1,721,228 research outputs found
Handbook of Environmental and Green Finance: Toward a Sustainable Future
No full textInternational audienceSince the appearance of COVID-19 at the beginning of 2020, the pandemic has undeniably wreaked havoc on global trade, profoundly affecting people's lives and having a significant impact on economic growth worldwide. Many people regard COVID-19 as "the fury of nature." However, there are still ongoing critical problems facing the world that have not cooled down even in the context of the pandemic, one of which is climate change. The recent unusual and extreme weather conditions have thrust climate change into the media limelight and to the forefront of the public agenda. Nowadays, climate change is receiving special attention from many organizations, countries and governments worldwide because of its profound influence on the global economy and people's lives. Natural disasters and prolonged drought can destroy infrastructure; threaten crops, food production, as well as people's lives; and lead to mass migration. The effects of climate change are evident everywhere globally and appear to be more severe than ever before. Handbook of Environmental and Green Finance contains conceptual, empirical, and policy papers, using quantitative and qualitative methods alike, that provide an insightful and timely read for researchers, investors, and policymakers interested in sustainable finance, development finance, and alternative finance to combat climate change. Throughout this book, readers are offered a global analysis of the current state of the sustainable finance sector and provided with potential solutions to addressing obstacles in this field
Handbook on Data Envelopment Analysis in Business, Finance, and Sustainability: Recent Trends and Developments
No full textThis Handbook seeks for methodological, empirical, and policy-oriented contributions to provide scholars, investors, regulatory bodies, and policymakers with comprehensive insights on the efficiency and performance evaluation of businesses, financial, and accounting institutions or organizations to identify important issues for future investment, regulation, and policy-making strategies. The following areas are of particular interest: Part I: DEA in Business (including but not limited to agriculture, manufacturing, healthcare, transportation, hotel, aviation, and education) Part II: DEA in Banking and Finance (including but not limited to commercial/conventional banks, Islamic banks, insurance, credit, and Fintech institutions) Part III: DEA in Sustainability
Corporate governance as social responsibility : a meta-regulation approach to raise social responsibility of corporate governance in a weak economy
No full textCorporate governance (CG) denotes the rules of business decision-making and directs the internal mechanism of companies to follow the output of the rules. It includes the customs, policies, laws and institutions as a set of processes that affects the way in which a corporation is directed, administered or controlled
The impact of industry competition on the value relevance of goodwill impairments across different information environments
Full text linkBuilding upon prior studies that explore the impact of competition on financial reporting quality, this paper investigates the influence of industry-level competition on the value relevance of goodwill impairments. Additionally, it examines whether this impact is more pronounced for firms operating in countries with rich information environments. We analyze 21,224 firm-year observations from companies in 21 countries that reported under International Financial Reporting Standards (IFRS). We find that companies facing higher product market competition tend to report impairment losses that are relevant to investors’ equity valuation decisions. This is consistent with the notion that companies in competitive industries are subject to greater scrutiny and have fewer incentives to manipulate their impairment reporting. We also find that the impact of industry competition on the value relevance of goodwill impairments is more pronounced in the rich information environments of market-based economies than bank-oriented economies. These findings underscore the impact of competition and its interplay with the information environment on the market perception of accounting information that is subject to managerial discretion
A Textual Analysis of Logograms in Chinese IPO Roadshows: How Agreement between Investors and Management Relates to Pricing and Performance
Full text linkArticle analyzing the interaction between management and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms
Essais sur les déterminants et les implications de la qualité de l’information narrative
No full textCette thèse comprend trois essais dont l’objectif est d’étudier les déterminants et les implications de la qualité de l’information narrative des entreprises cotées. L’originalité de ce travail par rapport aux études antérieures réside dans le fait que nous nous intéressons à la dimension qualitative de l’information divulguée. Afin d’appréhender la qualité de cette information nous recourons à des techniques de traitement automatique de langage naturel qui permettent de construire des indices de lisibilité des rapports annuels.Le premier essai étudie l'effet de la complexité textuelle des rapports annuels sur la liquidité des titres. L’utilisation d’un échantillon d’entreprises françaises cotées en bourse sur la période 2002-2013 montre l’existence d’une relation positive entre le degré de lisibilité des rapports annuels et la liquidité des titres. Ces résultats suggèrent que la complexité textuelle de l’information narrative affecte les investisseurs sur le marché des actions.Le deuxième essai étudie l’effet de la lisibilité des rapports annuels sur le coût des fonds propres des entreprises. Nous menons notre étude empirique sur un échantillon d’entreprises américaines cotées en bourse sur la période 1995-2012. Les résultats montrent que les entreprises font face à un coût de financement plus élevé lorsque leurs rapports annuels sont moins lisibles, ce qui indique qu’un degré faible de lisibilité réduit la capacité des investisseurs à prévoir les performances futures de l’entreprise et leur amène par conséquence à demander un rendement de fonds propres plus élevé.Le troisième essai examine l’effet des pratiques de réduction d’impôt des entreprises sur la lisibilité de leurs divulgations financières. La littérature mobilisant la théorie d’agence montre que ces pratiques de réduction d’impôt créent un cadre permettant aux dirigeants d’extraire des bénéfices privés aux dépens des autres parties prenantes. Afin de s’assurer que leurs actions opportunistes ne soient détectées, les dirigeants réduisent la qualité de l’information divulguée, ce qui détériore l’environnent informationnel de l’entreprise en question. En utilisant un échantillon d’entreprises américaines cotées en bourse pour la période 1995-2012, nous constatons que les entreprises qui s’engagent dans des politiques de diminution d’impôt publient des rapports annuels moins lisibles et plus ambigus.Mot Clés: Information narrative; lisibilité des rapports annuels; Risque d’information ; Liquidité; Coût des fonds propres; Optimisation fiscaleThis thesis comprises three separate but interconnected essays that focus on the determinants and economic implications of corporate narrative disclosure. The first essay examines the effect of annual report textual complexity on firms’ stock liquidity. Using techniques from computational linguistics, we predict and find that less readable filings are associated with lower stock liquidity. Our study provides evidence that difficult-to-read annual reports can act as a non-trivial impediment to investors’ ability to process information into useful trading signals. The findings are robust to a battery of sensitivity tests, including endogeneity, use of alternative regression techniques, and use of alternative liquidity and readability proxies.Using a large panel of U.S. public firms, the second essay presents the first evidence highlighting the relation between annual report readability and cost of equity capital. We hypothesize that complex textual reporting deters investors’ ability to process and interpret annual reports, leading to higher information risk, and thus higher cost of equity financing. Consistent with our prediction, we find that greater textual complexity is associated with higher cost of equity capital. Our results are statistically significant and economically important. We also show that disclosure tone exerts a non-trivial bearing on the cost of equity. Our findings are robust to a battery of sensitivity checks, including use of multiple estimation methods, alternative proxies of annual report readability and cost of equity capital measures, and potential endogeneity concerns. Overall, our study contributes to the research examining the relation between disclosure quality and cost of capital.The third essay investigates the effect of firms’ tax avoidance practices on the textual properties of their annual filings. Using a large sample of U.S.-listed firms, we document a positive and statistically significant relation between corporate tax avoidance and annual report textual complexity. In addition, we show that managers of tax-avoiding firms tend to hide their avoidance behavior in more ambiguous language. Our results prove to be robust to the use of numerous alternative proxies of corporate tax avoidance and annual report readability. The findings are also robust to a number of checks, including, using additional control variables, employing alternative regression methodologies, and addressing endogeneity concerns.Keywords: Narrative disclosure; Annual report readability; Disclosure tone; Information risk Stock liquidity; Cost of equity capital; Corporate tax avoidanc
Towards Healthcare Improvements Using DEA:The Case of Emergency Medical Services (EMS)
No full textThe healthcare system is no stranger to resource challenges in the face of unlimited demand to fulfill healthcare objectives of satisfying patients, maintaining service quality, and maximizing profit. An emergency medical services (EMS) system plays a crucial role in stabilizing and transporting seriously injured patients to hospitals within healthcare systems. Several criteria affect the EMS function, such as call rate, traffic condition, setup, and operating costs. Therefore, the optimal design of EMS systems, including determining the location of emergency medical bases and allocating ambulances, helps improve service performance. This chapter explains the methodology and empirical results of mathematical modeling and simulation-based optimization approach to identify the optimal location of emergency medical centers and assign ambulances to the selected centers to maximize survival rate and minimize the total cost of the EMS system. A case study of the city of Isfahan (Iran) is presented to demonstrate the applicability and efficacy of the explained approach. The simulation-based optimization model was implemented in four selected municipal regions of Isfahan to obtain an appropriate design for emergency center locations and ambulances allocation with 3 types of patients (classified by the urgency of help required) and 2 types of ambulances. Six scenarios were defined to simulate the model in a dynamic environment and measure the survival rate and the total cost of each scenario. In view of the survival rate and costs, data envelopment analysis (DEA) was then used to rank scenarios and select the best ones. The patient type was found to have a significant effect on the DEA rankings of the different input scenarios. Analysis across scenarios shows that adding portable stations in the regions that have the highest % of urgent patient calls can help increase the survival rate at a lower cost
Board characteristics and corporate governance: a historical review of the banking industry
No full textThis chapter critically discusses how bank governance has evolved in academic research. This chapter differs from other literature reviews of the bank's corporate governance in two main points. First, we only survey the board governance to highlight a specific aspect of the bank's corporate governance. Second, this is a historical review that places the literature by the year of publication in a historical context. As presented, the topics that emerged in the M&A and banking consolidation in the 1990s expanded to financial stability in the post-financial crisis of 2008 and recently concerned economic sustainability issues. In addition, contributions in the historical review go beyond the history of corporate governance and motivate us to complete this paper. We show how the 2008 financial crisis impacted the evolution of the literature on the bank's board governance and identify the likely directions for future research
Essais sur la concurrence sur le marché des biens et des services
No full textL’objectif de cette thèse est d’étudier le rôle que joue la concurrence sur le marché des biens et services dans la prise des décisions ainsi que sur la valeur de la firme. En particulier, elle met l’accent sur l’impact de la pression concurrentielle sur le choix de la source de la dette, l’efficience des décisions d’investissement dans le capital humain, et le coût des fonds propres. Cette thèse est organisée en trois essais.Dans un premier essai, nous nous intéressons à l’effet de la concurrence sur le marché des biens et services sur la prise des décisions de financement, et particulièrement le choix de la source de la dette. À partir d’un échantillon de 3 831 entreprises américaines cotées au cours de la période 2001-2013 et en utilisant une nouvelle mesure de concurrence reflétant les menaces concurrentielles qui pèsent sur les entreprises, nous constatons que les entreprises faisant face à une concurrence accrue ont moins tendance à recourir à la dette bancaire. Ce résultat soutient l’hypothèse que la concurrence joue un rôle de gouvernance efficace qui, par conséquent, peut être substitutif à la fonction de surveillance et de contrôle des prêteurs bancaires. De plus, nos résultats montrent que l’impact négatif de la concurrence sur le recours à la dette bancaire est plus important pour les entreprises qui sont plus susceptibles d’être sensibles à la pression disciplinaire exercée par le marché, particulièrement les entreprises exposées à la pression concurrentielles et les entreprises ayant de sévères contraintes financières.Le deuxième essai examine l’impact de la concurrence sur le marché des biens et services sur l’efficience des décisions d’investissement des entreprises, et particulièrement l’investissement dans le capital humain, un sujet qui a été largement ignoré par les recherches antérieures. L’analyse empirique se base sur un échantillon de 18 957 observations durant la période 1998-2001. Les résultats montrent que l’intensification de la concurrence sur le marché des biens et services est négativement liée à l’efficience de l’investissement dans le capital humain. De plus, nous constatons que ce lien est plus important pour les entreprises risquées ainsi que les entreprises ayant des coûts importants associés à l’investissement dans le capital humain. Dans l’ensemble, nos résultats suggèrent que la concurrence sur le marché des biens et services augmente le risque de défaut des entreprises qui, par conséquent, réduisent leurs activités d’investissement, conduisant à un problème de sous-investissement dans le capital humain.Dans le troisième essai, nous examinons si la concurrence sur le marché des biens et services pourrait influencer la valeur de l’entreprise à travers son impact sur le taux de rentabilité exigé par les actionnaires, ou le coût des fonds propres. L’utilisation d’un large échantillon d’entreprises américaines cotées en bourse durant la période 1998-2013 montre que la concurrence sur le marché des biens et services a un effet négatif sur le taux de rentabilité exigé par les actionnaires. Les analyses additionnelles ont montré que cet effet négatif est particulièrement significatif dans les entreprises qui souffrent principalement d’une mauvaise gouvernance. Ce résultat suggère que la concurrence joue un rôle de gouvernance qui permet de discipliner le comportement discrétionnaire des dirigeants, notamment en les incitant à fournir plus d’effort pour protéger leur entreprise contre le risque de faillite. Par conséquent, ce rôle de gouvernance améliore les attentes des investisseurs à l’égard des perspectives futures de l’entreprise et réduit ainsi le taux de rentabilité exigé ou le coût des fonds propres.This dissertation investigates the effect of product market competition on corporate decisions and firm valuation. It is a collection of three essays. The first one examines the role of competition in driving the choice of debt source. Using a large sample of U.S. listed firms over the period 2001-2013, we show that product market competitive pressure is negatively associated with bank debt financing. This result is consistent with the view that competition plays an effective governance role that disciplines managers, and hence substitutes for the need to bank strict monitoring. In further analysis, we also show that the negative impact of competition on bank debt financing is stronger for firms with a higher exposure to competition and tighter financial constraints as they are more sensitive to external market discipline.The second essay explores whether product market competition matters for investment decisions, and more specifically labor investment decisions. To test our research hypotheses, we consider a large sample of U.S. listed firms over the 1998-2013 period and provide strong evidence that product market competitive pressure distorts labor investment efficiency. This result highlights the risk-increasing effect of competition. To the extent that firms in competitive industries have lower profit margins and higher bankruptcy risk, they are more willing to under-invest in labor in order to reduce labor costs and avoid further earnings declines. In addition, our cross-sectional tests show that the negative impact of competition on labor investment efficiency is intensified for firms with a higher exposure to competition, tighter financial constraints, and higher labor unionization rates.The third essay further investigates the implications of product market competition by examining its impact on the cost of equity capital which is viewed as one of the key considerations for managers in their investment and financing decisions. We employ a large panel of U.S. listed firms from 1998 to 2013 and find that firms facing intense competitive pressure have a lower cost of equity financing. Additionally, we show that the role of competition in reducing equity financing costs is more pronounced for firms with a higher exposure to competition and firms with poorer governance quality. Taken together, our findings suggest that product market competition serves as an external disciplinary mechanism that improves investors’ beliefs in the stock market, hence leading to a lower cost of equity capital
The ability of Altman's Z"-score model to detect the economic distress of Kazakh banks.
Full text linkThis study contributes to the literature by evaluating the ability of Altman's Z"-score model to predict the economic distress of twelve Kazakh banks over the period of 2008 to 2014. The original Z"-score model, with a cut-off point implied by Altman (2005), produces a prediction accuracy ratio of 44.05% and correctly classifies 76.19% of the observations originally assigned to the economically distressed group. The study then re-estimates the model using three approaches, namely: the "leave-one-out", Direct and Wilk's methods, and identifies new, optimal cut-off points for the re-estimated models. The re-estimated models, together with the new, optimal cut-off points, improve the prediction accuracy ratio to 70% and correctly classifies over 90% of the observations originally assigned to the economically distressed group. The results imply that the Kazakh banking regulators and other market participants could use the Altman's Z"-score model to detect economically distressed banks
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