), 31; https://doi.org/10.3390/ijfs12020031 - 25 Mar 2024
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We introduce a novel stochastically correlated two-factor (i.e., bivariate) diffusion process under the square-root format, for which we analytically obtain the corresponding solutions for the conditional moment-generating functions and conditional characteristic functions. Such solutions recover verbatim those of the uncorrelated case which encompasses
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We introduce a novel stochastically correlated two-factor (i.e., bivariate) diffusion process under the square-root format, for which we analytically obtain the corresponding solutions for the conditional moment-generating functions and conditional characteristic functions. Such solutions recover verbatim those of the uncorrelated case which encompasses a range of processes similar to those produced by a bivariate square-root process in which entries are correlated in the standard way, that is, via a constant correlation coefficient. Note that closed-form solutions for the conditional characteristic and moment-generating functions are not available for the latter. We focus on the financial scenario of obtaining closed-form expressions for the exact price of a zero-coupon bond and Asian option prices using a Fourier cosine series method.
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Examining the Effects of the Pandemic on Entrepreneurial Activities among Urban Single Mothers: An Exploratory Study
by
Abdullah Sallehhuddin Abdullah Salim, Norzarina Md Yatim and Salmi Md Zahid
Int. J. Financial Stud. 2024, 12(2), 30; https://doi.org/10.3390/ijfs12020030 - 22 Mar 2024
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This study was conducted in Malaysia to examine the effectiveness of the microfinance programme for urban single mother entrepreneurs in MSMEs during the COVID-19 pandemic and Movement Control Order (MCO). Implemented as a response to the pandemic, the MCO significantly disrupted businesses, particularly
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This study was conducted in Malaysia to examine the effectiveness of the microfinance programme for urban single mother entrepreneurs in MSMEs during the COVID-19 pandemic and Movement Control Order (MCO). Implemented as a response to the pandemic, the MCO significantly disrupted businesses, particularly MSMEs. The study aimed to investigate the relationship between empowerment factors (economic, social, digital, and psychological) and governance aspects concerning the effectiveness of microfinance programmes. Using a positivist paradigm and employing quantitative methods through online questionnaire distribution, this research established a framework based on empowerment theory. The findings underscore the importance of economic empowerment, digital empowerment, and governance aspects for microfinance programme success, and provide empirical backing for suitable mitigation strategies for MSME entrepreneurs. The study emphasises the importance of supporting single mother entrepreneurs through various developmental activities, technical and vocational training, and comprehensive financial and non-financial aid initiatives. It stresses the critical role of women, particularly single mothers, in propelling societal and economic advancement, and advocating for their empowerment through targeted interventions. Overall, the findings enhance understanding of the challenges MSMEs face during crises, and offer insights for policymakers and microfinance agencies to strengthen support for single mother entrepreneurs in navigating future challenges and fostering economic resilience and development.
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Unraveling the Dynamics of Intellectual Capital, Firm Performance, and the Influential Moderators—BIG4 Auditors and Group Affiliation
by
Swati Mohapatra and Jamini Kanta Pattanayak
Int. J. Financial Stud. 2024, 12(1), 29; https://doi.org/10.3390/ijfs12010029 - 20 Mar 2024
Cited by 1
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The importance of intellectual capital (IC) in past decades unfolds several dimensions of firm performance (FP). Still, the contradictory and inconclusive relationship between IC and FP in the literature motivates the researchers to explore further and understand the empirical connection using both linear
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The importance of intellectual capital (IC) in past decades unfolds several dimensions of firm performance (FP). Still, the contradictory and inconclusive relationship between IC and FP in the literature motivates the researchers to explore further and understand the empirical connection using both linear and curvilinear approaches. Using the fixed-effect panel regression models on a sample of 795 non-financial firms of India from the financial years 2004–2005 to 2020–2021, this study reveals that, undoubtedly, the IC enhances the FP up to a certain threshold, and with any marginal investment, IC reduces the FP by forming the inverted U-shaped curve. Interestingly, the presence of BIG4 auditors in Indian firms helps to increase the FP with the help of IC, even for the group-affiliated firms. Thus, this study aligns with both value creation and cost concern perspectives and implies that management and regulatory bodies may adopt a balanced approach while enhancing the FP through IC, as the result suggests that investment in IC will not endlessly improve the FP in the Indian context.
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Revisiting the Quiet-Life Hypothesis in the Banking Sector: Do CEOs’ Personalities Matter?
by
Tu D. Q. Le, Dat T. Nguyen and Thanh Ngo
Int. J. Financial Stud. 2024, 12(1), 28; https://doi.org/10.3390/ijfs12010028 - 20 Mar 2024
Abstract
This study investigates the relationship between market power and bank profitability, and the impacts of CEOs’ personality traits, in Vietnam from 2007 to 2020. The analysis of CEOs’ signatures is used to determine their characteristics. The findings support the quiet-life hypothesis, which suggests
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This study investigates the relationship between market power and bank profitability, and the impacts of CEOs’ personality traits, in Vietnam from 2007 to 2020. The analysis of CEOs’ signatures is used to determine their characteristics. The findings support the quiet-life hypothesis, which suggests that the negative relationship between market power and bank profitability may depend on CEOs’ characteristics. More specifically, the results show that conscientious CEOs with market power tend to reduce bank profitability, and this effect is more pronounced for foreign-owned banks. Therefore, our findings have critical implications for bank management.
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Venture Capital and Dividend Policy
by
Yi Tan, Xiaoli Wang and Xiaoyu Fu
Int. J. Financial Stud. 2024, 12(1), 27; https://doi.org/10.3390/ijfs12010027 - 19 Mar 2024
Abstract
In this paper, we empirically examine the impact of venture capital investment on the dividend policy of the invested companies using a sample of list companies from China’s ChiNext market during the period 2014 to 2019. Our empirical results show that different types
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In this paper, we empirically examine the impact of venture capital investment on the dividend policy of the invested companies using a sample of list companies from China’s ChiNext market during the period 2014 to 2019. Our empirical results show that different types of VC investments have different impacts on the dividend policies of the invested companies. To be specific, we found independent venture capital companies (IVCs) promote the company’s dividend payment and increase the level of dividend payments while corporate venture capital (CVC) inhibits the company’s dividend payment. The joint participation of multiple types of venture capital investment (syndication) also increases the company’s dividend distribution. Our main contributions are two-fold. First, we provide a comprehensive analysis in the field of VC and dividend policy; second, we differentiate VC from the perspective of investment objectives and examine its different impacts on the dividend policies of the invested companies.
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Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms
by
SungSup Brian Choi, Kudzai Sauka and MiYoung Lee
Int. J. Financial Stud. 2024, 12(1), 26; https://doi.org/10.3390/ijfs12010026 - 12 Mar 2024
Abstract
This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized
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This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
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Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics
by
Ionuț Nica, Camelia Delcea, Nora Chiriță and Ștefan Ionescu
Int. J. Financial Stud. 2024, 12(1), 25; https://doi.org/10.3390/ijfs12010025 - 05 Mar 2024
Cited by 1
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This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced
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This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced bibliometric methods, we explored the global network of publications, identifying key works, influential authors, and the evolution of research over time. The results of the bibliometric analysis have highlighted an annual growth rate of 22.05% in publications related to the topics of shadow banking and financial contagion, illustrating researchers’ interest and the dynamic nature of publications over time. Additionally, significant increases in scientific production have been recorded in recent years, reaching a total of 178 articles published in 2022. The most predominant keywords used in research include “systemic risks”, “risk assessment”, and “measuring systemic risk”. The thematic evolution has revealed that over time, the focus on fundamental concepts used in analyzing these two topics has shifted, considering technological advancements and disruptive events that have impacted the economic and financial system. Our findings provide a detailed insight into the progress, gaps, and future directions in understanding the complex interplay of shadow banking and financial contagion. Our study represents a valuable asset for researchers, practitioners, and policymakers with a keen interest in understanding the dynamics of these critical components within the global financial system.
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Decision Rules for Corporate Investment
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Reinier de Adelhart Toorop, Dirk Schoenmaker and Willem Schramade
Int. J. Financial Stud. 2024, 12(1), 24; https://doi.org/10.3390/ijfs12010024 - 04 Mar 2024
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We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated
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We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated value—resulting in varying preferences for social and environmental impacts or values. Next, these preferences are incorporated in investment decision rules. The traditional net present value (NPV) rule optimises only the financial value. We propose a new integrated present value (IPV) decision rule that includes a preference for social and environmental values without neglecting the financial value. By applying the new IPV rule, responsible companies are able to achieve more sustainable outcomes.
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Open AccessFeature PaperArticle
Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression
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Anuwat Boonprasope and Korrakot Yaibuathet Tippayawong
Int. J. Financial Stud. 2024, 12(1), 23; https://doi.org/10.3390/ijfs12010023 - 29 Feb 2024
Abstract
Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant
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Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant on historical trading data, limiting predictive accuracy and scope. This study aims to overcome these constraints by integrating a diverse set of twelve external factors spanning economic, industrial, and company-specific domains to enhance predictive models. Employing Long Short-Term Memory (LSTM) and Multiple Linear Regression (MLR) techniques, the study evaluates the effectiveness of this multifaceted approach. Results indicate that incorporating various influencing factors beyond historical data significantly improves price prediction accuracy. Moreover, the utilization of LSTM alongside this comprehensive dataset yields comparable predictive outcomes to those obtained solely from historical data. Thus, this study highlights the potential of leveraging diverse external factors for more robust forecasting of mutual fund prices within the healthcare sector.
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(This article belongs to the Topic Artificial Intelligence Applications in Financial Technology)
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Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market
by
Okechukwu Enyeribe Njoku and Younghwan Lee
Int. J. Financial Stud. 2024, 12(1), 22; https://doi.org/10.3390/ijfs12010022 - 28 Feb 2024
Abstract
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis
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This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market.
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(This article belongs to the Special Issue Corporate Finance)
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