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This study sheds novel light on the factors influencing short-term investments made by businesses. It delves into the impact of previously unexplored variables on working capital requirements at both the firm and macroeconomic levels. These variables include equity issuance activity, corporate yields, free cash flow, retained earnings, depreciation, government oil revenue, and trade levels. The study employs a pooled Ordinary Least Squares (OLS) regression model on a panel dataset spanning the years 2000 to 2014. This investigation extends the existing body of knowledge regarding the determinants of corporate short-term investments in the context of a novel emerging market, specifically the Gulf Cooperation Council (GCC) market. The findings reveal that fluctuations in government oil revenue and trade conditions exert a significant influence on the short-term investments of service businesses in the GCC, with a stronger impact compared to their long-term investments. Considering these findings, GCC economic policymakers could consider implementing targeted interventions to bolster the resilience of service-sector firms. This could include facilitating access to financing channels less susceptible to national economic fluctuations, as well as enacting policies and programs that encourage service firms to diversify their revenue streams through increased export activity and lessened dependence on the domestic market.

Purpose: To develop an approach to financial valuation methodologies as a tool that allows managers to have an objective and decisive vision to generate business value. Methodology: A bibliometric analysis was conducted on Scopus indexed research articles using R Core Team 2022-Bibliometrix and VOSviewer software, and a systematic literature review adhering to the PRISMA protocol. Findings: The main methodologies for financial valuation include cash flows, real options, net present value, valuation by multiples, economic value added, and various complementary financial ratios. Practical implications: It is evident that there is a shortage of literature on the subject, despite that fact a consistent growth was observed. Originality: Financial valuation methodologies enable managerial decision-making associated with company valuation for long-term benefit.

We derive analytic solutions for the valuation, optimal investment, and optimal payout of a financially constrained firm. While marginal |$q$| and average |$q$| would be identically equal in the absence of financial constraints, they differ when financial constraints bind. We use analytic solutions to characterize the properties of regressions of investment on average |$q$| and cash flow. The coefficient on cash flow is positive, but does not isolate the impact of the financial constraint, since it also partially reflects the impact of persistent profitability. The coefficient on average |$q$| understates the impact of persistent profitability. [ABSTRACT FROM AUTHOR]

Recent empirical studies have shown that innovative firms heavily rely on debt financing. Debt overhang implies that debt hampers innovation by incumbents. A second effect of debt is that it stimulates innovation by entrants. Using a Schumpeterian growth model with endogenous R&D and financing choices, we demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our analysis suggests that the relation between debt and investment is more complex than previously acknowledged and highlights potential limitations of empirical work that solely focuses on incumbents when measuring the effects of debt on investment. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We develop a novel 10-K text-based model of product life cycles and examine firm investment policies. Conditioning on the life cycle substantially improves the power of q to explain investment and reveals a natural ordering of investments over the life cycle. While R&D and CAPX sensitivity are high early in the cycle, acquisitions arise as products mature, and divestitures and product extension investments arise as products decline. q -sensitivities that condition on the life cycle can vary by as much as 400% from traditional sensitivities. The life cycle framework further reveals an enriched relationship between competition, investment, and corporate profits. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

This paper demonstrates that value-relevant information about a firm appearing in regulatory disclosures of other firms is overlooked by investors. Firms highly mentioned in the 10-K competition section of other firms tend to outperform with risk-adjusted returns of up to 9 |$\%$| annually. Outperformance is concentrated in firms whose competition references are made in the context of targeting rather than admiration. Consistent with investor inattention, abnormal returns stem from cross-sector competition mentions as well as firms with low-analyst coverage. Moreover, highly mentioned firms exhibit improved fundamentals in subsequent years, further signifying they are underpriced. [ABSTRACT FROM AUTHOR]

The absence of observable innovation data for a firm often leads us to exclude or classify these firms as non-innovators. We assess the reliability of six methods for dealing with unreported innovation using several different counterfactuals for firms without reported R&D or patents. These tests reveal that excluding firms without observable innovation or imputing them as zero innovators and including a dummy variable can lead to biased parameter estimates for observed innovation and other explanatory variables. Excluding firms without patents is especially problematic, leading to false-positive results in empirical tests. Our tests suggest using multiple imputation to handle unreported innovation. [ABSTRACT FROM AUTHOR]

Prior research finds that Dodd–Frank Act's regulations on credit rating agencies (CRAs) increase rated firms' risk of rating downgrades, regardless of their credit quality. Our difference-in-difference estimates suggest that after Dodd–Frank, low-rated firms, which face steep costs from a further downgrade, significantly reduce their debt issuance and investments compared to similar unrated firms. Our results are not driven by credit supply or the financial crisis. They reveal an unintended consequence of Dodd–Frank: Greater regulatory pressure on CRAs leads to negative spillover effects on firms concerned about credit ratings, regardless of their credit quality. [ABSTRACT FROM AUTHOR]

Theory has recently shown that corporate policies should depend on firms' exposure to short- and long-lived cash flow shocks and the correlation between these shocks. We provide granular estimates of these parameters for Compustat firms using a new filter that uses only cash flow data and the theoretical restrictions of a canonical cash flow model. As predicted by theory, we find that the estimated parameters are strongly related to corporate liquidity and financing choices, that firms with a higher estimated correlation between shocks implement riskier policies, and that the sign of this correlation determines the cash flow sensitivity of cash. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The personal traits of chief executive officers (CEOs) have been found to influence corporate policy decisions. We examine the impact of CEO past corporate distress experiences on payout policy. CEOs who have experienced a distress event in their career, while working in a non-CEO position at a different firm, subsequently alter corporate payout policy once in the CEO position. They are less likely to pay dividends and repurchase shares, pay out lower levels of dividends, and are less likely to increase dividends. They further exhibit preference toward repurchases. Overall, we report that experience-driven conservatism affects payout policy, a novel finding in the literature. [ABSTRACT FROM AUTHOR]

During the last decade, MedTech companies started to invest in building digital healthcare platforms to maintain their competitiveness in the Digital Economy. However, launching a new digital platform business revealed several challenges that MedTech incumbents must overcome, including value impedance. This is caused by digital transformation gaps, which, when left unmanaged, can stall digital healthcare platforms' growth and even lead to their demise. This article distills four dynamic capabilities: sensing the internal environment, value-capturing through connectedness, orchestrating silos, and transforming organizational boundaries. These mitigate value impedance and bestow competitive advantage to MedTech incumbents' digital platform business. [ABSTRACT FROM AUTHOR]

The study examines whether CEOs with foreign experience affect the corporate financing decisions in the Vietnamese market. Foreign-experienced CEOs are defined as those who worked and/or studied abroad before returning to Vietnam. Using a unique, manually collected dataset of 322 non-financial firms listed on the Ho Chi Minh stock exchange (HOSE) from 2013 to 2021, we find that CEOs with international experience are associated with lower financial leverage, suggesting that such leaders generally prefer less financial risk compared to their peers. We propose that this conservatism is likely due to their limited local networks and the weak institutional framework in Vietnam, which mitigate the benefits of their global expertise. Our findings support the notion from existing literature that a scarcity of social connections may cause CEOs to become more risk-averse, prompting them to choose more conservative financial decisions.

This study examines the impact of capital structure on performance of state-invested enterprises (SIEs). Capital structure is measured by total debt ratio (TDR), long-term debt ratio (LTD), and short-term debt ratio (STD), and performance is measured by return on assets (ROA) and Tobin’s Q ratio. The panel data regression method is used to process data collected from 350 state-owned joint stock companies (non-financial companies) listed on the Vietnam stock market from 2015-2022. The research results confirm that TDR, LTD, and STD negatively impact ROA and positively impact Tobin’s Q (except LTD does not affect Tobin’s Q). In addition, several factors that belong to the characteristics of enterprises, such as firm size, liquidity, tangibility, revenue growth rate, and state ownership ratio, impact the performance of SIEs by following different directions in each capital structure. These results imply that capital structure significantly influences ROA and Tobin’s Q of SIEs in Vietnam. The SIEs in the research sample used assets and loans inefficiently according to their bookkeeping value, so they did not attract much attention from investors. However, increasing the debt ratio is considered a positive signal in expanding scale and stabilizing future income streams, creating confidence for investors about the development prospects of the enterprise. Finally, the study offers several important policy implications for policymakers and business managers in developing countries in establishing and disseminating impact mechanisms to help SIEs achieve optimal capital structure, thereby enhancing performance. It also aids lenders and investors in making informed financial or investment decisions.

The primary aim of this study is to examine the moderating effect of corporate tax risks on the relationship between tax savings and firm value. A quantitative approach is utilized in this study. A total of 1813 firm-year observations from companies listed on the Indonesia Stock Exchange (IDX) from 2012 to 2017 comprise the sample. This study concludes that there is no moderating effect of tax risks on the relationship between tax savings and company value. This study emphasizes the importance of effective tax risk management for corporations in order to prevent investors from decreasing their evaluation of the organization’s tax-saving endeavors. Further discussion will follow regarding the anticipated practical implications of this study for investors, tax authorities, and company management.

Countries have greatly depended on taxes and corporate finance to support government expenditures and business activities, respectively. However, contrasting arguments on their effects on environmental quality prevail in literature. While Ghana’s carbon dioxide emissions have seen an upward trend with taxes and corporate finance, their role in the level of carbon emissions is uncertain. This paper assesses the effect of tax and corporate finance on Ghana’s carbon dioxide emissions. Time-series data from 1971 to 2021 from the World Bank were used for analysis. The Autoregressive Distributed Lag (ARDL) estimation technique shows that in the short run, tax positively affects carbon dioxide emission, while trade openness and government expenditure reduce it. In the long run, tax and corporate finance increase carbon emissions. However, urbanization, trade openness and government expenditure reduce carbon emissions. Policy wise, financial institutions should be motivated to set aside special funds to support green activities. In addition, restructuring Ghana’s tax system to have an explicit environmental tax meant to reduce carbon emissions is needed. Committing significant portions of tax revenues to support research and development towards energy efficiency is necessary to attain low carbon economy.

AbstractThis study aims to investigate the effect of the green policy announcement on heavy-polluter stock returns in Malaysian industries. The study adopted a market-model event study methodology to measure 251 heavy-polluter companies from October 9, 2009 to October 29, 2021. Based on the findings, the first objective (to accept H1) showed that investors in Malaysia demonstrated mixed reactions (+ve and –ve) towards the green policy announcement whereas the second objective (to accept H2) revealed that there is an effect (+ve and –ve) for ESG adopters in three industries namely chemical and construction, metal and mining, and travel and leisure towards the green policy announcement. From a practical standpoint, there are several implications to consider. Firstly, investors, portfolio managers, and regulators can utilize stock returns as a means to maximize shareholders’ wealth. Secondly, the incorporation of ESG practices in the selection of companies can serve as a performance indicator for investment decisions. Thirdly, government entities can benefit from the ratification of green policies as an effective approach towards maximizing shareholders’ value. A theoretical perspective, an efficient market, investors cannot generate abnormal profits once the announcement is made. Failure to incorporate information related to environmental events into share prices would be inconsistent with the efficient market hypothesis. Finally, from a management or company standpoint, investing in green initiatives allows heavy-polluter companies to transition into more energy-efficient and environmentally-friendly entities, fulfilling their social, environmental, and ESG responsibilities. This study’s novelty focuses on the relationship between stock performance, green finance policies, and ESG adoption.

Background: The popularity of robotic-assisted surgery for rectal cancer is increasing, but its superiority over the laparoscopic approach regarding safety, efficacy, and costs has not been well established. Methods: A retrospective single-center study was conducted comparing consecutively performed robotic-assisted and laparoscopic surgeries for rectal cancer between 1 January 2016 and 31 September 2021. In total, 125 adult patients with sporadic rectal adenocarcinoma (distal extent ≤ 15 cm from the anal verge) underwent surgery where 66 were operated on robotically and 59 laparoscopically. Results: Severe postoperative complications occurred less frequently with robotic-assisted compared with laparoscopic surgery, as indicated by Clavien–Dindo classification grades 3b–5 (13.6% vs. 30.5%, p = 0.029). Multiple logistic regression analyses after backward selection revealed that robotic-assisted surgery was associated with a lower rate of total (Clavien–Dindo grades 1–5) (OR = 0.355; 95% CI 0.156–0.808; p = 0.014) and severe postoperative complications (Clavien–Dindo grades 3b–5) (OR = 0.243; 95% CI 0.088–0.643; p = 0.005). Total inpatient costs (median EUR 17.663 [IQR EUR 10.151] vs. median EUR 14.089 [IQR EUR 12.629]; p = 0.018) and surgery costs (median EUR 10.156 [IQR EUR 3.551] vs. median EUR 7.468 [IQR EUR 4.074]; p < 0.0001) were higher for robotic-assisted surgery, resulting in reduced total inpatient profits (median EUR −3.196 [IQR EUR 9.101] vs. median EUR 232 [IQR EUR 6.304]; p = 0.004). Conclusions: In our study, robotic-assisted surgery for rectal cancer resulted in less severe and fewer total postoperative complications. Still, it was associated with higher surgery and inpatient costs. With increasing experience, the operative time may be reduced, and the postoperative recovery may be further accelerated, leading to reduced surgery and total inpatient costs. [ABSTRACT FROM AUTHOR]

Industrial technological progress, as an essential industrial-technological and institutional phenomenon, brings with it the possibility of high profits for firms but also implies new norms and rules of competition, which affect the willingness and propensity of firms to bear the costs of undertaking venture capital projects. This study empirically investigates the causal impact of industrial-technological progress on corporate risk-taking and the mechanism of digital financial growth on the relationship between the two, based on data from China's A-share listed businesses from 2011 to 2020. This paper finds that (1) industrial technological progress improves enterprise risk-taking levels. Moreover, digital financial development has an incentive effect on industrial technological progress and enterprise risk-taking levels. (2) Industrial technological progress under digital financial development generates financing constraint relaxation effects, input capital return enhancement effects, and innovation performance incentive effects, increasing enterprise risk-taking. (3) The positive moderating effect of digital financial development on the relationship between industrial technological progress and the risk-taking level of enterprises in the eastern regions and enterprises in the high-tech industry is more prominent. The study's findings provide a theoretical foundation and policy insights on the crucial elements of industrial-technological progress and enterprises' increased ability to take risks throughout the development of digital finance. [ABSTRACT FROM AUTHOR]

This work surveys the use of directed weighted graphs in conducting comparative static analyses. The paper discusses the implementation of a computer-aided process for building spreadsheet-based graph models for inter- and intra-regional financial flows. The graph-theoretic techniques are programmed to enable the interactive visualization and analysis of financial data using Wolfram technologies (i.e., Mathematica software v. 11.3 or later, Wolfram player v. 12 or later). The paper describes the workflow for several interactive visualizations applicable to financial networks. The author provides four programs, written in the Wolfram language, that customize input–output financial models by combining the Manipulate command with built-in Mathematica functions and functions of the IGraph package (IGraph/M). The study is a tutorial article for the generation of a suite of visual schemes that provide patterns, practices, and roadmaps of the financial markets across the globe. [ABSTRACT FROM AUTHOR]

Company Investors and financial professionals mostly rely on quarterly reports to help them decide the ways to invest in stocks and assess the company's current performance. Quarterly company reports offer an abstracted perspective of the company's overall past performance, as well as its present situation and the market value of its market share. Financial text streams in quarterly report are unstructured naturally, but they represent cooperative expressions that are of important in any financial decision for stake holder. It will be both daunting and necessary to procedure intelligence of unstructured textual data. In this study, we address important queries related with the explosion of interest in a method to extract useful information from unstructured data and the way to work out if such insight provides any hints regarding the trends of financial markets. There is a lack of availability in the labeled dataset for financial sentiment analysis applications. The pre-trained language model employs very little labeled parameters that is used for a variety of domain specific corpora including financial sentiment analysis. In this paper, FinBERT, a model built on the BERT framework, to address linguistics challenges in the financial domain. The proposed work uses twelve transformer layers and twelve attention layers with several million parameters. The design of encoder and decoder comprises of several attention layers along with RNN. This arrangement aids to recognize instances processing the strongest relation between the words within a particular sentence. The experimentation results shows that the presented method surpass the state-of-the-art methods for financial datasets. The results are also compared with other existing models using the same financial dataset. It is observed that the FinBERT attains an accuracy of 84.77% on quarterly reports despite using a lesser training set. [ABSTRACT FROM AUTHOR]

This study aims to analyze the financial performance of the National Amil Zakat Agency of Lumajang Regency in 2018 to 2022. In analyzing financial performance in this study using activity ratios, efficiency ratios, amil fund ratios, liquidity ratios, and growth ratios in accordance with guidelines issued by the National Amil Zakat Agency's strategic study center. This research uses a qualitative descriptive approach. The types and sources of data used are secondary data in the form of financial reports of BAZNAS Lumajang Regency in 2018 - 2022 with data collection methods, namely documentation. The results showed that the average activity ratio of BAZNAS Lumajang Regency was effective, and showed good results in terms of collecting and distributing Zakat, Infaq, Sadaqah (ZIS) funds. Based on the average efficiency ratio, it shows efficient results even though the ratio of operational costs to total amil rights is still inefficient. Based on the ratio of amil funds good results were obtained. Based on the average results of the liquidity ratio is not good because it indicates the obligation to distribute ZIS funds that have not been realized. Based on the ratio of collection growth the results obtained also show not good. [ABSTRACT FROM AUTHOR]

In this study, we explored the dynamic field of fuzzy logic and artificial intelligence (AI) in financial analysis from 1990 to 2023. Utilizing the bibliometrix package in RStudio and data from the Web of Science, we focused on identifying mathematical models and the evolving role of fuzzy information granulation in this domain. The research addresses the urgent need to understand the development and impact of fuzzy logic and AI within the broader scope of evolving technological and analytical methodologies, particularly concentrating on their application in financial and banking contexts. The bibliometric analysis involved an extensive review of the literature published during this period. We examined key metrics such as the annual growth rate, international collaboration, and average citations per document, which highlighted the field's expansion and collaborative nature. The results revealed a significant annual growth rate of 19.54%, international collaboration of 21.16%, and an average citation per document of 25.52. Major journals such as IEEE Transactions on Fuzzy Systems, Fuzzy Sets and Systems, the Journal of Intelligent & Fuzzy Systems, and Information Sciences emerged as significant contributors, aligning with Bradford's Law's Zone 1. Notably, post-2020, IEEE Transactions on Fuzzy Systems showed a substantial increase in publications. A significant finding was the high citation rate of seminal research on fuzzy information granulation, emphasizing its mathematical importance and practical relevance in financial analysis. Keywords like "design", "model", "algorithm", "optimization", "stabilization", and terms such as "fuzzy logic controller", "adaptive fuzzy controller", and "fuzzy logic approach" were prevalent. The Countries' Collaboration World Map indicated a strong pattern of global interconnections, suggesting a robust framework of international collaboration. Our study highlights the escalating influence of fuzzy logic and AI in financial analysis, marked by a growth in research outputs and global collaborations. It underscores the crucial role of fuzzy information granulation as a mathematical model and sets the stage for further investigation into how fuzzy logic and AI-driven models are transforming financial and banking analysis practices worldwide. [ABSTRACT FROM AUTHOR]

Our article offers insights on the role of operational research (OR) in understanding financial and economic systems' risks and dynamics. It presents the latest methods in OR to address risks and uncertainties in these systems, covering topics such as options pricing, portfolio optimization, banking resilience, and the analysis of financial and economic co-movements. The included studies utilize advanced analytical tools, like stochastic programming, decision analysis, and machine learning, to create robust models for complex systems. These contributions aim to be valuable for academics, practitioners, policymakers, and regulators in the field. [ABSTRACT FROM AUTHOR]

This study explored the multi-layered nature of the work–life experiences of dual income parents in the Philippines by attuning to the voices within their narratives. The border theory was utilized as a framework in understanding these experiences. Semi-structured interviews were conducted among twelve individuals in dual income relationships. All participants had at least one child. The Listening Guide was used to analyze the qualitative data. Four stories emerged from the analysis: stories of financial struggle and security, stories of childcare, stories of connection, and stories of self-denial and self-care. Various voices within these stories were identified and discussed. Findings highlight the importance of balance and social support for dual income couples, as well as the relevance of socio-cultural nuances that impact work–life experiences. Practical implications, particularly how organizations can support their employees in dual income relationships, are discussed. [ABSTRACT FROM AUTHOR]

This work investigates the SMEs of the Italian automotive supply chain, testing the impact of an innovation policy created with the target of supporting investments in Industry 4.0. In detail, the authors examine the impact of this policy on SMEs' access to the capital market (i) and their financial performance (ii). The former is an appropriate proxy to measure the effectiveness of such policy; while the latter is a good candidate to evaluate the sustainability of this program after its conclusion. According to our results, SMEs with access to the incentives of this innovation policy are those observations with higher rates of admission to external financial resources (i.e., 0.3 higher debt ratio) and higher financial performance (i.e., 2 times the odds of having a positive profit, and 0.01 higher financial indexes). Hence, evidence suggests a positive evaluation of this public intervention, as well as positive expectations on its sustainability. In view of these insights, several policy implications are formulated to lead governments into the fourth industrial revolution. [ABSTRACT FROM AUTHOR]

Regional Expenditure is used by the provincial, district/city governments primarily to provide public services and to finance the implementation of government affairs authority based on statutory regulations. Regional Expenditure must include the priority of spending to be carried out by the regional government so that it directly impacts the welfare of its people. This study aims to analyze whether or not a flypaper effect has occurred in the influence of DAU, DAK, DBH, and PAD on regional Expenditure in Central Java Province in 2018-2020. This research is included in the type of quantitative research. The data collection method uses secondary data documentation techniques, namely district/city budget realization reports (LRA) in Central Java Province for the 2018-2020 fiscal year obtained from the Central Java Province BPKAD. The population and sample in this study were all district/city governments in Central Java Province, totaling 35. The sampling method was the census method. The data analysis method used is multiple linear regression with the help of SPSS 25 software. The results showed that (1) DAU has a significant positive effect on regional expenditures, (2) DAK does not have a significant effect on regional expenditures, (3) DBH has a significant effect on regional expenditures, (4) PAD has a significant positive effect on regional expenditures, (5) DAU, DAK, DBH and PAD have a simultaneous effect on regional expenditures, (6) the phenomenon of the flypaper effect occurred in Central Java Province. [ABSTRACT FROM AUTHOR]

This research empirically studied the effect of sustainability performance on financing policy, in five ASEAN countries. Sustainability performance disclosure activities are becoming increasingly crucial for businesses, including ASEAN countries. This study aimed to examine the impact of sustainability performance (ESG Scores) on debt-to-equity ratio (DER) as a proxy for corporate financing policy. This study used panel data analysis. This study obtained a sample of public companies listed on each exchange in ASEAN-5 (Indonesia, Philippines, Malaysia, Singapore, and Thailand) with a period of 2016 to 2021. The results showed that ESG had a negative substantial effect on the debt-to-equity ratios of ASEAN-5 enterprises, which means that companies with good ESG scores will rely more on equity than debt. The results of the study are expected to assist companies in continuing to improve sustainability performance and evaluating ESG performance to create the proper views and analyses to develop financing policy (capital structure) in ASEAN-5 enterprises. [ABSTRACT FROM AUTHOR]

The literature on individuals' ability to predict their own level of risk tolerance is scarce and presents divergent results. Utilizing both differential prediction models and logit models on a sample of 391 individuals in Portugal, this study demonstrates that respondents' gender play a crucial role in this predictive ability. Men tend to overestimate their level of risk tolerance, while women tend to believe they are less risk-tolerant than they actually are. Furthermore, the results reveal that men's ability to correctly predict their level of risk tolerance is significantly higher. Being a man implies a 20% higher probability of being consistent in this prediction compared to being a woman, even after controlling for a set of sociodemographic factors. The finding of a systematic inconsistency between measures of subjective and objective risk tolerance suggests that the choice between the two measures of risk propensity is not indifferent. Our findings have relevant implications in the fields of corporate finance, financial investment, and various other spheres of economic life. [ABSTRACT FROM AUTHOR]

This article conducts a comprehensive financial analysis of the competitiveness of confectionery producers in Ukraine within the global confectionery market context. It aims to assess the challenges faced by Ukrainian producers and propose practical strategies to enhance their competitiveness. The research employs various methods, including the construction of a competitive market map and the application of the theory of effective competition. Competitiveness coefficients are calculated to evaluate the performance of key players. A SWOT analysis is conducted to identify strengths and weaknesses, and potential measures for increasing competitiveness are proposed. The global confectionery market has reached $298 billion in 2021, but Ukrainian producers have encountered obstacles, such as the COVID‐19 pandemic, rising production costs and geopolitical conflicts, leading to closures and reduced exports. Roshen emerges as the leader with a 24.7% market share in 2022, although all major companies experienced negative growth rates due to the war. Competitiveness coefficients also position Roshen at the forefront, whilst several other plants demonstrate significant potential. The article's practical significance stems from its data‐driven analysis of competitiveness, providing valuable insights and strategies for managers to improve the production and export capabilities of Ukrainian confectionery producers in the face of global market challenges. Future research could explore sustainable competitive advantages and cost reduction strategies. [ABSTRACT FROM AUTHOR]

Analyzing the real impact of spatial dependency in financial time series data is crucial to financial risk management. It has been a challenging issue in the last decade. This is because most financial transactions are performed via the internet and the spatial dependency between different international stock markets is not standard. The present paper investigates functional expectile regression as a spatial financial risk model. Specifically, we construct a nonparametric estimator of this functional model for the functional single index regression (FSIR) structure. The asymptotic properties of this estimator are elaborated over general spatial settings. More precisely, we establish Borel-Cantelli consistency (BCC) of the constructed estimator. The latter is obtained with the precision of the convergence rate. A simulation investigation is performed to show the easy applicability of the constructed estimator in practice. Finally, real data analysis about the financial data (Euro Stoxx-50 index data) is used to illustrate the effectiveness of our methodology. [ABSTRACT FROM AUTHOR]

Analysis of economic/financial time series in the frequency domain is relative underexplored area of the literature, particularly when the statistical properties of a time series are time-varying (evolving). In this case, the spectral content of the series varies as time passes, making conventional Fourier theory inadequate to fully describe the cyclic characteristics of the series. Time-Frequency Conjuncture Representation techniques (TFR) overcome this problem to the best of their ability analysing a given function of time (continuous or discrete) in the time domain and in frequency domain simultaneously. [ABSTRACT FROM AUTHOR]

The concept of financial frictions is at the core of the Financial Frictions Approach (FFA) which underlines that to explain the financial crisis of 2007–2008 it is sufficient to add the financial system to the New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) model. Many economists have cited Hyman Minsky among those who "emphasized the importance of financial frictions." The aim of this work is: 1) to show that Minsky cannot be considered the precursor of the FFA and that FFA does not allow for a solid explanation of financial crises; and 2) to present a sound explanation of the financial instability affecting capitalist economies based on two teachings characterizing Minsky's work. The first consists in Minsky's interpretation of John Maynard Keynes's General Theory, which recovers the revolutionary elements of Keynes's thought neglected by the Neoclassical Synthesis. The second teaching consists in underlining the need to integrate Keynes's and Joseph Schumpeter's theoretical frameworks. [ABSTRACT FROM AUTHOR]

This study examines the association between Corporate Social Responsibility (CSR) activities measured by two of Taiwan's leading publishers, the Commonwealth Magazine and the Global View Magazine, and the acquirer's short- and long-term performances after the merger announcement in Taiwan. We use CEO compensation and the firm's free cash flow as the proxies for CEO self-confidence. We find that the acquirer's CSR engagement is positively associated with its long-term performance but not with its short-term performance. CEO compensation is positively associated with the acquirer's performance, especially after the mandatory establishment of the remuneration committee for publicly traded firms. However, the acquirer's free cash flow is found negatively associated with its performance, supporting Jensen's (Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329) free cash flow hypothesis or CEO hubris. These findings indicate that the CSR measurements of Commonwealth Magazine and Global View Magazine do provide valuable information for CSR activities and that CSR activities do enhance firm value in the long run. Furthermore, the requirement for the establishment of the remuneration committee does improve the effectiveness of CEO compensation for firm performance in Taiwan. [ABSTRACT FROM AUTHOR]

Against the backdrop of increasingly fierce industrial competition nowadays, firms tend to have substantive business risk and/or information risk, increasing the estimation risk and limit of arbitrage for investors in their short-term investments in a stock market. It is thus important for investors to hold a long-term horizon for at least part of their investments in the stock market. This paper aims to introduce a long-term investment strategy that is practically feasible and potentially valuable to investors. To this end, we first develop a parsimonious model in which we identify the major determinants of a firm's value. This model is used to select high-value firms from each industry for further fundamental analysis and valuation. We next expatiate on how to perform strategy analysis, accounting analysis, financial analysis, and prospective analysis, and therein apply the residual operating income valuation model, in the best possible manner to further value the selected firms and their long-term investment potential. Lastly, we expound the strategy of forming and adjusting a long-term investment portfolio in a way that potentially maximizes long-term portfolio return. [ABSTRACT FROM AUTHOR]

The study aims to investigate the heterogeneity of the Yangtze River's impact on housing prices, using the data of 12,325 residential transactions within 8 kilometers of the Yangtze River in Wuhan, based on submarkets divided according to geographical location and buyer groups. The kernel density plots reveal that properties near the Yangtze River have the highest price and the lowest density, while properties further away from the river exhibit the opposite trend. Then the Spatial Generalized Additive Model and the Spatial Quantile Generalized Additive Model show the following results, respectively: (1) The Yangtze River has an influence range of roughly 5 kilometers on adjacent dwellings, with an average impact of 0.035%. However, within the chosen geographical interval, the impact rises from 1.582% to 2.072%. (2) The Yangtze River has the greatest impact on middle-priced houses, followed by high-priced houses, and the least impact on low-priced houses. (3) The Spatial Generalized Additive Model and the Spatial Quantile Generalized Additive Model have been proven to be effective at capturing spatial and temporal impacts on data. In conclusion, this article advises that the government should pay more attention to non-central locations with limited natural resources. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the relationship between institutional and macroeconomic factors and corporate financial flexibility while also investigating the moderating impact of selected board governance mechanisms on this relationship. Design/methodology/approach: The sample of the study comprises 174 firms listed on the Colombo Stock Exchange for a period of eight years, from 2014 to 2021. Data were collected from secondary sources, and both descriptive and inferential statistical techniques were used for analyses. Findings: Corporate financial flexibility is notably affected by profitability as an institutional factor and by gross domestic product growth rate and banking sector development as macroeconomic factors. Furthermore, the relationship between a company's profitability and corporate financial flexibility is found to be moderated by selected board governance mechanisms. However, these governance mechanisms do not influence the relationship between corporate financial flexibility and other institutional factors (i.e. other than profitability) and macroeconomic factors considered in this study. Originality/value: This study adds a fresh perspective to the existing body of knowledge in the field of corporate finance by emphasizing the interaction effect of board governance mechanisms on the association between macroeconomic and institutional variables and financial flexibility of firms. The findings are expected to be useful for business decision-makers in managing their corporate financial flexibility effectively and maximizing the use of their financial resources. [ABSTRACT FROM AUTHOR]

Using Chinese A-share listed companies from 2011 to 2020 as a research sample, this paper examines the relationship between negative media coverage and corporate ESG performance using a two-way fixed-effects model. It is found that, first, negative media coverage can effectively promote corporate ESG performance. Second, the mediation mechanism study shows that negative media coverage positively promotes corporate ESG performance by increasing the degree of corporate financing constraints and information asymmetry and prompting corporations to change their ESG governance level. Third, the results of the heterogeneity test find that the positive relationship between negative media coverage and corporate ESG performance is more pronounced among firms without executives with overseas backgrounds, and the positive relationship between the two is more significant after the promulgation of China's Code of Governance for Listed Companies in 2018. Fourth, further discussion revealed that negative media coverage has the strongest promotion effect on the performance of corporate environmental governance, followed by social governance performance, and lastly, corporate governance performance. The research in this paper contributes to an in-depth understanding of the impact of negative media coverage on corporate ESG performance and provides empirical evidence to facilitate policy formulation related to the role of media monitoring and to fully utilize the media's role in corporate ESG governance. [ABSTRACT FROM AUTHOR]

Research Question/Issue: Using insights from an in‐depth qualitative interview study, we propose an input‐process‐output model where the link between women directors (input) and corporate financial performance (output) is mediated by board attendance and where board attendance serves as a proxy of several intermediate but latent board processes. Further, we dig deeper into the nonlinearities of female boardroom representation by analyzing in how far the postulated mediation depends on the number of women in the boardroom. Research Findings/Insights: Analyzing quantitative data from German supervisory boards over an 11‐year period, we find the link between women directors and corporate financial performance to be partially mediated by board attendance, and we find the mediation to depend on whether there is more than just one "token" woman in the boardroom. When there is only one woman in the boardroom, her presence is positively linked to board attendance, but the higher board attendance does not to translate into a better corporate financial performance. Theoretical/Academic Implications: Our study contributes to theory, by inductively enriching our understanding of how and when women directors and corporate financial performance are linked. Practitioner/Policy Implications: Our study encourages firms to appoint more than one woman to the boardroom to profit from an enhanced board attendance that will then also translate into a better corporate financial performance. [ABSTRACT FROM AUTHOR]

One of the most widespread claims in financial statement analysis is that liquidity ratios are useful for predicting failures. However, academic research has found surprisingly little empirical support for this claim. Using logistic regression splines, a non‐parametric method, this paper finds that the relation between the current ratio and failures differs significantly depending on the level of the current ratio. At low, but not high levels, the current ratio is significantly negatively related to failure. Incorporating such context provides statistically and economically significant predictive power about failures. These findings help resolve the discrepancy between practitioners and the academic literature. [ABSTRACT FROM AUTHOR]

Mathematical analysis is conducted on cyclical systems with goodwill in capitalization. Proportional goodwill vanishes with vanishing tangible value. Correspondingly, periodic boundary condition does not enable commercial utilization of the goodwill. Abandoning the periodic boundary condition enables commercial utilization of the goodwill. Even if a physical system is periodic, an agent can abandon the corresponding boundary condition by divesting. Example cases are shown in terms of boreal forestry systems. [ABSTRACT FROM AUTHOR]

This paper presents a comprehensive analysis of key financial indicators influencing the operational efficiency of banks in Jordan over the period 2006 to 2021. The study, focusing on fifteen commercial banks, employs seven regression models to assess the impact of selected variables on bank operating efficiency. Our findings reveal novel insights with substantial contributions to banking practice. We identify a statistically significant influence of both bank-specific factors and temporal effects, demonstrating the nuanced dynamics shaping the operational efficiency of Jordanian banks. Notably, a positive and significant correlation is established between the operating efficiency ratio and return on assets, bank size, and the ratio of loan loss provisions to net interest income, providing valuable strategic guidance for effective management. Conversely, a significant negative relationship is observed between the operating efficiency ratio and the total expense ratio, underscoring the critical importance of careful cost management. No significant associations are found between the operating efficiency ratio and credit risk, the equity-to-asset ratio, the deposit-to-liability ratio, and the equity-to-liability ratio. This study makes a unique contribution by shedding light on these previously unexplored correlations, offering actionable insights for enhancing operational efficiency in the banking sector. Additionally, our research advocates for the Central Bank of Jordan (CBJ) to persist in adaptive policy measures, which are crucial for ongoing banking reforms and improved monitoring practices. Based on our empirical findings, these recommendations aim to fortify the resilience and adaptability of Jordan's banking sector, contributing both academically and practically. Importantly, they reinforce the symbiotic link between a stable banking sector and sustained economic development in Jordan. [ABSTRACT FROM AUTHOR]

The article offers information on British artist Grayson Perry's 2016 etching titled "Animal Spirit," which commemorates the 2008 financial crisis. Topics include the symbolism of Perry's creature, representing the irrationality of the market, and its juxtaposition with an abandoned infant, squawking crows, and other signs of human frailty.

Environmental and socio-economic activities are vital to achieving sustainable growth. Corporate social responsibility (CSR) originated to achieve social equilibrium via the sustainable performance of organizations. Nevertheless, corporations require ample resources to cope with the concepts of CSR and sustainability. Accordingly, the present research analyses the function of green financing, which encompasses the economic, social, and environmental practices for accomplishing and developing CSR goals in the automobile industry. Using questionnaire survey and structural equation modelling, this study's data supports the contribution of green finance and its associated practices (economic (β = 0.248***, 0.239**, 0.312***, 0.125**, 0.549***), social (β = 0.343***, 0.147**, 0.458***, 0.593***, 0.257***), and environmental practices (β = 0.487***, 0.164**, 0.238**, 0.043*, 0.126**)) to the enhancement of CSR's implications. Research findings suggest that organizations should devote more monetary resources to enhancing CSR traits. Future research directions are also discussed at the end of study. [ABSTRACT FROM AUTHOR]

This paper is the first to construct social network indicators that bring together the individual and organizational levels to examine how social networks can moderate the adverse effects of EPU on corporate finance. An empirical study of Chinese A-share listed firms from 2007-2018 shows that the corporate debt costs of firms with a better social network are less exposed to a poor economic policy uncertainty environment relative to firms with a poor social network, and the results pass a series of robustness tests. [ABSTRACT FROM AUTHOR]

Background: Financial interactions between pharmaceutical companies and physicians lead to conflicts of interest. This study examines the extent and trends of non-research payments made by pharmaceutical companies to board-certified allergists in Japan between 2016 and 2020. Methods: A retrospective analysis of disclosed payment data from pharmaceutical companies affiliated with the Japanese Pharmaceutical Manufacturers Association was conducted. The study focused on non-research payments for lecturing, consulting, and manuscript drafting made to board-certified allergists from 2016 to 2020. We performed descriptive analyses on payment data. Trends were analyzed using generalized estimating equation models. Results: Of the 3,943 board-certified allergists, 2,398 (60.8%) received non-research payments totaling $43.4 million over five years. Lecturing fees comprised 85.7% ($37.2 million) of the total payment amounts. For allergists who received at least one payment, the median amount per allergist was $3,106 (interquartile range: $966 – $12,124), in contrast to a mean of $18,092 (standard deviation: $49,233) over the five-year span. The top 1% and 10% of these allergists accounted for 20.8% and 68.8% of all non-research payments, respectively. The annual payment amounts significantly increased by 7.2% annual increase (95% CI: 4.4 – 10.0%, p < 0.001) each year until 2019, but saw a significant decrease in 2020 amid the COVID-19 pandemic. Conclusion: The majority of allergists received non-research payments, with a notable concentration among a small group. Payments increased annually until the pandemic's onset, which coincided with a substantial decrease. Further research is needed to explore the implications of these financial interactions on clinical practice and patient care in Japan. [ABSTRACT FROM AUTHOR]

Shutdowns of photovoltaic installations are a problem that has been increasingly affecting private investors who have built home installations of several to a dozen kWp over the last few years. This problem, most often caused by outdated infrastructure, appears in many countries and impacts energy production. This work focuses on three aspects of the problem. The first one answers the question of how shutdowns of the photovoltaic installation affect production, and how significant the energy loss happens when the PV inverter is not working or is in the restart phase. The second aspect proposes an original, low-cost method that reduces the number of shutdowns. This method relates to the auto-consumption mechanism associated with domestic water heaters and the system for measuring voltage and energy consumption from the electrical network. The solution is based on constant monitoring of the network voltage and the switching of heaters based on a dedicated algorithm. Additionally, continuous analysis also allows for reporting observed irregularities to the electricity supplier. The third and final factor corresponds to the real impact of shutdowns on the long-term aspect of the investment and the extension of its payback period, and to what extent the proposed solution shortens this period. Through a detailed analysis on the issue of shutdowns, the proposed solution allows for a reduction in the number of shutdowns by over 40%. However, due to the fact that it discusses a specific case, this solution requires a calibration and adjustment process, which is discussed in the article. [ABSTRACT FROM AUTHOR]

Multi-criteria decision analysis (MCDA) applications consist of techniques that enable the decision maker to make clearer decisions in scenarios where there is more than one alternative and criterion. The general approach for sensitivity analysis in MCDA applications implies sensitivity to the weight coefficient. In this study, as an alternative approach, we reinterpret sensitivity by using the statistical relationship between the final ranking produced by an MCDA method and a constant external factor. Thus, we both verify through an anchor and reveal to what extent the change in the weight coefficient changes the external relations of MCDA. The motivation for this study is to propose an alternative sensitivity methodology. On the other hand, brand value is a parameter that contains critical information about the future of the company, which has not integrated into financial performance studies made with MCDAs before. To that end, the financial performance of 31 companies with the highest brand value in Turkey and trading on Borsa Istanbul between 2013 and 2022 was analyzed with seven different MCDA applications via integrating brand value into the criteria for the first time. The study's findings revealed that the proposed innovative sensitivity tests produced similarly robust results as traditional tests. In addition, brand value has been proved to be an advantageous criterion to be implemented into MCDAs for financial performance problems through the sensitivity analysis made. [ABSTRACT FROM AUTHOR]