Finance and Financial Management Commons^™

Vocational Education And Training (Tvet) And Its Impact On The Employment Prospects Of The Als Graduates, Martha Joy J. Abing, Mitzie Irene P. Conchada

DLSU Business & Economics Review

The pressure for technical-vocational education and training to deliver skilled and competent laborers has become a major concern in the labor market. As such, the strong desire to explore the effectiveness of TVET’s skills training programs remains. There is limited literature on the employability of the alternative learning system graduates in comparison to those graduates of the ALS program who did not pursue TVET. Using the dataset of the World Bank STEP Skills Measurement Household Survey for the Philippines, 2015-2016, this study seeks to determine whether completing TVET has significantly increased the employability of ALS graduates. Utilizing the method of …

A Review Of Climate Change And Its Financial Impact On The Transportation Sector, Ray Anthony L. Almonares

DLSU Business & Economics Review

In this paper, I review the existing literature on climate risks—both transition and physical—and their relationship with firm performance, with a specific focus on transportation finance. I find that the broad literature on carbon emissions and firm performance overlooks two critical characteristics of the global transportation sector: its heavy reliance on fossil fuels and the international scope of its operations. As a result, the conclusions drawn from this body of work may not be directly applicable to global transportation companies. Furthermore, I examine existing studies on extreme sea levels and the global maritime transportation sector, noting that these studies have …

Democratization Of The Private Markets?, Colleen Baker, Christina M. Sautter

Faculty Journal Articles and Book Chapters

U.S. initial public offerings are declining and the amount of private market assets under management are exploding. Simultaneously, the number of retail investors opening taxable brokerage accounts is increasing. Private market assets are hot. Everyone–both institutional and retail investors–wants in on the action. Yet considerations such as financial resources and U.S. securities laws make such investment less accessible for many retail investors. In this short article, we explore this changing investment landscape and, specifically, one development within this craze: retail investments in private company shares via closed-end funds (or CEFs).

Recently, CEFs like ARK Venture Fund and Destiny Tech100, Inc. …

Ai And Personal Finance: Evaluating Rules Of Thumb Generated By Chatgpt, Jing Jian Xiao, Kexin Meng

Human Development and Family Science Faculty Publications

Purpose – The purpose of this article is to evaluate the information quality generated by ChatGPT on rules of thumb in personal finance.

Design/methodology/approach – Prompts were developed to ask ChatGPT questions regarding rules of thumb in personal finance. After several iterations, we selected seven rules of thumb and asked ChatGPT to provide more in-depth information. The information was evaluated by checking its accuracy and validity based on relevant peer reviewed journal articles.

Findings – We found both advantages and limitations of using ChatGPT for information search. The advantages include its speed of information generation, width of topic generation, adaptivity …

Relationship Between Financial Literacy And Financial Behavior Among Seventh-Day Adventist Full-Time Pastors In The North American Division Of The Seventh-Day Adventist Church, Edwin G. Romero

Dissertations

Problem

This investigation intended to examine the relationship between the financial literacy components of full-time pastors and their financial behavior components. Many pastors struggle with their finances and often retire unprepared due to having inaccurate or incomplete knowledge of relevant financial information and planning strategies.

Method

This study adopted a quantitative, descriptive, and correlational approach to investigate the financial and demographic characteristics of pastors. The questionnaire completed by participants was the financial literacy questionnaire developed by Stella et al. (2020), which helped measure general financial literacy among full-time pastors, and the Financial Management Behavior Scale (FMBS) developed by Xiao (2008) …

Market Reactions To Disruptions In The Aerospace Industry: An Event Study Analysis Of Abnormal Returns And Corporate Resilience, Rose L. Lauture

Doctoral Dissertations (DBA)

This study examines the effects of component failures, regulatory actions, and safety violations on stock returns and market volatility in the U.S. aerospace sector. Using FAA incident reports, WRDS market data, and corporate disclosures, the analysis combines event study methodology with ARCH/GARCH volatility models and a multiple regression approach. The results reveal that while incident frequency does not significantly affect stock prices measured by abnormal returns, firm-specific financial indicators—such as cash holdings and book-to-market ratio—play a substantial role. The study highlights the limited explanatory power of traditional regression models and calls for the inclusion of market risk and investor sentiment …

Performance Auditing Trends At A Supreme Audit Institution: Uk National Audit Office, 1999 To 2021, Amir Michael, Laurence Ferry, Bruce Mcdonald, Henry Midgley

School of Public Service Faculty Publications

Performance audits have become increasingly important across the world. Scholars know that a variety of practices are incorporated within performance audits and have mapped this diversity. However, few quantitative studies examine performance auditing as a practice. This study fills that gap. By analyzing the published performance audit documentation of the UK National Audit Office (NAO), the study explores the influences of governmental change and crises behind changes in a supreme audit institution's performance audit. It also examines whether performance audits are diverse by examining the language used by the auditors. The study provides evidence that neither crises nor changes of …

Budgeting For Social Equity: Exploring The (Nearly) Unknown, Bruce D. Mcdonald Iii, Sean M. Mccandless

School of Public Service Faculty Publications

Public administration has become increasingly concerned with social equity, particularly in budgetary processes. Local governments have adopted so-called equity budgeting practices, yet little is understood about how and why they are adopted; what budgeting practices are deemed social equity budgeting versus traditional budgeting; what is required to adopt and implement social equity budgeting successfully; and how success is measured. We analyzed government and nonprofit documents on social equity budgeting, followed by interviews with local government budget directors serving “early adopter cities” of social equity budgeting practices. We developed a framework of social equity budgeting practices to link the findings regarding …

Innovation Reputation And Market Capitalization: The Moderations Of Firm Size, Industry, And Asset Efficiency, Arilova Randrianasolo, Alexey V. Semenov

Funded Scholarship

Purpose – This study investigates the utility of innovation reputation in boosting stock market valuations by examining the influences of firm size, industry and asset efficiency on the focal relationship.

Design/methodology/approach – The moderations were tested across two studies. Study 1 (N = 500) analyzed the influence of innovation reputation on market capitalization and the firm size moderation across manufacturing and service firms. Study 2 (N = 100) assessed the moderations of firm size and asset efficiency in high-vs low-innovation industries.

Findings – Results indicate that innovation reputation significantly predicts market capitalization, with a stronger effect for larger firms. This …

Pan-Caribbean Airlines: Unlocking Regional Aviation Potential, Dimitrios V. Siskos, Alexander Maravas, Jordan Karatzas

Publications

The Caribbean's air transport system is facing significant challenges, including operational fragmentation, excessive costs, and inadequate inter-island connectivity. These challenges limit its ability to support the region’s heavily tourism-dependent economies. This research evaluates whether consolidating small Caribbean airlines into a single or virtual Pan-Caribbean carrier could transform regional air travel. Based on financial analysis, historical traffic data, and case comparisons with airline mergers in South America and the US, the paper simulates the anticipated efficiencies resulting from route consolidation, fleet standardization, and common operational services. The research concludes that consolidation may create a regional GDP impact of up to $3.3 …

Ethical Imperatives For Rational Paternalism In Advisor-Client Relationships, Igor A. Zey

Antioch University Dissertations & Theses

This study seeks to understand the role of ethics and rational paternalism in the practice of financial advising. A significant amount of research examines the effects of rational paternalism on the governmental and institutional levels. Very little research has addressed the issues associated with rational paternalistic behavior by advisors toward their clients. Investopedia (2013) focuses on advisors’ ethics and moral responsibilities, underscoring the ethical standards clients should expect from their financial advisors. However, practically none of the literature examines the ethics, morals, and practical aspects of individual paternalism. In response, this study examines the concept of rational paternalism in advisor-client …

Personal Finance – Emerging Issues And Trends. Opening Remarks, Katarzyna Kochaniak, Witold Gradoń

Journal of Banking and Financial Economics

Personal Finance – Emerging Issues and Trends. Opening Remarks

Social And Commercial Crowdfunding Through The Lens Of The Theory Of Planned Behaviour And Financial Well-Being, Joanna Adamska, Urszula Mrzygłód

Journal of Banking and Financial Economics

A unique feature of crowdfunding is that it relies on numerous individuals contributing financially to the project, which sets it apart from traditional financing channels. Unlike banks, where funding decisions are subject to strict prudential criteria and the creditworthiness of the borrowing entity, crowdfunding projects appeal to various worldviews and values held by potential backers. Therefore, the financial decision to support the crowdfunding project becomes a unique problem in personal finance. This study aims to analyse the psychological and financial factors influencing crowdfunding participation, comparing social and commercial projects using the Theory of Planned Behaviour (hereinafter: TPB) and subjective financial …

Ijv Announcements And Shareholder Value Creation: Do Industrial Diversification And Relatedness Matter?, Kin Yip Ho, Zhaoyong Zhang, Lanyue Zhou

Research outputs 2022 to 2026

Purpose – This study empirically examines how industrial diversification and partner business relatedness influence shareholder value, focusing on US multinational enterprises’ (MNEs) worldwide joint venture (JV) announcements, with particular emphasis on East Asian economies. Design/methodology/approach – Drawing on theories from finance, strategic management and international business, we apply a standard event study methodology and employ three parametric and nonparametric tests (i.e. the Patell Z-test, the rank test and the generalized sign test) to assess the impact. We calculate abnormal returns (ARs) as the difference between actual and expected returns and average them across firms to obtain the average AR for …

Does Capital Structure Mediate The Relationship Between Corporate Governance Compliance And Firm Performance? Empirical Evidence From Pakistan, Irfan Haider Shakri, Jaime Yong, Erwei Xiang

Research outputs 2022 to 2026

Purpose: The purpose of this study is to examine how capital structure mediates the effects of corporate governance (CG) compliance on firm performance (FP) in the context of a developing market experiencing significant reforms to its governance landscape. Design/methodology/approach: An index was built to measure firm-level compliance with Pakistan’s code of CG. Several robustness checks were performed, including alternate proxies of dependent and independent variables, using additional control variables and considering the Global Financial Crisis period. To address dynamic effects and endogeneity, several identification strategies were used: a leading dependent variable, fixed effects model, generalised method of moments model and …

Entrepreneur's Family Status, Strategy, Performance, Zdenka Cumano

Electronic Theses and Dissertations 2020 - Present

This research aims to illuminate the relationship between marital status and entrepreneurial performance among entrepreneurs, focusing on the implications for female entrepreneurs. While existing studies have predominantly examined gender-related challenges, such as disparities in access to financial and social capital, the role of marital status has received limited attention. Drawing on Becker’s seminal work (1965, 1974) on time allocation and human capital investment, this study argues that entrepreneurs face distinct risks and resource constraints compared to employees, who benefit from organizational risk-sharing and stable income. In contrast, entrepreneurs bear the full burden of market uncertainty and opportunity costs, making personal …

Correlate Of Savings Attitude And Generational Poverty As Mediated By Financial Literacy: Evidence From Ghana, Adu Bismark Owusu-Sekyere, Williams Kwasi Peprah [email protected]

Faculty Publications

This study examines the mediating role of financial literacy between savings attitudes and generational poverty in Ghana. Generational poverty is a significant issue in Ghana, with a multidimensional poverty rate of 45.6% and a consumer expenditure poverty rate of 23.4%. The problem persists due to low financial literacy and poor savings attitudes, which hinder economic growth and development. The research employed a quantitative methodology, utilizing a series of regression analyses to test the mediation effects of financial literacy. A correlational design was adopted to assess the relationships between the variables. The study’s population included 400 individuals from the five regions …

Artificial Intelligence Innovation And Stock Price Crash Risk, Junru Zhang, Chen Cui, Chen Zheng, Grantley Taylor

Research outputs 2022 to 2026

This study examines the association between artificial intelligence innovation (AII) and stock price crash risk (SPCR). AII serves as a governance mechanism that can bolster strength in internal controls, leading to increased financial transparency and thereby reducing the likelihood of future SPCR. The results hold after accounting for possible endogeneity issues Further, we find that monitoring through corporate governance mechanisms, level of following by equity analysts, and the reduced information asymmetry constitute important channels that mediate the association between AII and SPCR. Additionally, the relationship between AII and SPCR varies across corporate life cycle stages and workplace culture.

Partner Performance Evaluation, Disclosure Of Key Audit Matters, And Audit Quality, Shenghua Chen

Dissertations and Theses Collection (Open Access)

Transparency of information and audit quality are crucial for the efficiency and stability of the market. The disclosure of key audit matters has become an essential part of audit reports, yet there remains widespread debate regarding the role of key audit matters. This study finds a significant positive correlation between the extent of key audit matter disclosures and audit quality. Detailed disclosures can enhance information transparency, strengthen auditors’ sense of responsibility, and reduce information asymmetry. However, over-templating may have negative effects on audit quality, leading to a lack of personalized judgment by auditors. Additionally, this paper suggests that the partner …

Digital-Only Banks – Retail Banks For Retail Customers Only?, Katarzyna Schmidt-Jessa, Maciej Stradomski

Journal of Banking and Financial Economics

This paper explores how traditional banks perceive digital-only banks and the potential impact of digital-only banks on the retail segment of the banking sector. To obtain the main goal, we conducted in-depth semi-structured interviews with managers and directors representing different traditional banks with profound insight into the bank digitalisation process. The results indicate that, for traditional banks, the development of digital-only banks does not pose a threat or challenge that can significantly undermine their business. A high level of user experience, innovativeness, and lack of obsolete processes and technologies are the main advantages of digital-only banks that attract retail customers. …