Finance and Financial Management Commons^™

Millennials’ Willingness To Payfor Socially Responsible Investmentand Its Institutional And Individual Antecedents – Evidence From Italy, Poland, And Ukraine, Anna Doś, Monika Foltyn-Zarychta, Matteo Pedrini, Iryna Shkura

Journal of Banking and Financial Economics

The readiness to sacrifice profit while making socially responsible investments among millennials, as future investors and managers, was examined. Specifically, a multi-level perspective on willingness to pay for socially responsible investment was assumed to understand how nationality, personal values and investment knowledge affect millennials’ readiness to sacrifice profit to achieve sustainability goals. Using survey data of 521 business students from Italy, Poland and Ukraine, it is showed that a considerable share of millennials prefer social and environmental performance of investment over financial return and that their nationality is the most powerful factor in explaining willingness to pay for socially responsible …

Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We study whether abstract thinking – an essential cognitive trait established by psychological and neuroscientific studies – facilitates analysts’ information processing. Exploiting analysts’ questions during earnings calls, we construct an Abstract Thinking Index (ATI) that measures their tendency to involve abstract words, logical reasoning, broader topics, and future outlooks. We find that abstract thinking improves analysts’ forecast accuracy and recommendation informativeness. Consistent with abstract thinking featuring identifying central characteristics and comprehending intangible things, ATI has stronger effects for firms with fundamentals co-moving more with peers and less tangible information. Additional analyses suggest that ATI captures analysts’ cognitive traits rather than …

What Drives The Value Of Financial Analysts’ Advice? The Role Of Earnings And Growth Forecasts, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

We offer a parsimonious index at the individual analyst level to measure the extent to which an analyst relies on earnings and long-term growth forecasts in producing her advice. Using this index, we evaluate the contribution of earnings and growth forecasts to the investment value of analysts’ stock recommendations. We find that the fraction of analysts’ advice attributed to forecasts varies considerably across analysts and sectors. The investment value of recommendations is higher for analysts who rely less on their forecasts and more on other sources of information when forming investment advice. Investors recognize the superiority of recommendations from analysts …

Do Hacker Groups Pose A Risk To Organizations? Study On Financial Institutions Targeted By Hacktivists, Mikko Samuli Niemelae

Dissertations and Theses Collection (Open Access)

Publication date: 5 September 2023

In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to …

The Cost Of Cheap Talk: How Campaign Promises And Default Contributions Affect Donation-Based Crowd Funding Success, Tianci Leon Qiu

Dissertations and Theses Collection (Open Access)

Non-profit organisations (NPOs) find it increasingly harder to engage donors and raise funds from the public. Post-pandemic: the emphasis on tactics to raise funds online through donation-based crowdfunding (DCF) platforms has surged in importance for both NPO survival and continued beneficiary aid. However, unlike equity-based crowdfunding platforms where campaign organisers are obligated to provide investors with tangible returns based on funding milestones, NPOs on DCF platforms do not have to adhere to any funding milestones or are beholden to any tangible obligations towards donors. Consequently, NPOs are greatly incentivised to deploy cheap talk – non-binding, unverifiable messages and claims to …

Macroeconomic Determinants Of Non-Performing Loans In Malaysia, Hui Ying Tan, Tuck Cheong Tang

International Journal of Management, Finance and Accounting

This study re-examines the macroeconomic variables those explaining the outstanding balance of non-performing loans (NPL) in Malaysia, namely interest rate, unemployment rate, output, and price level. It covers 11 financing sectors between commercial and Islamic banks, for examples, primary agriculture, electricity, gas and water supply, manufacturing, household sectors, and so on. The data covers monthly observations for the period 2019-2021. Given non-stationarity property in nature for the variables, the ordinary least square (OLS) estimator applies for the first-differenced variables. The empirical results show that higher output reduces overall NPL including of Islamic banks but is inelastic. The past NPL explains …

A Systematic Review: Risk Management Of Cloud Computing Projects In Healthcare, Muhammad Afif Fathullah, Anusuyah Subbarao, Saravanan Muthaiyah

International Journal of Management, Finance and Accounting

Cloud computing has become a major driver for innovation in this technological age. All sectors around the world have increasingly moved towards cloud adoption including the healthcare sector. However, cloud computing projects with other IT projects come with their own set of risks that could be costly for organizations if they materialized. This study aims to provide an understanding of the risks of cloud computing projects in healthcare by using a systematic literature review augmented by the constant comparison method.63 articles from five major databases written from the year 2010 to 2022 were reviewed as they are related to cloud …

Factors Affecting Customer Satisfaction On Online Shopping: An Empirical Study, Fong Yok Yan, Tan Booi Chen, Lau Teck Chai

International Journal of Management, Finance and Accounting

This paper examines the effect of website layout, privacy and security, customer experience, customer service, and product delivery service on online shopping satisfaction in Malaysia. With swift economic development and advanced digital technology infrastructure, online shopping in Malaysia is undergoing transformation. Businesses are advised to change their business operation towards digitalization. In this study, the survey link containing the questionnaire was sent to 300 respondents randomly via several online social media platforms. As a result, 257 responses were received with 85.67% of the response rate. Based on the findings from the multiple regression analysis, website design, customer experience, and product …

The Necessity Of Financial Literacy For Women Business Triumph: A Qualitative Study, Nur Iylia Syafiqah Binti Abdul Malik, Mohd Rizal Bin Abdul Razak, Al-Mansor Bin Abu Said

International Journal of Management, Finance and Accounting

Women entrepreneurs continue to be the torchbearers of society and nations in their pursuit of economic growth and social development through employment creation, innovation and poverty reduction. Nonetheless, financial literacy is an intangible resource that is required for growth, success, and long-term competitive advantage. However, a notable hindrance to the progress of women entrepreneurs is the absence of adequate financial literacy. The objective of this research was to ascertain the importance of financial literacy concerning the achievement of women entrepreneurs. In order to achieve the research objectives, a qualitative investigation was conducted, wherein interview data was gathered according to the …

Perceptions Of Islamic Banking Among Post Millennials: A Study On Muslim Students, Aysa Siddika, Abdullah Sarwar, Fouzia Khan

International Journal of Management, Finance and Accounting

This study aimed to understand the perception of Islamic banking among post millennials Muslim students and explore their expectations towards Islamic Shariah compliant banking. The study uses qualitative method to understand respondents’ subjective views. Semi-structured interviews are used among the Muslim students studying at public and private universities in Malaysia. Twelve students were selected using purposive sampling. The analysis revealed that religious motives, efficient services, and convenience in terms of online banking and ATM services are factors in bank selection. The study found that the students’ perceptions of their understanding of Islamic banking are not sufficient, and there is a …

Exploring The Role Of Technology In Brunei Darussalam's Public Sector During Strategy Implementation, Afiqah Amin

International Journal of Management, Finance and Accounting

The paper explores and isolates factors related to the role of technology during strategy implementation in the public sector. In pursuit of the objective, the actor-network theory (ANT) is used to explore the relationship between the entities in the public sector in using technology to implement strategy, which does not just involve the technical aspect but also the behavioural and organizational aspects. A qualitative exploratory study can better understand the role of technology infrastructure in the public sector by analysing the conceptions of organizational players that require technology to implement the strategy. Technology infrastructure in the public sector was perceived …

Managing The Nigerian Economy Through Fiscal Deficit, Umar Bala, Badamasi Salihu Uba, Adamu Yahuza Haruna

International Journal of Management, Finance and Accounting

This study examined how fiscal deficit, exchange rate, and inflation rate impacted the economic growth of the Nigerian economy from 1980 to 2019. The cointegration connection in the study was discovered using the autoregressive distributed lag (ARDL) bound test. The analysis found that, while inflation and the exchange rate have a positive and significant relationship with the Nigerian economy, the fiscal deficit has a negative but relatively insignificant effect on the country's GDP. The Nigerian government should stabilise the currency's external value and prevent it from falling in value in the short term. Such policies should be developed to encourage …

Organizational Fear: Barriers To Effective Performance Among Malaysian Fresh Graduates’ Employees, Leong Ling Ling, Chong Chin Wei, Muhammad Sabbir Rahman, Gan Geok Chew

International Journal of Management, Finance and Accounting

The aim of this research study is to determine the factors, i.e., childhood socialization, institutional socialization, cultural socialization, fear of workplace penalty and afraid of getting terminated from work of organizational fear that influence the effective performance among the Malaysian fresh graduate employees. Data were collected from 119 fresh graduate employees who have their jobs in their first year in organization and data was analysed by using statistical analyses. The findings show that all the factors (childhood socialization, institutional socialization, cultural socialization, fear of workplace penalty and afraid of getting terminated from work) have significant relationships with effective performance. Among …

Knowledge Mapping Of Board Governance Research: A Visual Analysis Using Citespace, Yawei He, Sunita Lylia Hamdan, Sellywati Mohd Faizal

International Journal of Management, Finance and Accounting

Based on the bibliometric and visualization analysis of relevant board governance research literature from 2003 to 2022, this study summarizes and outlines the knowledge structure, hot topics, and future research directions in the field of board governance. The research findings indicate that the publication volume in the field of board governance has shown an exponential growth trend, which highlights the increasing importance and research demand in this area. Company performance has become a critical topic in the field of board governance research. Furthermore, collaboration and communication among research institutions promote knowledge sharing and enhance the quality of board governance research. …

Mastering Consumer Conversion: Unveiling The Management Of E-Commerce Purchase Intentions, Anusuyah Subbarao, Nasreen Khan, Nirmaladevi A/P Suppiah

International Journal of Management, Finance and Accounting

The global market structure has undergone significant transformations due to the widespread integration of information technology. As a result, electronic commerce has emerged, propelled by technological advancements, and has established itself as a fundamental pillar of the digital economy. This research paper aims to provide a thorough analysis and evaluation of various scholarly works and studies concerning digital shopping and explore the factors that impact consumers' purchasing behaviour on e-commerce sites. The quantitative method was used to analyse the connection between price consciousness, trustworthiness, business competency with customer buying inclination, perceived convenience and effectiveness. The findings reveal that trustworthiness and …

Exploring Occupational Therapy’S Role In Foster Care: A Mixed Methods Study On Financial Literacy Education For Foster Youth, Ashley Carmichael, Karen Park

Summer 2023 Virtual OTD Capstone Symposium

Background: Foster youth are children under 21 years old who have been removed from their homes due to neglect or abuse and are susceptible to early adversity and trauma (Alternative Family Services, n.d.; AOTA, 2017). Financial literacy is the knowledge and skills to take control of finances (National Financial Educators Council, n.d.). In the foster care setting, occupational therapists (OTs) provide client-centered care that traditionally focuses on transitional life skills, such as seeking employment (American Occupational Therapy Association [AOTA], 2017).

Problem/Purpose: The lack of resources for foster youth to gain financial literacy skills leads to a disadvantage in …

Determinants Of Net Interest Margin For Banks Operating In Pales-Tine, Islam Abdeljawad, Ajyad Bahlaq

An-Najah University Journal for Research - B (Humanities)

The goal of this research is to identify the factors that influence the net interest margin (NIM) for Palestinian conventional banks. Palestine is a unique country with poor governance, political uncertainty, and regulatory insufficiency, adding higher information asymmetry to the decision-making process. The sample is comprised of unbalanced panel data from 15 commercial banks for the period 2011–2020. The research used a pooled OLS, a fixed-effect model, a random effect model, a robust pooled OLS, a difference GMM, and a system GMM estimators. Evidence collected supports that net interest margin is positively influenced by risk aversion, operating costs, and loan-to-deposit, …

Two Essays On Retail Trading, Qiqi Liang

Theses and Dissertations in Business Administration

Essay 1: Retail investors from the discount broker Robinhood swarm into stocks with pending earnings announcements and stay away from them immediately after the announcements. We study four competing explanations for this phenomenon: liquidity provision, informed trading, lottery preference, and attention-induced herding by noise traders. We find strong evidence that, immediately around earnings announcements, Robinhood investors’ behavior is primarily driven by attention-induced noise trading. Our results offer new insights into retail traders’ motivation for trading when they face heightened uncertainty from earnings announcements. Our study also goes beyond Barber et al.’s (2022) limited focus on the top 0.5% of the …

Cash Usage In Poland In 2020: Insights Into The Role Of The Covid-19 Pandemic And Spatial Aspects, Radosław Kotkowski, Arkadiusz Manikowski

Journal of Banking and Financial Economics

The study explores the factors likely to induce Polish customers to pay by cash, instead of payment cards, for goods and services they are purchasing. The basis of our investigation is microdata obtained in 2020, during the “Payment Habits in Poland in 2020” study, which was conducted by Narodowy Bank Polski (National Bank of Poland) in 2020. The analysis is performed using the two-stage Heckman approach. In the first stage, card adoption factors are analyzed using a probit model; then, in the second stage, the OLS model is employed to analyze the propensity to pay by cash, despite having a …

Women’S Empowerment And Gender Equality In Philippine Agriculture: The Role Of Education And Public Policy, Agnes R. Quisumbing, Hazel J. Malapit

DLSU Business & Economics Review

This paper draws on previous work undertaken as part of the Gender, Agriculture, and Assets Project Phase Two (GAAP2), the CGIAR Research Program on Agriculture for Nutrition and Health (A4NH), and the CGIAR Research Program on Policies, Institutions, and Markets (PIM). Funding support for this study was provided by the Millennium Challenge Corporation (MCC) [Grant number: MCC-16-GRA-0007], Bill & Melinda Gates Foundation (BMGF) [Grant number: INY-008977], and A4NH. This work would not be possible without the collaboration of the Philippines Compact Development Team (CDT), led by Josef Yap, who provided helpful comments at various stages of this research project. Celia …

Risk For Thai Children From The Covid-19 Pandemic: Quantitative Analysis, Amornrat Apinunmahakul, Sasatra Sudsawasd, Prasopchoke Mongsawad

DLSU Business & Economics Review

The impacts of the Covid-19 pandemic on Thai children’s educational outcomes are examined based on a two- step analysis. First, the economic impact of the pandemic on household income is quantified by incorporating simulated

macroeconomic variables from the CGE model into a household-level data set. Next, these microsimulation results, along with the Thailand Multiple Indicator Cluster Survey data, are examined to identify the negative impact on children’s educational outcomes, using a binary logistic model. The result confirms the negative impact of Covid-19 on household incomes in all income classes. Unfortunately, households with children are hit harder than others in the …

Language And Economic Behavior Among Filipino Bilinguals: Two Studies In Honor Of Tereso S. Tullao, Jr., Gerardo L. Largoza, Emmanuel M. Garcia

DLSU Business & Economics Review

We report the results of two studies motivated by Tereso S. Tullao, Jr.’s conviction, first articulated nearly four

decades ago, that language matters in economic decision-making. In Study 1, following Chen (2013), we estimate a fixed- effects logit model on Wave 6 of the World Values Survey, and find that speakers of Cebuano (a “tenseless” language that only weakly distinguishes between present and future), are more likely to save than speakers of Tagalog (whose grammar clearly distinguishes between present and future). In Study 2, we conduct a large-scale dictator game experiment among 480 low- income students and find an unusual …

A Pedagogical Note On Linear Regressions, Andrew Adrian Yu Pua

DLSU Business & Economics Review

No abstract provided.

Quality Of Growth And Poverty In Low Income Countries: The Role Of Manufacturing, Raul V. Fabella, Sarah Lynne S. Daway-Ducanes, Geoffrey M. Ducanes

DLSU Business & Economics Review

Both the Millennium Development Goals (MDGs) which ended in 2015, and its replacement the Sustainable Development Goals (SDGs) of the United Nations which will end in 2030, target the eradication of poverty. The 2020 Covid pandemic has seriously worsened poverty incidence in many low income countries, and recovering lost ground is paramount. As low income economies try to establish a new normal, they need to aim not only for higher overall economic growth but also for a higher quality of economic growth for improved inclusion outcome. Higher quality means more inclusion per unit growth. We discuss how for the same …

The Effects Of Economic Fluctuations On Health Care Expenditures Of Iranian Households Using The Dsge Model, Hamid Reza Izadi

DLSU Business & Economics Review

The health sector is a very important field that has attracted policymakers’ attention due to its high importance. Such importance is more understandable when we know that health improvement results in human capital enhancement through the accumulation of health capital. Given existing economic shocks, the effectiveness of the health and Care services sector has led to changes in household expenditures and consumption patterns, especially those on health and care; and this can cause long-term damage to the household, and the economy in general. Considering that health is both a consumer and an investment commodity, any negative economic shock that leads …

Examining The Inclusiveness Of Philippine Growth From 1991 To 2015: The Role Of Household Human Capital Inequality And Source Of Growth, Geoffrey M. Ducanes

DLSU Business & Economics Review

Defining inclusive growth as growth that has benefited the households who have the lowest human capital levels, this study examines the inclusiveness of economic growth in the Philippines in the past two decades. Combining information from the Labor Force Survey and Family Income and Expenditures Survey for various years, including a panel of 6,500 households from 2003 to 2009, this study classifies households into ordered groups based on human capital level, then compares the performance of the various groups in terms of various employment, income, and expenditure outcomes over time. It finds the evidence to be mixed, although the weight …

The Impact Of Proportional Remittances On The Macroeconomy: Analysis From An Overlapping Generations Model For The Philippines, John Paolo Rivera

DLSU Business & Economics Review

The discourse on micro-foundations linking microeconomic and macroeconomic principles to establish relationships in macroeconomic models have been increasing, one of which is through an Overlapping Generations Model. From its standard form, it has been extended to incorporate migration and remittances. We contribute to the discussion by introducing proportional remittances in the model and trace its effects on the trajectory of aggregate income, consumption, capital stock, and factor prices. Calibration results showed that increases in proportional remittances induce higher aggregate income, consumption, and capital accumulation paths, albeit varying degrees with respect to the elasticity of substitution between current and future consumption. …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Seeking Better Sharpe Ratio Via Bayesian Optimization, Peng Liu

Research Collection Lee Kong Chian School Of Business

Developing an excellent quantitative trading strategy to obtain a high Sharpe ratio requires optimizing several parameters at the same time. Example parameters include the window length of a moving average sequence, the choice of trading instruments, and the thresholds used to generate trading signals. Simultaneously optimizing all these parameters to seek a high Sharpe ratio is a daunting and time-consuming task, partly because of the unknown mechanism determining the Sharpe ratio. This article proposes using Bayesian optimization to systematically search for the optimal parameter configuration that leads to a high Sharpe ratio. The author shows that the proposed intelligent search …

An On-Ramp To Financial Inclusion: Measuring The Impact Of Mercy Corps' Community Investment Trust Program On Minority Investors, Lexi Yokote

University Honors Theses

Mercy Corps' Community Investment Trust (CIT) was launched in 2017 as a low-risk real estate investment and education initiative. The program is now working to replicate this in cities across the United States. However, it has not been able to collect much feedback from existing investors about their experiences and needs. This paper will use primary and secondary research in the form of a literature review and original surveys to collect information about investor demographics, attitudes toward the CIT and investing, risk perceptions, and future investment plans. The results show that U.S.-born versus foreign-born status, ethnicity, and gender affect the …