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Publisher: Emerald   (Total: 341 journals)

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Showing 1 - 200 of 341 Journals sorted alphabetically
A Life in the Day     Hybrid Journal   (Followers: 12)
Academia Revista Latinoamericana de Administraci√≥n     Open Access   (Followers: 2, SJR: 0.178, h-index: 1)
Accounting Auditing & Accountability J.     Hybrid Journal   (Followers: 31, SJR: 1.71, h-index: 3)
Accounting Research J.     Hybrid Journal   (Followers: 25, SJR: 0.144, h-index: 0)
Accounting, Auditing and Accountability J.     Hybrid Journal   (Followers: 21, SJR: 2.187, h-index: 4)
Advances in Accounting Education     Hybrid Journal   (Followers: 16, SJR: 0.279, h-index: 0)
Advances in Appreciative Inquiry     Hybrid Journal   (SJR: 0.451, h-index: 1)
Advances in Autism     Hybrid Journal   (Followers: 18, SJR: 0.222, h-index: 1)
Advances in Dual Diagnosis     Hybrid Journal   (Followers: 46, SJR: 0.21, h-index: 1)
Advances in Gender Research     Full-text available via subscription   (Followers: 3, SJR: 0.16, h-index: 0)
Advances in Intl. Marketing     Full-text available via subscription   (Followers: 5)
Advances in Mental Health and Intellectual Disabilities     Hybrid Journal   (Followers: 64, SJR: 0.296, h-index: 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, h-index: 1)
Agricultural Finance Review     Hybrid Journal   (SJR: 0.406, h-index: 1)
Aircraft Engineering and Aerospace Technology     Hybrid Journal   (Followers: 194, SJR: 0.354, h-index: 1)
American J. of Business     Hybrid Journal   (Followers: 17)
Annals in Social Responsibility     Full-text available via subscription  
Anti-Corrosion Methods and Materials     Hybrid Journal   (Followers: 11, SJR: 0.235, h-index: 1)
Arts and the Market     Hybrid Journal   (Followers: 8)
Asia Pacific J. of Innovation and Entrepreneurship     Open Access  
Asia Pacific J. of Marketing and Logistics     Hybrid Journal   (Followers: 8, SJR: 0.425, h-index: 1)
Asia-Pacific J. of Business Administration     Hybrid Journal   (Followers: 5, SJR: 0.234, h-index: 1)
Asian Association of Open Universities J.     Open Access   (Followers: 1)
Asian Education and Development Studies     Hybrid Journal   (Followers: 5, SJR: 0.233, h-index: 1)
Asian J. on Quality     Hybrid Journal   (Followers: 3)
Asian Review of Accounting     Hybrid Journal   (Followers: 2, SJR: 0.222, h-index: 1)
Aslib J. of Information Management     Hybrid Journal   (Followers: 25, SJR: 0.725, h-index: 2)
Aslib Proceedings     Hybrid Journal   (Followers: 295)
Assembly Automation     Hybrid Journal   (Followers: 2, SJR: 0.603, h-index: 2)
Baltic J. of Management     Hybrid Journal   (Followers: 3, SJR: 0.309, h-index: 1)
Benchmarking : An Intl. J.     Hybrid Journal   (Followers: 10, SJR: 0.559, h-index: 2)
British Food J.     Hybrid Journal   (Followers: 16, SJR: 0.5, h-index: 2)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 14, SJR: 0.46, h-index: 1)
Business Process Re-engineering & Management J.     Hybrid Journal   (Followers: 8)
Business Strategy Series     Hybrid Journal   (Followers: 6)
Career Development Intl.     Hybrid Journal   (Followers: 17, SJR: 0.527, h-index: 2)
China Agricultural Economic Review     Hybrid Journal   (Followers: 2, SJR: 0.31, h-index: 1)
China Finance Review Intl.     Hybrid Journal   (Followers: 5, SJR: 0.245, h-index: 0)
Chinese Management Studies     Hybrid Journal   (Followers: 4, SJR: 0.278, h-index: 1)
Circuit World     Hybrid Journal   (Followers: 15, SJR: 0.246, h-index: 1)
Collection Building     Hybrid Journal   (Followers: 11, SJR: 0.296, h-index: 1)
COMPEL: The Intl. J. for Computation and Mathematics in Electrical and Electronic Engineering     Hybrid Journal   (Followers: 3, SJR: 0.22, h-index: 1)
Competitiveness Review : An Intl. Business J. incorporating J. of Global Competitiveness     Hybrid Journal   (Followers: 5, SJR: 0.274, h-index: 1)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14, SJR: 0.731, h-index: 2)
Corporate Communications An Intl. J.     Hybrid Journal   (Followers: 7, SJR: 0.453, h-index: 1)
Corporate Governance Intl. J. of Business in Society     Hybrid Journal   (Followers: 7, SJR: 0.336, h-index: 1)
Critical Perspectives on Intl. Business     Hybrid Journal   (SJR: 0.378, h-index: 1)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 8, SJR: 0.504, h-index: 2)
Development and Learning in Organizations     Hybrid Journal   (Followers: 7, SJR: 0.138, h-index: 0)
Digital Library Perspectives     Hybrid Journal   (Followers: 23, SJR: 0.341, h-index: 1)
Direct Marketing An Intl. J.     Hybrid Journal   (Followers: 6)
Disaster Prevention and Management     Hybrid Journal   (Followers: 21, SJR: 0.47, h-index: 1)
Drugs and Alcohol Today     Hybrid Journal   (Followers: 130, SJR: 0.245, h-index: 1)
Education + Training     Hybrid Journal   (Followers: 23)
Education, Business and Society : Contemporary Middle Eastern Issues     Hybrid Journal   (Followers: 1, SJR: 1.707, h-index: 3)
Emerald Emerging Markets Case Studies     Hybrid Journal   (Followers: 1)
Employee Relations     Hybrid Journal   (Followers: 7, SJR: 0.551, h-index: 2)
Engineering Computations     Hybrid Journal   (Followers: 3, SJR: 0.444, h-index: 1)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 10, SJR: 0.653, h-index: 2)
English Teaching: Practice & Critique     Hybrid Journal   (SJR: 0.417, h-index: 1)
Equal Opportunities Intl.     Hybrid Journal   (Followers: 3)
Equality, Diversity and Inclusion : An Intl. J.     Hybrid Journal   (Followers: 13, SJR: 0.5, h-index: 1)
EuroMed J. of Business     Hybrid Journal   (Followers: 1, SJR: 0.26, h-index: 1)
European Business Review     Hybrid Journal   (Followers: 8, SJR: 0.585, h-index: 3)
European J. of Innovation Management     Hybrid Journal   (Followers: 23, SJR: 0.454, h-index: 2)
European J. of Management and Business Economics     Open Access   (Followers: 1, SJR: 0.239, h-index: 1)
European J. of Marketing     Hybrid Journal   (Followers: 21, SJR: 0.971, h-index: 2)
European J. of Training and Development     Hybrid Journal   (Followers: 11, SJR: 0.477, h-index: 1)
Evidence-based HRM     Hybrid Journal   (Followers: 5, SJR: 0.537, h-index: 1)
Facilities     Hybrid Journal   (Followers: 2, SJR: 0.503, h-index: 2)
Foresight     Hybrid Journal   (Followers: 7, SJR: 0.34, h-index: 1)
Gender in Management : An Intl. J.     Hybrid Journal   (Followers: 18, SJR: 0.412, h-index: 1)
Grey Systems : Theory and Application     Hybrid Journal   (Followers: 1)
Health Education     Hybrid Journal   (Followers: 2, SJR: 0.421, h-index: 1)
Higher Education, Skills and Work-based Learning     Hybrid Journal   (Followers: 46, SJR: 0.426, h-index: 1)
History of Education Review     Hybrid Journal   (Followers: 12, SJR: 0.26, h-index: 0)
Housing, Care and Support     Hybrid Journal   (Followers: 8, SJR: 0.171, h-index: 0)
Human Resource Management Intl. Digest     Hybrid Journal   (Followers: 17, SJR: 0.129, h-index: 0)
Humanomics     Hybrid Journal   (Followers: 2, SJR: 0.333, h-index: 1)
IMP J.     Hybrid Journal  
Indian Growth and Development Review     Hybrid Journal   (SJR: 0.174, h-index: 0)
Industrial and Commercial Training     Hybrid Journal   (Followers: 5, SJR: 0.301, h-index: 1)
Industrial Lubrication and Tribology     Hybrid Journal   (Followers: 5, SJR: 0.334, h-index: 1)
Industrial Management & Data Systems     Hybrid Journal   (Followers: 7, SJR: 0.904, h-index: 3)
Industrial Robot An Intl. J.     Hybrid Journal   (Followers: 2, SJR: 0.318, h-index: 1)
Info     Hybrid Journal   (Followers: 1)
Information and Computer Security     Hybrid Journal   (Followers: 22, SJR: 0.307, h-index: 1)
Information Technology & People     Hybrid Journal   (Followers: 43, SJR: 0.671, h-index: 2)
Interactive Technology and Smart Education     Hybrid Journal   (Followers: 11, SJR: 0.191, h-index: 1)
Interlending & Document Supply     Hybrid Journal   (Followers: 60)
Internet Research     Hybrid Journal   (Followers: 37, SJR: 1.645, h-index: 5)
Intl. J. for Lesson and Learning Studies     Hybrid Journal   (Followers: 4, SJR: 0.324, h-index: 1)
Intl. J. for Researcher Development     Hybrid Journal   (Followers: 9)
Intl. J. of Accounting and Information Management     Hybrid Journal   (Followers: 9, SJR: 0.275, h-index: 1)
Intl. J. of Bank Marketing     Hybrid Journal   (Followers: 8, SJR: 0.654, h-index: 3)
Intl. J. of Climate Change Strategies and Management     Hybrid Journal   (Followers: 14, SJR: 0.353, h-index: 1)
Intl. J. of Clothing Science and Technology     Hybrid Journal   (Followers: 7, SJR: 0.318, h-index: 1)
Intl. J. of Commerce and Management     Hybrid Journal   (Followers: 1)
Intl. J. of Conflict Management     Hybrid Journal   (Followers: 15, SJR: 0.362, h-index: 1)
Intl. J. of Contemporary Hospitality Management     Hybrid Journal   (Followers: 13, SJR: 1.452, h-index: 4)
Intl. J. of Culture Tourism and Hospitality Research     Hybrid Journal   (Followers: 18, SJR: 0.339, h-index: 1)
Intl. J. of Development Issues     Hybrid Journal   (Followers: 9, SJR: 0.139, h-index: 0)
Intl. J. of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 5, SJR: 0.387, h-index: 1)
Intl. J. of Educational Management     Hybrid Journal   (Followers: 5, SJR: 0.559, h-index: 1)
Intl. J. of Emergency Services     Hybrid Journal   (Followers: 6, SJR: 0.201, h-index: 1)
Intl. J. of Emerging Markets     Hybrid Journal   (Followers: 3, SJR: 0.474, h-index: 2)
Intl. J. of Energy Sector Management     Hybrid Journal   (Followers: 2, SJR: 0.349, h-index: 1)
Intl. J. of Entrepreneurial Behaviour & Research     Hybrid Journal   (Followers: 4, SJR: 0.629, h-index: 2)
Intl. J. of Event and Festival Management     Hybrid Journal   (Followers: 5, SJR: 0.388, h-index: 1)
Intl. J. of Gender and Entrepreneurship     Hybrid Journal   (Followers: 6, SJR: 0.445, h-index: 1)
Intl. J. of Health Care Quality Assurance     Hybrid Journal   (Followers: 11, SJR: 0.358, h-index: 1)
Intl. J. of Health Governance     Hybrid Journal   (Followers: 26, SJR: 0.247, h-index: 1)
Intl. J. of Housing Markets and Analysis     Hybrid Journal   (Followers: 9, SJR: 0.211, h-index: 1)
Intl. J. of Human Rights in Healthcare     Hybrid Journal   (Followers: 6, SJR: 0.205, h-index: 0)
Intl. J. of Information and Learning Technology     Hybrid Journal   (Followers: 7, SJR: 0.226, h-index: 1)
Intl. J. of Innovation Science     Hybrid Journal   (Followers: 10, SJR: 0.197, h-index: 1)
Intl. J. of Intelligent Computing and Cybernetics     Hybrid Journal   (Followers: 3, SJR: 0.214, h-index: 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, h-index: 1)
Intl. J. of Law and Management     Hybrid Journal   (Followers: 2, SJR: 0.217, h-index: 1)
Intl. J. of Law in the Built Environment     Hybrid Journal   (Followers: 3, SJR: 0.227, h-index: 0)
Intl. J. of Leadership in Public Services     Hybrid Journal   (Followers: 19)
Intl. J. of Lean Six Sigma     Hybrid Journal   (Followers: 5, SJR: 0.802, h-index: 3)
Intl. J. of Logistics Management     Hybrid Journal   (Followers: 10, SJR: 0.71, h-index: 2)
Intl. J. of Managerial Finance     Hybrid Journal   (Followers: 5, SJR: 0.203, h-index: 1)
Intl. J. of Managing Projects in Business     Hybrid Journal   (Followers: 2, SJR: 0.36, h-index: 2)
Intl. J. of Manpower     Hybrid Journal   (Followers: 2, SJR: 0.365, h-index: 1)
Intl. J. of Mentoring and Coaching in Education     Hybrid Journal   (Followers: 24, SJR: 0.426, h-index: 1)
Intl. J. of Migration, Health and Social Care     Hybrid Journal   (Followers: 11, SJR: 0.307, h-index: 1)
Intl. J. of Numerical Methods for Heat & Fluid Flow     Hybrid Journal   (Followers: 11, SJR: 0.697, h-index: 3)
Intl. J. of Operations & Production Management     Hybrid Journal   (Followers: 18, SJR: 2.052, h-index: 4)
Intl. J. of Organizational Analysis     Hybrid Journal   (Followers: 3, SJR: 0.268, h-index: 1)
Intl. J. of Pervasive Computing and Communications     Hybrid Journal   (Followers: 3, SJR: 0.138, h-index: 1)
Intl. J. of Pharmaceutical and Healthcare Marketing     Hybrid Journal   (Followers: 4, SJR: 0.25, h-index: 1)
Intl. J. of Physical Distribution & Logistics Management     Hybrid Journal   (Followers: 11, SJR: 1.821, h-index: 4)
Intl. J. of Prisoner Health     Hybrid Journal   (Followers: 8, SJR: 0.303, h-index: 1)
Intl. J. of Productivity and Performance Management     Hybrid Journal   (Followers: 7, SJR: 0.578, h-index: 2)
Intl. J. of Public Sector Management     Hybrid Journal   (Followers: 24, SJR: 0.438, h-index: 1)
Intl. J. of Quality & Reliability Management     Hybrid Journal   (Followers: 7, SJR: 0.492, h-index: 2)
Intl. J. of Quality and Service Sciences     Hybrid Journal   (Followers: 2, SJR: 0.309, h-index: 1)
Intl. J. of Retail & Distribution Management     Hybrid Journal   (Followers: 6, SJR: 0.742, h-index: 3)
Intl. J. of Service Industry Management     Hybrid Journal   (Followers: 2)
Intl. J. of Social Economics     Hybrid Journal   (Followers: 5, SJR: 0.225, h-index: 1)
Intl. J. of Sociology and Social Policy     Hybrid Journal   (Followers: 49, SJR: 0.3, h-index: 1)
Intl. J. of Sports Marketing and Sponsorship     Hybrid Journal   (Followers: 1, SJR: 0.269, h-index: 1)
Intl. J. of Structural Integrity     Hybrid Journal   (Followers: 2, SJR: 0.228, h-index: 0)
Intl. J. of Sustainability in Higher Education     Hybrid Journal   (Followers: 13, SJR: 0.502, h-index: 2)
Intl. J. of Tourism Cities     Hybrid Journal   (Followers: 2, SJR: 0.502, h-index: 0)
Intl. J. of Web Information Systems     Hybrid Journal   (Followers: 4, SJR: 0.186, h-index: 1)
Intl. J. of Wine Business Research     Hybrid Journal   (Followers: 7, SJR: 0.562, h-index: 2)
Intl. J. of Workplace Health Management     Hybrid Journal   (Followers: 11, SJR: 0.303, h-index: 1)
Intl. Marketing Review     Hybrid Journal   (Followers: 16, SJR: 0.895, h-index: 3)
Irish J. of Occupational Therapy     Open Access  
ISRA Intl. J. of Islamic Finance     Open Access  
J. for Multicultural Education     Hybrid Journal   (Followers: 1, SJR: 0.237, h-index: 1)
J. of Accounting & Organizational Change     Hybrid Journal   (Followers: 5, SJR: 0.301, h-index: 1)
J. of Accounting in Emerging Economies     Hybrid Journal   (Followers: 9)
J. of Adult Protection, The     Hybrid Journal   (Followers: 15, SJR: 0.314, h-index: 1)
J. of Advances in Management Research     Hybrid Journal   (Followers: 2)
J. of Aggression, Conflict and Peace Research     Hybrid Journal   (Followers: 44, SJR: 0.222, h-index: 1)
J. of Agribusiness in Developing and Emerging Economies     Hybrid Journal   (SJR: 0.108, h-index: 0)
J. of Applied Accounting Research     Hybrid Journal   (Followers: 16, SJR: 0.227, h-index: 1)
J. of Applied Research in Higher Education     Hybrid Journal   (Followers: 49, SJR: 0.2, h-index: 0)
J. of Asia Business Studies     Hybrid Journal   (Followers: 2, SJR: 0.245, h-index: 1)
J. of Assistive Technologies     Hybrid Journal   (Followers: 20)
J. of Business & Industrial Marketing     Hybrid Journal   (Followers: 8, SJR: 0.652, h-index: 2)
J. of Business Strategy     Hybrid Journal   (Followers: 11, SJR: 0.333, h-index: 1)
J. of Centrum Cathedra     Open Access  
J. of Children's Services     Hybrid Journal   (Followers: 5, SJR: 0.243, h-index: 1)
J. of Chinese Economic and Foreign Trade Studies     Hybrid Journal   (Followers: 1, SJR: 0.2, h-index: 0)
J. of Chinese Entrepreneurship     Hybrid Journal   (Followers: 4)
J. of Chinese Human Resource Management     Hybrid Journal   (Followers: 6, SJR: 0.173, h-index: 1)
J. of Communication Management     Hybrid Journal   (Followers: 6, SJR: 0.625, h-index: 1)
J. of Consumer Marketing     Hybrid Journal   (Followers: 18, SJR: 0.664, h-index: 2)
J. of Corporate Real Estate     Hybrid Journal   (Followers: 3, SJR: 0.368, h-index: 1)
J. of Criminal Psychology     Hybrid Journal   (Followers: 119, SJR: 0.268, h-index: 1)
J. of Criminological Research, Policy and Practice     Hybrid Journal   (Followers: 46, SJR: 0.254, h-index: 1)
J. of Cultural Heritage Management and Sustainable Development     Hybrid Journal   (Followers: 10, SJR: 0.257, h-index: 1)
J. of Documentation     Hybrid Journal   (Followers: 178, SJR: 0.613, h-index: 1)
J. of Economic and Administrative Sciences     Hybrid Journal   (Followers: 2)
J. of Economic Studies     Hybrid Journal   (Followers: 5, SJR: 0.733, h-index: 1)
J. of Educational Administration     Hybrid Journal   (Followers: 6, SJR: 1.252, h-index: 2)
J. of Enabling Technologies     Hybrid Journal   (Followers: 3, SJR: 0.369, h-index: 1)
J. of Engineering, Design and Technology     Hybrid Journal   (Followers: 16, SJR: 0.212, h-index: 1)
J. of Enterprise Information Management     Hybrid Journal   (Followers: 4, SJR: 0.827, h-index: 4)
J. of Enterprising Communities People and Places in the Global Economy     Hybrid Journal   (Followers: 1, SJR: 0.281, h-index: 1)
J. of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 8, SJR: 0.262, h-index: 1)
J. of European Industrial Training     Hybrid Journal   (Followers: 2)
J. of European Real Estate Research     Hybrid Journal   (Followers: 3, SJR: 0.268, h-index: 1)
J. of Facilities Management     Hybrid Journal   (Followers: 3, SJR: 0.33, h-index: 1)
J. of Family Business Management     Hybrid Journal   (Followers: 7)
J. of Fashion Marketing and Management     Hybrid Journal   (Followers: 12, SJR: 0.608, h-index: 2)
J. of Financial Crime     Hybrid Journal   (Followers: 375, SJR: 0.228, h-index: 0)
J. of Financial Economic Policy     Hybrid Journal   (Followers: 1, SJR: 0.186, h-index: 0)
J. of Financial Management of Property and Construction     Hybrid Journal   (Followers: 8, SJR: 0.309, h-index: 1)
J. of Financial Regulation and Compliance     Hybrid Journal   (Followers: 8, SJR: 0.159, h-index: 0)
J. of Financial Reporting and Accounting     Hybrid Journal   (Followers: 13)
J. of Forensic Practice     Hybrid Journal   (Followers: 56, SJR: 0.205, h-index: 1)
J. of Global Mobility     Hybrid Journal   (Followers: 2, SJR: 0.377, h-index: 1)

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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  [341 journals]
  • Board interlocking and firm performance: the role of foreign ownership in
           Saudi Arabia
    • Pages: 266 - 281
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 266-281, June 2018.
      Purpose The purpose of this paper is to investigate what effect, if any, foreign ownership has on the relationship between board interlocking and firm performance. Design/methodology/approach Data on 131 firms from various sectors listed in the Saudi Financial Market during the period of 2016 were collected. Board interlocking was measured using two indicators (number of interlocks and number of interlocks per member) and then it was divided into three levels (1-6/7-14/15 or more). As for the performance of firms, it was measured using two indicators: one operational (return on assets and the other financial (return on equity)). Foreign ownership was considered as a moderator variable. In addition to firm and board characteristics, a set of control variables related to ownership structure was used. Findings Results provide some support for the “busyness hypothesis” which postulates deterioration in the effectiveness of directors, in terms of their monitoring role, when increasing the number of interlocks per director. Results also manifest a positive effect exerted by foreign ownership in terms of turning around the otherwise negative relationship between board interlocking and firm performance in the second level of interlocking (7-14) Code Article 12’s limit on the number of interlocking per director to a maximum of five directorships. However, there is limited compliance to this code among Saudi firms. The study indicates the need to comply with the governance code in order to enhance governance which undercut performance. Originality/value Highlighting the role of foreign ownership in enhancing corporate governance in a conservative business environment characterized by relational networks with gaps in corporate governance.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-16T12:22:53Z
      DOI: 10.1108/IJMF-09-2017-0192
       
  • Labor unemployment insurance and firms’ future performance
    • Pages: 282 - 300
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 282-300, June 2018.
      Purpose The purpose of this paper is to investigate the association between unemployment insurance (UI) benefits and firms’ future performance as well as the association between UI benefits and volatility of firms’ future performance. Design/methodology/approach Quantitative analyses are used to perform empirical testing, and the variables in this study have been selected from previous literature. Empirical data consists of UI benefits data published from 2003 to 2012 on the US Department of Labor website, accounting data from Compustat, and stock return data from CRSP. Findings Unemployment benefits are positively associated with firms’ future earnings and cash flows. Also, unemployment benefits are negatively associated with volatility of firms’ future earnings and cash flows. Finally, the positive association between unemployment benefits and firms’ future performance is more pronounced for firms with larger changes in labor force, and the negative association between unemployment benefits and volatility of firms’ future performance is more pronounced for firms with higher labor force volatility and capital structure volatility. Research limitations/implications To the extent that other correlated omitted variables exist, the readers are asked to interpret the findings in this paper with caution. Originality/value This study contributes to prior literature on labor economics, finance, and accounting. The findings may be of interest to academic researchers and policy makers.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-16T12:24:33Z
      DOI: 10.1108/IJMF-08-2017-0178
       
  • Macroeconomic uncertainty, corporate governance and corporate capital
           structure
    • Pages: 301 - 321
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 301-321, June 2018.
      Purpose The purpose of this paper is to examine how corporate governance moderates the relationship between macroeconomic uncertainty and corporate capital structure. Design/methodology/approach This paper employs the two-step system generalized method of moments regression, considering a sample of 907 listed non-financial firms from seven Asia Pacific countries during the period 2004-2014. Findings This study finds that macroeconomic uncertainty has a significant negative impact on the capital structure decisions of firms. The results also reveal that the overall effect of macroeconomic uncertainty on capital structure among firms with better governance quality is significantly negative. The evidence suggests that corporate governance acts as an effective mechanism to curb the usage of leverage during times of high volatility. Further analysis shows that board independence, the separation between the roles of CEO and chairman of the board and blockholders’ ownership are effective governance mechanisms, whereas similar observations do not hold for board size and institutional ownership. Research limitations/implications The findings of this study may be useful to policy makers to formulate appropriate policies to mitigate the adverse effects caused by macroeconomic uncertainty. This is important because macroeconomic uncertainty may have potential destabilizing effects on a country’s or region’s development by jeopardizing the firms’ ability to formulate sound investment, production and financing decisions. Additionally, the results suggest that good governance quality can act as a check and balance to ensure that firms use less leverage when they are facing volatility in the macroeconomic environment. These findings could help to reinforce the importance of good governance among policy makers of a country as well as managers of firms. Originality/value The authors make the first attempt to examine the moderating effect of corporate governance on the relationship between macroeconomic uncertainty and corporate capital structure.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-28T07:24:34Z
      DOI: 10.1108/IJMF-08-2017-0156
       
  • Hedge fund variables and short-run SEO returns
    • Pages: 322 - 341
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 322-341, June 2018.
      Purpose The purpose of this paper is to determine if hedge fund variables (HFVs) are associated with short-run daily buy and hold abnormal returns (BHARs) for a 30-day window around announcement dates for seasoned equity offerings (SEOs). Design/methodology/approach This paper utilizes the event study metric that computes BHARs. These BHARs are used in a regression model as dependent variables with HFVs and nonhedge fund variables (NFVs) as independent variables. For regression tests, standard errors are clustered at the month level. Findings This paper offers three new findings. First, HFVs are significantly associated with SEO BHARs. Second, HFVs are capable being associated with stronger statistical significance compared to NFVs. Third, not using HFVs can produce an omitted-variable bias. Research limitations/implications This paper does not have information on which individual hedge funds use a strategy during the month of the offering but only the proportion of hedge funds that do. A research implication is the proportion can be associated with SEO BHARs in a fashion predicted based on a long or short position. Practical implications Hedge funds can use trading strategies to capitalize on established patterns of price behavior. Social implications Hedge funds enjoy a trading advantage over smaller investors. Originality/value This paper is the first study to document the association between hedge fund stratagems and stock returns around a major corporate event. It shows researchers should consider institutional trading strategies when studying the market response to a major corporate event.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-28T07:28:36Z
      DOI: 10.1108/IJMF-09-2017-0194
       
  • Executive pensions, compensation leverage, and firm risk
    • Pages: 342 - 361
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 342-361, June 2018.
      Purpose The purpose of this paper is to investigate how the structure of both CEO and non-CEO executive compensation affects the overall risk of a firm. The author focuses on the interplay between CEO and non-CEO executive compensation structure. Design/methodology/approach The author uses a hand-collected pension-database that employs both OLS and two-stage least squares regressions to determine the effects of inside debt on default risk using the distance-to-default framework. The database consists of 8,965 executive-year data points from 272 firms. Findings This paper accomplishes three major objectives: first, the author presents a significant extension of Sundaram and Yermack (2007) by including non-CEO executives; the author demonstrates how the differences in inside debt between CEO and non-CEO executives are directly related to firm risk; and that funding these pensions via a Rabbi Trust eliminates most of the risk-shifting effects. Firms with the lowest compensation leverage gap between CEO and non-CEO executives were most likely to observe the agency costs associated with high executive leverage. When compensation leverage structures were substantially different, or the pension was pre-funded, these effects are neutralized. Originality/value To the best of the author’s knowledge, the first paper addresses the effects of Rabbi Trusts on risk-shifting behavior between both CEOs and non-CEO executives. Further, the author extends Sundaram and Yermack (2007) using a hand-collected database six times larger than the original paper. By focusing on the “leverage gap” between CEOs and non-CEO executives, the author presents unique evidence that underlines the risk dynamics between CEOs and their boards.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-04-05T08:32:01Z
      DOI: 10.1108/IJMF-08-2017-0172
       
  • Non-linear approach to Random Walk Test in selected African countries
    • Pages: 362 - 376
      Abstract: International Journal of Managerial Finance, Volume 14, Issue 3, Page 362-376, June 2018.
      Purpose The purpose of this paper is to re-examine the weak form efficiency of five African stock markets (South Africa, Nigeria, Egypt, Ghana and Mauritius) using various tests to assess the impact of non-linearity effect and thin trading which are prevalent in African markets on market efficiency. Design/methodology/approach The weekly returns of S&P/IFC return indices for five African countries over the period 2000-2013 were obtained from DataStream and analyzed. The study adopted the newly developed Non-Linear Fourier unit root test advanced by Enders and Lee (2004, 2009) which allows for an unknown number of structural breaks with unknown functional forms and non-linearity in data generating process of stock prices series to test the Random Walk Hypothesis (RWH) for the five markets, and an augment regression model. Findings In light of the empirical evidence the author(s) using Non-linear Fourier Unit Root Test only fail to reject the RWH for South Africa, Nigeria and Egypt leading to the conclusion that these markets follow the RWH and weak-form efficient whilst Ghana and Mauritius are weak-form inefficient. Besides, evaluating non-linear models without adjusting for thin trading effect shows that, South Africa and Ghana markets are weak-form efficient while Nigeria, Egypt and Mauritius are not. However, after accounting for thin trading effect, the author(s) find that South Africa and Egypt markets follow the RWH. The findings imply that market efficiency results depend on the methodology used. Originality/value This paper provides further evidence on stock market efficiency in emerging markets. The finding suggests that thin trading and non-linearity effect influences markets efficiency tests in African stock markets. Thus, recent structural adjustment and liberalization policies have not enhanced stock market operations in Africa. This paper therefore has implications for policy makers and international investors.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-04-13T09:02:49Z
      DOI: 10.1108/IJMF-10-2017-0235
       
  • Value-at-risk performance in emerging and developed countries
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises. Design/methodology/approach For this, value-at-risk (VaR) valuation models applied to the daily returns of portfolios composed of stock indexes of developed and emerging countries were tested. The Historical Simulation VaR model, multivariate ARCH models (BEKK, VECH and constant conditional correlation), artificial neural networks and copula functions were tested. The data sample refers to the periods of two international financial crises, the Asian Crisis of 1997, and the US Sub Prime Crisis of 2008. Findings The results pointed out that the multivariate ARCH models (VECH and BEKK) and Copula-Clayton had similar performance, with good adjustments in 100 percent of the tests. It was not possible to perceive significant differences between the adjustments for developed and emerging countries and of the crisis and normal periods, which was different to what was expected. Originality/value Previous studies focus on the estimation of VaR by a group of models. One of the contributions of this paper is to use several forms of estimation.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-06-05T08:35:25Z
      DOI: 10.1108/IJMF-10-2017-0244
       
  • Does investor sentiment predict Mexican equity returns'
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to test whether investor sentiment is a significant predictor of future Mexican stock market returns. It also estimates the dynamic correlation between investor sentiment and equity returns. Finally, it examines if investor sentiment innovations impact unexpected returns for a variety of portfolios. Design/methodology/approach This study utilizes predictive regressions to determine if sentiment can predict Mexican equity returns. Multivariate GARCH models are estimated to examine the time-varying correlations between investor sentiment and equity returns. Findings The results show that Mexican investor sentiment is a significant predictor of Mexican equity returns for up to 24 months ahead. The findings show that high levels of sentiment today are associated with lower equity returns over the near term. Furthermore, multivariate GARCH estimations indicate that the correlation between investor sentiment and equity returns is not static and varies considerably over time. Finally, the findings indicate that sentiment innovations are significantly correlated with unexpected returns, reinforcing the notion that unexplained sentiment fluctuations lead to unexplained changes in stock market returns. Overall, these results suggest that investor sentiment is a significant source of risk for the Mexican stock market. Originality/value This study seeks to further our understanding of how behavioral factors influence and predict Mexican equity returns.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-29T01:43:28Z
      DOI: 10.1108/IJMF-05-2017-0088
       
  • Effects of asymmetric information on market timing in the mutual fund
           industry
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the effects of information asymmetry (between the realized return and the expected return) on market timing in the mutual fund industry. Design/methodology/approach For the purpose, the authors use a panel of 1,488 active open-end mutual funds for the period 2004-2013. The authors use fund-specific time-dynamic betas. The information asymmetry is measured as the standard deviation of idiosyncratic risk. The data set is decomposed into five market fundamentals in order to emphasis the policy implications of the findings with respect to: equity, fixed income, allocation, alternative, and tax-preferred mutual funds. The empirical evidence is based on endogeneity-robust difference and system generalized method of moments. Findings The following findings are established. First, the information asymmetry broadly follows the same trend as volatility, with a higher sensitivity to market risk exposure. Second, fund managers tend to raise (cutback) their risk exposure in time of high (low) market liquidity. Third, there is evidence of convergence in equity funds. The authors may, therefore, infer that equity funds with lower market risk exposure are catching-up with their counterparts with higher exposure to fluctuation in market conditions. Originality/value The paper complements the sparse literature on market timing in the mutual fund industry with time-dynamic betas, information asymmetry and an endogeneity-robust empirical approach.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-11T09:52:49Z
      DOI: 10.1108/IJMF-09-2017-0187
       
  • Banking stability determinants in Africa
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to investigate the determinants of banking stability in Africa. Design/methodology/approach The authors present four measures of banking stability embedding banks’ loan loss coverage ratio, insolvency risk, asset quality ratio, and level of financial development, thereby allowing analysis of banking stability determinants from four complementary perspectives: protection for downside credit losses, distress arising from insolvency risk, non-performing loans, and financial development. The authors use the regression methodology to estimate the impact of financial structure, institutional, bank-level factors on bank stability. Findings The findings indicate that banking efficiency, foreign bank presence, banking concentration, size of banking sector, government effectiveness, political stability, regulatory quality, investor protection, corruption control and unemployment levels are significant determinant of banking stability in Africa and the significance of each determinant depends on the banking stability proxy employed and depends on the period of analysis: pre-crisis, during-crisis or post-crisis. Practical implications Banking supervisors in African countries should consider the role of financial structure and institutional quality for banking stability in the African region. Originality/value This study is the first to examine banking stability determinants in Africa that takes into account institutional quality and financial structure.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-11T09:41:44Z
      DOI: 10.1108/IJMF-01-2018-0007
       
  • Feedback trading and short-term return dynamics in Athens Stock Exchange
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the hypothesis of feedback trading along with the short-term return dynamics of three size-based stock portfolios of Athens Stock Exchange during the Greek debt crisis period. Design/methodology/approach To this end, the authors employ for the first time in the literature two well-known models while the variance equation is modeled by means of a multivariate EGARCH specification. As a robustness test an innovative nested-EGARCH model is also employed. Findings The assumption that positive feedback trading is an important component of the short-term return movements across the three stock portfolios receives significant support. Moreover, the volatility interdependence, both in magnitude and sign, is almost similar across the three models. Finally, bad news originating from the portfolio of small stock appears to have a higher impact on the volatility of large and medium size stock returns than good news during the Greek debt crisis period. Originality/value The methodology is innovative and the authors test for the first time the feedback trading hypothesis across different size stocks. The authors believe that the results might entail significant policy implications for investors and market regulators.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-10T10:47:11Z
      DOI: 10.1108/IJMF-07-2017-0145
       
  • Dynamic analysis of sin stocks and investor sentiment
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to examine the temporal impact of individual and institutional investor sentiment on sin stock returns. Design/methodology/approach The authors estimate vector autoregressive models (VARs) to assess the dynamic relationships amongst pure sin returns and both types of investor sentiment. The justification for estimating VARs is that it allows one to study the potential influence that shocks (i.e. innovations) in individual and institutional investor sentiment might have on pure sin returns over time. Sin stock returns are separated into a market-based and pure sin component. Additionally, the authors split both measures of investor sentiment into rational- and irrational-based components. Findings This study finds that shocks to both individual and institutional rational-based sentiment positively influence pure sin returns for up to four months. However, irrational-based shocks have a positive, weaker and insignificant effect on pure sin returns. In addition, the results for the pure sin portfolio are compared to the S&P 500 and a comparables portfolio. The results show that sin stocks are less responsive than the S&P and the comparables portfolio to shocks in investor sentiment. Originality/value This study addresses some of the limitations found in the only prior study of sin stocks and investor sentiment (Perez Liston, 2016). Specially, this study investigates the link between sin stocks and sentiment in a dynamic context and also focuses the analysis on pure sin returns.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-08T02:07:52Z
      DOI: 10.1108/IJMF-01-2018-0001
       
  • Reallocation of IPO shares: emerging market evidence
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to study the reallocation of initial public offering (IPO) shares to retail investors, non-institutional buyers (NIBs) and qualified institutional buyers (QIBs). The authors examine how the reallocation process is related to the pricing decision of the underwriter. The authors also examine the long-run performance of the IPOs classified on the basis of the highest reallocation by retail investors, NIBs and QIBs. Design/methodology/approach The authors use regression analysis as well as 2SLS and three-stage least squares models to test the hypotheses. For long-run performance analysis, the authors adopt Carhart’s (1997) four-factor model. Findings First, the authors provide evidence that the reallocation of IPO shares for retail investors, NIBs and QIBs is frequent. Second, all three categories of investors are treated differently in the reallocation of underpriced shares. Third, the authors find that the reallocation and pricing strategies are interdependent and both the strategies are used by the underwriter to reward and favor retail investors for showing high level of demand. The authors find that in India, underwriters reward retail investors. Lastly, even though underwriters favor retail investors for reallocation, the authors find that IPOs which receive highest reallocation to retail investors perform poorly in the long run. Originality/value This paper is the first paper to show evidence of reallocation of IPO shares by underwriters for an emerging market. The paper is different from other papers as the regulatory regime present in the Indian markets is different from other markets.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-05-03T09:10:48Z
      DOI: 10.1108/IJMF-06-2017-0106
       
  • M&A deal initiation: the case of the unwelcome suitor
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose Within the context of mergers and acquisitions, the purpose of this paper is to clarify the relationship between the deal initiator and various outcomes of the deal, particularly in consideration of the cash position of the acquiring firm. Design/methodology/approach Using hand-collected deal initiation data from various filings on the Securities Exchange Commission EDGAR online database, this paper performs a series of event study analyses, multivariate analyses, a Heckman two-step estimation procedure, and an instrumental variable approach to examine merger outcomes. Findings This paper finds that many merger and acquisition (M&A) outcomes (target and acquirer announcement returns, acquirer long-run returns, premiums, and the method of payment) are significantly related to deal initiation, particularly in consideration of the cash position of the acquiring firm. Overall, evidence is seen as consistent with the theory that “lemons” selectively approach cash-rich acquirers, often to the acquirers’ detriment. Originality/value This paper finds that target-initiated deals are not necessarily associated with poorer transaction outcomes for targets as contemporaneous studies suggest, and presents the first empirical evidence of M&A outcomes related to the deal initiator which are dependent on the cash position of the acquiring firm.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-04-19T08:12:50Z
      DOI: 10.1108/IJMF-03-2017-0049
       
  • The role of directors: unravelling the effects of boards on corporate
           outcomes
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to analyse whether the theoretical relationship between the board composition and the cost of capital (CC) is mediated by risk disclosure (RD) practices. Design/methodology/approach Partial least squares techniques are used, and a sample of all the companies belonging to manufacturing industry listed on Standard and Poor’s 500 for the year 2009 is studied. In relation to board composition, several recommendations issued by US governance codes are considered: board independence, board size, CEO duality, gender diversity, ethnic diversity, and financial expertise. Content analysis techniques are employed to measure RDs. Findings The results show that boards that follow governance codes recommendations lead to a reduction in the CC through the disclosure of information on risks. Research limitations/implications These results provide encouraging opportunities for future research about the real role of the board of directors and suggest the need for the analysis of the participation of directors in firm strategy to better understand the effect of boards on the corporate outcome. Practical implications This evidence must help regulators and owners to set up adequate corporate governance mechanisms regarding the composition of boards. This evidence also presents direct implications for managers, who can better understand the value-relevance of RDs. Originality/value This paper provides new insight into the literature, which highlights that the effect of boards of directors on firm outcomes must be mediated by the involvement of boards in specific strategies.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-14T03:20:48Z
      DOI: 10.1108/IJMF-09-2017-0200
       
  • Determinants of bank profitability before, during, and after the financial
           crisis
    • Abstract: International Journal of Managerial Finance, Ahead of Print.
      Purpose The purpose of this paper is to report the results of an investigation into the relationship between bank-specific, macroeconomic factors and bank profitability before (1999-2006), during (2007-2009), and after (2010-2013) the financial crisis. Design/methodology/approach Using the Economic Community of West African States’ bank panel data from 1999 to 2013, the paper used fixed effect models. The panel model includes bank-specific determinants (size, cost management, and liquidity), industry level, and macroeconomic variables. Findings Panel data analyses results show that there is a significant relationship between bank-specific determinants (size, cost management, and liquidity) and bank profitability (ROA) before, during, and after the financial crisis. However, the relationships between other bank-specific (capital strength, credit risk, and market power), macroeconomic (gross domestic product and inflation) determinants are sensitive to both periods of analysis (before, during, and after financial crisis) and bank profitability measure used (ROA or NIM). Originality/value Overall, these results suggest that the financial crisis did not affect the relationships between some bank-specific determinants and bank profitability.
      Citation: International Journal of Managerial Finance
      PubDate: 2018-03-09T09:26:17Z
      DOI: 10.1108/IJMF-07-2017-0148
       
 
 
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