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Volume 15
Issue 11
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J. Risk Financial Manag., Volume 15, Issue 11 (November 2022) – 57 articles

Cover Story (view full-size image): The relative performances of pairs trading and cross-sectional momentum (CSM) strategies can be analyzed by comparing their expected returns. The Sharpe ratio and the autocorrelation in the spread between the asset returns are the key factors in determining the relative performances of the two strategies. This study derives an expression for the condition under which one strategy outperforms the other and shows that the pairs trading strategy outperforms the CSM strategy in the majority of practically relevant situations. View this paper
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18 pages, 593 KiB  
Article
Developing a Model of Insurance Securitisation in Iranian Environmental Conditions
by Mahshid Peivandi, Mehdi Zeynali, Mahdi Salehi, Ali Paytakhti Oskooe and Younes Badavar Nahandi
J. Risk Financial Manag. 2022, 15(11), 544; https://doi.org/10.3390/jrfm15110544 - 21 Nov 2022
Viewed by 1619
Abstract
As a growing industry in Iran, the insurance industry has dramatically grasped researchers’ and managers’ attention. Among the various issues in this industry, measuring and evaluating the efficiency and performance of its units and branches has always been considered by relevant experts because [...] Read more.
As a growing industry in Iran, the insurance industry has dramatically grasped researchers’ and managers’ attention. Among the various issues in this industry, measuring and evaluating the efficiency and performance of its units and branches has always been considered by relevant experts because such evaluation can help us take adequate steps to improve this area. Through securitisation, insurance companies may mitigate the cost of their capital, increase the return on equity, and improve other metrics that affect their operating performance. Securitisation increases capital productivity in the insurance industry. Therefore, the present study was conducted in 2020 to review and develop a model of insurance securitisation in Iran. The present study is exploratory research. Thus, 13 experts and commentators in insurance securities were interviewed. Second, based on the theme analysis, the content of the interviews was analysed, and a proposed model was developed. Then, according to the obtained model, a questionnaire was designed and distributed among insurance industry experts. Two concepts of validity and reliability were used to validate the questionnaire. Based on the model, 10 main factors were identified as influencing insurance securitisation. Insurance securitisation, management of Iran’s environmental conditions, the role of the capital market in insurance, financing, economic development, optimal risk management, risk transfer process in insurance securitisation, investment culture, support of regulatory bodies and facilities in the securities issuance process, utilisation of technical knowledge and specialised human resources are the factors identified in the research. The results showed that all these factors identified from the interviews were confirmed, and the model was sufficiently valid. Full article
(This article belongs to the Special Issue Accounting and Auditing during the World Crisis)
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22 pages, 1078 KiB  
Article
CSR and Firm Risk: Is Shareholder Activism a Double-Edged Sword?
by Konstantinos Bozos, Timothy King and Dimitrios Koutmos
J. Risk Financial Manag. 2022, 15(11), 543; https://doi.org/10.3390/jrfm15110543 - 21 Nov 2022
Cited by 2 | Viewed by 2252
Abstract
Few can argue with the notion that corporations should at least consider corporate social responsibility (CSR) to better understand the impact of their operations on society. However, recent empirical tests suggest CSR has an ambiguous impact on firm performance. To shed new light [...] Read more.
Few can argue with the notion that corporations should at least consider corporate social responsibility (CSR) to better understand the impact of their operations on society. However, recent empirical tests suggest CSR has an ambiguous impact on firm performance. To shed new light on this debate, we examine the extent to which voting support for nonbinding shareholder-initiated CSR proposals is empirically linked to changes in firms’ underlying systematic risks. Using a rich dataset of proposals in the US from 1998 to 2011, we contribute several novel findings. First, we show that shareholder voting support is nonlinearly linked to changes in systematic risk. Specifically, proposals with low voting support increase risk while those with high support decrease risk. This nonlinearity is particularly pronounced for consumer-sensitive firms that cater primarily to individual consumers rather than for firms in non-consumer-sensitive industries that produce goods or services meant for industrial or governmental use. Second, the 2007–2009 financial crisis exacerbated increases in firms’ systematic risks for proposals with low voting support. Our results, which highlight asymmetry regarding firms’ CSR initiatives, remain robust when controlling for firm-specific factors as well as shifts in investor sentiment. From a risk management perspective, our findings suggest that CSR initiatives need strong shareholder support to realize benefits from the so-called ‘risk-reduction hypothesis’. Full article
(This article belongs to the Special Issue Corporate Finance, Governance, and Social Responsibility)
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18 pages, 2883 KiB  
Article
Mindsponge-Based Reasoning of Households’ Financial Resilience during the COVID-19 Crisis
by Minh-Hoang Nguyen, Quy Van Khuc, Viet-Phuong La, Tam-Tri Le, Quang-Loc Nguyen, Ruining Jin, Phuong-Tri Nguyen and Quan-Hoang Vuong
J. Risk Financial Manag. 2022, 15(11), 542; https://doi.org/10.3390/jrfm15110542 - 21 Nov 2022
Cited by 5 | Viewed by 4198
Abstract
The COVID-19 crisis was remarkable because no global recession model could predict or provide early notice of when the coronavirus pandemic would happen and damage the global economy. Resilience to financial shocks is crucial for households as future crises like COVID-19 are inevitable. [...] Read more.
The COVID-19 crisis was remarkable because no global recession model could predict or provide early notice of when the coronavirus pandemic would happen and damage the global economy. Resilience to financial shocks is crucial for households as future crises like COVID-19 are inevitable. Therefore, the current study aims to examine the effects of financial literacy and accessibility to financial information on the financial resilience of Vietnamese households through the lens of an information-processing perspective. The Bayesian Mindsponge Framework (BMF) analytics was employed on a dataset of 839 samples for the investigation. We found that households of respondents with better financial knowledge and investment skills are less likely to be financially affected during the peak of the COVID-19 crisis, but the effect of investment skills is weakly reliable. Accessibility to financial information through informal sources (having a household member working in the financial sector) and formal sources (participating in a financial course) is positively associated with the respondents’ financial knowledge and investment skills. This finding suggests that the spillover effect of financial knowledge and skills among residents exists, leading to better resilience toward financial shocks. However, if the financial information is inaccurate, it might lead to misinformation, false beliefs, and poor economic decisions on a large scale. Full article
(This article belongs to the Special Issue Advances in Financial Decisions Modeling and Analytics)
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11 pages, 264 KiB  
Article
A Comparative Analysis of Reputation in Enlisted Firms on the Iraq Stock Exchange
by Hind Shafeeq Nimr Al-Maliki
J. Risk Financial Manag. 2022, 15(11), 541; https://doi.org/10.3390/jrfm15110541 - 20 Nov 2022
Viewed by 1145
Abstract
This paper aims to assess the impact of ISIS’s presence in Iraq on the reputation of listed firms on the Iraq Stock Exchange. This paper’s method is descriptive–correlational, and the selected sample includes 35 listed firms on the Iraq Stock Exchange during 2014–2019. [...] Read more.
This paper aims to assess the impact of ISIS’s presence in Iraq on the reputation of listed firms on the Iraq Stock Exchange. This paper’s method is descriptive–correlational, and the selected sample includes 35 listed firms on the Iraq Stock Exchange during 2014–2019. This study measures the reputation of listed firms on the Iraq Stock Exchange. The presence of ISIS in Iraq is analyzed using a regression model and a dummy variable. Research hypotheses were tested using a multivariate regression model based on panel data. The obtained results show a significant relationship between the presence of ISIS in Iraq and the reputation of listed firms on the Iraq Stock Exchange, which means the presence of ISIS in Iraq has declined listed firms’ reputation on the Iraq Stock Exchange. Since the present study is a pioneer in examining this issue in an emerging economy, especially ISIS’s existence, the current study results may give academia and practitioners a profound insight. Full article
(This article belongs to the Special Issue Accounting and Auditing during the World Crisis)
17 pages, 650 KiB  
Article
Effects of Supplier’s Competitive Factors on Relationship Performance and Product Recommendation in Crop Protection Retail Sector
by Byungok Ahn, Boyoung Kim and Jongpil Yu
J. Risk Financial Manag. 2022, 15(11), 540; https://doi.org/10.3390/jrfm15110540 - 20 Nov 2022
Cited by 2 | Viewed by 1812
Abstract
The changes in distribution channels of the crop protection industry are accelerating the influence of crop protection retailers on farmers’ product purchase decisions. This study aims to identify the critical competitive factors; ‘product quality’, ‘supply price’, ‘brand awareness’, ‘flexibility’, and ‘promotion support’; of [...] Read more.
The changes in distribution channels of the crop protection industry are accelerating the influence of crop protection retailers on farmers’ product purchase decisions. This study aims to identify the critical competitive factors; ‘product quality’, ‘supply price’, ‘brand awareness’, ‘flexibility’, and ‘promotion support’; of crop protection manufacturers. And it empirically analyzes effects of the critical factors on relationship performance and product recommendation of crop protection retailers. This research also examined the difference among these major factors according to the level of trust of crop protection companies as suppliers. Survey data were collected from 660 retailers by the crop protection distribution market in South Korea. As for the results, the five factors were defined as the crop protection suppliers’ competitive factors. Supply price, promotion support, brand awareness, and flexibility had a positive (+) effect on relationship performance. Brand awareness, promotion support, product quality, and flexibility had a positive (+) effect on customer recommendation. Furthermore, supply price significantly affected relationship performance in a group with high trust, and promotion support significantly affected a group with low trust. Full article
(This article belongs to the Special Issue Sustainable Development and CSR – Perfect Match?)
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15 pages, 320 KiB  
Article
The Effectiveness of Management Ability on Firm Value and Tax Avoidance
by Maryam Seifzadeh
J. Risk Financial Manag. 2022, 15(11), 539; https://doi.org/10.3390/jrfm15110539 - 18 Nov 2022
Cited by 3 | Viewed by 2208
Abstract
The current study investigates the relationship between tax avoidance, management ability, and firm value. Three hypotheses are proposed to meet the paper’s objective. For conducting such a practical study based on a post-event descriptive correlational approach, data are gathered from the website of [...] Read more.
The current study investigates the relationship between tax avoidance, management ability, and firm value. Three hypotheses are proposed to meet the paper’s objective. For conducting such a practical study based on a post-event descriptive correlational approach, data are gathered from the website of the Tehran Stock Exchange during 2014–2020. A total of 183 companies were selected through the systematic elimination method and analyzed using the R statistical software. The results indicated a negative relationship between managerial ability and tax avoidance. Moreover, we find a significant negative relationship between tax avoidance and firm value. Finally, the findings argue that in companies with high-ability managers, the intensity of the negative relationship between tax avoidance and firm value is mitigated. Full article
(This article belongs to the Special Issue Accounting and Auditing during the World Crisis)
23 pages, 1719 KiB  
Review
Relationships between ESG Disclosure and Economic Growth: A Critical Review
by Bertrand Kian Hassani and Yacoub Bahini
J. Risk Financial Manag. 2022, 15(11), 538; https://doi.org/10.3390/jrfm15110538 - 18 Nov 2022
Cited by 11 | Viewed by 8853
Abstract
The literature on the relationship between ESG disclosure and economic growth is relatively non-existent. Thus, this paper highlights the importance of taking this relationship into account in current sustainable policies. The main objective of extra-financial Disclosure is to mitigate Information Asymmetry. During this [...] Read more.
The literature on the relationship between ESG disclosure and economic growth is relatively non-existent. Thus, this paper highlights the importance of taking this relationship into account in current sustainable policies. The main objective of extra-financial Disclosure is to mitigate Information Asymmetry. During this discussion, we show that ESG disclosure may not reduce information asymmetry as intended. We also show that complete extra-financial disclosure targeted by current policies is not optimal. There is an optimal disclosure threshold depending on the level of sustainable development of the country, the size of the companies and their development potential. Moreover, current ESG disclosure policies direct economies towards less polluting sectors, which is not necessarily optimal from an economic standpoint and could negatively affect economic activity and, therefore, the population’s well-being. We also provide some policy implications and suggestions for future research on the ESG disclosure literature. Full article
(This article belongs to the Special Issue ESG-Investing and ESG-Finance)
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23 pages, 702 KiB  
Systematic Review
A Study of Banks’ Systemic Importance and Moral Hazard Behaviour: A Panel Threshold Regression Approach
by C. P. Gupta and Arushi Jain
J. Risk Financial Manag. 2022, 15(11), 537; https://doi.org/10.3390/jrfm15110537 - 17 Nov 2022
Viewed by 1730
Abstract
This study has two objectives, first, to investigate if the lending behaviour of banks exhibits moral hazard in the Indian Banking Industry, and second, to investigate whether banks’ moral hazard behaviour changes when the systemic importance of the banks is taken into consideration. [...] Read more.
This study has two objectives, first, to investigate if the lending behaviour of banks exhibits moral hazard in the Indian Banking Industry, and second, to investigate whether banks’ moral hazard behaviour changes when the systemic importance of the banks is taken into consideration. We studied banks’ moral hazard behaviour by observing the impact of their level of Net Non-Performing Loans (NNPL) on their lending behaviour. This study used threshold panel regression by using 1 year lagged values of NNPL as the threshold variable to find its endogenously determined value that impacts the lending behaviour of the banks. The 1 year lagged value of the NNPL (threshold variable) has been used to depict the level of distress faced by a bank. Assuming that loans may turn bad any year after they are granted, a banks’ lending behaviour has been shown through the relationship between various lags of Loan Growth Rate (LGR) and the contemporaneous values of Net Non-Performing Loans (NNPL). As per our analysis, the loan growth ratio raises NPLs with a relatively higher value when banks are experiencing prior sizable loan losses as compared to when banks are relatively safe, indicating moral hazard behaviour in the Indian banking industry. However, when the systemic importance of the bank is considered, the systemically important banks are found to be engaged in risky lending irrespective of their level of distress, whereas the opposite results are found for the least important banks. Full article
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14 pages, 516 KiB  
Article
Examining the Role of Personality Traits, Digital Technology Skills and Competency on the Effectiveness of Fraud Risk Assessment among External Auditors
by Nurul Izzaty Mat Ridzuan, Jamaliah Said, Fazlida Mohd Razali, Dewi Izzwi Abdul Manan and Norhayati Sulaiman
J. Risk Financial Manag. 2022, 15(11), 536; https://doi.org/10.3390/jrfm15110536 - 17 Nov 2022
Cited by 1 | Viewed by 3347
Abstract
In accordance with ISA 240, it is the responsibility of external auditors to obtain reasonable assurance that financial statements are free from material misstatement, whether caused by fraud or error. Recently, the auditing profession in Malaysia has been significantly challenged by the explosion [...] Read more.
In accordance with ISA 240, it is the responsibility of external auditors to obtain reasonable assurance that financial statements are free from material misstatement, whether caused by fraud or error. Recently, the auditing profession in Malaysia has been significantly challenged by the explosion of fraud cases and by auditors’ failure to determine the “true and fair view” of the financial statement. This incident has tarnished the reputation of the audit profession. The effectiveness of the external auditor function, especially when related to fraud risk assessment, is commonly called into question. Hence, this study aims to assess individual factors (personality traits, digital technology skills, and competency) that may contribute to the effectiveness of fraud risk assessment among external auditors. A total of 455 questionnaires were distributed to external auditors, and a total of 150 (32.96%) responses were received. Data were thoroughly analyzed using Smart-PLS 4.0. This study found that digital technology skills contribute to the effectiveness of fraud risk assessment, whereas personality traits and competency do not. The findings implied that an effective technique of fraud risk assessment among external auditors requires digital technology skills. This study contributes to the literature by confirming the critical role of digital technology skills in enhancing the effectiveness of fraud risk assessments. Full article
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17 pages, 994 KiB  
Article
A Bibliometric Analysis of Machine Learning Econometrics in Asset Pricing
by Hector O. Zapata and Supratik Mukhopadhyay
J. Risk Financial Manag. 2022, 15(11), 535; https://doi.org/10.3390/jrfm15110535 - 17 Nov 2022
Cited by 2 | Viewed by 2282
Abstract
Machine learning (ML) is a novel method that has applications in asset pricing and that fits well within the problem of measurement in economics. Unlike econometrics, ML models are not designed for parameter estimation and inference, but similar to econometrics, they address, and [...] Read more.
Machine learning (ML) is a novel method that has applications in asset pricing and that fits well within the problem of measurement in economics. Unlike econometrics, ML models are not designed for parameter estimation and inference, but similar to econometrics, they address, and may be better suited for, problems of prediction. While some ML methods have been applied in econometrics for decades, their success in prediction has been limited, and examples of this abound in the asset pricing literature. In recent years, the ML literature has advanced new, more efficient, computation methods for regularization, modeling nonlinearity, and improved out-of-sample prediction. This article conducted a comprehensive, objective, and quantitative bibliometric analysis of this growing literature using Web of Science (WoS) data. We identified trends in the literature over the past decade, the geographical distribution of articles, authorship, and institutional contributions worldwide. The paper also identifies the dominant literature using citations in WoS and discusses computational algorithms that are expanding the econometric frontiers in asset pricing. The top cited papers were reviewed, highlighting their contribution. The limitations of ML learning methods and recent advances in ML were used to provide a conic view to future ML econometric practice. Full article
(This article belongs to the Special Issue Machine Learning Econometrics in Asset Pricing)
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20 pages, 512 KiB  
Article
The Asymmetric Overnight Return Anomaly in the Chinese Stock Market
by Yahui An, Lin Huang and Youwei Li
J. Risk Financial Manag. 2022, 15(11), 534; https://doi.org/10.3390/jrfm15110534 - 16 Nov 2022
Viewed by 1915
Abstract
Traditional asset pricing theory suggests that to compensate for the uncertainty that investors bear, risky assets should generate considerably higher rates of return than the risk-free rate. However, the overnight return anomaly in the Chinese stock market, which refers to the anomaly that [...] Read more.
Traditional asset pricing theory suggests that to compensate for the uncertainty that investors bear, risky assets should generate considerably higher rates of return than the risk-free rate. However, the overnight return anomaly in the Chinese stock market, which refers to the anomaly that overnight return is significantly negative, contradicts the risk–return trade-off. We find that this anomaly is asymmetrical, as the overnight return is significantly negative after a negative daytime return, whereas the anomaly does not occur following a positive daytime return. We explain this anomaly from the perspective of investor attention. We show that the attention of individual investors behaves asymmetrically such that they draw more attention on negative daytime returns, and play an essential role in explaining the overnight return puzzle. Full article
(This article belongs to the Special Issue Financial Markets, Financial Volatility and Beyond (Volume II))
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15 pages, 332 KiB  
Article
Assessing Productivity Channels of Human Capital in the Southern African Development Community: New Insights from Women’s Empowerment
by Abiola John Asaleye and Kariena Strydom
J. Risk Financial Manag. 2022, 15(11), 533; https://doi.org/10.3390/jrfm15110533 - 15 Nov 2022
Cited by 5 | Viewed by 1409
Abstract
There is massive and growing volume of literature on human capital and productivity. However, there is little emphasis on the growth channels of human capital, particularly on women’s empowerment, despite its theoretical underpinning and relevance in the Southern African Development Community (SADC). Understanding [...] Read more.
There is massive and growing volume of literature on human capital and productivity. However, there is little emphasis on the growth channels of human capital, particularly on women’s empowerment, despite its theoretical underpinning and relevance in the Southern African Development Community (SADC). Understanding the effective channels of human capital is essential for policymakers in promoting sustainable growth and improved welfare. Given this, the study examines the effect of women’s empowerment through the ‘factor accumulation channel’ and the ‘productivity channel’ on SADC using cross-sectionally augmented autoregressive distributed lag (CS-ARDL) and the Dumitrescu–Hurlin non-causality test. Evidence from short- and long-run effects using the CS-ARDL shows that the factor accumulation and productivity channels of women’s empowerment have not benefited productivity growth in the SADC, although causality flows from the human capital indicators to productivity growth. The vital way for policy to boost productivity in SADC is to improve investment in female education and ensure that human capital is appropriately distributed and matches the economy’s dynamic demands. Based on the findings, the study suggests developing a framework to ascertain from time to time the marginal benefits of investment in female education compared to the marginal costs, both at the levels of the factor accumulation channel and the productivity channel in SADC. Full article
17 pages, 3780 KiB  
Article
Uncertainty and Risk in the Cryptocurrency Market
by Dora Almeida, Andreia Dionísio, Isabel Vieira and Paulo Ferreira
J. Risk Financial Manag. 2022, 15(11), 532; https://doi.org/10.3390/jrfm15110532 - 14 Nov 2022
Cited by 8 | Viewed by 2889
Abstract
Cryptocurrency investments are often perceived as uncertain and risky. In this study, we assessed if this is indeed the case, using a sample of seven cryptocurrencies and considered a period that encompassed the first real global shock in the life of these relatively [...] Read more.
Cryptocurrency investments are often perceived as uncertain and risky. In this study, we assessed if this is indeed the case, using a sample of seven cryptocurrencies and considered a period that encompassed the first real global shock in the life of these relatively new financial assets, the COVID-19 pandemic. Uncertainty was evaluated using Shannon’s symbolic entropy. To measure risk, we use value-at-risk and conditional value-at-risk. The results indicate that, except for Tether, the analyzed cryptocurrencies’ returns exhibited similar patterns of uncertainty and risk. Levels of uncertainty were close to the maximum values, but high uncertainty is not always associated with high risk. During the pandemic crisis, uncertainty increased while risk decreased, suggesting that the considered assets may have safe haven properties. Full article
(This article belongs to the Section Financial Technology and Innovation)
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14 pages, 610 KiB  
Article
The Effects of Imports and Economic Growth in Chinese Economy: A Granger Causality Approach under VAR Framework
by Khalid Usman and Usman Bashir
J. Risk Financial Manag. 2022, 15(11), 531; https://doi.org/10.3390/jrfm15110531 - 14 Nov 2022
Cited by 3 | Viewed by 3533
Abstract
This study inspects the association between economic growth and imports from China, based on data sourced from 2000 to 2021. For this reason, a quantitative research approach is used to determine the causality between the variables and their impact on the economy. The [...] Read more.
This study inspects the association between economic growth and imports from China, based on data sourced from 2000 to 2021. For this reason, a quantitative research approach is used to determine the causality between the variables and their impact on the economy. The null hypothesis of the paper implies that the import growth rate has a significant impact on the GDP growth rate in the Peoples Republic of China. This hypothesis was rejected via the Granger causality test, as the only single directional relationship was found. However, further analysis was conducted by applying a Vector Auto-Regression (VAR) model that included leading macroeconomic variables, such as the inflation rate, the bank rate, and the exchange rate between the US dollar and Chinese yuan. The impulse responses of the model, aligned with the economic theory and the results, suggested that the import growth rate is negatively related to the GDP growth rate, while the GDP growth rate has an initial positive impact on the imports for the first three quarters, which later changes to a negative impact. This time lag suggests that while the impact between the variables is important, negative outcomes could be avoided if proper economic policy is implemented. The government of China should focus on policy implications that further promote export and substitute imported goods with domestic production. Full article
(This article belongs to the Special Issue Interdisciplinary Empirical Research in Financial Econometrics)
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13 pages, 995 KiB  
Article
Can EU Bonds Serve as Euro-Denominated Safe Assets?
by Tilman Bletzinger, William Greif and Bernd Schwaab
J. Risk Financial Manag. 2022, 15(11), 530; https://doi.org/10.3390/jrfm15110530 - 14 Nov 2022
Cited by 2 | Viewed by 1784
Abstract
A safe asset is of high credit quality, retains its value in difficult times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield [...] Read more.
A safe asset is of high credit quality, retains its value in difficult times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German Bunds remained contained during the 2020 COVID-19 pandemic recession. Recent issuances and taps under the EU’s SURE and NGEU initiatives helped improve EU bonds’ market liquidity from previously low levels, while also reducing liquidity risk premia. Eurosystem purchases and holdings of EU bonds did not impair market liquidity. Currently, an obstacle to EU bonds achieving a genuine euro-denominated safe asset status, approaching that of Bunds, lies in the one-off, time-limited nature of the EU’s COVID-19-related policy responses. Full article
(This article belongs to the Special Issue The Financial System in a Post COVID-19 World)
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22 pages, 598 KiB  
Article
Evaluate the Causal Relations among the Criteria in Successful CSR Practices
by Chia-Chi Sun and Shu-Ni Yen
J. Risk Financial Manag. 2022, 15(11), 529; https://doi.org/10.3390/jrfm15110529 - 14 Nov 2022
Viewed by 2024
Abstract
With the growing awareness of Corporate Social Responsibility (CSR), increasingly more companies are becoming aware that business cannot be limited to just maximizing stakeholders’ profit. An enterprise should include social responsibility to protect the environment and develop people’s talents. Maintaining business competitive power [...] Read more.
With the growing awareness of Corporate Social Responsibility (CSR), increasingly more companies are becoming aware that business cannot be limited to just maximizing stakeholders’ profit. An enterprise should include social responsibility to protect the environment and develop people’s talents. Maintaining business competitive power and sustainability while bringing contributions to society has become the new corporate performance target. In Taiwan, the hi-tech industry is an important economics index. Although some hi-tech companies have executed CSR, many of them have not. The reason is mainly due to not knowing how to begin executing CSR or they do not know the proper strategy. This study used the hi-tech industry as the sample for a Decision-Making Trial and Evaluation Laboratory (DEMATEL) to analyze the CSR key factors and strategy. The result confirms that business leaders should start from the “Environment” and focus on “building a green supply chain”, “protecting stakeholders’ rights and interests” and “building enterprise CSR culture” as the strategy to execute CSR. Full article
(This article belongs to the Special Issue Risk Analysis for Corporate Finance II)
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13 pages, 295 KiB  
Article
Family Communication, Privacy Orientation, & Financial Literacy: A Survey of U.S. College Students
by Thomas A. Hanson
J. Risk Financial Manag. 2022, 15(11), 528; https://doi.org/10.3390/jrfm15110528 - 13 Nov 2022
Viewed by 1703
Abstract
Increasing personal financial responsibility has increased the value of financial literacy in recent decades, leading to an emphasis on financial literacy and educational programs. However, these educational efforts have demonstrated mixed results, necessitating further research regarding the influences on personal financial knowledge and [...] Read more.
Increasing personal financial responsibility has increased the value of financial literacy in recent decades, leading to an emphasis on financial literacy and educational programs. However, these educational efforts have demonstrated mixed results, necessitating further research regarding the influences on personal financial knowledge and capabilities. The present study explores the effect of family socialization, specifically through an analysis of family communication patterns and privacy orientations, hypothesizing that open dialogue regarding financial matters will encourage transmission of knowledge and a willingness to seek information when needed. Reporting on the results of an online survey of college students, the results imply that individuals from more communicative families report stronger financial literacy. This finding suggests that financial literacy education programs might be more pedagogically useful if they incorporate and facilitate conversation around financial matters. The findings also reinforce the necessity of financial education. Full article
(This article belongs to the Section Economics and Finance)
13 pages, 847 KiB  
Article
Net Stable Funding Ratio (NSFR) and Bank Performance: A Study of the Indian Banks
by Anureet Virk Sidhu, Shailesh Rastogi, Rajani Gupte, Aashi Rawal and Bhakti Agarwal
J. Risk Financial Manag. 2022, 15(11), 527; https://doi.org/10.3390/jrfm15110527 - 11 Nov 2022
Cited by 7 | Viewed by 2506
Abstract
The present study examines the impact of the Net Stable Funding Ratio (NSFR) on the performance of Indian commercial banks from 2010 to 2021. The study further investigates how the relationship between liquidity and performance varies under the influence of bank-specific factors such [...] Read more.
The present study examines the impact of the Net Stable Funding Ratio (NSFR) on the performance of Indian commercial banks from 2010 to 2021. The study further investigates how the relationship between liquidity and performance varies under the influence of bank-specific factors such as ownership structure (Promoter vs. Institutional investors). Bank performance is evaluated using a two-fold approach—Profitability measures (NIMs and ROA) and NPA levels of banks. Using the Dynamic panel data regression technique, we find that the relationship between NSFR and NIMs is negative, implying that bank NIMs tend to decline as banks comply with NSFR regulation. Furthermore, the study demonstrates that the inverse relationship between NSFR and bank NIMs becomes more profound when promoters’ stakes are high. Finally, the results highlight that for banks with higher institutional holdings, NPA levels witness an upward trend as the NSFR ratio increases. From a policy perspective, study results will help policymakers understand how changes in liquidity levels impact the wider banking sector and guide them on the overall direction in which to progress with the reforms. Full article
(This article belongs to the Section Banking and Finance)
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18 pages, 355 KiB  
Article
Impacts of Emissions Trading Scheme Initiatives on Corporate Carbon Proactivity and Financial Performance
by Guiliang Zha, Yongqing Li and Qingliang Tang
J. Risk Financial Manag. 2022, 15(11), 526; https://doi.org/10.3390/jrfm15110526 - 10 Nov 2022
Cited by 2 | Viewed by 2038
Abstract
This study introduces the concept of carbon proactivity and considers not only the quantity of emissions but also corporate carbon-reduction efforts and actions to explore the relationship between carbon proactivity, the emissions trading scheme (ETS) mechanism, and corporate financial performance. A matched-pair approach [...] Read more.
This study introduces the concept of carbon proactivity and considers not only the quantity of emissions but also corporate carbon-reduction efforts and actions to explore the relationship between carbon proactivity, the emissions trading scheme (ETS) mechanism, and corporate financial performance. A matched-pair approach was adopted to explore the difference in carbon proactivity between ETS and non-ETS firms. The study aims to investigate the impacts of an ETS on corporate carbon proactivity and whether participating in an ETS can help a firm achieve a desired outcome in which it can improve both environmental and economic performance. Using manually collected data on carbon disclosure, it was found that carbon proactivity is higher among firms that participate in an ETS than among those that do not, and carbon proactivity is trending upward for the participating firms. In addition, evidence suggests that while investing more resources in carbon proactivity decreases current financial performance, it will boost future financial performance. This relationship is observed among firms that participate in an ETS. This study extends the understanding of the relationship between ETSs, corporate carbon proactivity, and corporate financial performance. It also provides evidence on how to improve the ETS mechanism. Full article
(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)
15 pages, 990 KiB  
Article
Forecastability of Agricultural Commodity Futures Realised Volatility with Daily Infectious Disease-Related Uncertainty
by Sisa Shiba, Goodness C. Aye, Rangan Gupta and Samrat Goswami
J. Risk Financial Manag. 2022, 15(11), 525; https://doi.org/10.3390/jrfm15110525 - 10 Nov 2022
Cited by 2 | Viewed by 1658
Abstract
Given the food supply chain disruption from COVID-19 lockdowns around the world, we examine the predictive power of daily infectious diseases-related uncertainty (EMVID) on commodity traded futures within the agricultural bracket, sometimes known as the softs, using the heterogeneous autoregressive realised variance (HAR-RV) [...] Read more.
Given the food supply chain disruption from COVID-19 lockdowns around the world, we examine the predictive power of daily infectious diseases-related uncertainty (EMVID) on commodity traded futures within the agricultural bracket, sometimes known as the softs, using the heterogeneous autoregressive realised variance (HAR-RV) model. Considering the short-, medium-, and long-run recursive out-of-sample estimation approach, we estimate daily realised volatility by using intraday data within the 5 min interval for 15 agricultural commodity futures. During the COVID-19 episode, our results indicated that EMVID plays an important role in predicting the future path of agricultural commodity traded futures in the short, medium, and long run, i.e., h = 1, 5, and 22, respectively. According to the MSE-F test, these results are statistically significant. These results contain important implications for investors, portfolio managers, and speculators when faced with investment risk management and strategic asset allocation during infectious disease-related uncertainty. Full article
(This article belongs to the Special Issue Applied Financial Econometrics)
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13 pages, 347 KiB  
Article
Examining the Link between Technical Efficiency, Corporate Governance and Financial Performance of Firms: Evidence from Nigeria
by Adedoyin Isola Lawal, Lawal-Adedoyin Bose Bukola, Olujide Olakanmi, Timothy Kayode Samson, Nwanji Tony Ike, Abiodun Samuel Ajayi, Fakile Samuel Adeniran, Oseni Ezekiel, Opeyemi Oyelude and Grace Adigun
J. Risk Financial Manag. 2022, 15(11), 524; https://doi.org/10.3390/jrfm15110524 - 09 Nov 2022
Cited by 1 | Viewed by 1745
Abstract
The purpose of this study is to examine the link between technical efficiency and both the corporate governance and financial performance of listed financial firms on the floor of the Nigerian Stock Exchange using three theoretical approaches: shareholder theory, stakeholders’ theory, and resource [...] Read more.
The purpose of this study is to examine the link between technical efficiency and both the corporate governance and financial performance of listed financial firms on the floor of the Nigerian Stock Exchange using three theoretical approaches: shareholder theory, stakeholders’ theory, and resource dependence theory. We employed a stochastic frontier analysis to examine the impact of technical efficiency on the link between corporate governance and financial performance on the one hand, and, on the other, multiple regressions comprised of OLS and Poisson estimates to analyze a data-generating set sourced from 2007 to 2020. The results of our OLS estimates suggest that a negative but significant relationship exists between the corporate governance mechanism and the financial performance of the listed firms. When we subject the analysis to the Poisson estimates, the relationship becomes positive and significant. Our results have some positive implications. Full article
(This article belongs to the Special Issue A New Era of Strategic Investment Decision-Making and Governance Mechanisms)
12 pages, 478 KiB  
Article
Market Intraday Momentum with New Measures for Trading Cost: Evidence from KOSPI Index
by Chien-Yuan Lai, Zhen-Yu Lin, Cheoljun Eom and Ping-Chen Tsai
J. Risk Financial Manag. 2022, 15(11), 523; https://doi.org/10.3390/jrfm15110523 - 08 Nov 2022
Viewed by 3032
Abstract
Evidence on Market Intraday Momentum (MIM) has been documented in the United states and in some, but not all, major economies. The main results on MIM are broadly robust against transaction costs, which are measured by either quoted spread or effective spread. By [...] Read more.
Evidence on Market Intraday Momentum (MIM) has been documented in the United states and in some, but not all, major economies. The main results on MIM are broadly robust against transaction costs, which are measured by either quoted spread or effective spread. By using two new spread measures obtained from high and low prices, we show that these measures of transaction cost tend to become smaller toward the end of a trading day, thus establishing MIM in more than 10 years of the 30 min KOSPI index. We also report the solid profitability of such MIM-based trading strategies. Full article
(This article belongs to the Special Issue Theoretical, Empirical, and Experimental Aspects of Market Microstructure II)
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28 pages, 1044 KiB  
Article
Choosing a Business or Economics Study Program at University: The Role of the Economics Teacher
by Michael Jüttler and Stephan Schumann
J. Risk Financial Manag. 2022, 15(11), 522; https://doi.org/10.3390/jrfm15110522 - 08 Nov 2022
Viewed by 1906
Abstract
The choice of a study program is based on complex individual decision-making processes. Thereby, economics is one of the most popular fields of study worldwide. Considering previous studies, the role of the teacher is often neglected. However, it can be assumed that teachers’ [...] Read more.
The choice of a study program is based on complex individual decision-making processes. Thereby, economics is one of the most popular fields of study worldwide. Considering previous studies, the role of the teacher is often neglected. However, it can be assumed that teachers’ professional knowledge plays a significant role in a student’s choice of a study program. Thus, the present study investigated the influence of the professional knowledge that students perceive in their economics teacher on their aspirations and choice of an economics study program. The longitudinal data of 1387 Swiss high school students were analyzed. Economic competencies were measured multidimensionally and included knowledge, motivation, interest, value-oriented dispositions, and attitude. There were small to moderate correlations between the professional knowledge that students perceived in their economics teacher and their economic competencies. With regard to the intention and choice of economics, the results show small to moderate effects of the pedagogic content knowledge and the general pedagogic knowledge that students perceive in their teacher. These findings contribute to the discussion on the role of the economics teacher. It is therefore recommended that the teaching professionalism of economics teachers, which has been criticized in different countries, be promoted more strongly and more systematically. Full article
(This article belongs to the Special Issue Financial and Economic Literacy—Implications for Education)
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45 pages, 1302 KiB  
Review
Energy Communities Overview: Managerial Policies, Economic Aspects, Technologies, and Models
by Grigorios L. Kyriakopoulos
J. Risk Financial Manag. 2022, 15(11), 521; https://doi.org/10.3390/jrfm15110521 - 07 Nov 2022
Cited by 17 | Viewed by 4041
Abstract
Recently, there has been an ongoing global debate on the issues of energy safety, energy autonomy, and energy alleviation policies in developed and developing countries. The energy communities can integrate distributed energy resources, especially among local energy systems, playing a decisive role to [...] Read more.
Recently, there has been an ongoing global debate on the issues of energy safety, energy autonomy, and energy alleviation policies in developed and developing countries. The energy communities can integrate distributed energy resources, especially among local energy systems, playing a decisive role to support people around the world in the transition process towards sustainable development and renewable energy sources (RES). The main research dimensions of such a manifold approach are environmental sustainability, the reduction of greenhouse gases (GHGs) emission, the ordinal exploitation of RES, the social awareness in actions towards global consumerism in an environmentally caring manner, the increase of energy efficiency, and the pollution relief caused by the expansion of urban/built environment worldwide. This review study focused on the roles and the ways of how “energy communities” (ECs) could support contemporary energy management and priorities to ensure energy safety, autonomy, and alleviation, regionally and globally. In this context, a systematic, last-decade publications of ECs was conducted and the retrieved documents were organized in alignment with the following four groups of literature overview. Group 1 covered the dimensions of technology and environment, being coupled with Group 2, covering the dimensions of socio-culture and anthropocentricity (mainly focusing on the built environment). A similar coupling of Group 3 and Group 4 was made, where Group 3 covered the legislative dimension of ECs and Group 4 covered the ECs devoted to Europe–European Union (EU), respectively. The emerging key literature aspects, the proposed measures, and the applied energy policies on ECs were also conveyed and discussed. Full article
(This article belongs to the Section Financial Markets)
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18 pages, 2105 KiB  
Article
Time Dependence of CAPM Betas on the Choice of Interval Frequency and Return Timeframes: Is There an Optimum?
by Pankaj Agrrawal, Faye W. Gilbert and Jason Harkins
J. Risk Financial Manag. 2022, 15(11), 520; https://doi.org/10.3390/jrfm15110520 - 07 Nov 2022
Cited by 6 | Viewed by 3770
Abstract
The traditional CAPM beta is almost exclusively calculated over a return period that spans a window length of 60-months, at one-month return frequencies. It is one of the most utilized models in the asset management industry to assess systematic risk. Yet there is [...] Read more.
The traditional CAPM beta is almost exclusively calculated over a return period that spans a window length of 60-months, at one-month return frequencies. It is one of the most utilized models in the asset management industry to assess systematic risk. Yet there is limited evidence to suggest that these estimation parameters are optimal. Utilizing data between January 2000 and December 2021 for the Russell 1000 index, we test daily, weekly, and monthly beta estimations to calculate tracking errors (TE) for the use of these betas in predicting subsequent performance over daily, weekly, and monthly timeframes. We identify that daily CAPM betas are best for predicting subsequent period daily returns and that weekly CAPM betas are strongly correlated with forward weekly and monthly period returns. Leveraging the significant advances in computing resources and the increasing utilization of high frequency trading strategies, we argue that additional window length and return interval-based CAPM betas should be calculated for estimating the systematic risk embedded in diversified portfolios. Full article
(This article belongs to the Special Issue Mathematical and Empirical Finance)
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15 pages, 617 KiB  
Article
Does Limited Liability Reduce Leveraged Risk?: The Case of Loan Portfolio Management
by Deb Narayan Barik and Siddhartha P. Chakrabarty
J. Risk Financial Manag. 2022, 15(11), 519; https://doi.org/10.3390/jrfm15110519 - 07 Nov 2022
Cited by 1 | Viewed by 1475
Abstract
Return–risk models are the two pillars of modern portfolio theory, which are widely used to make decisions in choosing the loan portfolio of a bank. Banks and other financial institutions are subjected to limited-liability protection. However, in most of the model formulation, limited [...] Read more.
Return–risk models are the two pillars of modern portfolio theory, which are widely used to make decisions in choosing the loan portfolio of a bank. Banks and other financial institutions are subjected to limited-liability protection. However, in most of the model formulation, limited liability is not taken into consideration. Accordingly, to address this, we have, in this article, analyzed the effect of including it in the model formulation. We formulate four models, two of which are maximizing the expected return with risk constraint, including and excluding limited liability, and other two of which are minimizing of risk with threshold level of return with and without limited liability. Our theoretical results show that the solutions of the models with limited liability produce better results than the others, in both minimizing risk and maximizing expected return. More specifically, the portfolios that included limited liability are less risky as compared to the portfolios that did not include limited liability. Finally, an illustrative example is presented to support the theoretical results obtained. Full article
(This article belongs to the Special Issue Mathematical and Empirical Finance)
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19 pages, 1841 KiB  
Article
GHG Emissions and Economic Growth in the European Union, Norway, and Iceland: A Validated Time-Series Approach Based on a Small Number of Observations
by Sergej Gricar, Stefan Bojnec and Tea Baldigara
J. Risk Financial Manag. 2022, 15(11), 518; https://doi.org/10.3390/jrfm15110518 - 07 Nov 2022
Cited by 5 | Viewed by 1834
Abstract
This research aims to ensure methodological conformance and to test the validity of its empirical application. To do so, the study analysed differentiation of the development patterns of four time-series variables. The relationships between greenhouse gas (GHG) emissions, employment, inflation, and gross domestic [...] Read more.
This research aims to ensure methodological conformance and to test the validity of its empirical application. To do so, the study analysed differentiation of the development patterns of four time-series variables. The relationships between greenhouse gas (GHG) emissions, employment, inflation, and gross domestic product (GDP) at constant prices were analysed, comparing the European Union (EU-27) and two European Free Trade Association countries. The study period covers twelve years of monthly and quarterly data from the beginning of 2010 to mid-2021, where the highest frequency of data was 138 observations. The methodology used included unit root testing and the vector autoregressive model (VAR). The study’s main results show that GDP at constant prices significantly affected GHG emissions in the EU-27 countries. Meanwhile, the lag between inflation and employment did not have a considerable impact. This finding shows that inflation was not a stable variable and had a strong autocorrelation. Variable employment did not follow a normal distribution. It was necessary for this research to adopt a suitable model for the technical procedure. Full article
(This article belongs to the Special Issue Sustainable Economic Growth)
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17 pages, 301 KiB  
Article
Should Firms in Emerging Markets Invest in R&D? Evidence from China’s Manufacturing Sector
by Dachen Sheng and Heather Montgomery
J. Risk Financial Manag. 2022, 15(11), 517; https://doi.org/10.3390/jrfm15110517 - 07 Nov 2022
Cited by 1 | Viewed by 1367
Abstract
Analyzing micro-level firm data from the Chinese manufacturing sector, this study provides compelling evidence that firms in emerging markets that invest in research and development (R&D) for product differentiation significantly increase firm performance as measured by market power, profitability, and earning quality. Privately [...] Read more.
Analyzing micro-level firm data from the Chinese manufacturing sector, this study provides compelling evidence that firms in emerging markets that invest in research and development (R&D) for product differentiation significantly increase firm performance as measured by market power, profitability, and earning quality. Privately held (non-state-owned), mid-size, Shenzhen exchange-listed firms experience the largest boost to firm performance when they invest in research and development. However, analyzing the contribution of R&D investment to firm market value, we reveal that while R&D investments are valued by institutional investors, the potential for investment in R&D to boost firm performance is not recognized by individual investors, who dominate Chinese financial markets. This finding suggests that managers may under-invest in R&D if equity compensation comprises a large share of the overall compensation package. Full article
(This article belongs to the Special Issue Internationalization of Emerging Market Multinational Enterprises in a Volatile Environment)
18 pages, 313 KiB  
Article
Blockchain Platforms in Energy Markets—A Critical Assessment
by Christoph Burger and Jens Weinmann
J. Risk Financial Manag. 2022, 15(11), 516; https://doi.org/10.3390/jrfm15110516 - 07 Nov 2022
Cited by 3 | Viewed by 2337
Abstract
Compared to other applications of distributed ledger technologies, for example, in decentralized finance, non-fungible tokens, and logistics, Blockchain applications in the energy industry have not found widespread dissemination and fell short of market expectations during the Blockchain hype in the late 2010s. In [...] Read more.
Compared to other applications of distributed ledger technologies, for example, in decentralized finance, non-fungible tokens, and logistics, Blockchain applications in the energy industry have not found widespread dissemination and fell short of market expectations during the Blockchain hype in the late 2010s. In semi-structured qualitative interviews with leading providers in the energy industry, conducted from 2019 to 2021, hurdles in energy applications are compared with a control group of additional interviews with representatives of companies operating in IT and FinTech. The analysis uses a framework covering technical feasibility, desirability, and economic viability, as well as the role of regulatory frameworks. The interviews reveal that the first Blockchain applications suffered from a combination of technological constraints and inter-platform competition. Due to the permissionless configuration of the early energy Blockchains, they were slow in terms of transaction speed compared to existing platforms and prices per transaction were high, in addition to high degrees of complexity related to requirements from both critical-infrastructure systems and financial market regulation. The analysis further points to the slow adoption of Blockchain applications in the energy sector being related to business models rather focusing on products and platforms as well as on transactional rather than procedural use cases, with a high degree of standardization of the offering and low levels of inclusiveness concerning processes. The move from transaction platforms to innovation platforms and the emergence of Blockchain as a service provider—plus technical advances with regards to high-frequency transactions combined with the increasing importance of use cases, such as proof of origin for fuels or e-charging—may induce a shift from pilot applications to commercialization within the larger innovation ecosystem. While the involvement of Blockchain solutions in energy markets increases with pilot projects and with this, the acceptance of players and stakeholders in the energy ecosystem, a big hurdle for innovation remains the regulation of energy markets to allow for peer-to-peer trading, a usage-driven distribution of network costs, and bottom-up pricing markets. Full article
(This article belongs to the Special Issue Innovation in Business and Energy Systems)
17 pages, 579 KiB  
Article
Selected Issues of (Good) Governance in North American Professional Sports Leagues
by Nelson Morales and Mathias Schubert
J. Risk Financial Manag. 2022, 15(11), 515; https://doi.org/10.3390/jrfm15110515 - 04 Nov 2022
Cited by 1 | Viewed by 2892
Abstract
In recent years, sport governing bodies (SGB) have been the subject of serious questions regarding their governance structures and decision-making processes. SGB that fail to implement regulatory mechanisms and to improve their governance structures and processes risk being confronted with severe ethically sensitive [...] Read more.
In recent years, sport governing bodies (SGB) have been the subject of serious questions regarding their governance structures and decision-making processes. SGB that fail to implement regulatory mechanisms and to improve their governance structures and processes risk being confronted with severe ethically sensitive issues outside and inside the fields, which may eventually result in negative publicity and reduced demand (e.g., fans, sponsors) or financial support (e.g., from governments). This study examines selected regulations and practices of North American professional sports leagues in light of good governance principles. By adopting a qualitative research design, we investigate if there is a need for reforms to be employed by the leagues to comply with core dimensions of governance and thus reduce the risk of not being prepared to deal with ethically sensitive issues that may come up. Our critical analysis suggests that essential reforms need to be employed by the leagues to comply with core principles of good governance. In terms of democracy, professional leagues need to recognise stakeholder interests, implement innovative participation mechanisms, and apply diversity and inclusion policies for board composition. On transparency, it is required to publish internal regulations and financial information despite lax regulations on disclosure policies in the United States. Concerning accountability, professional leagues should separate their disciplinary and executive branches to avoid the concentration of power and potential conflict of interest in the relationship between the commissioner and team owners. Full article
(This article belongs to the Special Issue Risk in Sports and Challenges for Sports Organizations)
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