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Editorial
Get PDFWe are proud to release the 44th issue of the Journal of Economics, Finance and Administrative Science, edited by Emerald Publishing and indexed to the most prestigious databases, like Scopus. We are now ranked in the third percentile in Scimago. This is the result of the rigorous work that takes into account the demanding academic standards.
The first article is “Determinants and forecast of the stock market activity of the Colombian Stock Market”. Using monthly data from 2007 to 2016, the authors found that stock market activity can be predicted in a large part by its lags, positive returns in the past three months, primary issues and the VIX index. The next article, titled “Competitive strategies and sport management”, uses resource-based theory to develop a model that integrates organizational actions with the variables that can moderate their impact on the performance of football clubs. This study provides several key contributions to the literature on organizational performance in the sports sector, with specific application for football clubs.
Doi: https://doi.org/10.1108/JEFAS-06-2018-10
Modeling and forecasting abnormal stock returns using the nonlinear Grey Bernoulli model
Get PDFPurpose. This study aims to use gray models to predict abnormal stock returns.
Design/methodology/approach. Data are collected from listed companies in the Tehran Stock Exchange during 2005-2015. The analyses portray three models, namely, the gray model, the nonlinear gray Bernoulli model and the Nash nonlinear gray Bernoulli model.
Findings. Results show that the Nash nonlinear gray Bernoulli model can predict abnormal stock returns that are defined by conditions other than gray models which predict increases, and then after checking regression models, the Bernoulli regression model is defined, which gives higher accuracy and fewer errors than the other two models.
Originality/value. The stock market is one of the most important markets, which is influenced by several factors. Thus, accurate and reliable techniques are necessary to help investors and consumers find detailed and exact ways to predict the stock market.
Doi: https://doi.org/10.1108/JEFAS-06-2017-007
The effect of ownership composition on earnings management: evidence for the Mexican stock exchange
Get PDFPurpose. This paper aims to examine the relationship between different types of shareholders that command share ownership, family, institutions or external blockholders and earnings management. In addition, it examines the effect of company size on earnings management.
Design/methodology/approach. The sample includes 67 companies listed in the Mexican Stock Exchange for the period 2005-2015. The sample composition is quite industry-balanced. A cross-sectional version of the Jones model (1991) is to measure the earnings management. The GMM (generalized method of moments) model is also estimated.
Findings. The results show that family and institutional ownership reduce the earnings management, but the impact is different depending on the company size.
Research limitations/implications. The results show that there is a clear relationship between increasing participation of family and institutional investors and a reduction in earnings management. This is consistent with the literature that establishes that ownership is an effective regulatory mechanism that limits earnings management through closer supervision and involvement in management.
Practical/implications. For companies’ corporate governance and regulatory authorities, the results of this study may serve to improve the decision-making.
Originality/value. This study shows that ownership structure can provide corporate governance in Mexican listed companies with different monitoring and control capacities to influence companies’ strategies, particularly in relation to the discretion of earnings management.
Doi: https://doi.org/10.1108/JEFAS-01-2017-001
Microfinancing, governance, and performance: a South Asian perspective
Get PDFPurpose. This paper aims to investigate the relationship between microfinance institutions (MFIs) governance and performance.
Design/methodology/approach. Using a sample of 215 MFIs from six South Asian countries over the period from 2005 to 2009, the authors examine the effect of chief executive officer (CEO) duality, board size, female CEO, urban market coverage, bank regulation and lending type on financial and social performance of MFIs.
Findings. The findings provide evidence that, on the one hand, empowered CEO, large board size and individual lending improve the MFI financial performance and, on another hand, bank regulation and serving in the urban market have a significant association with MFIs’ social performance. In an additional analysis, the authors also test this relationship before, during and after the financial crisis of 2007. During crisis period, MFIs’ individual lending reduces the operational cost and bank regulation increases the average loan size in South Asian MFIs.
Originality/value. Those studies that are presented in the literature review conclude their result on the bases of global, European, East African and specific to some countries sample. There is no study presented in the whole literature on South Asian sample, in which all countries really face the problem of poverty.
Doi: https://doi.org/10.1108/JEFAS-01-2017-001
Editorial
Get PDFIt brings me a great pleasure to introduce this special issue of the Journal of Economics, Finance and Administrative Science ( JEFAS), entitled “Innovation, education and knowledge management in Latin America”. The five papers published in this issue were carefully selected from a pool of over 200 manuscripts presented at the 51st Annual Assembly of the Latin American Council of Business Schools, on the topic “Innovation in Business Schools” which took place from October 2-4, 2016 in the city of Medellin, Colombia. They constitute an eclectic but intertwined mix of empirically and theoretically grounded papers paying attention to innovation as a driver for improved strategic, organizational and institutional performance.
Doi: https://doi.org/10.1108/JEFAS-08-2018-10
Is gold a hedge or a safe haven? An application of ARDL approach
Get PDFPurpose. The argument whether gold is a hedge or haven is a debatable issue. Mainly, hedge is a class of asset that is negatively correlated with another asset or portfolio on average. On the other hand, a safe haven is an asset or portfolio which is negatively correlated with another asset or portfolio at the time of market turmoil. Therefore, the purpose of this research is to take Saudi Arabia as an example to examine the relationship of gold price in Saudi Arabia with key determinants such as the stock market index, oil prices, exchange rate, interest rate and consumer price index (CPI) by application of the autoregressive distributed lag model (ARDL).
Design/methodology/approach. The ARDL analysis was employed by using six variables based on the application of monthly time series data that were collected from 2011 to 2015.
Findings. From the present analysis, it has been discovered that gold is useful as a portfolio hedge and as a hedge against inflation because it is not affected by the CPI. External factors, for example, financial crisis, may be harmful to the CPI, thus adding a certain percentage of gold in the investment portfolio may assist in decreasing the level of risk at the time of financial turmoil.
Originality/value. Because gold seems to be a useful portfolio hedge, as well as an inflation hedge, government policies to curb the import of gold may be futile. The present research suggests that policies that directly address the causes of inflation and provide alternative investment opportunities for retail investors may better serve the objective of decreasing gold imports.
Doi: https://doi.org/10.1108/JEFAS-03-2017-005
Determinantes y pronóstico de la actividad bursátil del mercado accionario colombiano
Get PDFPropósito. Se estudian los determinantes y la evolución de la actividad bursátil mensual en el mercado accionario colombiano de 2007 a 2016.
Diseño/metodología/enfoque. Para ello se emplean modelos de series de tiempo tipo ARIMAX y GARCH, incluyendo variables exogenas, recomendadas por la literatura previa.
Hallazgos. Encontramos que la actividad bursátil puede ser pronosticada en buena parte por el valor rezagado a un mes y las innovaciones de cinco y 12 meses. También contribuyen a predecirla, como variables exogenas, una dummy de rendimientos positivos en los últimos tres meses, la presencia de emisiones primarias y el índice VIX de volatilidad del SP500. Estos resultados se mantienen en un alto grado al emplear medidas alternativas de actividad bursátil, el número total de operaciones y la rotación.
Implicaciones prácticas. Se propone un modelo de predicción de la actividad bursátil que puede servir de modelo para otros mercados accionarios de Latinoamérica. El modelo obtenido es altamente predictivo del valor transado total del mercado al siguiente mes. La estimación de la actividad bursátil es de utilidad para instituciones como la Bolsa de Valores de Colombia, reguladores de los mercados financieros, así como para grandes inversionistas institucionales.
Implicaciones sociales. El propósito central de los mercados financieros secundarios consiste en facilitar la transacción de activos financieros, lo que debe reflejarse en alta actividad bursátil, tanto en número de operaciones como en valor transado total. La posibilidad de transar altos montos es una medida importante del desarrollo de un mercado financiero. De esta manera, el modelo aquí propuesto puede usarse para monitorizar y explicar el desarrollo del mercado. En particular, se evidencia el nocivo efecto de la debacle de Interbolsa a finales de 2012 y el positivo efecto de las emisiones primarias.
Originalidad/valor. Este es el primer paper en estudiar la actividad bursátil del mercado accionario colombiano en años recientes. Sirve como modelo para el estudio y seguimiento de esta variable en otros mercados accionarios latinoamericanos.
Doi: https://doi.org/10.1108/JEFAS-06-2017-006
Editorial
Get PDFWe are proud to present a new issue of the Journal of Economics, Finance and Administrative Science (JEFAS). After editing the special edition of management, this coming corresponds to the December issue, according to our biannual schedule of publication.
The first article is “Bank risk and performance in an emerging market setting: the case of Bangladesh”, which investigates the impact of bank capital requirements on the performance and risk of Bangladeshi banking sector.
Doi: https://doi.org/10.1108/JEFAS-11-2018-12
Bank risk and performance in an emerging market setting: the case of Bangladesh
Get PDFPurpose. This study aims to investigate the impacts of bank capital requirements on the performance and risk of the emerging economy, i.e. Bangladeshi banking sector.
Design/methodology/approach. The study applies an unbalanced panel data which comprises 30 banks yielding a total of 413 bank-year observations over the period 2000 to 2015.
Findings. Using generalized methods of moments, the empirical results of this research reveal that bank capital is positively and significantly impressive on bank performance, whereas negatively and significantly impact on risk. The study also finds the inverse relationship between risk and performance in both the performance and risk equations. The results also indicate that there is a persistence of performance and risk from one year to the next year.
Originality/value. This is the unique investigation on Bangladeshi bank industry that considers the simultaneous effect of bank capital requirements on risk and performance. Therefore, it is predicted that the empirical evidence of this research shows policy implications to the regulatory authority of Bangladeshi banking industry to determine relevant policies.
Doi: https://doi.org/10.1108/JEFAS-07-2017-008
The influence of knowledge related to innovative performance
Get PDFPurpose. This paper aims to assess knowledge relatedness as a possible determinant of business innovation performance. Knowledge relatedness is understood as the degree of similarity between a firm’s knowledge and that of its parent, i.e. the company that the entrepreneur leaves to establish his or her own firm. Innovation performance results from the competitive position that the company achieves through its management of new products and services on the market.
Design/methodology/approach. For the empirical work, the authors used a database composed of 356 entrepreneurs who established recently their own business in Costa Rica: people who stopped working in multinational companies in Costa Rica and created their own businesses, and people who created their own businesses simultaneously as the former employees of multinationals.
Findings. This paper reports a positive and significant correlation between knowledge relatedness and innovation performance for a number of young firms.
Originality/value. This paper presents the fact of including knowledge relatedness as a research topic linked to business innovation.
Doi: https://doi.org/10.1108/JEFAS-11-2017-010