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Publisher: Emerald   (Total: 356 journals)

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Showing 1 - 200 of 356 Journals sorted alphabetically
A Life in the Day     Hybrid Journal   (Followers: 12)
Academia Revista Latinoamericana de Administración     Open Access   (Followers: 2, SJR: 0.178, CiteScore: 1)
Accounting Auditing & Accountability J.     Hybrid Journal   (Followers: 33, SJR: 1.71, CiteScore: 3)
Accounting Research J.     Hybrid Journal   (Followers: 25, SJR: 0.144, CiteScore: 0)
Accounting, Auditing and Accountability J.     Hybrid Journal   (Followers: 27, SJR: 2.187, CiteScore: 4)
Advances in Accounting Education     Hybrid Journal   (Followers: 17, SJR: 0.279, CiteScore: 0)
Advances in Appreciative Inquiry     Hybrid Journal   (Followers: 1, SJR: 0.451, CiteScore: 1)
Advances in Autism     Hybrid Journal   (Followers: 33, SJR: 0.222, CiteScore: 1)
Advances in Dual Diagnosis     Hybrid Journal   (Followers: 46, SJR: 0.21, CiteScore: 1)
Advances in Gender Research     Full-text available via subscription   (Followers: 5, SJR: 0.16, CiteScore: 0)
Advances in Intl. Marketing     Full-text available via subscription   (Followers: 6)
Advances in Mental Health and Intellectual Disabilities     Hybrid Journal   (Followers: 84, SJR: 0.296, CiteScore: 0)
Advances in Mental Health and Learning Disabilities     Hybrid Journal   (Followers: 30)
African J. of Economic and Management Studies     Hybrid Journal   (Followers: 10, SJR: 0.216, CiteScore: 1)
Agricultural Finance Review     Hybrid Journal   (Followers: 1, SJR: 0.406, CiteScore: 1)
Aircraft Engineering and Aerospace Technology     Hybrid Journal   (Followers: 220, SJR: 0.354, CiteScore: 1)
American J. of Business     Hybrid Journal   (Followers: 20)
Annals in Social Responsibility     Full-text available via subscription  
Anti-Corrosion Methods and Materials     Hybrid Journal   (Followers: 11, SJR: 0.235, CiteScore: 1)
Arts and the Market     Hybrid Journal   (Followers: 9)
Asia Pacific J. of Innovation and Entrepreneurship     Open Access   (Followers: 1)
Asia Pacific J. of Marketing and Logistics     Hybrid Journal   (Followers: 8, SJR: 0.425, CiteScore: 1)
Asia-Pacific J. of Business Administration     Hybrid Journal   (Followers: 6, SJR: 0.234, CiteScore: 1)
Asian Association of Open Universities J.     Open Access   (Followers: 1)
Asian Education and Development Studies     Hybrid Journal   (Followers: 6, SJR: 0.233, CiteScore: 1)
Asian J. on Quality     Hybrid Journal   (Followers: 3)
Asian Review of Accounting     Hybrid Journal   (Followers: 2, SJR: 0.222, CiteScore: 1)
Aslib J. of Information Management     Hybrid Journal   (Followers: 32, SJR: 0.725, CiteScore: 2)
Aslib Proceedings     Hybrid Journal   (Followers: 316)
Assembly Automation     Hybrid Journal   (Followers: 2, SJR: 0.603, CiteScore: 2)
Baltic J. of Management     Hybrid Journal   (Followers: 4, SJR: 0.309, CiteScore: 1)
Benchmarking : An Intl. J.     Hybrid Journal   (Followers: 11, SJR: 0.559, CiteScore: 2)
British Food J.     Hybrid Journal   (Followers: 17, SJR: 0.5, CiteScore: 2)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 15, SJR: 0.46, CiteScore: 1)
Business Process Re-engineering & Management J.     Hybrid Journal   (Followers: 8)
Business Strategy Series     Hybrid Journal   (Followers: 7)
Career Development Intl.     Hybrid Journal   (Followers: 18, SJR: 0.527, CiteScore: 2)
China Agricultural Economic Review     Hybrid Journal   (Followers: 2, SJR: 0.31, CiteScore: 1)
China Finance Review Intl.     Hybrid Journal   (Followers: 6, SJR: 0.245, CiteScore: 0)
Chinese Management Studies     Hybrid Journal   (Followers: 4, SJR: 0.278, CiteScore: 1)
Circuit World     Hybrid Journal   (Followers: 16, SJR: 0.246, CiteScore: 1)
Collection and Curation     Hybrid Journal   (Followers: 11, SJR: 0.296, CiteScore: 1)
COMPEL: The Intl. J. for Computation and Mathematics in Electrical and Electronic Engineering     Hybrid Journal   (Followers: 3, SJR: 0.22, CiteScore: 1)
Competitiveness Review : An Intl. Business J. incorporating J. of Global Competitiveness     Hybrid Journal   (Followers: 5, SJR: 0.274, CiteScore: 1)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14, SJR: 0.731, CiteScore: 2)
Corporate Communications An Intl. J.     Hybrid Journal   (Followers: 8, SJR: 0.453, CiteScore: 1)
Corporate Governance Intl. J. of Business in Society     Hybrid Journal   (Followers: 6, SJR: 0.336, CiteScore: 1)
Critical Perspectives on Intl. Business     Hybrid Journal   (SJR: 0.378, CiteScore: 1)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 9, SJR: 0.504, CiteScore: 2)
Data Technologies and Applications     Hybrid Journal   (Followers: 332, SJR: 0.355, CiteScore: 1)
Development and Learning in Organizations     Hybrid Journal   (Followers: 8, SJR: 0.138, CiteScore: 0)
Digital Library Perspectives     Hybrid Journal   (Followers: 33, SJR: 0.341, CiteScore: 1)
Direct Marketing An Intl. J.     Hybrid Journal   (Followers: 6)
Disaster Prevention and Management     Hybrid Journal   (Followers: 21, SJR: 0.47, CiteScore: 1)
Drugs and Alcohol Today     Hybrid Journal   (Followers: 148, SJR: 0.245, CiteScore: 1)
Education + Training     Hybrid Journal   (Followers: 24)
Education, Business and Society : Contemporary Middle Eastern Issues     Hybrid Journal   (Followers: 1, SJR: 1.707, CiteScore: 3)
Emerald Emerging Markets Case Studies     Hybrid Journal   (Followers: 1)
Employee Relations     Hybrid Journal   (Followers: 8, SJR: 0.551, CiteScore: 2)
Engineering Computations     Hybrid Journal   (Followers: 3, SJR: 0.444, CiteScore: 1)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 10, SJR: 0.653, CiteScore: 2)
English Teaching: Practice & Critique     Hybrid Journal   (SJR: 0.417, CiteScore: 1)
Equal Opportunities Intl.     Hybrid Journal   (Followers: 3)
Equality, Diversity and Inclusion : An Intl. J.     Hybrid Journal   (Followers: 17, SJR: 0.5, CiteScore: 1)
EuroMed J. of Business     Hybrid Journal   (Followers: 1, SJR: 0.26, CiteScore: 1)
European Business Review     Hybrid Journal   (Followers: 11, SJR: 0.585, CiteScore: 3)
European J. of Innovation Management     Hybrid Journal   (Followers: 25, SJR: 0.454, CiteScore: 2)
European J. of Management and Business Economics     Open Access   (Followers: 2, SJR: 0.239, CiteScore: 1)
European J. of Marketing     Hybrid Journal   (Followers: 21, SJR: 0.971, CiteScore: 2)
European J. of Training and Development     Hybrid Journal   (Followers: 13, SJR: 0.477, CiteScore: 1)
Evidence-based HRM     Hybrid Journal   (Followers: 5, SJR: 0.537, CiteScore: 1)
Facilities     Hybrid Journal   (Followers: 4, SJR: 0.503, CiteScore: 2)
Foresight     Hybrid Journal   (Followers: 8, SJR: 0.34, CiteScore: 1)
Gender in Management : An Intl. J.     Hybrid Journal   (Followers: 20, SJR: 0.412, CiteScore: 1)
Global Knowledge, Memory and Communication     Hybrid Journal   (Followers: 997, SJR: 0.261, CiteScore: 1)
Grey Systems : Theory and Application     Hybrid Journal   (Followers: 1)
Health Education     Hybrid Journal   (Followers: 2, SJR: 0.421, CiteScore: 1)
Higher Education Evaluation and Development     Open Access   (Followers: 4)
Higher Education, Skills and Work-based Learning     Hybrid Journal   (Followers: 50, SJR: 0.426, CiteScore: 1)
History of Education Review     Hybrid Journal   (Followers: 12, SJR: 0.26, CiteScore: 0)
Housing, Care and Support     Hybrid Journal   (Followers: 8, SJR: 0.171, CiteScore: 0)
Human Resource Management Intl. Digest     Hybrid Journal   (Followers: 21, SJR: 0.129, CiteScore: 0)
IMP J.     Hybrid Journal  
Indian Growth and Development Review     Hybrid Journal   (SJR: 0.174, CiteScore: 0)
Industrial and Commercial Training     Hybrid Journal   (Followers: 5, SJR: 0.301, CiteScore: 1)
Industrial Lubrication and Tribology     Hybrid Journal   (Followers: 7, SJR: 0.334, CiteScore: 1)
Industrial Management & Data Systems     Hybrid Journal   (Followers: 7, SJR: 0.904, CiteScore: 3)
Industrial Robot An Intl. J.     Hybrid Journal   (Followers: 2, SJR: 0.318, CiteScore: 1)
Info     Hybrid Journal   (Followers: 1)
Information and Computer Security     Hybrid Journal   (Followers: 22, SJR: 0.307, CiteScore: 1)
Information Technology & People     Hybrid Journal   (Followers: 45, SJR: 0.671, CiteScore: 2)
Innovation & Management Review     Open Access  
Interactive Technology and Smart Education     Hybrid Journal   (Followers: 12, SJR: 0.191, CiteScore: 1)
Interlending & Document Supply     Hybrid Journal   (Followers: 61)
Internet Research     Hybrid Journal   (Followers: 37, SJR: 1.645, CiteScore: 5)
Intl. J. for Lesson and Learning Studies     Hybrid Journal   (Followers: 4, SJR: 0.324, CiteScore: 1)
Intl. J. for Researcher Development     Hybrid Journal   (Followers: 10)
Intl. J. of Accounting and Information Management     Hybrid Journal   (Followers: 9, SJR: 0.275, CiteScore: 1)
Intl. J. of Bank Marketing     Hybrid Journal   (Followers: 9, SJR: 0.654, CiteScore: 3)
Intl. J. of Climate Change Strategies and Management     Hybrid Journal   (Followers: 17, SJR: 0.353, CiteScore: 1)
Intl. J. of Clothing Science and Technology     Hybrid Journal   (Followers: 8, SJR: 0.318, CiteScore: 1)
Intl. J. of Commerce and Management     Hybrid Journal   (Followers: 1)
Intl. J. of Conflict Management     Hybrid Journal   (Followers: 15, SJR: 0.362, CiteScore: 1)
Intl. J. of Contemporary Hospitality Management     Hybrid Journal   (Followers: 14, SJR: 1.452, CiteScore: 4)
Intl. J. of Culture Tourism and Hospitality Research     Hybrid Journal   (Followers: 20, SJR: 0.339, CiteScore: 1)
Intl. J. of Development Issues     Hybrid Journal   (Followers: 9, SJR: 0.139, CiteScore: 0)
Intl. J. of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 6, SJR: 0.387, CiteScore: 1)
Intl. J. of Educational Management     Hybrid Journal   (Followers: 6, SJR: 0.559, CiteScore: 1)
Intl. J. of Emergency Services     Hybrid Journal   (Followers: 8, SJR: 0.201, CiteScore: 1)
Intl. J. of Emerging Markets     Hybrid Journal   (Followers: 4, SJR: 0.474, CiteScore: 2)
Intl. J. of Energy Sector Management     Hybrid Journal   (Followers: 2, SJR: 0.349, CiteScore: 1)
Intl. J. of Entrepreneurial Behaviour & Research     Hybrid Journal   (Followers: 5, SJR: 0.629, CiteScore: 2)
Intl. J. of Ethics and Systems     Hybrid Journal   (Followers: 3, SJR: 0.333, CiteScore: 1)
Intl. J. of Event and Festival Management     Hybrid Journal   (Followers: 7, SJR: 0.388, CiteScore: 1)
Intl. J. of Gender and Entrepreneurship     Hybrid Journal   (Followers: 7, SJR: 0.445, CiteScore: 1)
Intl. J. of Health Care Quality Assurance     Hybrid Journal   (Followers: 13, SJR: 0.358, CiteScore: 1)
Intl. J. of Health Governance     Hybrid Journal   (Followers: 26, SJR: 0.247, CiteScore: 1)
Intl. J. of Housing Markets and Analysis     Hybrid Journal   (Followers: 9, SJR: 0.211, CiteScore: 1)
Intl. J. of Human Rights in Healthcare     Hybrid Journal   (Followers: 6, SJR: 0.205, CiteScore: 0)
Intl. J. of Information and Learning Technology     Hybrid Journal   (Followers: 8, SJR: 0.226, CiteScore: 1)
Intl. J. of Innovation Science     Hybrid Journal   (Followers: 12, SJR: 0.197, CiteScore: 1)
Intl. J. of Intelligent Computing and Cybernetics     Hybrid Journal   (Followers: 3, SJR: 0.214, CiteScore: 1)
Intl. J. of Intelligent Unmanned Systems     Hybrid Journal   (Followers: 4)
Intl. J. of Islamic and Middle Eastern Finance and Management     Hybrid Journal   (Followers: 9, SJR: 0.375, CiteScore: 1)
Intl. J. of Law and Management     Hybrid Journal   (Followers: 2, SJR: 0.217, CiteScore: 1)
Intl. J. of Leadership in Public Services     Hybrid Journal   (Followers: 27)
Intl. J. of Lean Six Sigma     Hybrid Journal   (Followers: 8, SJR: 0.802, CiteScore: 3)
Intl. J. of Logistics Management     Hybrid Journal   (Followers: 10, SJR: 0.71, CiteScore: 2)
Intl. J. of Managerial Finance     Hybrid Journal   (Followers: 5, SJR: 0.203, CiteScore: 1)
Intl. J. of Managing Projects in Business     Hybrid Journal   (Followers: 3, SJR: 0.36, CiteScore: 2)
Intl. J. of Manpower     Hybrid Journal   (Followers: 2, SJR: 0.365, CiteScore: 1)
Intl. J. of Mentoring and Coaching in Education     Hybrid Journal   (Followers: 28, SJR: 0.426, CiteScore: 1)
Intl. J. of Migration, Health and Social Care     Hybrid Journal   (Followers: 12, SJR: 0.307, CiteScore: 1)
Intl. J. of Numerical Methods for Heat & Fluid Flow     Hybrid Journal   (Followers: 11, SJR: 0.697, CiteScore: 3)
Intl. J. of Operations & Production Management     Hybrid Journal   (Followers: 21, SJR: 2.052, CiteScore: 4)
Intl. J. of Organization Theory and Behavior     Hybrid Journal  
Intl. J. of Organizational Analysis     Hybrid Journal   (Followers: 4, SJR: 0.268, CiteScore: 1)
Intl. J. of Pervasive Computing and Communications     Hybrid Journal   (Followers: 3, SJR: 0.138, CiteScore: 1)
Intl. J. of Pharmaceutical and Healthcare Marketing     Hybrid Journal   (Followers: 4, SJR: 0.25, CiteScore: 1)
Intl. J. of Physical Distribution & Logistics Management     Hybrid Journal   (Followers: 11, SJR: 1.821, CiteScore: 4)
Intl. J. of Prisoner Health     Hybrid Journal   (Followers: 7, SJR: 0.303, CiteScore: 1)
Intl. J. of Productivity and Performance Management     Hybrid Journal   (Followers: 8, SJR: 0.578, CiteScore: 2)
Intl. J. of Public Sector Management     Hybrid Journal   (Followers: 31, SJR: 0.438, CiteScore: 1)
Intl. J. of Quality & Reliability Management     Hybrid Journal   (Followers: 8, SJR: 0.492, CiteScore: 2)
Intl. J. of Quality and Service Sciences     Hybrid Journal   (Followers: 2, SJR: 0.309, CiteScore: 1)
Intl. J. of Retail & Distribution Management     Hybrid Journal   (Followers: 6, SJR: 0.742, CiteScore: 3)
Intl. J. of Service Industry Management     Hybrid Journal   (Followers: 3)
Intl. J. of Social Economics     Hybrid Journal   (Followers: 5, SJR: 0.225, CiteScore: 1)
Intl. J. of Sociology and Social Policy     Hybrid Journal   (Followers: 54, SJR: 0.3, CiteScore: 1)
Intl. J. of Sports Marketing and Sponsorship     Hybrid Journal   (Followers: 1, SJR: 0.269, CiteScore: 1)
Intl. J. of Structural Integrity     Hybrid Journal   (Followers: 2, SJR: 0.228, CiteScore: 0)
Intl. J. of Sustainability in Higher Education     Hybrid Journal   (Followers: 14, SJR: 0.502, CiteScore: 2)
Intl. J. of Tourism Cities     Hybrid Journal   (Followers: 2, SJR: 0.502, CiteScore: 0)
Intl. J. of Web Information Systems     Hybrid Journal   (Followers: 4, SJR: 0.186, CiteScore: 1)
Intl. J. of Wine Business Research     Hybrid Journal   (Followers: 8, SJR: 0.562, CiteScore: 2)
Intl. J. of Workplace Health Management     Hybrid Journal   (Followers: 10, SJR: 0.303, CiteScore: 1)
Intl. Marketing Review     Hybrid Journal   (Followers: 15, SJR: 0.895, CiteScore: 3)
Irish J. of Occupational Therapy     Open Access   (Followers: 12)
ISRA Intl. J. of Islamic Finance     Open Access  
J. for Multicultural Education     Hybrid Journal   (Followers: 1, SJR: 0.237, CiteScore: 1)
J. of Accounting & Organizational Change     Hybrid Journal   (Followers: 6, SJR: 0.301, CiteScore: 1)
J. of Accounting in Emerging Economies     Hybrid Journal   (Followers: 9)
J. of Adult Protection, The     Hybrid Journal   (Followers: 16, SJR: 0.314, CiteScore: 1)
J. of Advances in Management Research     Hybrid Journal   (Followers: 2)
J. of Aggression, Conflict and Peace Research     Hybrid Journal   (Followers: 46, SJR: 0.222, CiteScore: 1)
J. of Agribusiness in Developing and Emerging Economies     Hybrid Journal   (SJR: 0.108, CiteScore: 0)
J. of Applied Accounting Research     Hybrid Journal   (Followers: 17, SJR: 0.227, CiteScore: 1)
J. of Applied Research in Higher Education     Hybrid Journal   (Followers: 51, SJR: 0.2, CiteScore: 0)
J. of Asia Business Studies     Hybrid Journal   (Followers: 2, SJR: 0.245, CiteScore: 1)
J. of Assistive Technologies     Hybrid Journal   (Followers: 20)
J. of Business & Industrial Marketing     Hybrid Journal   (Followers: 10, SJR: 0.652, CiteScore: 2)
J. of Business Strategy     Hybrid Journal   (Followers: 12, SJR: 0.333, CiteScore: 1)
J. of Capital Markets Studies     Open Access  
J. of Centrum Cathedra     Open Access  
J. of Children's Services     Hybrid Journal   (Followers: 5, SJR: 0.243, CiteScore: 1)
J. of Chinese Economic and Foreign Trade Studies     Hybrid Journal   (Followers: 2, SJR: 0.2, CiteScore: 0)
J. of Chinese Entrepreneurship     Hybrid Journal   (Followers: 4)
J. of Chinese Human Resource Management     Hybrid Journal   (Followers: 8, SJR: 0.173, CiteScore: 1)
J. of Communication Management     Hybrid Journal   (Followers: 6, SJR: 0.625, CiteScore: 1)
J. of Consumer Marketing     Hybrid Journal   (Followers: 20, SJR: 0.664, CiteScore: 2)
J. of Corporate Real Estate     Hybrid Journal   (Followers: 3, SJR: 0.368, CiteScore: 1)
J. of Criminal Psychology     Hybrid Journal   (Followers: 140, SJR: 0.268, CiteScore: 1)
J. of Criminological Research, Policy and Practice     Hybrid Journal   (Followers: 49, SJR: 0.254, CiteScore: 1)
J. of Cultural Heritage Management and Sustainable Development     Hybrid Journal   (Followers: 9, SJR: 0.257, CiteScore: 1)
J. of Defense Analytics and Logistics     Open Access  
J. of Documentation     Hybrid Journal   (Followers: 201, SJR: 0.613, CiteScore: 1)
J. of Economic and Administrative Sciences     Hybrid Journal   (Followers: 2)
J. of Economic Studies     Hybrid Journal   (Followers: 5, SJR: 0.733, CiteScore: 1)
J. of Economics, Finance and Administrative Science     Open Access   (Followers: 2, SJR: 0.217, CiteScore: 1)
J. of Educational Administration     Hybrid Journal   (Followers: 8, SJR: 1.252, CiteScore: 2)
J. of Enabling Technologies     Hybrid Journal   (Followers: 11, SJR: 0.369, CiteScore: 1)
J. of Engineering, Design and Technology     Hybrid Journal   (Followers: 16, SJR: 0.212, CiteScore: 1)
J. of Enterprise Information Management     Hybrid Journal   (Followers: 4, SJR: 0.827, CiteScore: 4)
J. of Enterprising Communities People and Places in the Global Economy     Hybrid Journal   (Followers: 1, SJR: 0.281, CiteScore: 1)
J. of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 8, SJR: 0.262, CiteScore: 1)
J. of European Industrial Training     Hybrid Journal   (Followers: 2)
J. of European Real Estate Research     Hybrid Journal   (Followers: 3, SJR: 0.268, CiteScore: 1)
J. of Facilities Management     Hybrid Journal   (Followers: 6, SJR: 0.33, CiteScore: 1)
J. of Family Business Management     Hybrid Journal   (Followers: 7)
J. of Fashion Marketing and Management     Hybrid Journal   (Followers: 12, SJR: 0.608, CiteScore: 2)

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Similar Journals
Journal Cover
International Journal of Managerial Finance
Journal Prestige (SJR): 0.203
Citation Impact (citeScore): 1
Number of Followers: 5  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1743-9132
Published by Emerald Homepage  [356 journals]
  • Market reactions to changes in the Dow Jones industrial average index
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine changes in stock returns, liquidity, institutional ownership, analyst following and investor awareness for companies added to and deleted from the Dow Jones Industrial Average (DJIA) index. Previous studies report conflicting evidence regarding the market reactions to changes in the DJIA index membership. Design/methodology/approach This study uses the event-study methodology to calculate abnormal returns and trading volume around the announcement and effective days of DJIA index changes from 1929 to 2015. It also tests for significant changes in liquidity, institutional ownership, analyst following and investor awareness in the 1990–2015 period. Multivariate regressions are used to perform a simultaneous analysis of competing hypotheses. Findings This study resolves the mixed results of previous DJIA index papers by documenting different stock price and trading volume reactions over the 1929–2015 period. Focusing on the most recent period, 1990–2015, the study finds that stocks added to (deleted from) the index experience a significant permanent stock price gain (loss). The observed stock price reaction seems to be associated with changes in liquidity proxies thus lending support for the liquidity hypothesis. Research limitations/implications Limited data availability for the periods prior to 1990 prevents this study from identifying the exact reasons for different stock price and trading volume reactions across subperiods of the 1929–2015 period. Originality/value This study provides the most comprehensive examination of market reactions to changes in the DJIA index and resolves the mixed results of previous studies. A better understanding of market reactions around the DJIA index changes can help both individual and institutional investors with developing effective trading strategies and index managing companies with designing optimal announcement policies.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-13T09:54:59Z
      DOI: 10.1108/IJMF-10-2017-0226
       
  • Do culture and governance structure influence extent of corporate risk
           disclosure'
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to study the relationship between culture, corporate governance (CG) variables and corporate risk reporting practices of listed companies in Nigeria and South Africa, two large African economies at the south of the Sahara. Design/methodology/approach The study uses 500 firm-year observations for the period of 2013–2017 for firms listed on the Lagos and Johannesburg Stock Exchanges. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which constitutes the main data analysis. Findings The results indicate that power distance is negatively associated with the corporate risk disclosure (CRD). This implies that organizations where power distance is high are characterized by lower CRD and vice versa. From the analysis, two factors, namely, institutional ownership and profitability, were found to explain sample firms’ risk disclosure practices as they are positively and statistically related to CRD. Originality/value This study is one of the few to measure the influence of culture and CG on CRD in Sub-Sahara Africa. Understanding the drivers for firms to disclose risk-related information may assist regulators and standards setters in promoting both the spread and the improvement of such disclosures through the issuance of CG codes and reporting guidelines.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-13T09:52:55Z
      DOI: 10.1108/IJMF-09-2017-0193
       
  • Board structure and financial distress in Brazilian firms
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate what board characteristics affect companies in periods of financial distress (FD) among non-financial Brazilian firms and examine which model best fits to predict FD. Design/methodology/approach The sample comprises data from 2010 to 2016 of the non-financial Brazilian firms listed on the Brazilian Stock Exchange. To measure this relationship, a conditional logistic regression is performed. Findings A U-shaped relationship between the size of the board of directors (BD) and FD is found in all models, indicating an optimal number of six members in the BD during the period of FD. However, board characteristics (related to composition and directors’ independence) are insufficient to align the shareholders’ interests and unsuitable for avoiding or even reducing FD in firms when other factors are neglected. Furthermore, the results reveal what variables provide the best-fitting models to predict FD. Originality/value To the best of the authors’ knowledge, this is the first study that investigates how the composition of the BD affects the FD likelihood in the Brazilian context. The findings are potentially of interest to researchers and practitioners since this paper contributes to the growing literature on the influence of corporate governance mechanisms in periods of FD and the understanding of its prediction models.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-02T08:02:58Z
      DOI: 10.1108/IJMF-12-2017-0283
       
  • Trade credit, firm profitability, and financial constraints
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the non-linear association between trade credit and profitability of small and medium-sized enterprises (SMEs). Moreover, this paper analyses whether the above relationship varies according to financial constraints of SMEs. Design/methodology/approach The authors use panel data methodology to conduct investigations for a sample of 1,509 non-financial listed SMEs from nine countries or territories located in the East Asia and Pacific region, namely, China, Vietnam, Malaysia, Thailand, Japan, South Korea, Taiwan, Singapore and Hong Kong, over the period from 2010 to 2016. Findings This study indicates that trade credit receivable (TCR) and trade credit payable (TCP) have an inverted U-shaped relationship with SMEs’ profitability, which implies the existence of an optimal trade credit level that balances between costs and benefits to maximize their profitability. This result suggests that managers should try to keep the level of trade credit investment as close to the optimal point as possible to avoid the case that their profitability reduces when they move away from this point. Moreover, this study also finds that the optimal trade credit level is sensitive to the financial constraints of SMEs. In particular, optimal level of more financially constrained firms is lower than that of less financially constrained firms. Originality/value A number of contributions that this study makes to the existing literature are presented as follows. First, the paper takes account of the possible presence of a concave relationship between trade credit and SMEs’ profitability, largely ignored by the existing empirical literature. Second, it demonstrates this association in terms of both aspects of trade credit, including TCR and TCP. Third, the study investigates the effect of the different level of financial constraints faced by SMEs on the relationship between trade credit and their profitability.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-02T08:00:57Z
      DOI: 10.1108/IJMF-09-2018-0258
       
  • Signalling IPO quality through female directors
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate whether or not the presence of female directors at the time of an initial public offering (IPO) can be considered as a signal of IPO quality. Design/methodology/approach A sample of 220 Malaysian IPOs over the period of 2005–2015 was used. This study employed the mean regression technique (ordinary least squares and White’s heteroskedasticity-consistent standard errors) and the median regression technique (quantile regression) to examine the signalling power of female directors on the board at the time of an IPO. Findings The results show that the presence and proportion of female directors at the time of the IPO have negative effects on IPO initial returns (IR). The negative effects occur at both the conditional mean and the dispersion of IPO IR. These results are robust to endogeneity bias. Practical implications The findings of this study suggest that female directors on the board at the time of an IPO can be considered as a desirable signal of IPO quality. As a result, IPO issuers can consider signalling the quality of their IPOs by having female directors on their boards. Likewise, market participants can use female directors as an instrument to value an IPO. Originality/value Studies on the impact of female directors on the board have largely been centred on established companies. Thus, this study contributes to the literature by examining the signalling role of women at the time of an IPO, which is considered as a significant milestone in the lifecycle of a company.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-02T07:59:18Z
      DOI: 10.1108/IJMF-01-2018-0025
       
  • Market risk, corporate governance, and the regulation during the recent
           financial crisis
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to study the impact of some corporate governance mechanisms on the market risk (stock price return and volatility, exchange rate) and on the exchange rate and Treasury Bill during the financial crisis. In order to better clarify the firms’ resistance to financial crises, the effect of exchange rate, Treasury Bill and the market risk are also considered. Design/methodology/approach The study uses a sample data of the SBF 120 on a panel of 99 French firms over the period between 2006 and 2015 divided into three sub-periods: the first sub-period, which covers the period between December 31, 2006 and December 31, 2009, was characterized by the outbreak of the subprime crisis. The second sub-period considers the sovereign debt crisis in Europe between December 31, 2010 and December 31, 2012. The last sub-period includes the post-crisis period (December 31, 2013 to December 31, 2015). The GARCH and BEKK models are used to capture the effect of volatility and conditional heteroskedasticity of both corporate governance and market risk. Findings The paper found that during the financial crisis (first sub-period, the sovereign crisis period), the high shareholders’ protection had a positive and significant impact on the stock market returns. Furthermore, the shareholders’ protection, the Treasury Bill, the institutional investors, the board’s size, had a negative and significant effect on the stock returns volatility. During the post-crisis period, the high protection and the board’s size had a negative and significant effect on the volatility of the stock returns. Research limitations/implications This result implies that during the financial crisis, the high shareholders’ protection played a role in increases the stock market return and minimized the stock return volatility. Practical implications This study helps in improving the legal protection of investors and helps managers, shareholders and investors to evaluate their investments. This study also provides implications for policymakers and legal environment in order to evaluate the importance of the current corporate governance frameworks in place. Originality/value This result implies that the institutional investors, as the results suggest, should follow the shareholders’ protection in all the countries to make decisions about their investments since the high shareholders’ protection increases the firm’s stock returns and decreases the stock return volatility.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-02T07:57:36Z
      DOI: 10.1108/IJMF-06-2018-0177
       
  • An international study of the response of corporate payout policy
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to study the payout policy for public firms in different countries. The authors are interested to understand the similarities and differences in the behavior of firms across different countries. Design/methodology/approach The authors use firm-level data collected from Compustat Global for public firms across the world. The sample consists of more than 23,000 firms for the period 1990–2015 in 94 countries. The authors estimate the corporate payout in an empirical model that incorporates other corporate financing decisions, such as investment and debt policies. Findings The findings support recent corporate governance theory, which asserts that payout policy is influenced by investment and debt policies, and cannot be determined independently. Furthermore, the authors find that geographic/cultural/institutional variation influence the response of payout policy to other corporate financing decisions. Additional tests are presented to demonstrate the robustness of the main findings. Research limitations/implications The interpretation of the results for certain regions could be limited due to data availability. The authors believe the authors have a good coverage especially for countries in Asia, relative to the other regions. Originality/value To the best of our knowledge, this study is the first one to look at payout policy and its relationship with investment and debt policy in such a large scale of firms across the world with coverage of 94 countries and 16 years. The authors document differences in public firms’ attitudes toward payout policy according to geographic/cultural/institutional reasons.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-05-02T07:56:16Z
      DOI: 10.1108/IJMF-04-2018-0116
       
  • Tax avoidance in management-owned firms: evidence from Brazil
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to test if companies with a greater concentration of management ownership (and thus more risk-averse managers) avoid less tax. Design/methodology/approach The authors use a regression analysis with panel data, using as a sample of Brazilian companies from 2001 to 2015. The authors investigate the impact of insider ownership on tax avoidance, testing how and how much different ownership levels of inside owner are associated with tax avoidance measured by effective tax rates and book-tax differences. Findings The results indicate that different levels of management ownership are associated with different levels of tax avoidance behavior. Originality/value This paper contributes to the literature showing that ownership and decision making are not always focused on only a few decision makers. The owners are likely to be more risk averse and therefore less willing to invest in risky projects such as tax avoidance.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T10:00:30Z
      DOI: 10.1108/IJMF-04-2018-0117
       
  • Corporate debt maturity and economic development
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to analyse the effect of economic development on the influence of country-level determinants on corporate debt maturity, bearing in mind firm size and the period of financial crisis. Design/methodology/approach The authors employ panel data estimation with fixed effects to examine the role of economic development in influencing the relationship between country-level determinants on corporate debt maturity. The paper uses a sample of 30,727 listed firms, belonging to 39 countries, over the period 2005–2012. Findings Corporate debt maturity increases with the efficiency of the legal system and bank concentration and decreases with the weight of banks in the economy. However, the importance of these country determinants is greater in developing than in developed countries. The authors also show that firm size in developed and developing countries influences country determinants of corporate debt maturity. Finally, the results reveal that the financial crisis has affected the debt maturity of firms differently in developed and developing countries, with the effect of bank concentration lengthening debt maturity, this effect being more pronounced in developing countries. Practical implications The findings provide useful insights to guide policy decisions providing access to long-term financing, as corporate debt maturity depends on economic development, institutional environment, banking structure and firm size. Originality/value This study incorporates economic development in explaining the relationship between country-level determinants and corporate debt maturity.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T09:55:30Z
      DOI: 10.1108/IJMF-04-2018-0115
       
  • The early bird and the late bird: which catches more worms in
           Australia'
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine what the optimal time is in a typical trading day for investors to buy/sell stocks in the Australian stock market. Design/methodology/approach The study mainly focuses on the S&P/ASX200. Each trading day, between 10:00 a.m. and 4:00 p.m., is divided into 30-min blocks. The effectiveness of easily implementable trading strategy to purchase the index in the morning and sell at the close is tested. The study controls for the excess overnight price volatility to improve the effectiveness of the investment strategy. This trading strategy is compared against other 66 possible day-trading combinations. Findings The results show that the trading strategy of buying in the first 30 min of the trading session and close off the position during the last 30 min obtains higher returns than other 66 strategies. Practical implications The day-trading strategy proposed in this study is very simple and therefore can be easily implemented by investors including individual investors. Originality/value To the best of our knowledge, this is the first study which constructs a trading strategy using the J- or U-shaped intraday return pattern.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T09:51:30Z
      DOI: 10.1108/IJMF-06-2018-0184
       
  • Financial inclusion and financial sector development in Sub-Saharan
           Africa: a panel VAR approach
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the dynamic link between financial inclusion and financial sector development (FSD) in Sub-Saharan Africa. Design/methodology/approach This paper employs a panel vector autoregressive framework to examine the dynamic link between financial inclusion and FSD in Sub-Saharan Africa. Findings The findings indicate that there is a reverse causality between FSD and financial inclusion in both the Sub-Saharan Africa countries sample and the full sample. It is evident that financial inclusion is a driver of FSD and vice versa. Practical implications The practical implication of this study is that financial inclusion should not only be pursued as a policy objective but it could also be an outcome variable of FSD and vice versa. This implies that African economies and governments in their effort to enhance financial inclusion, FSD can serve as a policy tool. This means that policies aimed at promoting financial inclusion will not impede FSD because the two are complementary. This suggests that we can achieve financial inclusion without sacrificing FSD and vice versa. Originality/value This paper provides first empirical evidence of the link between financial inclusion and FSD from the Sub-Saharan Africa perspective using data sourced from World Development Indicators spanning from 1990 to 2014 for 48 Sub-Saharan African economies and 217 economies in the world for the full sample.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T09:44:49Z
      DOI: 10.1108/IJMF-07-2018-0205
       
  • Abnormally long audit report lags and future stock price crash risk:
           evidence from China
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose Although a substantial body of literature investigates the determinants of audit report lag (ARL), scant empirical evidence exists on the consequences of ARL. The purpose of this paper is to examine the association between abnormally long ARL and future stock price crash risk. Design/methodology/approach This quantitative study employed a large scale (14,445 firm-year observations) of annual financials, audit and ownership information for the Chinese listed companies during 2002–2013 which were retrieved from the China Stock Market and Accounting Research database. Findings This study finds evidence that abnormally long ARL increases the risk of a future stock price crash. Furthermore, the study finds that this adverse consequence is more pronounced for firms with a poor internal control environment. Practical implications Recently literature started to explore the consequences of abnormal ARL such as going concern audit opinion and restatements in the subsequent periods. This paper reveals that abnormal ARL has consequences for investor wealth losses as well. This is relevant in China, where the ongoing economic growth has attracted, and will continue to attract, a growing body of domestic and international investors. Understanding what factors could expose investors to wealth losses is of paramount importance for allocating their scarce capital. Originality/value This study extends the scant literature on the consequences of ARL, and provides useful insights for the Chinese regulatory authorities when considering the appropriateness of the current filing deadline for listed firms.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T09:38:28Z
      DOI: 10.1108/IJMF-07-2018-0213
       
  • Relationship between prestige signals and over-subscription ratio
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine whether initial public offering (IPO) over-subscription is a function of firm’s prestige signals conveyed by third parties with reputational capital such as underwriter, auditor and independent non-executive board member. Design/methodology/approach The relationship between prestige signals and over-subscription ratio (OSR) of IPOs is analysed using a cross-sectional regression based on a sample of 393 IPOs issued between January 2000 and December 2015. Findings The results indicate that IPOs underwritten by reputable underwriters have lower OSR than those underwritten by non-reputable underwriters. While issuer engages reputable underwriter to certify firm quality to reduce information asymmetry, the action brings with it lower initial returns for its IPO. Investors interpret the signal conveyed by issuer’s choice of underwriter from under-pricing perspective and respond accordingly by reducing IPO demand. This implies that investors regard under-pricing as a more valuable signal than firm quality signal associated with underwriter reputation. The findings also indicate that over-subscription increases in IPOs that have above average initial returns and higher institutional participation. Issuing firms that go public in a period of high IPO volume are associated with low OSR. Originality/value This is the first paper to examine the relationship between the prestige signals and OSR of IPOs in the Malaysian context.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-12T09:36:05Z
      DOI: 10.1108/IJMF-02-2018-0067
       
  • CEO inside debt, market competition and corporate risk taking
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the effect of market competition on the relation between CEO inside debt and corporate risk-taking. Design/methodology/approach Ordinary least squares regressions are used to estimate the relation between CEO inside debt and firm risk. Additionally, instrumental variable (IV-GMM) regressions are used to check the robustness of the results. Findings The results of this paper indicate that CEO inside debt is negatively associated with the measures of future risk. However, this negative association is influenced by market competition. Specifically, CEO inside debt results in lower levels of firm risk when market competition is high. When market competition is low, inside debt has no effect on firm risk. Additional results show that CEOs with large inside debt tend to decrease R&D investments and financial leverage and increase firm cash holdings and working capital only when market competition is high. Overall, these results suggest that market competition significantly influences the effect of CEO inside debt on corporate risk-taking by changing the strength of incentives from inside debt. Practical implications CEO inside debt could be used to provide incentives to CEOs to manage corporate risk-taking. Social implications The empirical results in this paper provide a practical tool to the boards of corporations to manage corporate risk-taking. The results suggest that boards can reduce excessive risk-taking by increasing the level of debt type compensation incentives. However, this strategy is effective only when market competition is high because in such markets inside debt provides the strongest incentives to reduce corporate risk. When competition is low, incentives from inside debt are ineffective in managing corporate risk-taking. Originality/value This is the first study that shows that the negative association between CEO inside debt and corporate risk-taking critically depends on the intensity of market competition.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-08T02:16:36Z
      DOI: 10.1108/IJMF-06-2018-0182
       
  • Financial access and economic development: the moderating role of
           financial consumer protection
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the moderating role of financial consumer protection (FCP) in the access–development nexus. Design/methodology/approach The study is based on cross-country data on 102 countries surveyed in the World Bank Global Survey on FCP and Financial Literacy (2013). The White heteroscedasticity adjusted regressions and Two-stage least squares regressions (2SLS) are used for the estimation. Findings Interactions between FCP regulations that foster fair treatment, disclosure, dispute resolution and recourse and financial access have positive net effects on economic development. However, there is no sufficient evidence to suggest that interactions between financial access and enforcement and compliance monitoring regulations have a significant effect on economic development. Practical implications First, policy makers should continue with efforts aimed at instituting FCP regimes as part of strategies aimed at broadening access to financial services for enhanced economic development. Second, instituting FCP regimes per se may not be enough. Policy makers need to consider possible intervening factors such as the provision of adequate resources and supervisory authority, for compliance monitoring and enforcement to achieve the expected positive effect on economic development. Originality/value This study extends evidence in the law–finance–growth literature by providing empirical evidence on the effect of legal institution specific to the protection of retail financial consumers on the access–development nexus using a nouvel data set, the World Bank Global survey on FCP and Financial Literacy (2013).
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-04T08:52:28Z
      DOI: 10.1108/IJMF-05-2018-0132
       
  • New evidence on fund performance in extreme events
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to compare the return performance and persistence of ethical and conventional mutual funds during two extreme events, the Asian and the global financial crises under Shariah constraints. Design/methodology/approach The overall sample comprises of 129 Islamic mutual funds (IMFs) and 350 conventional mutual funds (CMFs) in Malaysia, and the average monthly data cover two periods of market cycles, before and during a financial crisis. The net of all expenses data is obtained from the Morningstar Database. This study employs various market risk-adjusted performance measures (ratios) to estimate the funds’ overall performance during the crises, and then it uses CAPM model to estimate the parameters via panel data approach. Moreover, paper employs the two persistence performance measures on IMFs and CMFs through contingency tables. It tests for the performance persistence effects for IMFs, CMFs using repeat winner and the cross-product ratio (CPR) tests proposed by Malkiel (1995) and Brown and Goetzmann (1995), respectively. Findings The main findings of the paper are: on average, both funds IMF and the CMF outperform the market return during the entire sample period; none of the funds is better than the “others” during the financial crises and the pre-crisis periods; the ethical fund – IMF outperforms the CMF over the study period. This outcome also indicates that ethical funds are more persistent especially during and the pre-crisis AFC and the GFC periods. Research limitations/implications The finding of this study is limited to only Malaysian data because the objective was to guideline investors and market players in Malaysia to prefer investing in Islamic ethical funds to diversify their investment portfolio. Practical implications Cautions to use existing ratio measures and CAPM model rather persistence measures may be used with existing methodologies in light of extreme events which influenced investor decision making for better returns at lower risks. Social implications A class of ethical funds consists of religious sustainable, socially responsible and impact-investing (SRI) funds but Shariah implications of halal investment must be observed to avoid prohibited practices within the class of SRI funds. Originality/value The work done in this paper are original in the sense that the authors employed various ratios to measure fund performance in conjunction with CAPM model and then tested for two persistence performance measures; the repeat winner and CPR tests.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-03T10:24:05Z
      DOI: 10.1108/IJMF-07-2018-0220
       
  • Is bitcoin a near stock' Linear and non-linear causal evidence from a
           price–volume relationship
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the price–volume relationship in the bitcoin market to validate near-stock properties of bitcoin. Design/methodology/approach Daily data of bitcoin returns, returns volatility and trading volume (TV) are utilized for the period August 17, 2010–April 16, 2017. Linear and non-linear causality tests are employed to examine price–volume relationship in the bitcoin market. Findings The linear causality analysis indicates that the bitcoin TV cannot be used to predict return; however, the reverse causality is significant. In contrast, the non-linear causality analysis shows that there are non-linear feedbacks between the bitcoin TV and returns. The bitcoin TV, which represents new information, leads to price changes, and large positive price changes lead to increased trading activity. Similarly, in recent periods (post-break period), the results of the non-linear causality test show a unidirectional causality from TV to the volatility of returns. Research limitations/implications This study uses the average index value of major bitcoin exchanges. But further research on this relationship using data from different bitcoin exchanges may provide further insights into the price–volume relationship of bitcoin and its near-stock properties. Practical implications These findings from the non-linear causality analysis, therefore, suggest that investors cannot simply base their decisions on the linear dynamics of the bitcoin market. This is because new information in terms of the TV is neither linearly related to the price nor it is a one-to-one kind of relationship as most investors commonly understand it to be. Rather, investors’ decisions should be based on non-linear models, in general, and the best-fitting non-linear model, in particular. Originality/value The study examines bitcoin’s near-stock properties in a price–volume relationship framework with the help of both linear and non-linear causality tests, which to the best of the authors’ knowledge remains unexplored.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-04-03T02:28:39Z
      DOI: 10.1108/IJMF-06-2017-0107
       
  • Legal family, cultural dimensions, and FDI
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the interaction between legal origin and cultural distance and its impact on foreign direct investment (FDI) flows into the OECD. Design/methodology/approach Ordinary least squares regression analysis is used to evaluate FDI flows into OECD countries between 2003 and 2012. Estimations use fixed effects and clustered standard errors. Findings FDI flows from civil to common law countries are greater than vice versa. Further, cultural distance impacts FDI flows depending on the legal origin of the source country. Specifically, more FDI flows from civil and common law countries, when the host country has a higher (lower) power distance (individualism) score. Civil law countries send more FDI into countries with higher masculinity, uncertainty avoidance and indulgence scores and with lower long-term orientation scores. The opposite is the case with common law source countries. The findings remain robust for various changes to the sample selection. Research limitations/implications The concepts of cultural distance and legal origin have been criticized. However, neither concept has been rejected; rather, both concepts persist as robust empirical research tools. Practical implications Scholars, managers and investors can gauge the impact of cultural distance on FDI flows based on the legal family of the source country. Further, policy makers might want to consider rebranding their countries in terms of cultural perceptions to show the attractiveness of specific cultural dimensions to foreign companies and investors. Originality/value To the best of the authors’ knowledge, this is the first paper that jointly investigates FDI, legal origin and national culture.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-22T10:31:11Z
      DOI: 10.1108/IJMF-09-2017-0205
       
  • Executive compensation of immigrant-founder firms in the USA
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine CEO compensation in immigrant-founder firms vs CEO compensation in non-immigrant-founder firms. Design/methodology/approach Univariate and multi-variate tests are implemented. CEO compensation is designed as a function of the origin of a firm’s founder (immigrant or native), executive characteristics and firm characteristics with firm and year fixed effect regressions. CEO compensation is measured with cash pay, equity-based pay and total compensation. Findings CEOs of immigrant-founder firms receive higher equity-based compensation and higher total pay than CEOs of non-immigrant-founder firms and the levels of their equity-based and total compensation are contingent upon their stock ownership. CEOs in high-growth immigrant-founder firms receive higher stock-based pay than their counterparts in non-immigrant-founder firms. Immigrant-founder family firms compensate their CEOs with higher equity-based pay than immigrant-founder non-family firms. Practical implications The paper provides some explanations on the success of immigrant-founder firms. CEO compensation designs in immigrant-founder firms can be adopted in other firms. Social implications The paper provides some rationale for immigration legislation to encourage the talented to come to the USA and start their business in the USA. Originality/value This paper is the first to study executive compensation practice in immigrant-founder firms. The findings provide some practical and policy implications on immigration reform.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-22T10:29:12Z
      DOI: 10.1108/IJMF-09-2017-0197
       
  • Funding structure and technical efficiency
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the effect of funding structure on technical efficiency of banks in Ghana, between 2011 and 2016. Design/methodology/approach Employing the random-effect and the truncated panel data of 25 banks, the results present new evidence. Findings The findings reveal that Ghanaian banks are less technically efficient, as the average efficiency scores generated is below the threshold of 1. Furthermore, the results show that banks in Ghana finance their operations mainly with deposit source of funding. The results reveal a significantly positive relationship between funding structure and technical efficiency. However, internally generated source of funds was negatively linked with technical efficiency. This is not surprising because banks that rely on external funds attract higher costs than internally generated funds, and this puts pressure on managers to perform. The results are relevant to emerging economies when the authors use additional macroeconomic factors. Research limitations/implications Thus, a proportionally larger deposit base funding would typically lead to an overall increase in technical efficiency of banks in Ghana. Shareholders should put pressure on managers to plough back earnings in order to increase the use of internally generated funds, thus, increasing technical efficiency. Banks that are inefficient should make some adjustments to their weights of inputs and/or outputs combinations by following their benchmark banks (efficient banks) to improve their efficiency. Practical implications The results of this study have important implications for regulators, investors and policy makers, particularly an emerging economy. The implication of the study to investors is that investors should be able to identify an appropriate source of funds that can be used efficiently to maximize their wealth in emerging markets. It is important for regulators and managers of banks to improve technical efficiency by considering the role that macroeconomic and monetary environment play when identifying and using various sources of funds as a strategy to improve bank efficiency. Social implications Consequently, future research should investigate the impact of funding structure on technical efficiency for other regions and considering their interactions with institutional quality, macroeconomic factors and financial stability. Originality/value To the best of the authors’ knowledge, the study is the first to fulfill an urgent need to explore a robust approach of measuring technical efficiency and funding structure within the context of banks over six-year period, prompting insightful avenues to the survival, growth and performance of financiers in emerging economy.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-15T11:41:08Z
      DOI: 10.1108/IJMF-01-2018-0003
       
  • Corporate cash holding during crisis and beyond: what matters the most
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the cash holding of firms during a crisis and test the widely accepted determinants of corporate cash holding (CCH) for their consistency across periods of crisis, stability and recovery, and across firm categories, in the emerging market context of India. Design/methodology/approach The study employs panel data and Fama–Macbeth regression techniques on publicly listed firms during 2001–2015, amid controls for idiosyncratic factors. Further empirical analysis is carried out through the disaggregation of firms based on group affiliation, controlling stake of promoters, financial constraints and firm size. Findings The study reports that cash levels are significantly higher during crisis periods for Indian firms. Moreover, promoter holding is observed to be a strong predictor of CCH, which is an addition to the list of predictors in existing literature. Additionally, most of the predictors of cash holding turn out to be consistent through periods of financial crisis, stability and recovery. A firm’s age and growth prospects do not determine cash levels for Indian firms; however, cash-flow volatility, firm size, leverage and non-cash working capital requirements help to determine the cash levels of the firm consistently through different periods. Group-affiliated firms are less likely to engage in cash accumulation as opposed to firms that are large and financially constrained and have high promoter stakes. Originality/value The study is unique because it examines the consistency of determinants of cash holding across good and turbulent times and across firm classifications. Moreover, the study uses a broad sample of firms and investigates the topic for a relatively long period in an emerging market setup.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-12T09:22:18Z
      DOI: 10.1108/IJMF-03-2018-0085
       
  • Working capital financing, firm performance and financial constraints
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the relationship between working capital financing and firm performance for a sample of 437 non-financial Indian companies. In addition, this study examines the impact of financial constraints on working capital financing–performance relationship. Design/methodology/approach The study is based on secondary financial data of 437 non-financial Indian companies obtained from Capitaline database, pertaining to a period of 10 years (2007–2016). This study employs two-step generalized method of moments techniques to arrive at results. Findings Results of the study confirm the inverted U-shape relationship between working capital financing and firm performance. In addition, the authors also found that the firms that are likely to be less financially constrained can finance greater proportion of working capital using short-term debt. Originality/value This study contributes to the scant existing literature by testing the impact of financial constraints on the relationship between working capital financing and firm performance, representing a typical emerging market in India.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-07T08:12:30Z
      DOI: 10.1108/IJMF-02-2018-0036
       
  • Reducing information asymmetry with ICT
    • First page: 130
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate loan price and quantity effects of information sharing offices with information and communication technology (ICT), in a panel of 162 banks consisting of 42 African countries for the period 2001–2011. Design/methodology/approach The empirical evidence is based on a panel of 162 banks in 42 African countries for the period 2001–2011. Misspecification errors associated with endogenous variables and unobserved heterogeneity in financial access are addressed with generalized method of moments and instrumental quantile regressions. Findings The findings uncover several major themes. First, ICT when integrated with the role of public credit registries significantly lowered the price of loans and raised the quantity of loans. Second, while the net effects from the interaction of ICT with private credit bureaus (PCBs) do not improve financial access, the corresponding marginal effects show that ICT could complement the characteristics of PCBs to reduce loan prices and increase loan quantity, but only when certain thresholds of ICT are attained. The authors compute and discuss the policy implications of these ICT thresholds for banks with low, intermediate and high levels of financial access. Originality/value This is one of the few studies to assess how the growing ICT can be leveraged in order to reduce information asymmetry in the banking industry with the ultimate aim of improving financial access in a continent where lack of access to finance is a critical policy syndrome.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-07T01:51:00Z
      DOI: 10.1108/IJMF-01-2018-0027
       
  • Investment in working capital and financial constraints
    • First page: 164
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the relationship between working capital management and corporate performance with financial constraints. Design/methodology/approach This study uses large panel sample of Chinese listed firms over the period 2005–2015 using system generalized method of moments (GMM) estimator that controls unobserved heterogeneity of individual firms well and GMM methodology is robust to address endogeneity issues. Findings Empirical evidence finds inverted U-shaped relationship between working capital and corporate performance and exhibits similar evidence for financially constrained firms. Evidence shows impact of high sales and discounts on early payments at low level of working capital and dominance of opportunity cost and cost of external finance at high level of working capital. The findings of the results show that optimal working capital level of financially constrained firms is relatively lower due to high cost of external capital and debt rationing. The results also indicate that on average NET is significantly lower for firms with Tobin’s Q>1 than firms with Tobin’s Q=1, and suggest that aggressive working capital management is significantly and positively associated with higher corporate values. Originality/value This paper is among few that complement the existing literature by providing evidence that inverted U-shaped relationship between working capital management and corporate performance also exists in the context of Chinese listed non-financial firms. Exclusively, the relationship of working capital and corporate performance with linkage of financial constraints is scant in the context of Chinese listed non-financial firms.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-07T08:27:38Z
      DOI: 10.1108/IJMF-10-2017-0236
       
  • Working capital management and firm’s valuation, profitability and
           risk
    • First page: 191
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the effects of working capital management on firm valuation, profitability and risk. Design/methodology/approach The paper uses a panel data set of 497 firms covering the period 2007 to 2016. The authors test the effects of working capital management on firm valuation, profitability and risk using the panel data methodology that includes firm and year fixed effects regressions. Findings The authors find a significantly negative relationship between net working capital (NWC) and firm valuation, profitability and risk. The results suggest that, in managing working capital, firm managers must make a trade-off between their objectives for profitability and risk control. Working-capital management is of particular importance in firms with less access to capital; it is also important when firms are expanding their investments during periods of economic recovery. Originality/value This paper contributes to the literature in several ways. First, to my knowledge, it provides the most comprehensive investigation, to date, on the relationship between working capital management and firm valuation, profitability and risk in an emerging market. Second, this study documents the existence of an optimal level of NWC in an emerging market. Third, firm performance, as measured in both market and accounting value, can be improved with efficient working capital management. Finally, the study includes the impact of the business cycle in an analysis of the effects of working capital management on firm performance.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-07T08:27:37Z
      DOI: 10.1108/IJMF-01-2018-0012
       
  • What do we know about the dividend puzzle' – A literature survey
    • First page: 205
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to shed light on the ongoing debate of dividend policy, which is considered one of the most controversial topics in corporate finance literature. Design/methodology/approach The paper provides a survey of literature; it, first, outlines the main theoretical arguments of dividend policy and then critically discusses the most important and influential previous empirical studies in the dividend literature. Findings The analysis of literature review detects that no general consensus has yet been reached after many decades of investigation, despite extensive debate and countless research. Consequently, the main motivation for paying dividends is still unsolved and thus remains as a puzzle. In addition, there is no doubt that carrying the dividend debate into the context of emerging markets attaches more pieces to this puzzle. Originality/value This paper offers an updated and more comprehensive survey of literature by examining the relationship between theory and practice from both developed and emerging markets.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-13T09:39:21Z
      DOI: 10.1108/IJMF-03-2018-0090
       
  • Emerging stock market co-movements in South Asia: wavelet approach
    • First page: 236
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to study the co-movement and market integration dynamics of the emerging/frontier stock markets in South Asia (India, Pakistan and Sri Lanka) with a portfolio management perspective. Design/methodology/approach Scholars in the past have documented the limitation of standard econometric techniques such as co-integration analysis to capture this phenomenon. The other econometric technique widely used in integration and comovement literature is dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity. This method captivates the time-varying correlations, although frequency information is absent. The wavelet-based analysis decomposes the time-series data in a time-frequency domain, which is largely useful to fund managers and policy makers. This study examines the regional integration in selected South Asian markets using wavelet analysis. Findings The results suggest some degree of market integration, however weak as compared to regional integrations in developed markets. Pakistan and India were found to be the potential leaders at varying time scales in the region. Weaker co-movement phenomena may offer ample arbitrage opportunities to investors in this region. In addition, the authors also find that the structure of correlation changes after some of the major macroeconomic events. Originality/value This study is among the first to examine co-movement and integration of stock returns in a time-frequency domain for South Asia. In addition, the authors also highlight weak integration in these markets, which may be beneficial for portfolio diversification.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-07T01:19:04Z
      DOI: 10.1108/IJMF-11-2017-0255
       
  • Cash flow volatility and trade credit in Asia
    • First page: 257
      Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to identify the relation between cash flow volatility and trade credit offered by firms in developing Asian economies. Design/methodology/approach The study conducts country fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is then examined with all firms separated into two groups based on firm size, and then again comparing the relation before and after the 2008 finasncial crisis. Findings Higher levels of cash flow volatility are negatively related to the amount of trade credit offered. The negative relationship with cash flow volatility is greater amongst smaller firms that may have less access to external sources of capital. Additionally, the negative relationship is greater following the 2008 financial crisis. Practical implications Trade credit plays an important role in the business process, particularly in developing economies. However, these firms may not be able to maintain their investment in trade credit when experiencing greater levels of cash flow volatility. These results are especially pronounced after the 2008 financial crisis and for small firms. Originality/value This study identifies an important connection between cash flow volatility and firm investment in trade credit among firms in developing Asian economies.
      Citation: International Journal of Managerial Finance
      PubDate: 2019-03-01T03:02:31Z
      DOI: 10.1108/IJMF-02-2018-0062
       
 
 
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