Empirical Corporate Finance and Corporate Governance in the Era of ‘New Normal’

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 30 September 2024 | Viewed by 2575

Special Issue Editors


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Guest Editor
Finance, DAN Management and Organizational Studies, University of Western Ontario, London, ON N6A 5C2, Canada
Interests: corporate finance; corporate governance; law and finance; investments; international finance

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Guest Editor
Department of Accounting, Sobey School of Business, Saint Mary’s University, Halifax, NS B3H 3C3, Canada
Interests: corporate finance; taxation; corporate governance; international accounting

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Guest Editor
Department of Finance, IS & MS, Sobey School of Business, Saint Mary’s University, Halifax, NS B3H 3C3, Canada
Interests: corporate finance; financial intermediation; corporate governance; compensation

Special Issue Information

Dear Colleagues,

The financial crisis revealed severe problems with corporate governance [1]. A number of recent challenges, such as the pandemic and inflation, introduced new issues to the realm of corporate governance and finance that society, governments, businesses, and individuals were not prepared for. This era of the “new normal” calls for evaluation of our previous strategies for addressing these challenges, as well as discussions about how to deal with ongoing issues such as high inflation and more frequent disruptions in the labour market.

This Special Issue will focus on corporate finance and corporate governance issues faced in the “new normal” and feature original research on how corporations have responded to previous challenges in the areas mentions, as well as challenges related to financing, governance, and financial management over the past decade.

We welcome empirical studies that discuss capital budgeting, capital financing, working capital management, board of directors, executive compensation, and any other aspect of business that our readers might find interesting.

Contributions that advance our understanding of environmental, social, and governance (ESG), equity, ethics, labour, stewardship, sustainability, and emerging technologies are especially welcome.

Reference

[1] https://www.oecd.org/daf/ca/corporategovernanceprinciples/corporategovernanceandthefinancialcrisis.htm

Dr. Feng Zhan
Dr. Hong Fan
Dr. Liqiang Chen
Guest Editors

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate finance
  • corporate governance
  • ESG
  • CSR
  • labour
  • risk management

Published Papers (2 papers)

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Research

18 pages, 341 KiB  
Article
Do ESG Factors Prove Significant Predictors of Systematic and Downside Risks in the Russian Market after Controlling for Stock Liquidity?
by Tamara Teplova, Tatiana Sokolova and Sergei Gurov
J. Risk Financial Manag. 2024, 17(4), 172; https://doi.org/10.3390/jrfm17040172 - 22 Apr 2024
Viewed by 301
Abstract
This paper reveals the impact of environmental, social, and governance (ESG) scores on systematic and downside risks in the Russian stock market. We analyze the influence of a broad set of ESG factors controlling for stock liquidity, financial indicators of companies, and macroeconomic [...] Read more.
This paper reveals the impact of environmental, social, and governance (ESG) scores on systematic and downside risks in the Russian stock market. We analyze the influence of a broad set of ESG factors controlling for stock liquidity, financial indicators of companies, and macroeconomic indicators. The period under consideration is from 2013 to 2021. The methodology of our research is based on regression analysis with multiplicative variables to reveal the changes induced by the COVID-19 pandemic. We obtain several novel results. Social responsibility is one of the most significant non-fundamental factors influencing both systematic and downside risks. The most important environment-related component is the measure of a company’s propensity to environmental innovations. Some dimensions of stock liquidity are also significant. For some factors, such as the COVID-19 pandemic and debt burden, we find an unexpected direction of influence on liquidity. Full article
19 pages, 1357 KiB  
Article
Credit Access and the Firm–Government Connection: Is There Any Link?
by Trang Thu Phan, Linh Nhat Ta, Trang Tran Minh Pham and Dung Thi Thuy Pham
J. Risk Financial Manag. 2023, 16(11), 482; https://doi.org/10.3390/jrfm16110482 - 13 Nov 2023
Viewed by 1533
Abstract
Access to credit for businesses is an unresolved issue, especially in developing countries and transition economies. There has been a lot of research exploring factors affecting firms’ credit accessibility. Particularly, factors related to borrowers and lenders are always placed under consideration. However, besides [...] Read more.
Access to credit for businesses is an unresolved issue, especially in developing countries and transition economies. There has been a lot of research exploring factors affecting firms’ credit accessibility. Particularly, factors related to borrowers and lenders are always placed under consideration. However, besides those factors, institutional elements could also play an important role in guiding companies’ operations. In countries where the economy lacks transparency and low-level development is limited, informal institutional factors can have potential impacts. In this paper, we focus on exploring the relationship between firm–government links and credit access, thereby offering managerial implications through utilizing cross-sectional data sets at the firm level, with an initial sample of 26,849 observations from 38 countries at different levels of development around the world. The results show a positive correlation of firm–government connection with credit access. Moreover, this relationship may vary depending on the market in which the business primarily operates. Specifically, firms working internationally are less influenced by links with governments and tend to rely more on their own characteristics and conditions. Full article
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