Journal of Risk and Financial Management

13 pages, 1072 KiB

Open AccessArticle

Three Major Crises and Asian Emerging Market Informational Efficiency: A Case of Pakistan Stock Exchange-100 Index

by Bahrawar Said, Shafiq Ur Rehman and Muhammad Wajid Raza

J. Risk Financial Manag. 2022, 15(12), 619; https://doi.org/10.3390/jrfm15120619 - 19 Dec 2022

Cited by 1 | Viewed by 2051

Periods of economic turmoil distort the ability of stock prices to reflect the available information. In the last three decades, emerging markets experienced numerous crises. The major three of them are the Asian Financial Crisis (1997–1998), Global Financial Crisis (2007–2009) and Global Pandemic [...] Read more.

Periods of economic turmoil distort the ability of stock prices to reflect the available information. In the last three decades, emerging markets experienced numerous crises. The major three of them are the Asian Financial Crisis (1997–1998), Global Financial Crisis (2007–2009) and Global Pandemic Crisis (2020–2022). The nature, intensity and duration of these crises differ significantly. This study investigates the impact of these varying natures of crises on the level of informational efficiency. The empirical evidence is based on the emerging stock market of Pakistan. Index-level data are collected from Pakistan Stock Exchange-100 Index for the period 1995–2022. The rebalancing is done each year to ensure that the final sample is composed of only 100 stocks with the highest market capitalization. The results based on the Variance Ratio (VR) test show that informational efficiency is time-varying. Among all the three crises, informational efficiency deters more in the COVID-19 pandemic, albeit the market efficiency recovers soon. This implies that the arbitrage opportunity is marginal in crisis periods, while investors prefer to invest in post-crisis periods. Finally, our results reveal that among all the crises, investors were more informed in the Global Financial Crisis. Investors must keep a close eye on market regimes for designing investment solutions. Full article

(This article belongs to the Special Issue Financial Markets, Financial Volatility and Beyond (Volume II))

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16 pages, 338 KiB

Open AccessArticle

The Relationship between Managers’ Disclosure Tone and the Trading Volume of Investors

by Azam Pouryousof, Farzaneh Nassirzadeh, Reza Hesarzadeh and Davood Askarany

J. Risk Financial Manag. 2022, 15(12), 618; https://doi.org/10.3390/jrfm15120618 - 19 Dec 2022

Cited by 2 | Viewed by 1804

Abstract

The present research investigates the relationship between managers’ disclosure tone and the trading volume of small and large investors separately. The inconsistency of disclosure tone and abnormal trading volume generally indicates information asymmetry between managers and investors. However, by separating the abnormal trading [...] Read more.

The present research investigates the relationship between managers’ disclosure tone and the trading volume of small and large investors separately. The inconsistency of disclosure tone and abnormal trading volume generally indicates information asymmetry between managers and investors. However, by separating the abnormal trading volume of minor investors from major investors, this relationship shows the information asymmetry between minor and major investors. In this research, the disclosure tone of management discussion and analysis (MD&A) is measured using Loughran and McDonald’s (L&M) finance-oriented dictionaries, and tone inconsistency is measured using a benchmark model. The data were collected from 143 companies listed on the Tehran Stock Exchange from 2011 to 2020, totalling 1380 annual reports. The results show that MD&A tone inconsistency positively correlates with abnormal trading volume for all investors. In addition, MD&A tone inconsistency has a different impact on the trading behaviour of small and large investors and misleads the former. The present research contributes to the literature by providing evidence of the relationship between MD&A tone inconsistency and abnormal trading volume of small and major investors. It also uses both common words and word combinations to measure tone. Full article

(This article belongs to the Section Business and Entrepreneurship)

19 pages, 587 KiB

Open AccessArticle

The Role of E-Accounting Adoption on Business Performance: The Moderating Role of COVID-19

by Abdalwali Lutfi, Saleh Nafeth Alkelani, Hamza Alqudah, Ahmad Farhan Alshira’h, Malek Hamed Alshirah, Mohammed Amin Almaiah, Adi Alsyouf, Mahmaod Alrawad, Abdelhameed Montash and Osama Abdelmaksoud

J. Risk Financial Manag. 2022, 15(12), 617; https://doi.org/10.3390/jrfm15120617 - 19 Dec 2022

Cited by 20 | Viewed by 3417

Abstract

In the last decade, information systems (ISs) have made dynamic developments in light of their ability to enhance the performances of businesses. In relation to this, an organization that is effectively and efficiently managed often displays optimum performance using financial systems such as [...] Read more.

In the last decade, information systems (ISs) have made dynamic developments in light of their ability to enhance the performances of businesses. In relation to this, an organization that is effectively and efficiently managed often displays optimum performance using financial systems such as electronic accounting (e-accounting). Thus, essentially, e-accounting is utilized for the automation of operational processes and for improving business efficiency and performance. More currently, e-accounting dynamic development has laid credence to the performance of businesses in a way that the influence cannot be exaggerated. Nevertheless, past studies evidenced that successful e-accounting depends on critical success factors, and hence this study primarily aims to conduct an evaluation of e-accounting using DeLone and McLean’s information system model (DM ISM) among firms in Jordan. More specifically, this study determines the influence of information quality, system quality, service quality, system usage, and user satisfaction on business performance. The current study adopted a quantitative method, applying a self-administered survey questionnaire for the purpose of data collection from 104 e-accounting users. This study employed partial least squares structural equation modeling (PLS-SEM) to validate the data, and based on the findings, system quality and information quality affect system use; service quality of e-accounting had no significant impact on use, but e-accounting use had a significant influence on the satisfaction of users. Moreover, e-accounting system use and user satisfaction positively influence business performance. This study is an extension of the current IS literature, particularly of those focused on determining the effects of e-accounting benefits. This study validated the proposed model in the context of Jordanian firms and contributes to both the literature on and practice of e-accounting. This study provided implications, limitations, and recommendations for future research. Full article

(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)

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8 pages, 359 KiB

Open AccessArticle

Newton–Raphson Emulation Network for Highly Efficient Computation of Numerous Implied Volatilities

by Geon Lee, Tae-Kyoung Kim, Hyun-Gyoon Kim and Jeonggyu Huh

J. Risk Financial Manag. 2022, 15(12), 616; https://doi.org/10.3390/jrfm15120616 - 18 Dec 2022

Viewed by 1375

Abstract

In finance, implied volatility is an important indicator that reflects the market situation immediately. Many practitioners estimate volatility by using iteration methods, such as the Newton–Raphson (NR) method. However, if numerous implied volatilities must be computed frequently, the iteration methods easily reach the [...] Read more.

In finance, implied volatility is an important indicator that reflects the market situation immediately. Many practitioners estimate volatility by using iteration methods, such as the Newton–Raphson (NR) method. However, if numerous implied volatilities must be computed frequently, the iteration methods easily reach the processing speed limit. Therefore, we emulate the NR method as a network by using PyTorch, a well-known deep learning package, and optimize the network further by using TensorRT, a package for optimizing deep learning models. Comparing the optimized emulation method with the benchmarks, implemented in two popular Python packages, we demonstrate that the emulation network is up to 1000 times faster than the benchmark functions. Full article

(This article belongs to the Special Issue Neural Networks for Financial Derivatives)

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24 pages, 1872 KiB

Open AccessArticle

Social Security Payments and Financialization: Lessons from the Greek Case

by Dionysios Kyriakopoulos, John Yfantopoulos and Theodoros V. Stamatopoulos

J. Risk Financial Manag. 2022, 15(12), 615; https://doi.org/10.3390/jrfm15120615 - 16 Dec 2022

Cited by 2 | Viewed by 1449

Abstract

This paper is founded on both the theoretical schemes of financialization, as a new regime of accumulation, and the shareholder value, the everyday finance, the structured finance, as well as the finance-led growth regime, whose special institutional forms concern the wage–labor nexus, the [...] Read more.

This paper is founded on both the theoretical schemes of financialization, as a new regime of accumulation, and the shareholder value, the everyday finance, the structured finance, as well as the finance-led growth regime, whose special institutional forms concern the wage–labor nexus, the competition form, the monetary regime, the state–society relations, the insertion into the international regime, and the coherence and dynamic of the growth regime. It also aims to examine if the Greek social security system (the “system”) used financial logic in economic policy during the period of 2000q1–2021q3. It is econometrically approached through the short-run Granger causality tests but mainly the autoregressive distributed lag model in order to estimate the long-run relationships of the social contributions and benefits paid, with variables expressing the financialization either of the whole economy or particularly of one of the public sectors. So, these steady-state relationships proved statistically significant, and they are considered to be compatible with several mechanisms of the finance-led growth regime. Thus, the sustainability of the “system” should be insured by the policy makers in the economic progress and the creation of new jobs able to fund it. This article contributes to the literature by offering empirical evidence on the financialization and relevant compilation analysis. Full article

(This article belongs to the Section Financial Markets)

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26 pages, 857 KiB

Open AccessArticle

Understanding Organisational Risks and Opportunities Associated with Implementing Australia’s National Disability Insurance Scheme from the Nonprofit Service Provider Perspective—Findings from Quantitative Research

by Hamin Hamin, David Rosenbaum and Elizabeth More

J. Risk Financial Manag. 2022, 15(12), 614; https://doi.org/10.3390/jrfm15120614 - 16 Dec 2022

Cited by 4 | Viewed by 1903 | Correction

Abstract

In this paper, we provide useful lessons from a quantitative analysis across several nonprofit organisations undergoing generational change due to the implementation of the Australian government’s National Disability Insurance Scheme (NDIS). This paper contributes to the field in demonstrating the usefulness of the [...] Read more.

In this paper, we provide useful lessons from a quantitative analysis across several nonprofit organisations undergoing generational change due to the implementation of the Australian government’s National Disability Insurance Scheme (NDIS). This paper contributes to the field in demonstrating the usefulness of the approach in revealing how change has to occur at both the micro and macro levels of the organisations involved, affecting both followers and transforming leadership, whilst simultaneously reinforcing the need to address the strategic and operational risks inherent in such transformational change. It represents a follow-up to an earlier published longitudinal qualitative research and provides further evidence on the key findings associated with the development of the NDIS Implementation Framework. The current paper considers the importance of the risk and opportunity conundrum associated with the implementation of the NDIS among Australian nonprofit service providers. This paper recognises that, as entities operating ostensibly outside the purely commercial realms of service design and delivery, nonprofit service providers are potentially handicapped by an historic lack of relevant and necessary market-based skills. The risks necessitate an accelerated programme of skill development and skill acquisition to enable the full range of opportunities to be realised. The change management processes, identified using the conceptual framework of readiness → implementation commitment → sustainability, as discussed in this paper, highlight the potential financial consequences which have substantial impacts on such nonprofit service providers. Organisations in these settings are challenged by ongoing financial sustainability issues where very small financial margins, resulting directly from the generational business model shift from a supply-driven system to a demand-driven system, may prove the difference between organisational survival and failure. Full article

(This article belongs to the Special Issue Risk and Financial Consequences)

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22 pages, 6553 KiB

Open AccessArticle

Countering Cybercrime Risks in Financial Institutions: Forecasting Information Trends

by Aleksandra Kuzior, Paulina Brożek, Olha Kuzmenko, Hanna Yarovenko and Tetyana Vasilyeva

J. Risk Financial Manag. 2022, 15(12), 613; https://doi.org/10.3390/jrfm15120613 - 16 Dec 2022

Cited by 9 | Viewed by 3709

Abstract

This article aims to forecast the information trends related to the most popular cyberattacks, seen as the cyber-crimes’ consequences reflecting on the Internet. The study database was formed based on online users’ search engine requests regarding the terms “Cyberattacks on the computer systems [...] Read more.

This article aims to forecast the information trends related to the most popular cyberattacks, seen as the cyber-crimes’ consequences reflecting on the Internet. The study database was formed based on online users’ search engine requests regarding the terms “Cyberattacks on the computer systems of a financial institution”, “Cyberattacks on the network infrastructure of a financial institution”, and “Cyberattacks on the cloud infra-structure of a financial institution”, obtained with Google Trends for the period from 16 April 2017 to 4 October 2022. The authors examined the data using the Z-score, the QS test, and the method of differences of average levels. The data were found to be non-stationary with outliers and a seasonal component, so exponential smoothing was applied to reduce fluctuations and clarify the trends. As a result, the authors built additive and multiplicative cyclical and trend-cyclical models with linear, exponential, and damped trends. According to the models’ quality evaluation, the best results were shown by the trend-cyclic additive models with an exponential trend for predicting cyberattacks on computer systems and the cloud infrastructure and a trend-cyclic additive model with a damped tendency for predicting cyberattacks on the network infrastructure. The obtained results indicate that the U.S. can expect cybercrimes in the country’s financial system in the short and medium term and develop appropriate countermeasures of a financial institution to reduce potential financial losses. Full article

(This article belongs to the Special Issue Trends in Information Technology)

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17 pages, 1225 KiB

Open AccessArticle

The Influence of Transparency and Disclosure on the Valuation of Banks in India: The Moderating Effect of Environmental, Social, and Governance Variables, Shareholder Activism, and Market Power

by Venkata Mrudula Bhimavarapu, Shailesh Rastogi and Rebecca Abraham

J. Risk Financial Manag. 2022, 15(12), 612; https://doi.org/10.3390/jrfm15120612 - 16 Dec 2022

Cited by 8 | Viewed by 2196

Abstract

Research on the impact of transparency and disclosures (TD) on the firm’s valuation presents an ambiguous result. The effect of disclosure on value is a concern because disclosure is not an economic activity. It grows further due to the embellishment of positive disclosures [...] Read more.

Research on the impact of transparency and disclosures (TD) on the firm’s valuation presents an ambiguous result. The effect of disclosure on value is a concern because disclosure is not an economic activity. It grows further due to the embellishment of positive disclosures and the suppression of hostile facts. This situation has motivated the authors to conduct the current research. The study aims to empirically find the influence of TD on the valuation of banks in India while the Environmental, Social, and Governance Index (esgi), Shareholder activism index (shai), and Lerner Index (li) act as moderators. A panel data regression (PDR) is adopted to analyse the data in the study. Panel data for 31 public/private banks for ten years (2010–2019) are collated. The authors used econometric models to understand the linear, quadratic, and interaction association of Transparency and Disclosure (TD) with the valuation of the banks in India. It is empirically found that TD alone does not impact the valuation of banks but is positively associated with a bank’s value under the influence of the moderators, Environmental, Social, and Governance variables (esgi), and shareholder activism (shai). Full article

(This article belongs to the Special Issue ESG-Investing and ESG-Finance)

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17 pages, 799 KiB

Open AccessReview

Corporate Investment Decision: A Review of Literature

by Umar Farooq, Mosab I. Tabash, Ahmad A. Al-Naimi and Krzysztof Drachal

J. Risk Financial Manag. 2022, 15(12), 611; https://doi.org/10.3390/jrfm15120611 - 16 Dec 2022

Cited by 3 | Viewed by 7110

Abstract

This study is an attempt to review relevant literature on the theme of corporate real investment decisions. We have conducted a comprehensive survey of literature on the studies published in well-reputed journals of finance, i.e., The Journal of Finance, The Review of Financial [...] Read more.

This study is an attempt to review relevant literature on the theme of corporate real investment decisions. We have conducted a comprehensive survey of literature on the studies published in well-reputed journals of finance, i.e., The Journal of Finance, The Review of Financial Studies, and The Journal of Financial Economics, during the years 2010 to 2022. The theoretical analysis reveals that information asymmetry, cash holdings, policy uncertainty, idiosyncratic risk, governance quality, financing diversification, financial development, managerial network, investor protection, tax policy, etc., are prominent factors influencing investment decisions. The current review analysis is useful and has certain policy implications for investment managers regarding investment decisions. It guides on the factors that can impede or boost investment volume. Our study has a novel contribution to the literature by summarizing the voluminous empirical literature arranged on physical investment decisions. Full article

(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management (Volume II))

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18 pages, 338 KiB

Open AccessArticle

Nexus between Regulatory Sandbox and Performance of Digital Banks—A Study on UK Digital Banks

by Patrick Bernard Washington, Shafiq Ur Rehman and Ernesto Lee

J. Risk Financial Manag. 2022, 15(12), 610; https://doi.org/10.3390/jrfm15120610 - 15 Dec 2022

Cited by 1 | Viewed by 3103

Abstract

It is debatable whether the regulatory Sandbox contributes to financial institutions’ growth. We used a panel sample of 24 challenger banks from the UK. This study has reviewed digital banks’ adoption of a regulatory sandbox to foster innovation in financial sectors. We assessed [...] Read more.

It is debatable whether the regulatory Sandbox contributes to financial institutions’ growth. We used a panel sample of 24 challenger banks from the UK. This study has reviewed digital banks’ adoption of a regulatory sandbox to foster innovation in financial sectors. We assessed the regulatory tools that encourage FinTech innovations, focusing on the aims of financial stability. Therefore, we exploit the introduction of the Sandbox as a catalyst for digital banking and its heterogeneous effects on the financial performance of digital banks. Our research showed that regulatory sandboxes have a detrimental impact on the financial performance of digital banks, increasing compliance costs and efficiency costs. This study will contribute to the limited literature on regulatory Sandbox and its policy implication for the growth and performance of digital banks. The recommendation of this study would help to improve the regulation of the development of digital technologies in the UK. Full article

12 pages, 285 KiB

Open AccessArticle

Is Professional Soccer a Risk for Their “Lives Afterwards”? A Social-Sciences-Based Examination of Retired Professional Soccer Players from a Long-Term Perspective

by Michael Barth, Torsten Schlesinger and Werner Pitsch

J. Risk Financial Manag. 2022, 15(12), 609; https://doi.org/10.3390/jrfm15120609 - 15 Dec 2022

Cited by 5 | Viewed by 1632

Abstract

Most professional soccer players’ careers end before their forties. Consequently, many of them face a relatively early retirement from their profession, thus facing multifaceted changes and potential issues of adjustments in different areas of their lives. Public discussion and therein expressed concerns have [...] Read more.

Most professional soccer players’ careers end before their forties. Consequently, many of them face a relatively early retirement from their profession, thus facing multifaceted changes and potential issues of adjustments in different areas of their lives. Public discussion and therein expressed concerns have led to increased attention on the topic, notably among practitioners and researchers. This study described and analyzed central retirement transition and adjustment outcomes of ex-professional soccer players from a social sciences and long-term perspective. A total of 78 ex-professionals completed the online questionnaire, most of them having played in the highest German soccer division for several years and having retired from professional soccer 10 years or more ago. Overall, 8.9% (95% CI 2.5 to 21.2; n = 45) showed signs of mental health problems. Compared to the results of a gender- and age-matched sample from the German population, retired ex-professionals were significantly more satisfied with their life and their personal income, and assessed themselves as having a higher subjective social status. Although further evidence is necessary to draw any final conclusion, our results do not point to those publicly discussed concerning central retirement transition and adjustment outcomes of (average) former professional soccer players in the long run. Full article

(This article belongs to the Special Issue Risk in Sports and Challenges for Sports Organizations)

12 pages, 643 KiB

Open AccessArticle

Stability and Growth Pact: Too Young to Die, Too Old to Rock ‘n’ Roll

by Patroklos Patsoulis, Marios Psychalis and Georgios A. Deirmentzoglou

J. Risk Financial Manag. 2022, 15(12), 608; https://doi.org/10.3390/jrfm15120608 - 15 Dec 2022

Viewed by 1710

Abstract

This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models argue that strict fiscal and monetary rules minimize moral hazard and crowding out, in practice many governments adopt fiscal expansion (in recent years in the form [...] Read more.

This paper discusses the future of the Stability and Growth Pact (hereafter SGP). Although Neoclassical economic models argue that strict fiscal and monetary rules minimize moral hazard and crowding out, in practice many governments adopt fiscal expansion (in recent years in the form of non-standard monetary measures) to mitigate market failures, consequently rethinking monetary rules and targets. Government spending and countercyclical policies are essential tools for soothing business cycles and other market failures. To this end, we empirically test whether current and past forms of the SGP have led to greater convergence, while we critically assess and investigate a possible SGP reform. By adopting more flexible rules, in terms of government spending and fiscal expansion, the Economic and Monetary Union (hereafter EMU) could yield multiple positive spillover effects in long-term economic growth under specific terms and conditions, such as green conditionalities. We conclude that to mitigate the triple crisis threat (economic, environmental and health), what is mostly needed are reforms in the form of fiscal federalism, such as common debt issuance (Eurobonds) that enhance the ability of the EMU to tackle the consequences of the aforementioned crises. Full article

(This article belongs to the Special Issue Interdisciplinary Empirical Research in Financial Econometrics)

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18 pages, 4094 KiB

Open AccessArticle

Analysis of the Impact of COVID-19 Pandemic on the Intraday Efficiency of Agricultural Futures Markets

by Faheem Aslam, Paulo Ferreira and Haider Ali

J. Risk Financial Manag. 2022, 15(12), 607; https://doi.org/10.3390/jrfm15120607 - 15 Dec 2022

Cited by 3 | Viewed by 1771

Abstract

The investigation of the fractal nature of financial data has been growing in the literature. The purpose of this paper is to investigate the impact of the COVID-19 pandemic on the efficiency of agricultural futures markets by using multifractal detrended fluctuation analysis (MF-DFA). [...] Read more.

The investigation of the fractal nature of financial data has been growing in the literature. The purpose of this paper is to investigate the impact of the COVID-19 pandemic on the efficiency of agricultural futures markets by using multifractal detrended fluctuation analysis (MF-DFA). To better understand the relative changes in the efficiency of agriculture commodities due to the pandemic, we split the dataset into two equal periods of seven months, i.e., 1 August 2019 to 10 March 2020 and 11 March 2020 to 25 September 2020. We used the high-frequency data at 15 min intervals of cocoa, cotton, coffee, orange juice, soybean, and sugar. The findings reveal that the COVID-19 pandemic has great but varying impacts on the intraday multifractal properties of the selected agricultural future markets. In particular, the London sugar witnessed the lowest multifractality while orange juice exhibited the highest multifractality before the pandemic declaration. Cocoa became the most efficient while the cotton exhibited the minimum efficient pattern after the pandemic. Our findings show that the highest improvement is found in the market efficiency of orange juice. Furthermore, the behavior of these agriculture commodities shifted from a persistent to an antipersistent behavior after the pandemic. The information given by the detection of multifractality can be used to support investment and policy-making decisions. Full article

(This article belongs to the Special Issue Commodity Market Finance)

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15 pages, 793 KiB

Open AccessArticle

Research on the Relationships between Knowledge-Based Dynamic Capabilities, Organizational Agility, and Firm Performance

by Guofan Li

J. Risk Financial Manag. 2022, 15(12), 606; https://doi.org/10.3390/jrfm15120606 - 14 Dec 2022

Cited by 2 | Viewed by 1642

Abstract

To explore the impact of knowledge-based dynamic capabilities on enterprise performance mechanisms, on the basis of dynamic capabilities theory and upper echelons theory and according to the collected sample data using a structural equation model in an empirical test, this paper explores dynamic [...] Read more.

To explore the impact of knowledge-based dynamic capabilities on enterprise performance mechanisms, on the basis of dynamic capabilities theory and upper echelons theory and according to the collected sample data using a structural equation model in an empirical test, this paper explores dynamic knowledgeability, organizational agility, business performance, and executive support provided by a theoretical model of four variables. The results show that knowledge-based dynamic capabilities and organizational agility have significant positive effects on firm performance; organizational agility has a mediating effect via the effect of knowledge-based dynamic capabilities on firm performance; and executive support has a moderating effect on the process of knowledge-based dynamic capabilities affecting organizational agility. Full article

(This article belongs to the Special Issue Customer Orientation, Job Satisfaction and Knowledge Management as Drivers of Improved Organisational Performance)

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30 pages, 1247 KiB

Open AccessArticle

Financial Inclusion in West African Economic and Monetary Union’s Economies: Performance Analysis Using Data Envelopment Analysis

by Pawoumodom Matthias Takouda, Mohamed Dia and Alassane Ouattara

J. Risk Financial Manag. 2022, 15(12), 605; https://doi.org/10.3390/jrfm15120605 - 14 Dec 2022

Cited by 1 | Viewed by 1773

Abstract

A data envelopment analysis (DEA) has yet to be chosen to assess countries’ financial inclusion levels. We introduce an application of the DEA methodology to compute aggregate performance measures regarding the financial inclusion of economies. We specifically explore composite scores based on relative [...] Read more.

A data envelopment analysis (DEA) has yet to be chosen to assess countries’ financial inclusion levels. We introduce an application of the DEA methodology to compute aggregate performance measures regarding the financial inclusion of economies. We specifically explore composite scores based on relative efficiency, super-efficiency, and cross-efficiency approaches. We implement the proposed procedure to study the financial inclusion in nations from the West African Economic and Monetary Union (WAEMU). We use the Union’s Central Bank’s financial inclusion data from 2010 to 2017. We obtain robust financial inclusion level measures, showing that overall, in the Union, there have been steady improvements during the study period, but with heterogenous behavior at the level of each economy. A benchmarking analysis allowed us to determine the countries with the best practices. For the remaining nations, we find their reference countries. Finally, we identified which financial service sectors drive the financial inclusion in each country from the optimal weights of the DEA model. Full article

(This article belongs to the Special Issue Financial Development and Economic Growth)

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22 pages, 1920 KiB

Open AccessArticle

The Effect of IFRS Adoption on the Business Climate: A Country Perspective

by Daniela Penela, João Estevão and Ana Isabel Morais

J. Risk Financial Manag. 2022, 15(12), 604; https://doi.org/10.3390/jrfm15120604 - 14 Dec 2022

Cited by 2 | Viewed by 3587

Abstract

Based on the ten areas that are measured by the ease of doing business (EDB) and based on the getting credit (GC) indicator, this study seeks to analyze factors that lead to a more favorable business climate in different countries. The methodology of [...] Read more.

Based on the ten areas that are measured by the ease of doing business (EDB) and based on the getting credit (GC) indicator, this study seeks to analyze factors that lead to a more favorable business climate in different countries. The methodology of fuzzy-set qualitative comparative analysis (fsQCA) was used to determine the paths taken by configurations or conditions in which variables affect an outcome. The results showed that high EDB and GC scores may be obtained under specified levels of IFRS (International Financial Reporting Standards) adoption degree and user experience requirements. Therefore, the adoption of IFRS could result in a better business climate in a nation since it would increase the comparability of financial statements, which will lower costs for investors, draw in foreign investors, and boost trust. Finally, the findings indicated that, depending on the presence of specific levels of GDP per capita, entrepreneurship, income group, and foreign direct investment (FDI) inflows, low or high values of IFRS adoption and high experience in applying IFRS are necessary to achieve high GC scores. Full article

(This article belongs to the Special Issue Advances in Corporate Governance, Accounting and Financial Management)

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22 pages, 2339 KiB

Open AccessArticle

Do the Inward and Outward Foreign Direct Investments Spur Domestic Investment in Bangladesh? A Counterfactual Analysis

by Md. Monirul Islam, Mohammad Tareque, Abu N. M. Wahid, Md. Mahmudul Alam and Kazi Sohag

J. Risk Financial Manag. 2022, 15(12), 603; https://doi.org/10.3390/jrfm15120603 - 13 Dec 2022

Cited by 1 | Viewed by 2685

Abstract

The net contribution of the decomposed measures of foreign direct investment (FDIs), e.g., the inward and outward flows of FDIs, to domestic investment is still inconclusive in the case of underdeveloped and developing countries. The current literature bears testimony to this fact. Hence, [...] Read more.

The net contribution of the decomposed measures of foreign direct investment (FDIs), e.g., the inward and outward flows of FDIs, to domestic investment is still inconclusive in the case of underdeveloped and developing countries. The current literature bears testimony to this fact. Hence, this research examines the impact of inward and outward foreign direct investments (FDIs) on the domestic investment in Bangladesh. This study considers annual time series data from 1976 to 2019 and estimates this data property under the augmented ARDL approach to cointegration. In addition, this research employs the dynamic ARDL simulation technique in order to forecast the counterfactual shock of the regressors and their effects on the dependent variable. The results from the augmented ARDL method suggest that the inward FDI has a positive impact on domestic investment, while the outward FDI is inconsequential in both the long run and the short run. Besides, our estimated findings also show the economic growth’s long-run and short-run favorable effects on domestic investment. At the same time, there is no significant impact of real interest rates and institutional quality on domestic investment in the long run or the short run in Bangladesh. In addition, the counterfactual shocks (10% positive and negative) to inward FDI positively impact domestic investment, indicating the crowding-in effect of the inward FDI on the domestic investment in Bangladesh. As the inward FDI flow is a significant determinant for sustained domestic investment in Bangladesh, the policy strategy must fuel the local firms by utilizing cross-border investment. Full article

(This article belongs to the Special Issue International Trade, Finance, and Development)

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12 pages, 531 KiB

Open AccessArticle

Forecasting Detrended Volatility Risk and Financial Price Series Using LSTM Neural Networks and XGBoost Regressor

by Aistis Raudys and Edvinas Goldstein

J. Risk Financial Manag. 2022, 15(12), 602; https://doi.org/10.3390/jrfm15120602 - 13 Dec 2022

Cited by 2 | Viewed by 1727

Abstract

It is common practice to employ returns, price differences or log returns for financial risk estimation and time series forecasting. In De Prado’s 2018 book, it was argued that by using returns we lose memory of time series. In order to verify this [...] Read more.

It is common practice to employ returns, price differences or log returns for financial risk estimation and time series forecasting. In De Prado’s 2018 book, it was argued that by using returns we lose memory of time series. In order to verify this statement, we examined the differences between fractional differencing and logarithmic transformations and their impact on data memory. We employed LSTM (long short-term memory) recurrent neural networks and an XGBoost regressor on the data using those transformations. We forecasted risk (volatility) and price value and compared the results of all models using original, unmodified prices. From the results, models showed that, on average, a logarithmic transformation achieved better volatility predictions in terms of mean squared error and accuracy. Logarithmic transformation was the most promising transformation in terms of profitability. Our results were controversial to Marco Lopez de Prado’s suggestion, as we managed to achieve the most accurate volatility predictions in terms of mean squared error and accuracy using logarithmic transformation instead of fractional differencing. This transformation was also most promising in terms of profitability. Full article

(This article belongs to the Special Issue Financial Markets, Financial Volatility and Beyond (Volume II))

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11 pages, 982 KiB

Open AccessArticle

Hedonic Models of Real Estate Prices: GAM Models; Environmental and Sex-Offender-Proximity Factors

by Jason Robert Bailey, Davide Lauria, W. Brent Lindquist, Stefan Mittnik and Svetlozar T. Rachev

J. Risk Financial Manag. 2022, 15(12), 601; https://doi.org/10.3390/jrfm15120601 - 13 Dec 2022

Cited by 2 | Viewed by 1515

Abstract

We investigate the use of a P-spline generalized additive hedonic model (GAM) for real estate prices in large U.S. cities, contrasting their predictive efficiency against commonly used linear and polynomial-based generalized linear models (GLM). Using intrinsic and extrinsic factors available from Redfin, we [...] Read more.

We investigate the use of a P-spline generalized additive hedonic model (GAM) for real estate prices in large U.S. cities, contrasting their predictive efficiency against commonly used linear and polynomial-based generalized linear models (GLM). Using intrinsic and extrinsic factors available from Redfin, we show that the GAM model is capable of describing 84% to 92% of the variance in the expected ln(sales price), based upon 2021 data. In contrast, a strictly linear GLM accounted for 65% to 78% of the variance, while polynomial-based GLMs accounted for 82% to 88%. As climate change is becoming increasingly important, we utilized the GAM model to examine the significance of environmental factors in two urban centers on the northwest coast. While the results indicate city-dependent differences in the significance of environmental factors, we find that inclusion of the environmental factors increases the adjusted R² of the GAM model by less than 1%. Thirdly, our results indicate that the importance of sex offender residence proximity as a pricing factor is strongly influenced by state sex offender residence regulations. Full article

(This article belongs to the Special Issue ESG-Investing and ESG-Finance)

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17 pages, 343 KiB

Open AccessArticle

Political Connectedness and Financial Performance of SMEs

by Gaygysyz Ashyrov and Oliver Lukason

J. Risk Financial Manag. 2022, 15(12), 600; https://doi.org/10.3390/jrfm15120600 - 13 Dec 2022

Viewed by 1475

Abstract

The extant literature on the association of political connectedness and performance of large firms has led to controversial results, while the context of micro-, small- and medium-sized enterprises (SMEs) has largely been overlooked in relevant studies. To resolve these gaps, the objective of [...] Read more.

The extant literature on the association of political connectedness and performance of large firms has led to controversial results, while the context of micro-, small- and medium-sized enterprises (SMEs) has largely been overlooked in relevant studies. To resolve these gaps, the objective of this paper is to study the link between the political connections of firm board members and financial performance in the Estonian SME population. Using a wide selection of financial performance and political connectedness variables, the composed regressions indicated that firms with politically connected boards underperform their unconnected counterparts. The findings remained robust not only through different measures of dependent and independent variables, but also periods studied. Full article

(This article belongs to the Special Issue Interdisciplinary Empirical Research in Financial Econometrics)

14 pages, 2984 KiB

Open AccessArticle

Global Social Sustainability and Inclusion: The “Voice” of Social and Environmental Imbalances

by Andriy Krysovatyy, Iryna Zvarych, Oksana Brodovska and Roman Zvarych

J. Risk Financial Manag. 2022, 15(12), 599; https://doi.org/10.3390/jrfm15120599 - 12 Dec 2022

Cited by 1 | Viewed by 1954

Abstract

Background: Global environmental and social research strengthens the protection of people and the environment, develops national capacity for social and environmental management and enables significant progress in terms of transparency, accountability, nondiscrimination and public participation. The support of the general public plays a [...] Read more.

Background: Global environmental and social research strengthens the protection of people and the environment, develops national capacity for social and environmental management and enables significant progress in terms of transparency, accountability, nondiscrimination and public participation. The support of the general public plays a key role, as it contributes to making public institutions more transparent, accountable and efficient and promotes ground-breaking solutions to complex development challenges. Citizen engagement seems particularly vital throughout the crises such as the COVID-19 pandemic, as the efficiency of response efforts may frequently depend upon micro-level behavioral changes. The objective of this paper is to provide a complex evaluation and rating of countries based on the social component of the global inclusive circular economy, taking into account the shocks and reverberations experienced by the economy as a whole caused by the COVID-19 and war in Ukraine. The results are presented as a global ranking of countries based on the social component of the global inclusive circular economy. They confirm the high value of this component in the integrated indicator, which validates the hypothesis that inclusiveness is a necessary aspect of the global circular economy. The research results identify the countries capable of offering the best management solutions to social disbalances and other weaknesses, as well as the countries in need of model examples to tackle these issues. Full article

(This article belongs to the Special Issue Sustainable Development and CSR – Perfect Match?)

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23 pages, 727 KiB

Open AccessArticle

Modeling the Risks of the Global Customs Space

by Olha Borysenko, Olena Vasyl’yeva, Olga Katerna, Iuliia Masiuk and Oleg Panakhi

J. Risk Financial Manag. 2022, 15(12), 598; https://doi.org/10.3390/jrfm15120598 - 12 Dec 2022

Cited by 2 | Viewed by 2152

Abstract

The influence of globalization processes, the customs space of the country, requires the development and implementation of a transparent state customs policy to ensure security and integration into the space of the higher hierarchical order. The purpose of the study is to form [...] Read more.

The influence of globalization processes, the customs space of the country, requires the development and implementation of a transparent state customs policy to ensure security and integration into the space of the higher hierarchical order. The purpose of the study is to form scientific-applied recommendations regarding the development vectors of the customs space of a country in the global environment to improve its risk management system. The main method of study is econometric modeling, namely, canonical analysis in determining the interdependence of sustainable development and customs space. The purpose of the study is to suggest directions for development vectors for a country’s customs space that will mitigate various risks. Originally, 174 countries were selected for analysis, but the final sample was formed by 98 countries. According to the results of econometric modeling, it was determined that the following variables have the greatest impact on the customs space: human development index; GDP per capita; corruption perception index; global enabling trade index; environmental performance index; social progress index; global competitiveness index. The findings can be used by public authorities in developing a strategy for reforming the customs system of developing countries, taking into account the risks and challenges of the global environment. Full article

(This article belongs to the Special Issue Social, Economic, Legal and Educational Challenges of Network Economics)

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15 pages, 1111 KiB

Open AccessArticle

The Value of Open Banking Data for Application Credit Scoring: Case Study of a Norwegian Bank

by Lars Ole Hjelkrem, Petter Eilif de Lange and Erik Nesset

J. Risk Financial Manag. 2022, 15(12), 597; https://doi.org/10.3390/jrfm15120597 - 12 Dec 2022

Cited by 3 | Viewed by 3174

Abstract

Banks generally use credit scoring models to assess the creditworthiness of customers when they apply for loans or credit. These models perform significantly worse when used on potential new customers than existing customers, due to the lack of financial behavioral data for new [...] Read more.

Banks generally use credit scoring models to assess the creditworthiness of customers when they apply for loans or credit. These models perform significantly worse when used on potential new customers than existing customers, due to the lack of financial behavioral data for new bank customers. Access to such data could therefore increase banks’ profitability when recruiting new customers. If allowed by the customer, Open Banking APIs can provide access to balances and transactions from the past 90 days before the score date. In this study, we compare the performance of conventional application credit scoring models currently in use by a Norwegian bank with a deep learning model trained solely on transaction data available through Open Banking APIs. We evaluate the performance in terms of the AUC and Brier score and find that the models based on Open Banking data alone are surprisingly effective in predicting default compared to the conventional credit scoring models. Furthermore, an ensemble model trained on both traditional credit scoring data and features extracted from the deep learning model further outperforms the conventional application credit scoring model for new customers and narrows the performance gap between application credit scoring models for existing and new customers. Therefore, we argue that banks can increase their profitability by utilizing data available through Open Banking APIs when recruiting new customers. Full article

(This article belongs to the Special Issue Lending and Credit Risk Management)

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23 pages, 1953 KiB

Open AccessArticle

Global Spillovers of a Chinese Growth Slowdown

by Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu and Anna Wong

J. Risk Financial Manag. 2022, 15(12), 596; https://doi.org/10.3390/jrfm15120596 - 12 Dec 2022

Cited by 1 | Viewed by 1843

Abstract

This paper analyzes the potential spillovers of a slowdown in Chinese growth to the United States and the rest of the world. Through a combination of structural VAR and DSGE analyses, we find that (1) spillovers from China to the rest of the [...] Read more.

This paper analyzes the potential spillovers of a slowdown in Chinese growth to the United States and the rest of the world. Through a combination of structural VAR and DSGE analyses, we find that (1) spillovers from China to the rest of the world have grown significantly in the past decade; (2) the negative growth spillovers to the United States are more modest than to emerging market economies—particularly for commodity exporters—or other advanced economies, primarily because the latter group has larger direct exposure in trade to China; and (3) although the United States has limited direct financial exposure to China, the negative spillovers to the U.S. economy are amplified significantly if the negative Chinese growth shock leads to adverse global risk sentiment and monetary policy in the United States is constrained in its reaction. Full article

(This article belongs to the Special Issue Central Banking and Financial Stability)

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13 pages, 429 KiB

Open AccessArticle

Investigating the Quality of Gender Equality Non-Financial Information Disclosed in the Cooperative Credit Sector: A Case Study

by Olga Ferraro and Elena Cristiano

J. Risk Financial Manag. 2022, 15(12), 595; https://doi.org/10.3390/jrfm15120595 - 12 Dec 2022

Cited by 2 | Viewed by 1376

Abstract

Credit institutions, according to the 2014/95/EU Directive (implemented in Italy with Legislative Decree No. 254/2016) are obliged to report non-financial and diversity information. Our article focuses on the diversity information to investigate whether the obligation to disclose diversity information within the mandatory non-financial [...] Read more.

Credit institutions, according to the 2014/95/EU Directive (implemented in Italy with Legislative Decree No. 254/2016) are obliged to report non-financial and diversity information. Our article focuses on the diversity information to investigate whether the obligation to disclose diversity information within the mandatory non-financial statement (NFS) led to an improvement of the quality of the gender equality information. To address this aim we analyzed five consolidated mandatory NFSs (CNFSs) for the Iccrea Cooperative Banking Group (ICBG) covering the 2017–2021 period. We selected ICBG because of the dearth of studies on the cooperative banking sector, which represent a relevant component of the national banking system in Italy. To the best of our knowledge, this paper is the first study to explore the quality of information on gender equality in mandatory NFSs for a cooperative banking group using a longitudinal approach. The analysis of the case study’s findings provides evidence that ICBG worked to align its gender information with the Decree requirements and the GRI standards. The longitudinal analysis highlights that, during the five years under study, the ICBG’s information on gender came to fully reflect the EU and Italian requirements. Full article

(This article belongs to the Special Issue Attributes of Women Directors and Corporate Governance)

20 pages, 1427 KiB

Open AccessArticle

Politicians’ Personal Legacies from Olympic Bids and Referenda—An Analysis of Individual Risks and Opportunities

by Thomas Könecke and Michiel de Nooij

J. Risk Financial Manag. 2022, 15(12), 594; https://doi.org/10.3390/jrfm15120594 - 11 Dec 2022

Cited by 2 | Viewed by 1307

Abstract

The popularity of staging Olympic Games has dropped in democratic countries as a series of failed referenda and withdrawn bids as well as protests against mega sport events have shown in recent years. Nevertheless, the there still are democratically elected office-holders willing to [...] Read more.

The popularity of staging Olympic Games has dropped in democratic countries as a series of failed referenda and withdrawn bids as well as protests against mega sport events have shown in recent years. Nevertheless, the there still are democratically elected office-holders willing to become involved in an Olympic bid despite the high probability of public opposition and the threat of an almost unwinnable referendum. This conceptual study analyses the individual risk management that these politicians have to concern themselves with because of their involvement in Olympic bids and referenda. It does so by looking at possible ‘personal legacies’ the politicians can obtain. It is interesting to note that although the size of such legacies will vary, they can result irrespective of the outcome of a bid or a referendum and can have positive, negative, or neutral effects for the politician(s) in question. As will be shown, personal legacies can also be obtained by opponents of Olympic bidding ambitions, which is not the only finding that is problematic particularly for the IOC and National Olympic Committees interested in hosting Olympic Games or other sport events. Full article

(This article belongs to the Special Issue Risk in Sports and Challenges for Sports Organizations)

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17 pages, 6525 KiB

Open AccessArticle

Causality between Arbitrage and Liquidity in Platinum Futures

by Kentaro Iwatsubo and Clinton Watkins

J. Risk Financial Manag. 2022, 15(12), 593; https://doi.org/10.3390/jrfm15120593 - 09 Dec 2022

Viewed by 1539

Abstract

Arbitrage and liquidity are interrelated. Liquidity facilitates arbitrageurs’ trading on deviations from the law of one price. However, whether arbitrage opportunity leads to an increase or decrease in liquidity depends on the cause of the deviation. A demand shock leads to greater liquidity, [...] Read more.

Arbitrage and liquidity are interrelated. Liquidity facilitates arbitrageurs’ trading on deviations from the law of one price. However, whether arbitrage opportunity leads to an increase or decrease in liquidity depends on the cause of the deviation. A demand shock leads to greater liquidity, while asymmetric information is toxic to liquidity. We examine how arbitrage and liquidity influence each other in the world’s largest platinum futures markets on exchanges in New York and Tokyo. The markets provide an interesting institutional setting because the futures are based on an identical underlying commodity but exhibit different liquidity characteristics both intraday and over their lifespans. Using intraday data, we find that deviation in currency-adjusted futures prices leads, on average, to an immediate increase in liquidity, suggesting that demand shocks are the dominant driver of arbitrage opportunities. Less actively traded futures experience a greater liquidity effect. Arbitrageurs improve liquidity in both New York and Tokyo by acting as discretionary liquidity traders and cross-sectional market-makers. Full article

(This article belongs to the Special Issue Commodity Market Finance)

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9 pages, 667 KiB

Open AccessArticle

Stock Market Volatility Response to COVID-19: Evidence from Thailand

by Suthasinee Suwannapak and Surachai Chancharat

J. Risk Financial Manag. 2022, 15(12), 592; https://doi.org/10.3390/jrfm15120592 - 09 Dec 2022

Cited by 4 | Viewed by 2136

Abstract

This study investigated how stock market volatility responded dynamically to unexpected changes during the COVID-19 pandemic and the resulting uncertainty in Thailand. Using a multivariate GARCH-BEKK model, the conditional volatility dynamics, the interlinkages, and the conditional correlations between stock market volatility and the [...] Read more.

This study investigated how stock market volatility responded dynamically to unexpected changes during the COVID-19 pandemic and the resulting uncertainty in Thailand. Using a multivariate GARCH-BEKK model, the conditional volatility dynamics, the interlinkages, and the conditional correlations between stock market volatility and the increasing rate of COVID-19 infection cases are examined. The increased rate of COVID-19 infections impacts stock returns detrimentally; in Thailand, stock market volatility responses are asymmetric in the increase and decline situations. This disparity is due to the unfavourable impact of the pandemic’s volatility. Finally, we acknowledge that directional volatility spillover effects exist between the increase in COVID-19 cases and stock returns, suggesting that time-varying conditional correlations occur and are generally positive. Using this study’s results, governments and financial institutions can devise strategies for subsequent recessions or financial crises. Furthermore, investment managers can manage portfolio risk and forecast patterns in stock market volatility. Academics can apply our methodology in future investment trend studies to analyse additional variables in the economic system, such as the value of the US dollar, the price of commodities, or GDP. Full article

(This article belongs to the Special Issue Applied Econometrics and Time Series Analysis)

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20 pages, 1412 KiB

Open AccessArticle

A Mathematical Formulation of the Valuation of Ether and Ether Derivatives as a Function of Investor Sentiment and Price Jumps

by Rebecca Abraham and Hani El-Chaarani

J. Risk Financial Manag. 2022, 15(12), 591; https://doi.org/10.3390/jrfm15120591 - 08 Dec 2022

Cited by 1 | Viewed by 1112

Abstract

The purpose of this study was to create quantitative models to value ether, ether futures, and ether options based upon the ability of cryptocurrencies to transform existing intermediary-verified payments to non-intermediary-based currency transfers, the ability of ether as a late mover to displace [...] Read more.

The purpose of this study was to create quantitative models to value ether, ether futures, and ether options based upon the ability of cryptocurrencies to transform existing intermediary-verified payments to non-intermediary-based currency transfers, the ability of ether as a late mover to displace bitcoin as the first mover, and the valuation of ether in the context of investor irrationality models. The risk-averse investor’s utility function is a combination of expectations of the performance of ether, expectations of cryptocurrencies’ transformative power, and expectations of ether superseding bitcoin. The moderate risk-taker’s utility function is an alt-Weibull distribution, along with a gamma distribution. Risk-takers have a utility function in the form of a Bessel function. Ether price functions consist of a Levy jump process. Ether futures are valued as the combination of current spot prices along with term prices. The value of spot prices is the product of a spot premium and a lognormal distribution of spot prices. The value of term prices is equal to the product of a term premium, and the Levy jump process of price fluctuations during the delivery period. For ether options, a less risky ether option portfolio offsets ether’s risk by a fixed-income trading strategy. Full article

(This article belongs to the Special Issue FinTech, Blockchain and Cryptocurrencies)

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22 pages, 550 KiB

Open AccessArticle

Millennial Generation’s Islamic Banking Behavioral Intention: The Moderating Role of Profit-Loss Sharing, Perceived Financial Risk, Knowledge of Riba, and Marketing Relationship

by Asyari, Mohammad Enamul Hoque, M. Kabir Hassan, Perengki Susanto, Taslima Jannat and Abdullah Al Mamun

J. Risk Financial Manag. 2022, 15(12), 590; https://doi.org/10.3390/jrfm15120590 - 07 Dec 2022

Cited by 5 | Viewed by 2327

Abstract

Despite tons of studies on Islamic banking (IB) behavior, there is a lack of understanding of the Millennial generation’s attitude to and subjective norms surrounding Islamic banking, as well as of their behavioral intention toward Islamic banking. Therefore, the present study investigates the [...] Read more.

Despite tons of studies on Islamic banking (IB) behavior, there is a lack of understanding of the Millennial generation’s attitude to and subjective norms surrounding Islamic banking, as well as of their behavioral intention toward Islamic banking. Therefore, the present study investigates the influence of the Millennial generation’s attitude and subjective norms on their behavioral intention toward Islamic banking products and services. This study also focuses on the moderating roles of profit-loss sharing, perceived financial risk, knowledge of riba, and relationship marketing on the nexus of antecedent and behavioral intent of Islamic banking. This study has developed a conceptual framework, employed a questionnaire to collect data for understudying relationships, and constructed a predictive model. Within the proposed conceptual framework, structural equation modeling is employed to investigate the extent and direction of the link. We discovered that Millennial generation consumers’ attitudes and subjective norms influence and predict their behavioral intention towards Islamic banking. With the exception of perceived financial risk, all moderators have direct effects on behavior intention toward Islamic banking and could be antecedents of behavior intention toward Islamic banking. Profit-and-loss sharing and knowledge of riba moderate the nexus of attitude and behavioral intention and the nexus of subject norms and behavioral intention. Our findings thus extend the literature on Islamic banking and consumer behavior context. Full article

(This article belongs to the Section Economics and Finance)

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J. Risk Financial Manag., Volume 15, Issue 12 (December 2022) – 75 articles

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