Journal of Risk and Financial Management

19 pages, 1739 KiB

Open AccessArticle

Fintech Data Infrastructure for ESG Disclosure Compliance

by Randall E. Duran and Peter Tierney

J. Risk Financial Manag. 2023, 16(8), 378; https://doi.org/10.3390/jrfm16080378 - 19 Aug 2023

Viewed by 1856

Regulations related to the disclosure of environmental, governance, and social (ESG) factors are evolving rapidly and are a major concern for financial compliance worldwide. Information technology has the potential to reduce the effort and cost of ESG disclosure compliance. However, comprehensive and accurate [...] Read more.

Regulations related to the disclosure of environmental, governance, and social (ESG) factors are evolving rapidly and are a major concern for financial compliance worldwide. Information technology has the potential to reduce the effort and cost of ESG disclosure compliance. However, comprehensive and accurate ESG data are necessary for disclosures. Currently, the availability and quality of underlying data for ESG disclosures vary widely and are often deficient. The process involved with obtaining ESG data is also often inefficient and prone to error. This paper compares the models used and the evolution of Fintech data infrastructure developed to support financial services with the requirements and trajectory of ESG disclosure compliance. Based on existing Fintech models, it presents a sustainability data infrastructure framework that aims to address current ESG data challenges, including data governance concerns, on a large scale. In conclusion, it highlights key considerations and recommendations for policymakers. Full article

(This article belongs to the Special Issue Utilization of Information Technology in Financial Regulation and Compliance)

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12 pages, 412 KiB

Open AccessArticle

Generalized Method of Moments Estimation of Realized Stochastic Volatility Model

by Luwen Zhang and Li Wang

J. Risk Financial Manag. 2023, 16(8), 377; https://doi.org/10.3390/jrfm16080377 - 16 Aug 2023

Cited by 1 | Viewed by 1163

Abstract

The purpose of this paper is to study the generalized method of moments (GMM) estimation procedures of the realized stochastic volatility model; we give the moment conditions for this model and then obtain the estimation of parameters. Then, we apply these moment conditions [...] Read more.

The purpose of this paper is to study the generalized method of moments (GMM) estimation procedures of the realized stochastic volatility model; we give the moment conditions for this model and then obtain the estimation of parameters. Then, we apply these moment conditions to the realized stochastic volatility model to improve the volatility prediction effect. This paper selects the Shanghai Composite Index (SSE) as the original data of model research and completes the volatility prediction under a realized stochastic volatility model. Markov chain Monte Carlo (MCMC) estimation and quasi-maximum likelihood (QML) estimation are applied to the parameter estimation of the realized stochastic volatility model to compare with the GMM method. And the volatility prediction accuracy of these three different methods is compared. The results of empirical research show that the effect of model prediction using the parameters obtained by the GMM method is close to that of the MCMC method, and the effect is obviously better than that of the quasi-maximum likelihood estimation method. Full article

(This article belongs to the Special Issue Stochastic Modeling and Statistical Analysis of Financial Data)

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18 pages, 345 KiB

Open AccessArticle

Aggregate News Sentiment and Stock Market Returns in India

by Sushant Chari, Purva Hegde Desai, Nilesh Borde and Babu George

J. Risk Financial Manag. 2023, 16(8), 376; https://doi.org/10.3390/jrfm16080376 - 16 Aug 2023

Viewed by 1860

Abstract

This paper contributes to the advancement of noise trader theory by examining the connection between aggregate news sentiment and stock market returns during days of significant stock market movement. In contrast to previous studies that solely focused on company-specific news sentiment, this research [...] Read more.

This paper contributes to the advancement of noise trader theory by examining the connection between aggregate news sentiment and stock market returns during days of significant stock market movement. In contrast to previous studies that solely focused on company-specific news sentiment, this research explores the impact of aggregate news sentiment. To draw conclusions, GARCH modeling, regression analysis, and dictionary-based sentiment analysis are employed. The findings, based on data from India, reveal that aggregate news sentiment has a short-lived influence, with notable effects stemming from the business and politics categories. Full article

(This article belongs to the Special Issue Emerging Markets II)

15 pages, 320 KiB

Open AccessArticle

Building Trust and Enhancing Tax Compliance: The Role of Authoritarian Procedures and Respectful Treatment in Indonesia

by Dewi Prastiwi and Erlina Diamastuti

J. Risk Financial Manag. 2023, 16(8), 375; https://doi.org/10.3390/jrfm16080375 - 15 Aug 2023

Viewed by 1538

Abstract

This study delves into the impact of tax collection behavior on tax compliance among individual taxpayers in Indonesia, with a specific focus on two distinct behaviors: respectful treatment and authoritarian procedures. The research employs a cross-sectional survey method, targeting the population of individual [...] Read more.

This study delves into the impact of tax collection behavior on tax compliance among individual taxpayers in Indonesia, with a specific focus on two distinct behaviors: respectful treatment and authoritarian procedures. The research employs a cross-sectional survey method, targeting the population of individual taxpayers registered at the Regional Tax Office of East Java I. The sample size of 400 was selected through random sampling. Attitudes, opinions, and perceptions regarding tax collection behavior were measured using a Likert scale. Tax officials’ conduct was categorized as either respectful treatment or authoritarian procedures. The research employed Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) software to assess the outer model. Hypothesis testing was conducted to scrutinize the relationship between tax collection behavior and taxpayer compliance. The study’s results indicate that respectful treatment positively influences compliance, whereas the utilization of authoritarian procedures leads to an increase in tax non-compliance. Notably, trust emerged as a mediating factor within this relationship. The findings underscore the crucial role of tax officials in cultivating trust with taxpayers by demonstrating respect, upholding integrity, and executing their responsibilities transparently and equitably. By fostering an environment of trust, tax compliance can be bolstered, fostering a collaborative approach that aids taxpayers in fulfilling their tax obligations. Full article

19 pages, 378 KiB

Open AccessArticle

Do IFRS Disclosure Requirements Reduce the Cost of Equity Capital? Evidence from European Firms

by Ghouma Ghouma, Hamdi Becha, Maha Kalai, Kamel Helali and Myriam Ertz

J. Risk Financial Manag. 2023, 16(8), 374; https://doi.org/10.3390/jrfm16080374 - 15 Aug 2023

Cited by 1 | Viewed by 1648

Abstract

This study analyzes the impact of adopting International Financial Reporting Standards (IFRS) on the cost of equity capital for firms listed on STOXX Europe 600 using a sample of 9773 firm-year observations between 1994 and 2022. We estimate the cost of equity capital [...] Read more.

This study analyzes the impact of adopting International Financial Reporting Standards (IFRS) on the cost of equity capital for firms listed on STOXX Europe 600 using a sample of 9773 firm-year observations between 1994 and 2022. We estimate the cost of equity capital using the modified price–earnings–growth ratio model and employ the GMM system to investigate the effect of IFRS Standards on the cost of equity capital. Our results indicate that IFRS adoption reduces firms’ cost of equity capital. We performed various sensitivity analyses to ensure the reliability of our results. Overall, this study contributes to the extant literature on the cost of equity capital implications of IFRS adoption and provides valuable insights for investors, regulators, and policymakers. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

24 pages, 4867 KiB

Open AccessArticle

Integration of Digital Technologies in Corporate Social Responsibility (CSR) Activities: A Systematic Literature Review and Bibliometric Analysis

by Atanas Atanasov, Galina Chipriyanova and Radosveta Krasteva-Hristova

J. Risk Financial Manag. 2023, 16(8), 373; https://doi.org/10.3390/jrfm16080373 - 14 Aug 2023

Cited by 1 | Viewed by 2479

Abstract

Modern technologies require the need to analyze the opportunities for improving the integration of digital technologies in CSR activities in the context of added values between business and science in perspective, including the future digital society. The main goal of this article is [...] Read more.

Modern technologies require the need to analyze the opportunities for improving the integration of digital technologies in CSR activities in the context of added values between business and science in perspective, including the future digital society. The main goal of this article is to identify the current state of research on the integration of digital technologies in CSR activities in business, as well as to prepare recommendations for further research and practice. Additionally, the study aims to recognize the relationship and dependencies between CSR and digital technologies. A systematic literature review and bibliometric analysis of 129 scientific articles published between 2014 to 2023 was performed. The bibliometric analysis was organized in two directions: descriptive and performance analysis, through which we can study the contribution of the analyzed objects to the given scientific area, and science mapping, which studies the relationships among them. The results indicate that companies more frequently use artificial intelligence, blockchain, the Internet of Things and other technologies to increase the efficiency and impact of their CSR activities. In addition, this research reveals the basis of bringing forward the new trends for future publications, which shall upgrade and enrich the theory and practice. Full article

(This article belongs to the Special Issue CSR: Ensuring Reputation and Financial Sustainability)

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16 pages, 588 KiB

Open AccessReview

State-of-the-Art Review on the Analytic Hierarchy Process with Benefits, Opportunities, Costs, and Risks

by Antonella Petrillo, Valerio Antonio Pamplona Salomon and Claudemir Leif Tramarico

J. Risk Financial Manag. 2023, 16(8), 372; https://doi.org/10.3390/jrfm16080372 - 14 Aug 2023

Cited by 2 | Viewed by 1687

Abstract

The benefits, opportunities, costs, and risks (BOCR) model is a multiple-criteria decision-making (MCDM) model used to elicit a mutually exclusive and collectively exhaustive set of criteria. As an acronym proposed in the theory of the analytic hierarchy process (AHP), the BOCR model has [...] Read more.

The benefits, opportunities, costs, and risks (BOCR) model is a multiple-criteria decision-making (MCDM) model used to elicit a mutually exclusive and collectively exhaustive set of criteria. As an acronym proposed in the theory of the analytic hierarchy process (AHP), the BOCR model has received attention from users of this MCDM method. A state-of-the-art review, an approach to a literature review that is more comprehensive than a rapid review but not as exhaustive as a systematic literature review, was performed with the Scopus database. The overwhelming majority of documents found on BOCR were practical applications, but they were from diverse areas, including business, computer science, and engineering. It is proposed that two main kinds of contributions for future research on BOCR should be methodological and practical. Full article

(This article belongs to the Section Risk)

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14 pages, 297 KiB

Open AccessArticle

Dual Perspectives on Financial Performance: Analyzing the Impact of Digital Transformation and COVID-19 on European Listed Companies

by Rabie Mahssouni, Mohamed Makhroute, Mohamed Noureddine Touijer and Abdelaziz Elabjani

J. Risk Financial Manag. 2023, 16(8), 371; https://doi.org/10.3390/jrfm16080371 - 12 Aug 2023

Cited by 2 | Viewed by 1560

Abstract

This paper conducts an analysis of the impact of COVID-19 and digital transformation (DT) on the financial performance of European listed companies. Using a panel data regression model from 2015 to 2021, the study analyzed the financial performance of 2179 companies. The sample [...] Read more.

This paper conducts an analysis of the impact of COVID-19 and digital transformation (DT) on the financial performance of European listed companies. Using a panel data regression model from 2015 to 2021, the study analyzed the financial performance of 2179 companies. The sample of companies was chosen based on the availability of financial statements and aimed to examine the effects of COVID-19 and DT on financial performance, as measured by return on assets (ROA). The study used a fixed-effect model and checked for robustness by introducing return on equity (ROE) as a dependent variable. The results indicated that COVID-19 had a negative significant impact on financial performance, while DT had a positive significant impact, consistent with previous research. This study provides valuable insights into the impacts of the COVID-19 pandemic and DT on the financial performance of listed companies. Full article

14 pages, 1209 KiB

Open AccessArticle

Carbon Emissions and Stock Returns: The Case of Russia

by Liudmila Reshetnikova, Danila Ovechkin, Anton Devyatkov, Galina Chernova and Natalia Boldyreva

J. Risk Financial Manag. 2023, 16(8), 370; https://doi.org/10.3390/jrfm16080370 - 11 Aug 2023

Cited by 2 | Viewed by 1280

Abstract

Russia is taking the first steps in the formation of an emissions trading system. In this article, we studied the impact of carbon risk on Russian stock returns. We link carbon risk to CO₂ emissions and air protection costs. We suggest that [...] Read more.

Russia is taking the first steps in the formation of an emissions trading system. In this article, we studied the impact of carbon risk on Russian stock returns. We link carbon risk to CO₂ emissions and air protection costs. We suggest that carbon firms are exposed to carbon risk and hence require a premium in stock returns. We use an approach based on the asset pricing methodology for carbon, carbon-free, and “carbon-minus-carbon-free” portfolios. Based on the Newey–West estimate, we perform a linear regression analysis for the period from January 2014 to December 2021. We find a positive and statistically significant carbon premium. This means that carbon firms show higher expected returns. Carbon risk does not have a statistically significant impact on the carbon premium. The carbon firms’ stock returns are not sensitive to CO₂ emissions and air protection costs. Our analysis shows that a quarter of the carbon premium is explained by the market premium and is not sensitive to size, value, and momentum premiums. Our results inform policymakers and investors about the implications of environmental regulation. Policymakers should take into account the results obtained in the development of national climate and, in general, environmental policies. Full article

(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)

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25 pages, 405 KiB

Open AccessArticle

Tensors Associated with Mean Quadratic Differences Explaining the Riskiness of Portfolios of Financial Assets

by Pierpaolo Angelini and Fabrizio Maturo

J. Risk Financial Manag. 2023, 16(8), 369; https://doi.org/10.3390/jrfm16080369 - 11 Aug 2023

Cited by 2 | Viewed by 1089

Abstract

Bound choices such as portfolio choices are studied in an aggregate fashion using an extension of the notion of barycenter of masses. This paper answers the question of whether such an extension is a natural fashion of studying bound choices or not. Given [...] Read more.

Bound choices such as portfolio choices are studied in an aggregate fashion using an extension of the notion of barycenter of masses. This paper answers the question of whether such an extension is a natural fashion of studying bound choices or not. Given n risky assets, the question of why it is appropriate to treat only two risky assets at a time inside the budget set of the decision-maker is handled in this paper. Two risky assets are two goods. They are two marginal goods. The question of why they always give rise to a joint good inside the budget set of the decision-maker is addressed by this research work. A single risky asset is viewed as a double one using four nonparametric joint distributions of probability. The variability of a joint distribution of probability always depends on the state of information and knowledge associated with a given decision-maker. For this reason, two variability tensors are defined to identify the riskiness of the same risky asset. A multilinear version of the Sharpe ratio is shown. It is based on tensors. After computing the expected return on an n-risky asset portfolio, its riskiness is obtained using mean quadratic differences developed through tensors. Full article

(This article belongs to the Special Issue Featured Papers in Mathematics and Finance)

14 pages, 1096 KiB

Open AccessReview

Selected Problems of the Automotive Industry—Material and Economic Risk

by Maria Richert and Marek Dudek

J. Risk Financial Manag. 2023, 16(8), 368; https://doi.org/10.3390/jrfm16080368 - 11 Aug 2023

Cited by 2 | Viewed by 3423

Abstract

This article is a synthetic, brief review of the literature, reports and references on the transformation of the automotive industry into zero-emission cars, in particular electric cars. It analyzes the technological and economic aspects of changes in the automotive industry regarding the transformation [...] Read more.

This article is a synthetic, brief review of the literature, reports and references on the transformation of the automotive industry into zero-emission cars, in particular electric cars. It analyzes the technological and economic aspects of changes in the automotive industry regarding the transformation to zero-emission cars. Despite great de-emission parameters, the production of electric cars does not have a zero carbon footprint. The acquisition of critical elements, their production and the production of other components and materials needed for their construction have an environmental impact. The supply chains of materials for the construction of batteries for electric cars are characterized by significant risks related to, among others, a lack of diversification and limited flexibility. The dominant supplier of rare elements for batteries is China. The article analyzes the impact of prices on the demand for electric cars and compares them to internal combustion cars. Research shows that most electric cars are sold in China, the USA and Europe (about 95% of the supply). The costs of cars are of great importance, which, given the current reduction in the purchasing power of consumers, make the forecasts of the dynamic growth of electromobility very cautious, and even stagnation in the purchase of electric cars is expected in the second half of 2023. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

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16 pages, 851 KiB

Open AccessArticle

Multicriteria Portfolio Choice and Downside Risk

by Anna Rutkowska-Ziarko and Pawel Kliber

J. Risk Financial Manag. 2023, 16(8), 367; https://doi.org/10.3390/jrfm16080367 - 10 Aug 2023

Viewed by 821

Abstract

In this study, we investigated some extensions of the classical portfolio theory and try to evaluate them in a situation of crisis. We studied some additional criteria for portfolio selection, based on market multiples representing the overall situation of companies. Additionally, we investigated [...] Read more.

In this study, we investigated some extensions of the classical portfolio theory and try to evaluate them in a situation of crisis. We studied some additional criteria for portfolio selection, based on market multiples representing the overall situation of companies. Additionally, we investigated semi-variance as an alternative measure of risk. We developed a range of portfolios that were built using different criteria for risk and the fundamental values of companies from the Polish stock market. Then, we compared their returns during the crisis that occurred after the outbreak of the COVID-19 pandemic. The results of empirical research on the major companies traded on the Warsaw Stock Exchange reveal that investors can achieve better investment results by augmenting the standard Markowitz model with an additional criterion connected with the fundamental standing of companies, such as book-to-market or earnings-to-market ratios. The second result is that using nonclassical risk measures such as semi-variance instead of variance provides better results, and this method of measuring risk is especially essential in periods characterized by the collapse of the capital market. Full article

(This article belongs to the Special Issue Featured Papers in Mathematics and Finance)

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20 pages, 365 KiB

Open AccessArticle

Impact of Leverage on Valuation of Non-Financial Firms in India under Profitability’s Moderating Effect: Evidence in Scenarios Applying Quantile Regression

by Jagjeevan Kanoujiya, Pooja Jain, Souvik Banerjee, Rameesha Kalra, Shailesh Rastogi and Venkata Mrudula Bhimavarapu

J. Risk Financial Manag. 2023, 16(8), 366; https://doi.org/10.3390/jrfm16080366 - 10 Aug 2023

Cited by 1 | Viewed by 1649

Abstract

The firm’s valuation (FV) is the key element for all stakeholders, particularly the investors, for their investment decisions. The main impetus of this research is to estimate the effects of the debt ratio (DR, i.e., leverage) on the FV (i.e., assets and market [...] Read more.

The firm’s valuation (FV) is the key element for all stakeholders, particularly the investors, for their investment decisions. The main impetus of this research is to estimate the effects of the debt ratio (DR, i.e., leverage) on the FV (i.e., assets and market capitalisation) of the non-financial firms listed in India. The quantile panel data regression (QPDR) on the secondary data of 76 non-financial BSE-100 listed firms in India is employed. This study also checks the effect of the net profit margin (NPM) as profitability on the association between DR and FV. The QPDR estimates result in multiple quantiles and provide evidence in scenarios. The findings reveal a positive relationship of DR to assets only in higher quantiles, i.e., 90%ile), and a negative association of DR is found with a market capitalisation in all quantiles. Under the interaction effect, profitability (NPM) does not affect the association of DR with assets but negatively affects the association of debt ratio with market capitalisation in the middle (50%) quantile. The findings indicate that leverage (DR) affects a firm’s value. The study’s outcomes are helpful to all stakeholders, particularly investors, to realise the leverage (DR) as a critical indicator of FV before making any investment decisions. Managers should also consider lower debt ratios for better firm value. The present analysis is original and holds novelty in the form of the moderating role of the net profit margin, i.e., the profitability of the firm between DR and FV in the non-financial firm in India. To the best of our knowledge, no such studies have been performed to look for the association of the debt ratio with a firm’s value under the effect of profitability in different quantiles using quantile regression. Full article

(This article belongs to the Special Issue Corporate Finance and Environmental, Social, and Governance (ESG) Practices)

21 pages, 380 KiB

Open AccessArticle

Insurance Penetration and Institutional Spillover on Economic Growth: A Dynamic Spatial Econometric Approach on the Asian and Europe Region

by Kurukulasuriya Dinesh Udana Devindra Fernando, Thambawita Maddumage Nimali Tharanga, Narayanage Jayantha Dewasiri, Kiran Sood, Simon Grima and Eleftherios Thalassinos

J. Risk Financial Manag. 2023, 16(8), 365; https://doi.org/10.3390/jrfm16080365 - 10 Aug 2023

Cited by 1 | Viewed by 1465

Abstract

The contemporary environment is interrelated, and interactions between markets, countries, and international actors at different levels exist in every corner of the globe. Amid this, the failures of the free-market system have paved the way for institutionalism, which proposes minimising transaction costs, substantial [...] Read more.

The contemporary environment is interrelated, and interactions between markets, countries, and international actors at different levels exist in every corner of the globe. Amid this, the failures of the free-market system have paved the way for institutionalism, which proposes minimising transaction costs, substantial property rights, and enabling proper contract enforcement. Studies on institutions and insurance development spillover concerning growth relationships are rare and a critical area needing exploration. This study explores the behaviour of economic development in terms of potential spatial dependencies and spatial institutional and insurance development spillover on economic growth. To measure insurance development by the life insurance and non-life insurance penetration, economic growth by per capita gross domestic product (GDP), and indicators of good governance for institutions in the nations. The study explored the spatial impact between countries using panel data of 56 countries between 2002 and 2020 representing the Asian and European regions. We did this by using dynamic spatial econometric modelling (DSEM) on institutional and insurance development and seeing the spatial implications and the spatial institutional impact moderated by insurance development on growth. Results indicate that developing the life insurance and non-life insurance of surrounding countries creates a spillover impact on the local countries’ economies. In contrast, institutions have created a reverse spatial spillover impact on local countries. However, life insurance development, moderated through accountability and government effectiveness, has created a spatial spillover between countries. Both life and non-life penetration moderated by the control of corruption and overall institutions have shown a reverse spillover on countries’ economies. This suggests that global governance is a positive-sum game, and monitoring and governance structures have failed at the international level concerning separate countries. Therefore, it is seen that to prevent institutional failure at the state level, good governance and links with the global governance structure could disrupt or energise local institutions. Full article

(This article belongs to the Special Issue Fintech, Financial Markets, Supply Chain Management & Leadership Risk, Financial Management)

13 pages, 1282 KiB

Open AccessArticle

Internet Banking Service Perception in Mexico

by Elena Moreno-García

J. Risk Financial Manag. 2023, 16(8), 364; https://doi.org/10.3390/jrfm16080364 - 07 Aug 2023

Cited by 1 | Viewed by 912

Abstract

The perception, adoption, use and satisfaction regarding Internet banking in Mexico have been scarcely explored. This research contributes to the limited literature on Internet banking in Mexico. Its objective is to analyze the perception that a population of workers has about the online [...] Read more.

The perception, adoption, use and satisfaction regarding Internet banking in Mexico have been scarcely explored. This research contributes to the limited literature on Internet banking in Mexico. Its objective is to analyze the perception that a population of workers has about the online service provided by banks in Mexico. The information was collected from a sample of 197 workers who make use of Internet banking. A very acceptable Cronbach’s alpha index was obtained (α = 0.919), which gives evidence of good internal consistency and reliability. The results of an exploratory and confirmatory analysis with a structural equation model (SEM) show that ten out of the eleven attributes explain workers’ perception of Internet banking services. From the eleven attributes analyzed, only four of them are significant in the Mexican context. These attributes are: security, monthly account statement, speed in decision-making and accessibility. In terms of implications for banking practice, the results of this research provide deeper insights for bank managers and policy makers to understand Mexicans’ motivation and develop appropriate strategies to increase Internet banking use. Full article

(This article belongs to the Section Banking and Finance)

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29 pages, 1962 KiB

Open AccessArticle

Flood Insurance, Building Codes, and Public Adaptation: Implications for Airport Investment and Financial Constraints

by Abderrahim Assab

J. Risk Financial Manag. 2023, 16(8), 363; https://doi.org/10.3390/jrfm16080363 - 07 Aug 2023

Viewed by 999

Abstract

This paper investigates the impact of flood management policies on airport investment and the resulting financial constraints. Specifically, it examines the effects of flood insurance, building codes, and public adaptation investment on the investment decisions of 100 United States airports located in flood-prone [...] Read more.

This paper investigates the impact of flood management policies on airport investment and the resulting financial constraints. Specifically, it examines the effects of flood insurance, building codes, and public adaptation investment on the investment decisions of 100 United States airports located in flood-prone areas. The paper estimated the financial loss from extreme precipitations and flooding using novel data from the United States Federal Emergency Management Agency, and a differences-in-differences framework leveraging the introduction of the 2012 Biggert–Waters reform of the National Flood Insurance Program. The findings reveal that while flood insurance costs negatively influence overall airport investment, they do not significantly affect investment–cash sensitivity. On the other hand, the introduction of stricter building codes and public adaptation investment leads to increased cash usage for investment purposes, particularly among airports exposed to extreme precipitation and flood risks. Furthermore, the analysis suggests that the observed increase in financial constraints resulting from stricter building codes and public adaptation investment is likely driven by the asymmetry of information rather than the materiality of flood risk. In other words, public investment in flood risk reduction appears to signal to investors that the airport is exposed to flood risk, potentially leading to increased financial constraints. This finding highlights the importance of considering information asymmetry when assessing the impact of flood management policies on financial constraints. Understanding the underlying drivers of these effects is crucial for supporting resilient infrastructure development and informing effective decision-making in flood-prone areas. Full article

(This article belongs to the Special Issue Climate Risk and Sustainability: The Impact on Insurance, Investments, Financing, the Banking Industry, Business and Social Models)

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21 pages, 520 KiB

Open AccessArticle

Examining the Interactive Effect of Advertising Investment and Corporate Social Responsibility on Financial Performance

by Jen-Sin Lee, Xiao-Yan Deng and Chih-Hsiung Chang

J. Risk Financial Manag. 2023, 16(8), 362; https://doi.org/10.3390/jrfm16080362 - 05 Aug 2023

Viewed by 1328

Abstract

This article explores the interactive effect of advertising investment and corporate social responsibility (CSR) on financial performance by selecting 2431 listed companies that participated in the professional evaluation of Hexun.com as the research sample, with a total of 12,471 observed values. The panel [...] Read more.

This article explores the interactive effect of advertising investment and corporate social responsibility (CSR) on financial performance by selecting 2431 listed companies that participated in the professional evaluation of Hexun.com as the research sample, with a total of 12,471 observed values. The panel regression, analysis and hypotheses tests were conducted to examine the interactive effect of advertising investment and CSR on financial performance. There are four empirical findings. First, an advertising investment plays a significant role in improving corporate financial performance. Second, actively fulfilling CSR can effectively upgrade the financial performance of an enterprise. Third, different functional mechanisms will not change the positive impact of CSR on financial performance. Fourth, the interaction between advertising investment and CSR has a significant positive correction on financial performance. Combining the advertising investment with CSR they have a remarkable complementary effect on financial performance. Based on these findings, this article claims that to maximize the advertising effect, company managers should actively carry out business activities and conduct appropriate advertising investments from the perspective of CSR. In other words, to enhance the return on marketing activities and strengthen the promotion of financial performance by advertising investment, company managers should pay more attention to fulfilling CSR and take advantage of the reputational and social images generated by CSR to bring greater market value and financial growth. Full article

(This article belongs to the Special Issue Durable, Inclusive, Sustainable Economic Growth and Challenge)

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18 pages, 3860 KiB

Open AccessArticle

Risk and Bankruptcy Research: Mapping the State of the Art

by Luís Almeida

J. Risk Financial Manag. 2023, 16(8), 361; https://doi.org/10.3390/jrfm16080361 - 02 Aug 2023

Cited by 2 | Viewed by 1232

Abstract

This article presents a bibliometric study on different types of risk and bankruptcy, aiming to contribute to academic knowledge in this area. We used the bibliometrix tools in R and VOSviewer, following the main laws of bibliometrics (Bradford’s law, Lotka’s law, and Zipf’s [...] Read more.

This article presents a bibliometric study on different types of risk and bankruptcy, aiming to contribute to academic knowledge in this area. We used the bibliometrix tools in R and VOSviewer, following the main laws of bibliometrics (Bradford’s law, Lotka’s law, and Zipf’s law). We analyzed 7163 relevant academic publications retrieved from the WOS database between 1995 and 2023. The characterization of the literature identified trends, importance, and scientific relevance of works, journals, and authors. This allows for promoting collaborations among researchers and provides insights for strategic decision making, advancing knowledge in the field. The most relevant journal was the “Journal of Banking and Finance”, with Edward Altman as the prominent author. The United States and China were the most active countries in research. The current research highlights terms such as “board size”, “CRS”, “responsibility”, and “governance”, which are commonly found in recent works. The themes of greatest centrality include risk, model, and debt. The bibliometric review revealed gaps in knowledge and research, indicating a growing trend of studies in this area. This article provides valuable information for researchers and managers, supporting decision making in risk management and bankruptcy. Full article

(This article belongs to the Special Issue Risk Planning and Management in Companies)

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20 pages, 531 KiB

Open AccessSystematic Review

Exploring Blockchain Technology for Chain of Custody Control in Physical Evidence: A Systematic Literature Review

by Danielle Batista, Ana Lara Mangeth, Isabella Frajhof, Paulo Henrique Alves, Rafael Nasser, Gustavo Robichez, Gil Marcio Silva and Fernando Pellon de Miranda

J. Risk Financial Manag. 2023, 16(8), 360; https://doi.org/10.3390/jrfm16080360 - 02 Aug 2023

Cited by 2 | Viewed by 3398

Abstract

Blockchain technology, initially known for its applications in the financial industry, has emerged as a promising solution for various other domains. One prominent area for the use of blockchain-based solutions is forensics, specifically the chain of custody maintenance and control. While there have [...] Read more.

Blockchain technology, initially known for its applications in the financial industry, has emerged as a promising solution for various other domains. One prominent area for the use of blockchain-based solutions is forensics, specifically the chain of custody maintenance and control. While there have been numerous research projects exploring the use of blockchain technology in digital forensics, limited attention has been given to its application in controlling of the physical evidence chain of custody. In this research, we aim to explore the literature on the use of blockchain technology to solve problems related to the physical evidence chain of custody. Through a systematic literature review (SLR), we analyzed 26 resources discussing blockchain-based solutions for evidence chain of custody issues, based on requirements that could be applied to both physical and digital evidence. The results showed that there is a lack of studies involving the use of blockchain technology to solve problems related to the physical evidence chain of custody, and future research should focus on solving the issue. Full article

(This article belongs to the Special Issue Recent Applications and Innovations in Financial Blockchain Technology)

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17 pages, 533 KiB

Open AccessArticle

How Do Firms Manage Their Foreign Exchange Exposure?

by Andreas Hecht and Niklas Lampenius

J. Risk Financial Manag. 2023, 16(8), 359; https://doi.org/10.3390/jrfm16080359 - 01 Aug 2023

Viewed by 1286

Abstract

We examine how firms manage their foreign exchange (FX) exposure using publicly reported data on FX exposure before and after hedging with corresponding hedging instruments. Based on calculated firm-, year-, and currency-specific hedge ratios, we find that about 80 (20) percent of FX [...] Read more.

We examine how firms manage their foreign exchange (FX) exposure using publicly reported data on FX exposure before and after hedging with corresponding hedging instruments. Based on calculated firm-, year-, and currency-specific hedge ratios, we find that about 80 (20) percent of FX firm exposure is managed using risk-decreasing (risk-increasing/risk-constant) strategies. Further, we find that prior hedging outcomes affect the management of current FX exposure, where the exposure is reduced and management adjusts the hedge ratio closer to its benchmark average hedge ratio following prior benchmark losses. When separately evaluating risk-decreasing and risk-increasing positions, we find that prior benchmark losses are only relevant for risk-increasing but not for risk-decreasing positions, i.e., hedging decisions are independent of prior benchmark losses if the intention is to reduce FX exposure. Full article

(This article belongs to the Section Applied Economics and Finance)

18 pages, 1695 KiB

Open AccessArticle

The Effect of Sustainability Information Disclosure on the Cost of Equity Capital: An Empirical Analysis Based on Gartner Top 50 Supply Chain Rankings

by Lingyu Li, Xianrong Zheng and Shuxi Wang

J. Risk Financial Manag. 2023, 16(8), 358; https://doi.org/10.3390/jrfm16080358 - 31 Jul 2023

Cited by 4 | Viewed by 1289

Abstract

While disclosing financial information has been widely proved to reduce the financing cost of a company, the impact of non-financial information, such as sustainability information, disclosing on the financing cost of the company is still in debate. The goal of this paper is [...] Read more.

While disclosing financial information has been widely proved to reduce the financing cost of a company, the impact of non-financial information, such as sustainability information, disclosing on the financing cost of the company is still in debate. The goal of this paper is to explore the impact of disclosing sustainability-related information on the cost of equity for firms. The paper first introduces the concept of sustainability information disclosure, and then exhibits its benefit through exploring its impact on reducing a firm’s financing cost. It uses the Gartner supply chain top 50 rankings to construct the experiment environment to test for the effect of sustainability information disclosure on the cost of equity capital. The study uses the Gartner top 50 supply chain rankings from 2013 to 2017 to construct the experiment environment, and test for the sustainability information disclosure’s impact on reducing the cost of equity capital. The regressions, which are based on the 350 firm-year sample of the United States and the 604 global firm-year sample, indicate that sustainability information disclosure significantly reduced the cost of equity capital. This paper uses a fixed effect regression method to analyze the impact of sustainability information disclosure. According to the regression result, the sustainability information disclosure variable has a significant negative coefficient. The result is robust under many settings. Thus, the paper finds that sustainability information disclosure significantly diminishes the cost of equity capital, controlling for ESG information disclosure. It also discusses the implications of the findings and future research directions for sustainability information disclosure. Full article

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

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26 pages, 4699 KiB

Open AccessArticle

International Borrowing and Lending in the Presence of Oligopolistic Competition

by Ronald Ravinesh Kumar and Peter J. Stauvermann

J. Risk Financial Manag. 2023, 16(8), 357; https://doi.org/10.3390/jrfm16080357 - 28 Jul 2023

Viewed by 1173

Abstract

This paper examines the implications of imperfect competition in a two-country framework where a single good is produced. Using an overlapping generation model, we analyze the effects of market structures. Specifically, one country is assumed to operate under a perfectly competitive market structure, [...] Read more.

This paper examines the implications of imperfect competition in a two-country framework where a single good is produced. Using an overlapping generation model, we analyze the effects of market structures. Specifically, one country is assumed to operate under a perfectly competitive market structure, while the other country operates under an oligopolistic market structure. Our analysis reveals that the differences in factor prices between the two countries when they are in autarky lead to intergenerational trade once their capital markets are integrated. A key finding is that the country with an oligopolistic market structure becomes a lending country, while the country with a competitive market structure becomes a borrowing country. Furthermore, we find that the country with an oligopolistic market structure, serving as a lender, experiences a current account surplus, while the country with a perfectly competitive market structure, acting as a debtor, incurs a current account deficit. Full article

(This article belongs to the Special Issue Realizing Economic Diversification from Diverse Economic Perspectives)

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15 pages, 6635 KiB

Open AccessArticle

The Six Decades of the Capital Asset Pricing Model: A Research Agenda

by Santosh Kumar, Ankit Kumar, Kamred Udham Singh and Sujit Kumar Patra

J. Risk Financial Manag. 2023, 16(8), 356; https://doi.org/10.3390/jrfm16080356 - 28 Jul 2023

Cited by 1 | Viewed by 2615

Abstract

This paper re-examines the presence of the Sharpe–Treynor–Lintner–Mossin capital asset pricing model (CAPM) in the finance literature and is accompanied by a bibliometric summary analysis. The popular model is in its sixth decade; we summarized the relevance of the CAPM using publication and [...] Read more.

This paper re-examines the presence of the Sharpe–Treynor–Lintner–Mossin capital asset pricing model (CAPM) in the finance literature and is accompanied by a bibliometric summary analysis. The popular model is in its sixth decade; we summarized the relevance of the CAPM using publication and citation trends, as well as identifying its most prolific and impactful contributors. This paper is based on a systematic review of the literature and was completed with the help of various bibliometric techniques. During the study process, we presented a map of various themes and areas of the CAPM and its evolution. Our findings indicate that the extant literature on this topic (the cost of capital, asset pricing, portfolio, risk management, beta, systematic risk, and value premium) is based on the principles and assumptions of the CAPM. We are considering suggestions on the future use, trend, and direction of the CAPM, based on our summary of thematically developed clusters. Full article

(This article belongs to the Special Issue Featured Papers in Mathematics and Finance)

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23 pages, 5338 KiB

Open AccessReview

Tracing Knowledge Diffusion Trajectories in Scholarly Bitcoin Research: Co-Word and Main Path Analyses

by Abderahman Rejeb, Karim Rejeb, Khalil Alnabulsi and Suhaiza Zailani

J. Risk Financial Manag. 2023, 16(8), 355; https://doi.org/10.3390/jrfm16080355 - 27 Jul 2023

Cited by 3 | Viewed by 1546

Abstract

In the burgeoning field of bitcoin research, a cohesive understanding of how knowledge and insights have evolved over time is lacking. This study aims to address this gap through an exploration of 4123 academic articles pertaining to bitcoin. Utilizing co-word analysis and main [...] Read more.

In the burgeoning field of bitcoin research, a cohesive understanding of how knowledge and insights have evolved over time is lacking. This study aims to address this gap through an exploration of 4123 academic articles pertaining to bitcoin. Utilizing co-word analysis and main path analysis (MPA), it uncovers key themes and seminal works that have substantially influenced the field’s progression. The identified clusters, including safe haven, internet of things (IoT), proof of work (PoW), market efficiency, sentiment analysis, digital currency, and privacy, shed light on the multifaceted discourse surrounding bitcoin. The MPA, incorporating both forward and backward local paths, traces an evolving narrative, starting from an in-depth exploration of bitcoin’s structure, anonymity, and contrasts against traditional financial assets. It tracks the shift in focus to broader market dynamics, volatility, speculative nature, and reactions to economic policy fluctuations. The analysis underscores the transformation of bitcoin research, from its beginnings as a decentralized, privacy-oriented currency to its role in global economics and green financing, revealing a complex narrative of an innovative financial instrument to a multifaceted entity. Implications drawn from this analysis include the need for further research on the potential integration of bitcoin within emerging technologies like AI and cybersecurity, the implications of bitcoin’s interplay with traditional financial systems, and the environmental impacts of bitcoin and blockchain utilization. Overall, the current study not only enhances our understanding of the bitcoin field but also charts its dynamic evolution and stimulates further academic inquiry. Full article

(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing Volume II)

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12 pages, 302 KiB

Open AccessArticle

Do Farmers Demand Innovative Financial Products? A Case Study in Cambodia

by Qingxia Wang, Yim Soksophors, Khieng Phanna, Angelica Barlis, Shahbaz Mushtaq, Danny Rodulfo and Kees Swaans

J. Risk Financial Manag. 2023, 16(8), 353; https://doi.org/10.3390/jrfm16080353 - 27 Jul 2023

Cited by 1 | Viewed by 979

Abstract

This study examines Cambodian farmers’ demand for weather index insurance (WII), an innovative financial product, for managing climate change-related risks. Rice and cassava farmers in Battambang Province of Cambodia were interviewed to understand their preferences for WII. We applied a binary logistic [...] Read more.

This study examines Cambodian farmers’ demand for weather index insurance (WII), an innovative financial product, for managing climate change-related risks. Rice and cassava farmers in Battambang Province of Cambodia were interviewed to understand their preferences for WII. We applied a binary logistic model to quantify the factors that influence farmers’ WII demand. We discovered that farmers’ marital status and off-farm labor are crucial factors that impact the demand for WII. More importantly, we also investigated gender differences, considering the critical role of women in the agricultural sector and personality differences between men and women. Our findings indicated that for male respondents, being married and having an additional off-farm laborer increase the probability of demand for WII by 72.6% and 36.8%, respectively. For female respondents, the education level is the most significant factor in making purchase decisions. An additional year of education increases the probability of WII demand by 5.0%. Generally, our results are consistent with some prior studies but inconsistent with others. This suggests that further research is necessary to understand the barriers associated with WII schemes and how to overcome them. Regardless, our study provides valuable insights for various stakeholders in implementing WII schemes, including financial professionals, insurance companies, communities, and governments, for designing more flexible WII products, improving farmers’ financial literacy, and providing effective post-event support to enhance farmers’ resilience to climate change. Full article

(This article belongs to the Special Issue Climate Risk and Sustainability: The Impact on Insurance, Investments, Financing, the Banking Industry, Business and Social Models)

22 pages, 4508 KiB

Open AccessArticle

Culture and Corporate Decarbonization Efforts: A Time-Varying Analysis and Topology Approach

by Lingju Chen, Jiancheng Jiang and Sha Yu

J. Risk Financial Manag. 2023, 16(8), 354; https://doi.org/10.3390/jrfm16080354 - 26 Jul 2023

Viewed by 928

Abstract

This study examines the influence of culture on corporate responses to climate change. Given the inherent uncertainty associated with climate change, cultural values, as a non-market force, are expected to impact corporate’s decision making regarding decarbonization.To investigate this, a sample of large firms [...] Read more.

This study examines the influence of culture on corporate responses to climate change. Given the inherent uncertainty associated with climate change, cultural values, as a non-market force, are expected to impact corporate’s decision making regarding decarbonization.To investigate this, a sample of large firms from 23 societies participating in the Carbon Disclosure Project (CDP) survey was analyzed, along with cultural measures assessed by the Global Leadership and Organizational Behavior Effectiveness (GLOBE) study. The findings of this study reveal that cultural values have diverse effects on corporate decarbonization efforts. Specifically, a preference for avoiding uncertainty and a future-oriented perspective tend to foster decarbonization, while a strong focus on performance appears to hinder such efforts. Additionally, the relationship between culture and decarbonization demonstrates a time-varying characteristic, indicating the influence of culture on carbon performance is contingent upon the evolution of carbon-related institutions over the study period. Full article

(This article belongs to the Special Issue Corporate Governance and Carbon Accounting)

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18 pages, 366 KiB

Open AccessArticle

Exploring Dynamic Asset Pricing within Bachelier’s Market Model

by Nancy Asare Nyarko, Bhathiya Divelgama, Jagdish Gnawali, Blessing Omotade, Svetlozar T. Rachev and Peter Yegon

J. Risk Financial Manag. 2023, 16(8), 352; https://doi.org/10.3390/jrfm16080352 - 26 Jul 2023

Cited by 1 | Viewed by 1090

Abstract

This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black–Scholes–Merton market model (BSMMM), including the [...] Read more.

This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black–Scholes–Merton market model (BSMMM), including the extension of BMM to handle assets yielding a simple dividend. Our investigation further explores Bachelier’s term structure of interest rates (BTSIR), introducing a novel version of Bachelier’s Heath–Jarrow–Morton model and adapting the Hull–White interest rate model to fit BMM. This study concludes by examining the applicability of BMM in real-world scenarios, such as those involving environmental, social, and governance (ESG)-adjusted stock prices and commodity spreads. Full article

(This article belongs to the Section Mathematics and Finance)

27 pages, 494 KiB

Open AccessArticle

Determinants of the Sustained Development of the Night-Time Economy: The Case of Hanoi, Capital of Vietnam

by Nguyen Ngoc Son, Nguyen Thi Phuong Thu, Ngo Quoc Dung, Bui Thi Thanh Huyen and Vu Ngoc Xuan

J. Risk Financial Manag. 2023, 16(8), 351; https://doi.org/10.3390/jrfm16080351 - 26 Jul 2023

Cited by 3 | Viewed by 3696

Abstract

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from [...] Read more.

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach’s alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam. Full article

17 pages, 503 KiB

Open AccessArticle

The Effect of the COVID-19 Pandemic on Corporate Dividend Policy of Moroccan Listed Firms

by Zouhair Boumlik, Badia Oulhadj and Olivier Colot

J. Risk Financial Manag. 2023, 16(8), 350; https://doi.org/10.3390/jrfm16080350 - 26 Jul 2023

Cited by 1 | Viewed by 2178

Abstract

The recent literature provides conflicting findings and remains inconclusive regarding the impact of the COVID-19 crisis on firms’ dividend policies. In this paper, we examine the dividend policy of Moroccan firms listed in the Casablanca Stock Exchange during the COVID-19 shock. Using panel [...] Read more.

The recent literature provides conflicting findings and remains inconclusive regarding the impact of the COVID-19 crisis on firms’ dividend policies. In this paper, we examine the dividend policy of Moroccan firms listed in the Casablanca Stock Exchange during the COVID-19 shock. Using panel data from 2015 to 2021 of non-financial listed firms, we observe that the proportion of dividend cuts during the last seven years (2015–2021) achieved its highest level on the onset of the crisis. Furthermore, results of the ordinary least square (OLS) regressions demonstrate that the COVID-19 shock has negatively affected the dividend payout of Moroccan listed firms. This study implies that, in times of economic crisis, Moroccan firms exhibit risk-averse behavior by prioritizing the retention of earnings over distributing dividends, scarifying, therefore, the transmission of positive signals to investors and external stakeholders. Furthermore, our results reveal that profitability, growth opportunities, leverage, and size are relevant determinants of corporate dividend policy. Full article

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

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22 pages, 1345 KiB

Open AccessArticle

Moored Minds: An Experimental Insight into the Impact of the Anchoring and Disposition Effect on Portfolio Performance

by Riya Arora and Madhumathi Rajendran

J. Risk Financial Manag. 2023, 16(8), 349; https://doi.org/10.3390/jrfm16080349 - 25 Jul 2023

Viewed by 1235

Abstract

This study investigates the anchoring bias and disposition effect in investor trading decisions under different market volatility conditions (stable and volatile markets) and examines their impact on portfolio performance. Employing a quasi-experimental design, participants engage in interactive trading with four securities—two with potential [...] Read more.

This study investigates the anchoring bias and disposition effect in investor trading decisions under different market volatility conditions (stable and volatile markets) and examines their impact on portfolio performance. Employing a quasi-experimental design, participants engage in interactive trading with four securities—two with potential negative returns and two with positive returns—within a simulated asset market. The findings reveal the presence of both the disposition effect and the anchoring bias among individual investors in India. Notably, market volatility influences these behavioral biases, with the disposition effect more pronounced in volatile markets, while the anchoring bias is significant in stable markets. Furthermore, investors exhibiting the disposition effect tend to have lower portfolio performance, while those influenced by the anchoring bias achieve relatively better results. These insights can aid individual investors in recognizing their behavioral biases and making informed trading decisions to enhance portfolio performance. Additionally, this study presents valuable suggestions to financial institutions and regulatory government agencies engaged in similar experiments, with the goal of improving financial decision-making and investment behavior. Full article

(This article belongs to the Special Issue Emerging Issues in Economics, Finance and Business)

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J. Risk Financial Manag., Volume 16, Issue 8 (August 2023) – 34 articles

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