Finance and Financial Management Commons^™

Islamic Banks' Decomposed Financing And Industrial Output Growth In Pakistan, Sadia Yasmin, Mohammad Ayaz Dr

Business Review

Abstract

Finance is considered as "the lifeblood of an economy" and imperative to a country's growth and stability. However, this perception has been called into two propositions, "More finance more growth "and "Does too much finance harm economic growth”? Existing literature considered only a single indicator i.e. total financing, assuming all financing has the same effect on growth. Furthermore, these studies also overlooked the nonlinear dynamics of Islamic decomposed financing and sectoral growth. As the composition of every economic sector is different, therefore financing can impact differently. This gap is covered in this study by decomposing Islamic financing into Islamic …

Essays On Tax Impacts On Corporate Finance, Corporate Governance And Regional Disparity, Mei Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics on tax impacts on corporate finance, regional disparity and corporate governance.

Chapter 1 - How Do Net Operating Loss Carryforwards Affect Tax Impact on Corporate Capital Structure? This paper examines the impact of net operating loss (NOL) carryforwards on the tax implications of corporate capital structure. Leveraging the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax reform in four decades, this paper investigates the effect of NOL carryforwards on firms' sensitivity to tax reforms. As NOL carryforwards have become increasingly significant since 2000, but not widely researched due …

2021-2022 Accounting Practicum: A Sequence Of Financial Accounting Case Studies, Virginia Barksdale

Honors Theses

The following set of financial accounting case studies represents two semesters of work under Dr. Victoria Dickinson at the University of Mississippi’s Patterson School of Accountancy. As is customary for the Honors Accounting Practicum, subjects covered included current events – e.g., the anniversary of 9-11 and the COVID-19 pandemic – as well as the conceptual frameworks of different financial accounting disciplines. Some cases were more research focused while others involved specific deliverables relevant to the topic of the week. All case studies required the integration of knowledge from past coursework with the knowledge gained through the cases themselves. The work …

Clearfield Inc: A Financial Analysis Report, Logan Zajac

Dissertations, Theses, and Projects

Clearfield Inc is a manufacturer and distributor of telecommunication equipment, mainly Fiber. The firm is headquartered in Brooklyn Park, MN with an office and manufacturing plant. Additionally, Clearfield has operations in both Mexico and Finland. The firm provides work for approximately 407 full-time employees and is owned by 277 shareholders.

A thorough analysis of the Company using a benchmark, Cambium Networks Corp, showed that Clearfield Inc is a high-growth firm, with the most recent sales growth of around 90%, with expectations of more growth and expansion. Qualitative characteristics and historical financial statements point to great overall past and future performance.

The Role Of Disclosure In Defi Markets: Evidence From Twitter, Amanda Aw Yong

Dissertations and Theses Collection (Open Access)

Decentralized Finance (DeFi) platforms use self-executing smart contracts to provide financial services and are programmed to automatically post all transactions on the public blockchain. Notwithstanding this public availability of blockchain information, DeFi platforms also aggregate these transactions and disclose the summarized blockchain information on their Twitter accounts. This paper studies whether and how voluntary disclosure of blockchain information plays a role in the transparent DeFi market. I find that the number of blockchain-related tweets is associated both with an increase in the platform’s Total Value Locked (TVL) and with an increase in the unique number of platform users. The relationship …

Financial Advising Experience, Joshua Wittenauer

Finance Undergraduate Honors Theses

Building wealth can be easier with the help of a financial advisor. Wealth consists of assets and savings, and while there are many ways to save, there are some basic steps to get started:

1) Earn enough money to live and have some left over for saving. 2) Control your spending so you can save. 3) Invest your money in different assets – “Don’t put all your eggs in one basket.”

Northern Oil & Gas Strategic Audit, Jacob Hansen

Honors Program: Senior Projects (Public)

Northern Oil & Gas is an energy company that operates in various basins across the United States. The company utilizes a non-operating model, meaning it does not drill wells or operate rigs, but rather partners with operators and acquires fractional working interests in drilling units. This report seeks to understand Northern Oil & Gas’ business model by examining its competitive strategy, advantages, and resources. Internal and external environmental factors are also analyzed using both PESTEL analysis and Porter’s Five Forces. In addition, key challenges facing the company are explored and recommendations are given on how Northern Oil & Gas can …

The Collapse Of Lehman Brothers And The Economic Fallout, Mark Kuykendall, Lauren Leroy

ATU Scholars Symposium

This research paper analyzes the causes and effects of the bankruptcy of the investment banking company, Lehman Brothers. We examined the economic and financial conditions of the business leading up to the collapse, what they truly were and how that differed from what investors were misled to believe. We will also explain the falsified financial statements and show how they deceived investors, along with the accounting ethics and rules that were violated. We also discussed the economy after the collapse and how it affected not only investors, but others outside the company as well.

Fraud And The Audit Expectation Gap, Samuel Pelumi Olatunde

Honors College Theses

This study seeks to explore the expectation gap Georgia Southern University business and non-business majors have toward the work of an auditor. This study aims to assess the understanding of Auditors' responsibility for preventing and detecting fraud. This study will help assess the roles of an auditor, a forensic accountant, and management in fraud detection and prevention. The study will also highlight the importance of equipping students with accounting knowledge relevant to the business environment. The research for the study is conducted through a survey questionnaire and interpreted with Excel software. The hypothesis is that students that are majoring in …

Analyzing The Value, Function, And Regulation Of Cryptocurrency, Joshua Ide

Senior Honors Theses

Cryptocurrency is an emerging asset in the financial field designed to act as an alternative medium of exchange to fiat currency. The researcher explores the value, function, and regulation of cryptocurrency to explain the complex system and provide insight into the asset’s prospects. The conclusion indicates that cryptocurrency has a wide variety of uses beyond traditional currency transactions. It also indicates that the recent downturn in the cryptocurrency market is correlated to the drop in the stock market that began in 2021 and is prolonged by economists’ fears of a recession in 2023. Future research should monitor whether the cryptocurrency …

The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano

Electronic Theses and Dissertations

Internal auditors assigned to assess internal controls over financial reporting incorporate irrelevant information into their judgment, showing decreased skepticism when irrelevant information contradicts preconceived stereotypes of management, known as the dilution effect and attributed to the representativeness heuristic. Irrelevant information consistent with preconceived stereotypes does not decrease skepticism. In this experiment practicing internal auditors are provided an irrelevant description of the Chief Information Officer portrayed as either gregarious or introverted then subsequently receive relevant internal controls information. When the Chief Information Officer is described as gregarious, counter to common stereotypes, internal auditors assess risk as less likely to occur compared …

Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg

Dissertations, Theses, and Capstone Projects

Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …

Accounting Reporting Complexity, Audit Engagement Partner Mandatory Rotation, And Audit Quality, Clement Chen, Zhenfeng Liu, Wenye Tang, Ling Tuo

Accounting Faculty Publications

This paper investigates the influence of a firm's accounting reporting complexity (ARC) on financial statement audit quality. We predict and find that there is a non‐linear relationship between a firm's ARC and audit quality. Specifically, a more complex accounting environment—measured by ARC—leads to higher quality audits, but this effect diminishes when ARC continues to increase. Further analyses reveal that the effect is more salient among client firms that do not purchase non‐audit services (NAS). We also examine whether ARC affects audit quality in the circumstance of mandatory audit partner rotation. Empirical results show a moderating effect of ARC on the …

Executive Option Mix And Firm Litigation Risk, Andrew Cohen

CMC Senior Theses

Compensating executives with stock options creates incentives for executives and aligns their goals with shareholders. When examining specific components of equity-based compensation, stock options have a larger incentive effect on executives compared to stock awards as options are priced as a function of stock volatility. Since the option incentive effect is more profound than the stock incentive effect, executives may take on more risk. The relationship between firm risk and litigation can be demonstrated by the pricing of directors’ and officers’ liability insurance, which protects them from the costs of litigation. The purpose of this study is to examine the …

Listed Private Equity Returns: The Forecasting Power Of Premiums And Discounts, Daniel Krasemann

CMC Senior Theses

In this paper, I assess the ability of premiums and discounts to predict future listed private equity returns. I hypothesize that the premiums and discounts of the net asset value of the listed private equity funds with monthly lags hold forecasting power. I use four distinct listed private equity indices and their respective NAV P/D values for my research. To ensure my analysis is realistic in scope, I incorporate a variety of macroeconomic variables that have been proven to influence listed private equity returns. I structure my time-period analysis around the 2008-09 financial crisis. I generally find that a two-month …

The Impact Of Private Equity Investment On The Market Performance Of Listed Companies On The A-Share Market In China, Mengyu Zhan, Sorasart Sukcharoensin

DLSU Business & Economics Review

This study aims to analyze all the Chinese Initial Public Offerings (IPOs) during 2010–2014 and follow their performance for five years. The study particularly tests the competing hypotheses on the role of Chinese private equity. The sample includes 916 firms that operate continuously for five years after IPOs to provide additional evidence on long-term performance. The results using the BHARs method indicate that private equity-backed IPOs tend to have significantly higher initial returns than non-PE-backed ones during three years of listing, supporting the screening and monitoring effect hypothesis in China’s capital market. After three years, the market performance of PE-backed …

Explicating The Influence Of Religion In Forming Corporate Governance: Insights From The Philippines, Leveric Tan Ng, John Paolo Rivera

DLSU Business & Economics Review

Religion plays a role in shaping personal values and directing an organization’s moral filter. It is an avenue to impose social morality that may impact corporate governance. We examined the influence of religion in the formation and development of good corporate governance through ethical leadership in the Philippines – a country that has strong religious culture. In validating scholarly literature on religion and enterprise, we looked into the conception and interpretation of religion and corporate governance through a key informant interview of 30 executive directors from private corporations in the country. We found that corporate governance may arise from religious …

Power Asymmetry In Ongoing Business Relationships, Mdarhri Alaoui Saâd, Amine Noureddine

DLSU Business & Economics Review

Firms enter into partnerships to improve their competitive position, create and appropriate superior value, and increase their effectiveness and efficiency. Although balanced relationships (in terms of power and equitable value sharing) between the two partners exist, many researchers argue that these ideal relationships are not the norm and that asymmetry of power and unequal distribution of benefits are a reality of current business-to-business relationships. This study examines how power asymmetry affects the relationship climate in general and partner attitudes and behaviors in particular. Specifically, this study focuses on the sources of power exercised and how these impact value creation appropriation, …

Inequality, Oligarchy, And Dynasty, Ronald U. Mendoza

DLSU Business & Economics Review

Although some scholars frame inequality as a necessary step towards economic growth, this paper highlights its double- edged nature by examining oligarchy and dynasty as elements of inequality in the Philippine context. The best way to

ascertain whether inequality can be advantageous for development is to examine how it shapes the context that it works in. The presence of political dynasties is then evaluated based on their impact on patterns of leadership in the country, whereas business oligarchs are assessed by their influence over the structure of the economy. The paper concludes with a three-point agenda to address the root …

Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences, Amber N. Daniels

Doctor of Business Administration Dissertations

To provide citizens with transparent financial information regarding the health of their respective districts, local government unit leaders must furnish governmental audit reports in a timely manner. Further, for management to effectively implement auditor suggestions for improvements, leaders must have accessibility to timely audited information. Many governmental units in the state of North Carolina have demonstrated significant lags in reporting timeliness and often miss state-mandated deadlines. Therefore, this research utilized ordinary least-squares regression to estimate the effects the variables representing report message and managerial competency, accountability, and audit environment groups had on the time required for each unit to file …

Source Credibility In The Community Service Of Financial Literacy For Indonesian Vocational School Students, Neneng Salmiah, Afred Suci, Rita Wiyati

ASEAN Journal of Community Engagement

This paper examines the credibility of source persons for community service projects in improving financial literacy for vocational school students in Indonesia. Improving financial literacy among Indonesian youth is a long-term effort that requires multi- collaboration between the government, financial institutions, educational institutions, NGOs, and other stakeholders. Despite its substandard position to Singapore, Myanmar, and Malaysia, Indonesia’s financial literacy proficiency has improved significantly—one of which—after being catalyzed by the government’s cooperation with higher education institutions through community service programs. However, amid these improvements, greater attention must be given to capital markets, whose literacy level is most deficient compared to the …

Nonprofit Leader Strategies For Revenue Growth And Financial Sustainability, William David Woods

Walden Dissertations and Doctoral Studies

Nonprofit leaders must ceaselessly endeavor to become more entrepreneurial by accumulating strategies for growing organizational revenue and promoting financial sustainability when charitable contributions cannot fund their business operations. The failure to obtain charitable contributions can lead to nonprofit closure. Grounded in behavioral portfolio theory, the purpose of this qualitative single case study was to explore strategies a leader of a small Wisconsin nonprofit used to increase revenue and financial sustainability when charitable contributions were insufficient to finance business operations. Data collection included semistructured interviews; organizational documents and reports; financial records and reports; social media; and internet reports. Data were analyzed …

On The Volatility And Market Inefficiency Of Bitcoin During The Covid-19 Pandemic, Cesar C. Rufino

DLSU Business & Economics Review

The COVID-19 pandemic has been causing unprecedented economic downturn worldwide. As it wreaks havoc on every aspect of global economic activities, stakeholders are wondering how its impact can be quantified to craft viable responses. In the exotic field of cryptocurrencies, prior to the pandemic, everyone was excited about Bitcoin and its multitude of potentials. However, a day after COVID-19 was officially announced by the World Health Organization as a pandemic, the rate of return to Bitcoin dropped by an unheard-of one-day decline of -46.5%, and people started to rethink the prospects of Bitcoin. A day after this steep decline, Bitcoin …

Dynamic Connectedness In The Asean’S Equity Markets During The Covid-19 Pandemic, Yuthana Sethapramote, Suthawan Prukumpai, Lawrence B. Dacuycuy

DLSU Business & Economics Review

The COVID-19 pandemic unleashed shocks that triggered severe global economic contraction and spawned sizeable financial market fluctuations. This paper examines the dynamic connectedness between ASEAN stock markets and major global stock markets using the dynamic connectedness framework developed by Diebold and Yilmaz (2009, 2012). Empirical results reveal that ASEAN stock markets and other emerging markets have experienced higher spillovers from global equity markets during the pandemic than in normal times. In addition, the role of ASEAN region spillovers has increased significantly during the COVID-19 outbreak. This study contributes to the existing literature by investigating the extent of dynamic connectedness between …

Income Recovery Of Thai Workers From The Covid-19 Pandemic, Athakrit Thepmongkol, Amornrat Apinunmahakul

DLSU Business & Economics Review

This paper examines how COVID-19 and the resultant lockdown affected Thai workers and how their income has recovered as of the end of 2020. We conducted three phases of telephone surveys to track the income dynamics of Thai workers during the months of May, August, and November 2020. The initial COVID-19 impact on Thai worker income was enormous and very broad. On average, Thai workers’ income fell by 47.03%, and 69.7% suffered such a loss. Over the six months survey period, most Thai workers had just begun to stabilize their income, but only a few were actually able to recover. …

A Sector Prioritization Index With Carbon Emission Intensity Considerations, Krista Danielle S. Yu, Christine Alyssa P. Solis, Viknesh Andiappan

DLSU Business & Economics Review

Globalization has influenced the production processes. The varying degree of regulation on carbon emissions has caused some economies to continue with their production practices which can cause them to miss their commitments to international organizations. Previous literature has developed prioritization and vulnerability indices for sectors that account for the socioeconomic metrics, but they were unable to integrate the environmental effects that sectors generate. This study proposed a sector prioritization index with carbon emission intensity considerations to include the environmental effects based on a

multiregional input-output model. The results show that electricity sectors, services sectors, transport sectors, and energy- intensive industries …

The Role Of Public Investment In Pandemic Recovery, Aris Zoleta

DLSU Business & Economics Review

The goal of this study is to review the risk associated with increases in sovereign deficits and the role of public investment in pandemic recovery. The estimates of DSGE models show that fiscal authority provides more emphasis on debt to GDP than output and deficits. In addition, the stochastic simulation shows that increases in public investment do not limit the increases in private investment. And both public and private investment exhibit procyclical behaviors in the presence of government spending shock. Lastly, the output is more persistent during episodes of technology shocks than during an increase in government spending. The paper …

Nexus Of Innovation And Firm-Level Productivity: Evidence From Philippine Manufacturing Firms, Zandro M. Catacutan, Willington O. Onuh

DLSU Business & Economics Review

We examine firms’ propensity to engage in innovation activities and the impact of innovation on firm-level productivity in the Philippine manufacturing firms using comprehensive firm-level data from the 2015 World Bank Enterprise Survey. We use two main specifications: the probit model to assess firms’ propensity to innovate, and endogenous switching regression to evaluate the impact of innovation on productivity and address endogeneity issues. Our empirical findings suggest that the propensity of firms to engage in innovation is low and negatively affected by R&D intensity and capital intensity. We find evidence of beneficial effects for both product and process innovations on …

Cash Conversion Cycle And Investment Cash Flow Sensitivity, Ilker Yilmaz

DLSU Business & Economics Review

The purpose of this article is to investigate the effect of firms’ cash conversion cycle on their investments’ sensitivity to cash flows. Using the data of 167 energy companies from 2010 to 2019, we run dynamic panel regressions for the models based on the Euler equation. We employed a generalized method of moments (GMM) as the estimation technique. The analyses revealed two main results. The first is that there is investment cash flow sensitivity for the sample firms indicating the existence of financial constraints. The second is that the cash conversion cycle has a significant positive effect on investment cash …

Antecedents Of Investment Decision-Making In Mutual Fund: An Indian Perspective, Som Nath Paul, Rajesh Kumar Upadhyay, -- Ashimagarg

DLSU Business & Economics Review

The growth rate of investments in mutual funds is certainly the most significant phenomenon of present financial markets. Over the years, mutual funds have been a branch whose assets have now become the largest among other financial intermediaries. In this industry, which has focused its attention on marketing, its products have been cut to a wider population. The aim of the present research is to explore the relationship between risk perception and investment decisions in mutual funds. This study is also an attempt to explore the role of expected return in the investment decision of investors in the mutual fund …