Financial Issues of Emerging Industry

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (28 January 2022) | Viewed by 26556

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Information Technology and Management Program, Ming Chuan University, Taoyuan City 333, Taiwan
Interests: artificial intelligence; evolutionary computation; wind and solar energy; metaheuristics; pattern recognition; image processing; machine learning; software engineering; computational intelligence; operations research
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Special Issue Information

Dear Colleagues,

Over the past decade, the emerging industries have rapidly grown and dominantly constitute the new economy. Ranging from cultural creativity, renewable energy, precise medicine, precise agriculture, to digital economy, health-promotion products, aroma sciences, and aromatherapy. The startups companies in the emerging industries are deemed to have an extremely high-growing rate at their early-stage running and thus require to resolve some financial issues, such as funding, initial public offering (IPO), venture capital (VC), corporate finance and investment, asset pricing and accounting, fintech technology, risk prediction and management, financial distress, management of small credit unions and cooperative financial institutions. Especially when pacing into the post-pandemic era, new forms of financial assessment and management are imperative to ensure the continuingly growth of emerging industries. This Special Issue aims to collect quality scientific contributions on all aspects of financial issues in emerging industry. To augment the readership of this special issue, we work in collaboration with the 2021 International Conference on Emerging Industry and Health Promotion to be held in Puli, Taiwan on July 2 - 4, 2021. https://eihp.im.ncnu.edu.tw/ The best papers selected from this conference will be recommended to submit an extended version for possible publication in this special issue. We also welcome contributions (research and review articles) covering a broad range of topics on emerging industry, including (though not limited to) the following:

Entrepreneurship

Strategic Management

Innovation and Technology Management

Dynamic and absorptive capacity

Corporate growth and business development

Employee behavior and performance in workplace

Performance of multinational companies' expatriates

Family business succession

Organizational commitment

Initial public offering (IPO)

Venture capital (VC)

Corporate finance and investment

Asset pricing and accounting

Financial distress

Credit union and cooperative financial institutions

Fintech

Econometric and empirical Economy

Health, labor and circular Economy

Artificial intelligence and internet of things (AIoT)

Knowledge management

Service management

Hotel and exhibition management

Cultural and creative industry

Corporate management and emerging technology in pandemic

E-business and delivery platform

Work from home economy in pandemic

Pandemic tourism,

Facial mask, disinfectant and health-promotion product

Financial issues in agriculture technology

Financial issues in aroma science and aromatherapy

Financial issues in health promotion

Keywords

  • Entrepreneurship
  • Strategic Management
  • Innovation and Technology Management
  • Initial public offering (IPO)
  • Venture capital (VC)
  • Corporate finance and investment
  • Asset pricing and accounting
  • Financial distress
  • Credit union and cooperative financial institutions
  • Fintech
  • Econometric and empirical Economy
  • Health, labor and circular Economy
  • Hotel and exhibition management
  • Cultural and creative industry
  • Corporate management and emerging technology in pandemic
  • E-business and delivery platform
  • Work from home economy in pandemic
  • Pandemic tourism,
  • Facial mask, disinfectant and health-promotion product
  • Financial issues in agriculture technology
  • Financial issues in aroma science and aromatherapy
  • Financial issues in health promotion

Published Papers (6 papers)

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Research

25 pages, 392 KiB  
Article
Financial Distress Prediction of Cooperative Financial Institutions—Evidence for Taiwan Credit Unions
by Chien-Min Kang, Ming-Chieh Wang and Lin Lin
Int. J. Financial Stud. 2022, 10(2), 30; https://doi.org/10.3390/ijfs10020030 - 30 Apr 2022
Cited by 1 | Viewed by 2294
Abstract
In response to relatively little evidence on the determinants of the financial distress in cooperative financial institutions (e.g., Credit Unions), this paper proposes a distress indicator of Merton Distance to default (Merton DD), which was constructed with a z-score, possessed improved predictive capability, [...] Read more.
In response to relatively little evidence on the determinants of the financial distress in cooperative financial institutions (e.g., Credit Unions), this paper proposes a distress indicator of Merton Distance to default (Merton DD), which was constructed with a z-score, possessed improved predictive capability, but reducing equity volatility. This model possesses the advantages of both hazard and modified Merton DD model, which could timely reflect market volatility and predict when distress would occur. As a demonstration, we applied this model to forecast the financial distress of credit unions in Taiwan. The results can provide more information to researchers. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
21 pages, 336 KiB  
Article
The Dynamic Typology in the Development Process of Credit Union Movements
by Chien-Min Kang, Ming-Chieh Wang and Lin Lin
Int. J. Financial Stud. 2022, 10(2), 29; https://doi.org/10.3390/ijfs10020029 - 30 Apr 2022
Viewed by 1851
Abstract
The aim of this paper is to find a dynamic framework of analysis of credit union movements by grouping credit unions into different category types. Within the heterogeneous reality of the worldwide credit union movement, the typology provides a clearer understanding of the [...] Read more.
The aim of this paper is to find a dynamic framework of analysis of credit union movements by grouping credit unions into different category types. Within the heterogeneous reality of the worldwide credit union movement, the typology provides a clearer understanding of the dynamics of change and development. We use panel-ordered logistic regression to find the key covariates of influence when analyzing the original typology to add further explanation of the development of credit union movements. By using transnational research, we revisit each of the three categories of the original typology to re-evaluate and expand upon the relevance of this particular model. We also include the elements of economy, society, education, and culture in other countries in this research. Our findings suggest that the stage of development of the credit union movement depends on the variables of asset scale, financial crisis, legislative framework, economy, society, and culture of the country. In addition, they indicate that the penetration rate of the credit union movement depends on the asset scale, loan ratio, credit union growth, financial crisis, economy, society, education, and culture of the country. This lends support to the recognition of the diversity of the credit unions’ development. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
24 pages, 1020 KiB  
Article
Prosperity or Real Estate Bubble? Exuberance Probability Index of Real Housing Prices in Chile
by Byron J. Idrovo-Aguirre, Francisco J. Lozano and Javier E. Contreras-Reyes
Int. J. Financial Stud. 2021, 9(3), 51; https://doi.org/10.3390/ijfs9030051 - 18 Sep 2021
Cited by 8 | Viewed by 3847
Abstract
In this paper, we approached the concept of real estate bubble, analyzing the risk its bursting could generate for the Chilean financial market. Specifically, we analyzed the relationship between real housing prices, the economic activity index, and mortgage interest rates denominated in inflation-linked [...] Read more.
In this paper, we approached the concept of real estate bubble, analyzing the risk its bursting could generate for the Chilean financial market. Specifically, we analyzed the relationship between real housing prices, the economic activity index, and mortgage interest rates denominated in inflation-linked units from 1994 to 2020. The analysis was based on a second order Markov switching model with the predetermined variables mentioned later, whose parameters were obtained through the expectation–maximization algorithm. Then, we built a probability index as early warning indicator for potential imbalances in the real estate price that could put financial market stability at risk. The indicator is important to evaluate economic policy calibrations in time. A main finding was that the real housing price had a non-linear relationship with economic activity and the mortgage interest rate. Therefore, the evolution of the real estate price has been consistent with fundamental macroeconomic variables, even under a high growth regime, with increases above 12% per year. About 92% of housing price variability derived from changing macrofinancial conditions, suggesting a low margin of speculative behavior. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
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16 pages, 673 KiB  
Article
The Influence of Corporate Networks on the Competitive Advantage of High Technology Enterprises in China: The Mediating Effects of Dynamic Capacities and Ambidextrous Combination
by Huayun Wang and Zhuoran Zhang
Int. J. Financial Stud. 2021, 9(3), 42; https://doi.org/10.3390/ijfs9030042 - 05 Aug 2021
Cited by 3 | Viewed by 2401
Abstract
As an essential channel to obtain external resources and information, corporate networks have played a key role in enhancing the competitive advantage of firms, especially during the period where most of the high-technology firms in China started to directly seek means other than [...] Read more.
As an essential channel to obtain external resources and information, corporate networks have played a key role in enhancing the competitive advantage of firms, especially during the period where most of the high-technology firms in China started to directly seek means other than import technology to boost their competitive advantages. However, there was still ambiguity concerning how exactly corporate networks would affect comparative advantage. This study sought to expose the internal mechanisms among two aspects of corporate networks, namely, the network strength and the network centrality, and competitive advantage. We also examined the mediating effects of the dynamic capabilities and the ambidextrous combination. Managers of 384 high technology enterprises in China were interviewed via telephone calls during the period of January to June 2020. The data were analyzed by utilizing the structural equation method, and the results show that both dynamic capacities and the ambidextrous combination significantly mediate the relationship between corporate networks and firms’ comparative advantage, where the two mediators also had a significant relationship with each other. Moreover, the multigroup analysis also unveiled that the corporate networks had a greater impact on competitive advantage and the ambidextrous combination in the manufacturing sector, while small-sized enterprises and service enterprises would benefit more than others from the improvement in the dynamic capabilities and ambidextrous combination. Our findings fill the gap in the literature and provide useful information to firms in China on how to allocate internal and external resources to enhance their competitive advantages. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
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16 pages, 505 KiB  
Article
Financial Inclusion in Emerging Economies: The Application of Machine Learning and Artificial Intelligence in Credit Risk Assessment
by David Mhlanga
Int. J. Financial Stud. 2021, 9(3), 39; https://doi.org/10.3390/ijfs9030039 - 27 Jul 2021
Cited by 54 | Viewed by 12666
Abstract
In banking and finance, credit risk is among the important topics because the process of issuing a loan requires a lot of attention to assessing the possibilities of getting the loaned money back. At the same time in emerging markets, the underbanked individuals [...] Read more.
In banking and finance, credit risk is among the important topics because the process of issuing a loan requires a lot of attention to assessing the possibilities of getting the loaned money back. At the same time in emerging markets, the underbanked individuals cannot access traditional forms of collateral or identification that is required by financial institutions for them to be granted loans. Using the literature review approach through documentary and conceptual analysis to investigate the impact of machine learning and artificial intelligence in credit risk assessment, this study discovered that artificial intelligence and machine learning have a strong impact on credit risk assessments using alternative data sources such as public data to deal with the problems of information asymmetry, adverse selection, and moral hazard. This allows lenders to do serious credit risk analysis, to assess the behaviour of the customer, and subsequently to verify the ability of the clients to repay the loans, permitting less privileged people to access credit. Therefore, this study recommends that financial institutions such as banks and credit lending institutions invest more in artificial intelligence and machine learning to ensure that financially excluded households can obtain credit. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
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12 pages, 2506 KiB  
Article
The Impact of Higher Education Expansion on the Educational Wage Premium in Taiwan: 1985 to 2015
by Chien-Liang Chen and Lin-Chuan Chen
Int. J. Financial Stud. 2021, 9(3), 38; https://doi.org/10.3390/ijfs9030038 - 26 Jul 2021
Cited by 2 | Viewed by 2226
Abstract
This research investigates the impact of higher education expansion on the educational wage premium from a long-term perspective in Taiwan. By using 1985 to 2015 Manpower Utilization Survey (MUS) data with the difference-in-difference-in-differences model (DDD), this study analyzes the change of the wage [...] Read more.
This research investigates the impact of higher education expansion on the educational wage premium from a long-term perspective in Taiwan. By using 1985 to 2015 Manpower Utilization Survey (MUS) data with the difference-in-difference-in-differences model (DDD), this study analyzes the change of the wage premium of university educated versus lower-than-university educated counterparts across the expansion of higher education since 1995. The number of universities in Taiwan tripled between 1995 and 2005, from 50 to more than 150, with upgrading of about 100 technology colleges and vocational schools additionally. Dramatic expansion of universities as well as the number of university graduates will shrink the university wage premium for the young generation who entered into the labor market after year 2000, but the older generation will be less affected. The empirical results show that the wages premium of university graduates of the younger generation is 12% to 21% lower than their older generation counterparts due to the higher-education expansion. Full article
(This article belongs to the Special Issue Financial Issues of Emerging Industry)
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