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2025, Ika Septianingrum

Tugas Mata Kuliah: Psikologi Industri Mengenai beban kerja berlebih dan perlakuan tidak adil menyebabkan stres kerja kronis sehingga dapat menurunkan motivasi dan kepuasan kerja, serta berkontribusi pada berbagai masalah perilaku... more

2025, Ika Septianingrum

Tugas mata kuliah : Psikologi Industri

2025

Abstract: Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business cycle states. An innovative empirical methodology applies to bank internal rating data, under different economic scenarios and investigates the implications of credit risk quality shifts for risk rating transition matrices. The empirical findings are useful and critical for banks to align to Basel guidelines in relation to core capital requirements and risk-weighted assets in the underlying loan portfolio.

2025

This study investigates the pairwise shock transmission and volatility spillover of Ethereum with Ripple, Stellar and Monero. The BEKK model has been deployed between 8 August 2015 and 30 September 2019. The results indicate a significant shock transmission from Ethereum to Ripple and Monero, but not on Stellar. On the other hand, shock transmission is only found from Ripple to Ethereum. Bi-directional volatility spillover was identified between Ethereum and both Ripple and Stellar. Uni-directional volatility spillover was present from Ethereum to Monero but not vice versa

2025, Journal of Science and Technology Issue on Information and Communications Technology

This paper studies the connection between CEO experience and Vietnamese listed firms’ capital adjustment behavior. In the context of Vietnam, we find that experienced CEOs slow down the speed of obtaining the desired ratio of debt, after analyzing a sample of 694 public companies from 2010 to 2019. This pattern can be seen for both under- and over-the-target enterprises when leverage is measured by book and market value. Our findings are in line with other research that shows a negative correlation between CEOs' years of experience and debt levels. We expect that for experienced CEOs, the adjustment benefits are not large enough to substitute for adjustment costs, so they choose not to offset the deviation to the target leverage quicker.

2025, Research in International Business and Finance

We investigate the impact of family firms on the cost of borrowing in East Asia. We find consistent evidence that family firms pay significantly higher loan spreads than nonfamily firms. This effect is stronger in environments with weaker investor protection. Furthermore, covenants help reduce the cost of debt while collateral is embedded in relatively riskier borrowers. We also find that small, highly leveraged borrowers pay higher loan spreads, while they are lower for firms with more tangible assets and lower probability of default risk. Our results survive several robustness checks related to family firm classification and endogeneity issues.

2025, Contabilidade, Gestão e Governança

Objective: The aim of this study is to analyze the influence of market structure on audit fees, based on industrial economics theories. Method: We use a Ordinary Least Squares (OLS) model in which audit fees is a dependent variable and concentration measures, market share and leadership, and a proxy for audit quality are the main independent variables. The population was composed by the companies listed on Brazil Stock Exchange -B3, from 2010 to 2015, resulting in a sample with 1,663 observations in the period. Originality/Relevance: This research explores different metrics of market structure and control variables for a sample and period not previously analyzed in the Brazilian literature. The article addresses a relevanttopic for competition regulatory agencies, clients of audit firms and external users of financial statements. The results confirmed the hypothesis that there is a positive relationship between market concentration and the audit fees, even when considering only the group of big firms. Evidence shows the existance of value to the brand and possible search for quality in auditing by publicly traded companies. We also found a positive relationship between audit fees and earnings management, contrary to the predicted hypothesis. Theoretical/Methodological contributions: The results showed that firms with higher market share charged higher audit fees to their clients. Among the big firms, the leader has significantly higher audit fees than the other firms. In addition, the positive relationship between audit fees and earnings management may mean that the audit firms charge higher amounts for those clients who practice management more intensively.

2025

The study is aimed at determining the impact of social networks on the performance of women entrepreneurs in Nigeria. A sample of 348 women entrepreneurs was selected using multi-stage sampling technique. Data were analysed using Frequency and Percentages, Linear Regression Analysis and Spearman Rank Correlation. Findings revealed that social networks impacted positively and significantly on the performance of women entrepreneurs. Result further showed that social network variables like network size, diversity and resources had positive and significant relationship with performance of women entrepreneurs. However, network strength exhibited positive but weak correlation with entrepreneur’s performances. The study concluded that women entrepreneurs do not only need loans and skill acquisition training but social networks to gain access to financial services in form of savings, credit and other resources. Consequentially, women entrepreneurs are advised to participate actively in soci...

2025, Saudi Journal of Economics and Finance

The complex application procedures and stringent conditions attached to formal credit financing discourage women entrepreneurs from accessing FFIs. As a result, these entrepreneurs have no alternative but to fall back on IFIs for their credit needs. Consequently, this study seeks to evaluate the nexus between IFIs and performance of women entrepreneurs in Nigeria. It also investigates why IFIs continues to exist alongside the formal financial system, despite the implementation of financial sector reforms. A sample of 348 entrepreneurs was selected using multi-stage sampling technique and data were analysed using frequency and percentages, spearman rank correlation and factor analysis. Findings revealed that IFIs contributes significantly to job creation, accumulation of assets, savings mobilization, poverty alleviation and women entrepreneurship development. Moreover, some of the factors that accounts for the prevalence of IFIs among women entrepreneurs in Nigeria are low interest on loans, no request for collateral, quick response to member's needs, flexible repayment pattern and less government interference in the activities of IFIs. However, insufficient funds, poor record keeping, illiteracy, loans default and delays in assessing credits leads to inefficiency and mismanagement of IFIs in Nigeria. Therefore, it would be important for reforms in FFIs to integrate IFIs to the mainstream of financial sector rather than seeking to eliminate them.

2025

We use a regime-switching model approach to investigate the dynamic linkages between the exchange rates and stock market returns for the BRICS countries (Brazil, Russia, India, China and South Africa). The univariate analysis indicates that stock returns of the BRICS countries evolve according to two different regimes: a low volatility regime and a high volatility regime. On the other hand, our evidence from Markov switching VAR models suggests that stock markets have more influence on exchange rates during both calm and turbulent periods. These empirical insights have important implications for portfolio investments and currency risk hedging.

2025, Research in International Business and Finance

This paper investigates the influence of institutional ownership and liquidity on stock return relationships for an embryonic and relatively illiquid stock market. Using daily, individual stock data for Trinidad and Tobago from 2001 to 2012 and a VAR modelling approach, we find for firms of all sizes and levels of analyst coverage that the returns of more institutionally favoured stocks lead those with less institutional ownership. Distinctively, greater institutional coverage is shown not to be associated with greater liquidity, though liquidity levels do condition the influence of institutional ownership. This indicates that institutional owners have information advantages relative to other stock owners.

2025, Business and finance journal/Business and Finance Journal

2025

It is recommended (though definitely not required) that you visit the site before reading the book. young man, shy, yet proud. The left half of the diploma is in Polish, the right half in Hebrew: My father had a strong, confident voice, masculine, but soothing. When, rarely, he would raise his voice, it would frighten those around him. At home, everything was conducted according to his wishes. At one time he must have been a real ladies' man. One of my aunts was secretly in love with him and, while I was growing up, sealed brown envelopes would still arrive at our house from a female admirer, a Dr. H. D., who apparently felt lost without him. During elections, he was the chairman of a polling station committee as the representative of the Mapai (the ruling party in Israel until 1977). On Memorial Day for Israel's fallen soldiers, for a few minutes he was part of the guard of honor made up of veterans of the Haganah (the pre-State paramilitary defense organization), which President Ben Zvi reviewed before

2025, Journal of Nutrition Education and Behavior

2025, Pacific-Basin Finance Journal

This paper investigates the impact of the effectiveness of remuneration committees on narrative voluntary disclosure of information on remuneration. We develop a composite measure as a proxy for remuneration committee effectiveness by incorporating remuneration committee size, remuneration committee independence, remuneration committee chairman's independence, expertise and diligence. We find that both the existence and quality of a remuneration committee play a significant role in the decision to provide voluntary disclosure of remuneration actions and in the extent of this disclosure. Further analysis suggests that remuneration committee independence and diligence enhance the quality of remuneration committees. The results have policy implications for remuneration committees as an effective corporate governance mechanism.

2025

This paper develops an optimal investment strategy for market environments characterized by trade tensions and tariff implementations. We first survey historical performance of various investment strategies during periods of significant trade conflicts, finding that traditional approaches often fail to adequately address the unique challenges posed by policy-driven market disruptions. Drawing on empirical evidence from the Smoot-Hawley Tariff Act, the US-Japan semiconductor dispute, and the recent US-China trade war, we identify systematic patterns in asset class, sector, and factor performance during different phases of trade tensions. We then develop a novel theoretical framework that integrates quantitative factor models with game theory to model strategic interactions between countries and their market implications. Based on this framework, we propose the Adaptive Multi-Factor Trade Tension (AMFTT) Strategy, which employs dynamic factor allocation, geographic diversification, and volatility harvesting techniques calibrated to different trade tension states. Backtesting results suggest the strategy would have delivered 2-4% annualized excess returns with 20-30% lower volatility during historical trade conflicts. This research contributes to the literature on investment strategy development during periods of heightened policy uncertainty and provides practitioners with a robust framework for navigating trade tension environments.

2025, Research in International Business and Finance

Ever since the collapse of the Bretton-Woods system, gold has retained its function as an important monetary commodity , and continues to provide important inflation forecasting information to monetary policy setters . However, highlight the instability of gold price dynamics through time, attributing it to unpredictable political attitudes and events. In this paper, we investigate gold price dynamics under different inflation regimes and stock market conditions using UK and US index-linked Treasury bond data. We show that gold lost its role as an inflation hedge after May 1997 in the UK, and after 2003 did not act as an inflation hedge in the US, supporting the argument that gold is an inflation hedge only in periods of high inflation and inflation expectations. Further, we show that gold retained its safe haven status throughout the sample period in both countries, but it did not act as a stock market hedge in the UK except during the 2008-9 global financial crisis. Finally, we conduct an event-study analysis of the impact of QE announcements from four leading central banks on the gold price in US dollars. While the QE announcements of the US Federal Reserve and the European Central Bank exerted a strong and weak influence on gold, respectively, the Bank of England and the Bank of Japan's QE announcements had no discernible impact on the gold price.

2025, Research in International Business and Finance

Attracting foreign direct investment (FDI) has become an integral part of the economic development goals of policymakers throughout the world. Previous literature on FDI attractiveness has identified a host of factors that make a country more or less enticing for FDI. Where the literature is less developed is in explaining what occurs when multiple countries are roughly equal across those factors. In this paper, we argue that when several potential host countries (HCs) are on par in attractiveness, a competition arises between them, such that the HC willing to offer the most concessions to the potential foreign investor attracts the investment. We further argue that this competitive relationship holds in some industrial sectors, but not in others, with the difference centered on location constraints. Using both a case study of Costa Rica's investment promotion activities and cross-national industry-level FDI analyses, we find evidence that concessions are greater in the manufacturing sector, where countries are often equally attractive to FDI, but lower in mining, where natural resource endowments determine FDI attractiveness. Over the past several decades, policy makers throughout the world have viewed foreign direct investment (FDI) as a vital part of their country's economic advancement goals. Most of the FDI attractiveness literature to date focuses on the push and pull factors that match a foreign investor, typically a multinational enterprise (MNE), with a host country (HC). These factors include democracy, political stability, investment treaties, size of the country, income levels and other labor conditions, infrastructure, natural resources, and proximity, among others . Many host countries strive to make improvements in their economic and institutional environments in an effort to attract FDI. Unfortunately, these improvements are often very similar, making targeted preferential policies and incentives necessary for countries to differentiate themselves, and hopefully put them at the top in the competition for foreign investment with other potential HCs . For example, in 1996, the Costa Rican government promised a host of valuable concessions, including asset and export tax exemptions, full exemption from taxes on profits for the first eight years, and infrastructure improvements to the Intel Corporation, in an effort to entice the company to establish a semiconductor plant in the country . Costa Rica ultimately won the investment over several competing countries, including Mexico, Brazil, and Chile. However, the relationship does not always favor the foreign investor. When the Canadian mining company Glencairn Gold sought approval from the Costa Rican government to develop the Bellavista mine site in the early 2000s, not only were there no new concessions offered, but the company had to overcome significant roadblocks to begin the extraction process (Isla,

2025, Banks and Bank Systems

The push for banks to develop their own internal rating based systems under the New Basel Capital Accord highlights the need for credit ratings consistency. As pointed out in Carey (2001), ratings inconsistency across banks can lead to a host of problems and banks are aware of the need for such consistency as found in a survey by Treacy and Carey (2000). Unlike testing for accuracy (see Lopez and Saidenberg, 2000), validating consistency usually requires cross-sectional data that are rarely available to individual banks. In many economic regimes, there is no corporate credit rating or credit bureau to speak of which leaves a bank to depend on its own internal data to verify consistency. Business strategy or other choices can lead a bank to an internal database composition significantly different from that of the underlying population or its peers. This may result in ratings for an obligor inconsistent with those of other credit institutions. This paper proposes a consistency test th...

2025

This paper investigates the asymmetric causal relationships between exchange rate and stock indices of Japan and Taiwan, respectively. M-TART is first found to be the most applicable model for adjustment to long-run equilibrium between the exchange rate and stock index for both countries. The evidence from our M-TART estimations supports the long-run equilibrium relationships between exchange rates and stock indices, but an asymmetric threshold cointegration relationship only exists in Taiwan, not in Japan. Further evidence from M-TECM Granger-Causality tests illustrates that no short-run causal relationship exists between the two financial assets. However, in the long-run, when the differences in the previous disequilibrium term are above their threshold value, a positive causal relationship running from stock index to exchange rate (by European quotation) in Japan supports the portfolio approach, whereas a positive causal relationship running exchange rate (by American quotation) to stock index in Taiwan argues for the traditional approach. Another interesting finding from our M-TECM estimations is that the speed of adjustment towards long-run equilibrium in relationship between stock indices and exchange rates is faster in the higher regime than in the lower regime for both countries' cases.

2025, Research in International Business and Finance

We present a new dividend-adjusted blue chip index for the Danish stock market covering the period 1985-2002. In contrast to other indices on the Danish stock market, the index is calculated on a daily basis. In the first part of the paper a detailed description of the construction of the index is given. In the second part of the paper we analyze the time-series properties of daily, weekly, and monthly returns, and we present evidence on predictability of multi-period returns. We also compare stock returns with the returns on long-term bonds and short-term money market instruments (i.e. the equity risk premium), and we compute the Hansen-Jagannathan bound to infer the properties of the underlying stochastic discount factor generating Danish asset returns.

2025, Journal of Applied Finance and Banking

This study examines the dynamic linkages between nine Central and Eastern European (CEE) emerging markets and the developed ones, i.e. Austrian, French, German, British and American stock markets. To investigate the nature of transmission of information we employ two econometric models which are estimated in framework of maximum likelihood, GARCH, and vector autoregression. Our findings suggest that there exist some reaction from CEE markets to the arrival of price innovations from the developed markets, but the nature of these reactions and responses is mixed. However, U.S. and Austrian markets exert a higher impact over the CEE analyzed ones, meaning that the shocks from international and regional leaders are greater than those from continental leaders over the CEE emerging markets. In addition, we found that the national market price innovations account for more of the error variance while developed markets' price innovations account for less of the forecast error variance.

2025, Journal of Applied Finance and Banking

This study examines the dynamic linkages between nine Central and Eastern European (CEE) emerging markets and the developed ones, i.e. Austrian, French, German, British and American stock markets. To investigate the nature of transmission of information we employ two econometric models which are estimated in framework of maximum likelihood, GARCH, and vector autoregression. Our findings suggest that there exist some reaction from CEE markets to the arrival of price innovations from the developed markets, but the nature of these reactions and responses is mixed. However, U.S. and Austrian markets exert a higher impact over the CEE analyzed ones, meaning that the shocks from international and regional leaders are greater than those from continental leaders over the CEE emerging markets. In addition, we found that the national market price innovations account for more of the error variance while developed marketsâ€™ price innovations account for less of the forecast error variance.

2025, American Journal of Multidisciplinary Research and Innovation (AJMRI)

This paper explores the multifaceted relationship between board composition and firm performance in the Sultanate of Oman, with a focus on board size, board independence, and the role of Non-Executive Directors (NEDs). Drawing on data from non-financial firms listed on the Muscat Securities Market (MSM) over a decade (2012-2022), the study employs Ordinary Least Squares (OLS) multivariate regression analysis to dissect the influence of these governance variables on a suite of financial performance metrics. The results indicate that larger board sizes are positively associated with firm liquidity, market valuation, and resilience to corporate failure, as evidenced by significant relationships with the current ratio, Tobin's Q, and Altman's Z score. In contrast, smaller boards are linked to higher profitability margins. The study also finds that the presence of NEDs has a positive and significant impact on firm performance, particularly in terms of liquidity, firm value, and risk management, challenging the traditional view that board independence is a primary driver of firm success. By contributing to the theoretical discourse on corporate governance, this research offers practical insights for corporate managers, investors, and policymakers in Oman and similar economies. It suggests that an optimal board composition is contingent upon the specific performance objectives of a firm and underscores the importance of strategic board structuring in enhancing firm performance. The study provides a foundation for future research in the field of corporate governance, emphasizing the nuanced roles of board size, independence, and NEDs in shaping firm outcomes.

2025

Penelitian ini bertujuan untuk menganalisis perilaku konsumen terhadap produk lokal dalam konteks meningkatnya dominasi produk impor di pasar domestik. Fenomena ini menunjukkan bahwa meskipun produk lokal tersedia luas dan memiliki potensi kualitas yang kompetitif, preferensi konsumen masih cenderung mengarah pada produk impor. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei terhadap 300 responden di wilayah perkotaan, serta dilengkapi dengan analisis deskriptif dan regresi linier berganda. Variabelvariabel yang dianalisis meliputi persepsi kualitas, harga, kesadaran merek, nasionalisme konsumen, dan pengaruh media sosial. Hasil penelitian menunjukkan bahwa persepsi kualitas dan nasionalisme konsumen berpengaruh positif dan signifikan terhadap keputusan pembelian produk lokal, sementara faktor harga dan citra merek produk impor tetap menjadi tantangan utama. Temuan ini memberikan implikasi bagi produsen lokal dan pembuat kebijakan untuk memperkuat strategi branding, meningkatkan kualitas produk, serta membangun kampanye nasionalisme ekonomi yang lebih efektif.

2025

Abstrak
Penelitian ini bertujuan untuk menganalisis perilaku konsumen terhadap produk lokal dalam konteks meningkatnya dominasi produk impor di pasar domestik. Fenomena ini menunjukkan bahwa meskipun produk lokal tersedia luas dan memiliki potensi kualitas yang kompetitif, preferensi konsumen masih cenderung mengarah pada produk impor. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei terhadap 300 responden di wilayah perkotaan, serta dilengkapi dengan analisis deskriptif dan regresi linier berganda. Variabel-variabel yang dianalisis meliputi persepsi kualitas, harga, kesadaran merek, nasionalisme konsumen, dan pengaruh media sosial. Hasil penelitian menunjukkan bahwa persepsi kualitas dan nasionalisme konsumen berpengaruh positif dan signifikan terhadap keputusan pembelian produk lokal, sementara faktor harga dan citra merek produk impor tetap menjadi tantangan utama. Temuan ini memberikan implikasi bagi produsen lokal dan pembuat kebijakan untuk memperkuat strategi branding, meningkatkan kualitas produk, serta membangun kampanye nasionalisme ekonomi yang lebih efektif.
Kata Kunci: perilaku konsumen, produk lokal, produk impor, nasionalisme konsumen, preferensi pasar.

2025, Research in International Business and Finance

This research focuses on the impact High-Frequency Trading has on price volatility when bid-ask spread is wide. The theoretical part introduces a set of equations and presents an Agent Based Model implemented via a computer-based simulation. The wide spread leads to the appearance of unusual phenomena caused by the relative speed difference between the fast and slow traders. The latter agents tend to quote limit orders that look irrational, as they are distant more than one tick from the top-of-book. The same relative speed difference causes slow traders to post market orders that execute at price worse than originally intended. Both these abnormal orders tend to increase local volatility. Other results found by the simulation are an increase in global volatility (computed both as the difference of maximum less minimum price and as standard deviation of price distribution) and in volatility at sub-second timescales. These occurrences penalise slower traders J o u r n a l P r e -p r o o f and affect market stability. All the results are consistent both under quiet and stressed market conditions. The results found are then compared with audit trail data to verify the soundness of theory against practice.

2025, Research in International Business and Finance

Some academic research has identified the possibility of High-Frequency Trading (HFT) creating a two tier market, in which the fast traders mostly deal with each other at most favourable prices and spread, leaving the slower investors to share the least profitable deals. Yet, although intriguing, this view has been seldom quantitatively investigated -and that is the gap found in previous research. A computer simulation has been produced to mimic the behaviour of both slow and fast traders, each category showing characteristics consistent with their behaviour on the markets. In particular, High-Frequency (HF) traders show their preference for aggressive orders when the bid-ask spread is tight and are less aggressive when spread is wide. The Low-Frequency (LF) traders are then forced to live with the remaining deals, hoping to profit from longer term price movements. The purpose of this piece of research is to verify whether HF traders (HFTs) tend to deal with each other and, something not investigated by previous studies, if LF traders also mainly restrict their trading with other slow traders. The results show some tendency toward markets actually splitting into two-tiers: they confirm previous findings of HF traders' tendency to deal with their similar counterparts in case of thin bid-ask spread (which means higher probability of profits for the aggressive side), leaving mostly LF traders to deal amongst themselves when the spread is wider, so aiming at long-term gain (which makes trading inherently riskier).

2025

The following dissertation contains two distinct empirical essays which contribute to the overall field of Financial Economics. Chapter 1, entitled "Financial Inclusion and Economic Development in OIC Member Countries," examines whether the presence of Islamic finance promotes development and alleviates poverty. To do so, we estimate the influence of financial inclusion variables on development and poverty variables for OIC countries. Using data from the World Bank, we use dynamic panel analysis using methodology similar to to study the effects of financial inclusion on economic development and use simple cross-sectional analysis similar to to study the effects on poverty alleviation. We find that the countries with Islamic finance tend to outperform the rest of the world. We believe that the ability of financial institutions offering Shari'a compliant services to bring otherwise excluded people under the financial system plays a major role in increased development and reduced poverty in those countries. The results support our view that financial inclusion is causing development. Chapter 2 entitled, "Asymmetric Market Reactions to the 2007-08 Financial Crisis: From Wall Street to Main Street," examines the impact of significant news events during the 2007 -2008 financial crisis on the abnormal stock returns for portfolios of financial and real sector firms. We recognize 17 significant news events from 2007 and 2008 and create equity portfolios using daily CRSP data from January 1, 2006 to December 31, 2009. We estimate event announcement interval abnormal returns in the context of an asset pricing model similar to . We document significant negative abnormal returns for the portfolio of non-financial firms, and the smallest firms exhibit the largest negative abnormal returns, an indication of a significant spillover of financial market news to real sector stock returns. Smaller financial firms also exhibit negative abnormal event returns, and these results are driven by broker-dealer, depository, holding-investment, and real estate firms. The results provide new evidence regarding the incorporation of news events into asset prices during financial crises.

2025

This Dissertation is protected by copyright and/or related rights. It has been brought to you by ScholarWorks@UNO with permission from the rights-holder(s). You are free to use this Dissertation in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself.

2025

Penelitian yang dibuat oleh penliti bertujuan Untuk mengetahui dan menganalisis kepemilikan manajerial berpengaruh terhadap ROA pada grup lippo yang terdaftar di BEI.Untuk mengetahui dan menganalisis kepemilikan institusional berpengaruh terhadap ROA pada grup lippo yang terdaftar di BEI.Untuk mengetahui dan menganalisis kepemilikan manajerial dan kepemilikan institusional berpengaruh secara simultan terhadap ROA pada perusahaan grup lippo yang terdaftar di BEI. Metode analisis data dalam penelitian ini dilakukan dengan menggunakan uji regresi linier berganda (multi linear regression) dengan persyaratan asumsi klasik. Uji asumsi klasik menggunkan uji normalitas, multikolinieritas, hereroskedasitas, dan autokorelasi. Uji hipotesis menggunakan uji t. Dari hasil penelitian ini secara parsial ada pengaruh signifikan Kepemilikan Manajerial terhadap ROApada perusahaan grup lippo yang terdaftar di BEI.Dari hasil penelitian ini secara parsial ada pengaruh kepemilikan institusional terhadapROApada perusahaan grup lippo yang terdaftar di BEI.Berdasarkan hasil uji F terdapat ada pengaruh siginfikan Kepemilikan Manajerial dan Kepemilikan Institusional terhadap ROA pada perusahaan grup lippo yang terdaftar di BEI.

2025, Research in International Business and Finance

2025

The paper examines existence of financial contagion between Indian, Eurozone, Japanese and U.S. stock and currency markets during the Global Financial Crisis of 2008-09 and the Eurozone debt crisis of 2010-11. We attempt to address a lacuna of the contagion literature which is the absence of cross-asset market evidence. Contagion is defined as a significant rise in correlations between asset market returns during crisis time periods vis-à-vis normal time periods. The data consists of returns on Euro Area, India, Japan and U.S. stock market returns and the returns on €/$, ₹/$, and ¥/$ exchange rates. The methodology involves a stage wise estimation with the first stage involving the identification of crisis periods by employing country/region-specific (U.S. and Eurozone) Markov-switching vector autoregressions. Thereafter, the second stage estimates the timevarying conditional correlation coefficients using Dynamic Conditional Correlation model (Engle, 2002). In the final stage, cris...

2025

South Africa is under threat of a downgrade to its sovereign credit rating since Standard and Poors(S&P) lowered its foreign-currency long-term credit rating from BBB to BBB- in June 2014, with Fitch following suit in December 2015. Moody’s,the third major global rating agency, maintained South Africa’s credit rating one notch above S&P and Fitch, or two notches above sub-IG. With economic growth continuing to slow and perceptions of high policy uncertainty, some observers expected S&P or Fitch to remove South Africa’s high-prized investment grade credit rating during the rating review that ended in June 2016. Instead, both raters (including Moody’s) confirmed their previous assessments. While the ghost of a down grade has been banished for now it will continue to haunt South Africa until the next rating decision of S&P and Fitch in December 2016. This Note explores what would likely have happened if South Africa had been downgraded to sub-IG by S&P or Fitch (or both) in June 2016,f...

2025, Journal of Business Finance & Accounting

Recent papers which have examined unit trusts have controlled either for a ‘fund size effect’ or for the ‘small firms effect’ in the investment portfolio. The contribution of this paper is an analysis of the ‘small firms effect’ whilst simultaneously controlling for the ‘fund size effect’. We show that the ethical unit trusts have significantly greater exposure than general unit trusts to the ‘small firms effect’, and that net of this there is no significant evidence of over or under performance by ethical trusts using an adjusted Jensen measure. Using two cross‐sectional approaches, we demonstrate that whilst a ‘small firms effect’ has a role to play in explaining unit trust performance, fund size is not correlated with the financial performance of unit trusts. This cross‐sectional analysis also provides some evidence that ethical unit trusts may perform less well than general unit trusts.

2025, Journal of Business and Financial Affairs

calculation of forecasts using the ARDL/Bounds Testing Methodology proposed by Pesaran et al.,. We will only adopt two variables: The high daily exchange rate Y t as a dependent variable and the opening price X t . Why is this choice? Since the opening price is known, it will be used as an exogenous variable, while Y t will be considered as an endogenous variable. In the end, the parameters stability of the Error Correction Model will be tested through Chow Predictive Test and the use of recursive residuals to effectuate Cumulative Sum (CUSUM). The research has three objectives a) Is there long-term equilibrium between the variables Y t and X t ? b) Is there co-integration between these two variables? c) Is it possible to have excellent forecasts under the ARDL model with co-integration? The methodology of the research depends first on the analytical statistical approach to the time series, and on the technique of cointegration according to the ARDL/Bounds Testing Methodology proposed by Pesaran et al. [4]. The unexpected sudden fluctuations in the EURO-dollar exchange rate result from sudden economic and political shocks causing significant financial losses or gains. Does the model envisaged in this study allow a safety cover to avoid or, at least, reduce losses? Or does it allow an increase in the probability of obtaining significant profits or at least no losses?

2025, Journal of Economics and Business

2025, Research in International Business and Finance

Underpricing of Initial Public Offerings (IPOs) is one of the most widely studied anomalies in the literature on financial economics. This paper examines the short-run IPO performance in an emerging market by using the data of 148 IPOs listed on the Colombo Stock Exchange (CSE) from 1991 to 2017. We found that IPOs on average were underpriced by 47% and that 32 IPOs were overpriced by approximately 17% -18%. The stepwise multiple regression results showed that offer risk, investor sentiment, firm size, market volatility prior to the IPOs, the time lag between IPO issue date and CSE listing date, and hot-issue periods have a significant relationship with IPO returns. The outcomes are hence consistent with the prediction of ex-ante uncertainty, windows of opportunity and the investor sentiment hypotheses. Overall, the results indicate that in Sri Lanka, underpricing accounts for a greater percentage of the IPOs than overpricing.

2025, Research in International Business and Finance

Bouman e Jacobsen (2002) documentaram a existência de um forte padrão sazonal na rentabilidade das acções, também conhecido como efeito Halloween. Estes autores demonstraram que num conjunto de mercados de capitais, os retornos durante os meses de Novembro a Abril tinham sido largamente superiores aos registados durante os meses de Maio a Outubro. Seguindo de perto a metodologia proposta por Bouman e Jacobsen (2002), pretendemos estudar a existência do efeito Halloween na Europa desde Outubro de 1992 até Outubro de 2010 e fornecer algumas possíveis explicações para a existência da anomalia. Concluiu-se que o efeito Halloween é economicamente e estatisticamente significante, constituindo portanto uma oportunidade passível de ser explorada. Considerámos várias possíveis soluções para a anomalia, mas nenhuma delas foi capaz de justificar por completo o efeito. Sugerimos, que a possível explicação poderá estar relacionada com os retornos médios negativos durante o período de Maio a Outubro, em vez de estar relacionada com a performance superior durante os meses de Novembro a Abril.

2025, Financial Dominance of Franchise Films

Financial dominance of films (C2) is the main focus of “Marvel” and the argument overall that films are more financially dominant than marginalized cinema is that cinema is unexpected and may cease to exist. One half of the argument is that worldwide audiovisual entertainment is movies and films (P1→P5→C1→C5) while cinema is a separate object from movies and films, and therefore cinema may cease to exist (P2→P3→P4→C2). The second half of the argument is (P2→P3→P4→C2) that films don’t interest, and cinema is unexpected on the screen, is because cinema is marginalized, and therefore films are financially dominant. The parallel conclusion is that cinema is no longer included in worldwide audiovisual entertainment and therefore may cease to exist (C3) in a linear argument form of premise and conclusion (Bernath 2023; Figure 1).

2025, NSUK JOURNAL OF BANKING AND FINANCE RESEARCH

Small and Medium Enterprises (SMEs) play significant roles in the socioeconomic transformation of economies however access to finance has been identified to be one of the major challenges facing their growth. This study investigates the effect of microfinance loans on the growth of SMEs in Mararaba town of Nasarawa State. Descriptive survey research design method was used to carry out the study. The population of the study consists of 1894 registered SMEs while a sample size of 244 was derived using the Smith (1983) formula. Data was obtained using questionnaires and the respondents were asked to indicate their degree of agreement or disagreement based on a 5-point Likert scale that ranged from strongly agree (5) to strongly disagree (1). The data was analyzed by the use of multiple regressions in line with the research questions. It was found that cost of microfinance loan, microfinance loan duration and loan size have significant and positive effects on the growth of SMEs in Mararaba town. The study concludes that that cost of microfinance loan, loan duration and microfinance loan size enhance the growth of SMEs, and recommends that sensitization and greater synergy be built between microfinance institutions and SMEs.

2025, Research in International Business and Finance

The paper studies Egypt's financial structure and its relation to total factor productivity (TFP) during the 1974-2002 period. It first highlights Egypt's economic performance; and then focuses on the main features of its financial sector: the banking system and the securities market. The effect of financial development on TFP is then modeled by interacting bank -and market -based financial indicators with two enabling factors, per capita income and private net resource flows. The results show that bank-based indicators have a negative effect on TFP unless they are associated with a threshold level of per capita income; whereas the effect of market-based indicators is positively reinforced by private net resource flows. The paper stresses that widening the financial sector to include the securities market has benefited TFP and growth in Egypt, but more reforms is needed towards that end.

2025

Permintaan sayuran yang aman dan higienis semakin diminati oleh masyarakat modern. Meningkatnya standar hidup masyarakat dan kesadaran masyarakat terhadap makanan sehat menyebabkan pergeseran pola konsumsi yang berubah. Munculnya kesadaran masyarakat terhadap bahayanya kandungan residu kimiawi dari pestisida membuat masyarakat lebih selektif dalam memilih sayuran. Sayuran hidroponik dapat menjadi alternatif kebutuhan pangan bagi masyarakat modern yang menginginkan produk bebas pestisida yang kaya akan nutrisi dan aman untuk dikonsumsi. Perilaku konsumen sangat berpengaruh terhadap keputusan pembelian sayuran hidroponik. Penelitian ini bertujuan untuk menganalisis hubungan persepsi kesadaran kesehatan, harga premium, kualitas produk, dan keamanan pangan dengan keputusan pembelian sayuran hidroponik di Kebunsayur Surabaya serta menganalisis persepsi konsumen yang memiliki hubungan paling erat dengan keputusan pembelian sayuran hidroponik di Kebunsayur Surabaya. Penelitian ini dilakuka...

2025

During the last decades, Corporate Social Responsibility (CSR) is being considered between academics and professionals as a strategic tool able to increase organizational competitiveness and financial performance. Those companies that are meeting the social, ethical and environmental concerns of their stakeholders (shareholders, employees, customers, Government, citizens, etc.) are obtaining great rewards because CSR actions are consistent with institutional values required by society and consequently can improve variables such as the legitimacy, reputation and market value. Concretely, in the organizational internal scope, employees represent one of the most relevant internal stakeholder for acquiring competitive advantages derived from CSR actions through enhancements in their commitment, sense of belonging, working environment and well-being. Taking this framework into account, this study raises a twofold aim. Firstly, to explore how the introduction of a socially responsible orientation in Human Resource Management (HRM) can cause a strength factor and a source of differentiation for firms. Secondly, to build a configuration of socially responsible human resource policies, following the social standards such as the Global Reporting Initiative (GRI) and ISO 26000. To support these objectives, we based our research on institutional perspective and stakeholder's theory. The method used has been a comparative analysis of socially responsible human resource policies in social disclosures and CSR reports from IBEX-35 firms and Fortune's Top 50 Most Admired Companies.

2025, Research in International Business and Finance

Controversial firms, commonly known as sin stocks, are companies whose production and/or operations harm the society and/or the environment. Examples include organizations that are involved in the production of tobacco, alcohol, gambling, adult entertainment, as well as goods that are a part of developing ethical environmental and social issues such as, weapons, oil, nuclear, and biotechnologies (Hong and Kacperczyk, 2009; Cai, Jo & Pan, 2011; Kim and Venkatachalam, 2011). There are various factors that can cause a firm's stock price and overall value to fluctuate, including customer demand and societal pressures (Jo and Na, 2012). Companies involved in the above mentioned industries, are facing pressure from society as a result of manufacturing products

2025, Research in International Business and Finance

Over the last four decades, a wide theoretical debate is concerned with the fundamental relationship between financial development and economic growth. Recent studies shed some light on the simultaneous effect of banks and financial system development on growth rather than a separate impact. The empirical study is conducted using an unbalanced panel data from 11 MENA region countries. Econometric issues will be based on estimation of a dynamic panel model with GMM estimators. Thus, peculiarities of MENA region countries will be detected. The empirical results reinforce the idea of no significant relationship between banking and stock market development, and growth. The association between bank development and economic growth is even negative after controlling for stock market development. This lack of relationship must be linked to underdeveloped financial systems in the MENA region that hamper economic growth. Then, more needs to be done to reinforce the institutional environment and improve the functioning of the banking sector in the MENA region. Based on these results, other regions at the same stage of financial development such as Africa, Eastern Europe or Latin America should improve the functioning of their financial system in order to prevent their economies from the negative impact of a shaky financial market.

2025, RePEc: Research Papers in Economics

We conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD), using several analytical approaches from large-sample theory and bootstrapped small-sample confidence intervals. We do so for two different PD estimation methods-cohort and duration (intensity)-using twenty-two years of credit ratings data. We find that the bootstrapped intervals for the duration-based estimates are surprisingly tight when compared with the more commonly used (asymptotic) Wald interval. We find that even with these relatively tight confidence intervals, it is impossible to distinguish notch-level PDs for investment grade ratings-for example, a PD AA -from a PD A+ . However, once the speculative grade barrier is crossed, we are able to distinguish quite cleanly notch-level estimated default probabilities. Conditioning on the state of the business cycle helps; it is easier to distinguish adjacent PDs in recessions than in expansions.