Finance and Financial Management Commons^™

Chinese-Backed Fintech Lending Boom: How Did Indonesia Respond?, Angela Tritto, Yujia He, Victoria Amanda Junaedi

Diplomacy and International Commerce Reports

Peer-to-peer (P2P) online lending has the potential to boost innovation and financial inclusion in emerging markets, yet it can also incur investment and borrower-related risks, such as privacy breaches.

Driven by regulation control in China, Chinese investments flocked to Indonesia, causing a rapid expansion of online lending platforms.

Similar to what happened in China prior to the regulatory crackdown, the P2P lending boom in Indonesia saw a rise in unethical and illegal business practices. The government responded by creating new regulations and institutions to mitigate risks without stifling the potential for financial inclusion.

A proactive approach towards monitoring and regulating …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Review Of Human Resource Management (Hrm) Literature: A Bibliometric Analysis (1981-2019), Md. Abul Kalam Azad, Md. Abdullah Al Mamun, Naznin Akther, Golam Sorwar

DLSU Business & Economics Review

This study reviews Human Resource Management (HRM) literature by adopting a hybrid research approach - bibliometric analaysis and content analysis - on 1802 documents from the Scopus database. Results from the bibliometric analysis shows HRM research presence in the areas of data sciences, information technology, and organizational behavior. A content analysis of 100 articles exploresd five different streams of HRM literature: (1) safety issues, (2) HRM technology, (3) business model and HRM, (4) information and knowledge management, and (5) HRM and teamwork. This study works as a lens focusing on the construction of practical issues and concepts in HRM literature. …

Women On Corporate Boards: A Systematic Literature Review And Future Research Agenda, Nufazil Ahangar

DLSU Business & Economics Review

This paper provides a current systematic literature review of the literature on women on corporate boards. The focus is on both theoretical and empirical studies on women on corporate boards. The influence of women on corporate boards on a wide range of corporate financial and non-financial performance measures is likewise explained. Additionally, this paper also provides a broad overview of a number of antecedents affecting the appointment of women on corporate boards at multiple levels.

Analysis Of The Impact Of Dividend On Returns Based On Market Condition, Bernardus Yuliarto Nugroho, Ferdinand D. Saragih

DLSU Business & Economics Review

This study investigates the dividend’s impact on returns with profitability and free cash flow as control variables. The purpose of this paper is to analyze the effect of dividends on returns during both advancing and declining markets. The data utilized as the sample was gathered from non-financial companies listed on the Indonesian Stock Exchange from 2008 to 2017. The generalized least square method was used to analyze the impact of dividends on returns during advancing and declining markets. Variables used in this investigation are Dividend, Return, Beta, Market Capitalization, Book Value of Equity, Profitability, and Free Cash Flow. Results show …

Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Investigating The Impact Of A Conditional Cash Transfer On Adolescent Pregnancy: Incidence And Health Outcomes, Mitzie Irene P. Conchada, Marites M. Tiongco, Dominque Hannah Sy

DLSU Business & Economics Review

The literature on conditional cash transfers focuses on the impact of such on health and education outcomes. The Pantawid Pamilyang Pilipino Program in the Philippines provides a cash grant conditional on requirements related to health and education. We investigated the impact of the program on adolescent pregnancy through its link to education. The program, which is designed to increase teen education, may lead to decreased adolescent pregnancy because it adds to the opportunity cost of getting pregnant. Though the incidence of pregnancy among adolescent women rates in the Philippines have declined over the past thirty years, a considerable number of …

On Precaution Versus Covid-19: Are People Really Complacent?, Renz Adrian T. Calub

DLSU Business & Economics Review

As of this writing, the Philippines is experiencing a surge in COVID-19, a year after implementing nationwide lockdowns and curfews. Although vaccines are being shipped and rolled out, the country appears to be regressing, with hospitals being filled to the brim. Complacency has been the usual suspect, with the government blaming individuals and business establishments for not staying at home and for not observing the minimal health protocols. But are people really complacent? This paper develops a simple game to address such a question.

Does Media Affect Adherence To Covid-19 Quarantine Protocols?, Luz Suplico-Jeong, Reynaldo Bautista Jr., Noel Sajid Murad, Nelson Guillen Jr.

DLSU Business & Economics Review

The Philippines, which has experienced community quarantine from March 2020 to the present, is one country that has imposed quarantine protocols. Although the Philippine government imposes penalties on those who do not follow the quarantine protocols, the success of quarantine depends on the individual’s adherence to quarantine protocols. This study examined if media affected adherence to COVID-19 protocols. 334 residents from lloilo, Philippines were surveyed. Using the Theory of Planned Behavior as a framework, the results showed a positive relationship between (1) attitude and quarantine adherence, (2) controllability and quarantine adherence, and (3) media and quarantine adherence. This implies that …

Impact Of Covid-19 On The 2020 Financial Results Of Selected Philippine Publicly-Listed Companies, Cynthia P. Cudia, Ezra L. Panopio

DLSU Business & Economics Review

This paper evaluates the impact of the COVID-19 pandemic on the 2020 financial results of selected Philippine Publicly- Listed Companies (PLCs) in the Philippine Stock Exchange.. Using ratio analysis to determine the consequences of this infectious disease affecting PLCs, results show a decline in the percent-change in revenue, expenses, and net income from the average figures for 2017 to 2019 to corresponding figures for 2020. Content analysis revealed that most Philippine PLCs disclosed high and medium details as to the impact of COVID-19. Furthermore, the study’s results demonstrated that most PLCs provided qualitative or quantitative details about the respective measures …

A Framework For Integrating Persons With Autism To The Workforce, Rosemary R. Seva, Ron R. Resurreccion, Alvin Neil A. Gutierrez

DLSU Business & Economics Review

Persons with Autism (PWAs) have unique skills and abilities to contribute to a productive workplace. Companies often do not hire them because these firms believe they have many limitations and that employing them would pose various challenges. This study determined the factors affecting the performance of PWAs, the challenges and benefits in employing them, and proposed a framework to guide employers in successfully integrating them in the workforce. A mixed-methods design was used with data collection tools such as video observations, focus group discussions and an organizational culture survey. Through the various data gathered, the challenges identified were the limited …

Happiness At Work: Seafarers’ Experience In A Maritime Company, Ana Liza Asis-Castro, Divina M. Edralin

DLSU Business & Economics Review

We investigated the person-level factors that influenced the degree of happiness at work of Filipino seafarers in a maritime company. We used the model of Fisher (2010) as the basis for the person-level dimensions, namely: (1) job satisfaction; (2) vigorous work engagement; (3) dispositional affect; and (4) flourishing at work. We investigated if job satisfaction would most significantly explain happiness in the workplace of the seafarers among all person-level dimensions. We also hypothesized that the bundle of person-level dimensions significantly influences happiness at work. We used descriptive and causal research designs and surveyed 229 randomly selected Filipino seafarers from one …

The Impact Of Adjustment, Agency, And Political Costs On Cost Stickiness Of Publicly-Listed Companies In The Philippines From 2009-2019, Angela Bianca N. Catalig, Charles Justin M. Decena, Maria Denise A. Franco, Ma. Colleen L. Ventura, Joy Lynn R. Legaspi

DLSU Business & Economics Review

Recent research shows that studying the traditional cost behavior within a firm may not be sufficient to fully understand the elements that influence management behavior. Studies have pinpointed a cost-related issue called “cost asymmetry,” which has gained the widespread name of “cost stickiness.” Researchers have explored factors that cause cost stickiness through three theories: adjustment cost theory, agency theory, and political process theory. This study seeks to determine the sticky cost behavior of three costs, namely cost of goods sold, selling, general and administrative expenses, and total cost of goods sold and selling, general and administrative expenses. It also aims …

Monitoring Child Poverty And Exclusion Through The Community-Based Monitoring System (Cbms), Celia M. Reyes, Anne Bernadette E. Mandap

DLSU Business & Economics Review

This paper aims to apply the Community-Based Monitoring System (CBMS) methodology for analyzing multidimensional poverty among children. The child multidimensional poverty measured using CBMS data examines the nature and extent of deprivations of children in terms of nine (9) dimensions covering non-income and income measures of poverty. Aside from generating a child MPI using CBMS indicators at the local level, geospatial data is generated to show how the CBMS-MPI methodology can facilitate analysis of situation of children across sub-locations and how it can be used for more informed planning of appropriate interventions, and better targeted program implementation. Using CBMS data …

Rational Choices And Welfare Changes In Philippine Family Energy Demand: Evidence From Family Income And Expenditure Surveys, Jesus C. Dumagan, Michael R. M. Abrigo

DLSU Business & Economics Review

This study found Philippine family demands for (1) electricity, (2) gas and liquid fuels, (3) solid fuels, (4) food, and (5)

others—based on Family Income and Expenditure Surveys (FIES) in 2009, 2012, and 2015—are rational (i.e., expenditure- minimizing). Specifically, all own-price elasticities are negative (downward sloping demand curves). Cross-price elasticities

between (1), (2), and (3) are positive (substitutes) while cross-price elasticities of (1), (2), and (3) with (4) or (5) are mostly negative (generally complements). Income elasticities are positive (normal goods), except for (3), comprising “fuelwood, charcoal, and biomass residues” that are consumed less at higher incomes (inferior goods). These …

Investors’ Response To Political Connections: A Systematic Review, Arina Rus Zahira Rusli, Rohami Shafie, Mazrah Malek

DLSU Business & Economics Review

This study aimed to deliver a concise overview of the market reaction towards a political connection (PCON) through the identification and analyses of the event announcements and outcomes of the events related to PCON firms and stock market reactions. The Scopus and Jstor databases via the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA), which are used to analyse previous studies, were utilised. The initial systematic search resulted in 8,518 records, which was narrowed to 16 articles through a process of elimination. It was found that PCON firms reacted positively, negatively, or a combination of the two to the …

Eradicating Malaria: Innovation Diffusion In The Face Of Grand Challenges, Han Jiang, Hao Liang, Dongning Yang

Research Collection Lee Kong Chian School Of Business

What is the role of organizational innovation—beyond technological innovation—in an era of grand challenges concerning health, poverty, and economic development around the world? How is organizational innovation developed and diffused to influence resource allocation in the field? We conduct a qualitative case study by analyzing a Chinese pharmaceutical firm’s efforts to combat malaria in Africa over 10 years. Through documentation and extensive interviews, we study the role of innovation diffusion and resource allocation to address grand challenges in emerging markets with significant institutional voids. Our conceptual model delineates the different stages of innovation diffusion to show how organizations can draw …

Oil Price Shocks And Stock Market Anomalies, Zhaobo Zhu, Licheng Sun, Jun Tu, Qiang Ji

Research Collection Lee Kong Chian School Of Business

This paper provides a novel perspective to the nexus of oil prices and stock markets by examining the impact of oil price shocks on stock market anomalies. After decomposing oil price shocks into three types , we find that aggregate demand shocks have the strongest influence on stock market anomalies. In contrast, oil supply shocks and oil-specific demand shocks have little impact. Similar results are also found in the industry analysis. Interestingly, the link between aggregate demand shocks and anomalies is the strongest among firms with either small size or high idiosyncratic risks. The documented effects are robust after controlling …

Why Do U.S. Firms Invest Less Over Time?, Fangjian Fu, Sheng Huang, Rong Wang

Research Collection Lee Kong Chian School Of Business

Capital expenditures of U.S. public firms, relative to total assets, decrease by more than half from 1980 to 2020. The decline is pervasive across industries and firms of different characteristics and cannot be explained by the usual determinants of investment and many other seemingly plausible reasons. The decline is consistent with the transformation in production technology — firms rely more on intangible capital and less on fixed assets in production. Industry-level analyses yield supporting evidence. We observe similar declining trend in capital expenditure in other developed countries but not in most emerging markets.

What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan

Research Collection School Of Economics

This paper analyzed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea, and India), and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK, and US) from 2000 to 2017 using panel data regressions. A key lesson ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter despite digital disruptions to their banking system; yet large financial structure that favors banks is negatively associated with Asia-5, and importantly, efficient banking system (not bank size alone) is …

Do Philippine Stocks Catch Coronavirus? Some Econometric Check-Up On Pandemic Data, 2021-2022, Mark Reniel M. Amarila, Luisito C. Abueg

Journal of Economics, Management and Agricultural Development

Using daily data from March 1, 2021 to March 31, 2022, the USD-PHP exchange rate and pandemic-related variables such as the number of cases, vaccinations, and stringency index in relation to the movements of Philippine Stock Exchange index (PSEi) were investigated. The paper views vaccination as an instrument for reducing economic uncertainty, subsequently providing a positive sentiment for investors and stock market. Ordinary least squares, autoregressive distributed lags, and vector autoregression was used to show some dynamics based on time series data. Particularly, there are indications of reported cases being negatively correlated and statistically significant for PSEi. Further, impulse response …

Internal Capital Markets And Predictability In Complex Ownership Firms, Ran Chang, Angelica Gonzalez, Sergei Sarkissian, Jun Tu

Research Collection Lee Kong Chian School Of Business

Using global cross-firm ownership data, we find that both stock returns and cash-flow news of ownership-linked firms predict focal firm's returns for all types of ownership structures: subsidiary-parent, parent-subsidiary, subsidiary-subsidiary, and parent-parent. This effect, observed only after the establishment of cross-firm ownership, is not subsumed by focal firm or industry momentum, or alternative inter-firm relations, including customer-supplier links and shared analyst coverage. Our findings are explained by mispricing due to internal capital markets - a mechanism unique to complex ownership firms. Higher internal capital market activity among ownership-linked firms also induces larger investments and lower external financing of the focal …

Representation Learning In Finance, Ajim Uddin

Dissertations

Finance studies often employ heterogeneous datasets from different sources with different structures and frequencies. Some data are noisy, sparse, and unbalanced with missing values; some are unstructured, containing text or networks. Traditional techniques often struggle to combine and effectively extract information from these datasets. This work explores representation learning as a proven machine learning technique in learning informative embedding from complex, noisy, and dynamic financial data. This dissertation proposes novel factorization algorithms and network modeling techniques to learn the local and global representation of data in two specific financial applications: analysts’ earnings forecasts and asset pricing.

Financial analysts’ earnings forecast …

Essays In Behavioral Corporate Finance, Corporate Governance, And Higher Purpose, Kingsley Wabara

Olin Business School Graduate Student Theses and Dissertations

Does individual financial risk-taking behavior indeed vary by gender? If yes, how exactly? Moreover, what happens when individuals with differential tendencies (e.g., risk-taking, sense of higher purpose, et cetera) come together in small groups such as the corporate board to decide on financial risk-taking or conduct intense board oversight? What role does group or board structure play in all of these? In effect, how does the within-group power and influence asymmetry affect the manifestation of the individual tendencies in boards’ decisions, corporate behavior, and financial outcomes? The lack of conclusive answers to these questions is at the core of several …

Young Adults And Money: The Covid-19 Pandemic, Michael Mariano

Honors Projects in Finance

This study looks to explore the relationship between the effects of the COVID-19 pandemic on the economy and young investors. More specifically, this research looks to answer the question: how have young adults, ages 18-25, responded to the economic distress caused by the COVID-19 pandemic with their investing decisions? Through analyzing a sample of young adults, ages 18-25, this study will develop a deeper and broader perspective on the unique impact that the COVID-19 pandemic has had on the investing decisions of young adults. Using a mix of literary studies on similar historical events and a sample study of young …

Support New Business To Solve Old Problems With Kentucky’S Keystone Waste From Bourbon & Brewing, Samuel C. Kessler

Commonwealth Policy Papers

Provided here is a policy solution from the backside of Kentucky bourbon and brewing to upcycle Kentucky’s “keystone” wastes and grow businesses in the process. Potential effects range from removing the bottleneck on bourbon production and producing GHG-friendly biogas to lowering the price of milk.This full whitepaper brief provides an incentive model for keystone wastes which have a provider and a use. It is equally applicable for policymakers or advocates wishing to place a policy incentive behind waste-to-product upcycling, businesses involved with methane sequestration & renewable biogas energy, and shifting regulatory and penalizing models of pollution into incentive model for …

A Pandemic Of Greed And A Disease Of Poverty In Edgar Allan Poe's "The Masque Of The Red Death", Benjamin Herrick

Master's Theses

The breakers tripped. Again. The breakers, a mandatory halt to trading on the floor of the stock exchange in response to the S&P falling more than 7% from the previous close. This was instituted after the Crash of 1987 to calm the markets before trading is allowed to resume. They are supposed to mitigate a drastic crash. They have only ever triggered once before, in 1997. Not for the tech bubble. Not even in the crash of 2008. All trading stops for fifteen minutes when the Level One breaker trips. If it drops further in the same day, the Level …

Economic Opportunity And Community Development Financial Institutions In Clark County, Ar And Beyond: An Analysis, Magdalena Hopkins

Economics Undergraduate Honors Theses

Arkansas is home to one of the greatest projects in the world of Community Development Financial Institutions: Southern Bancorp. Founded with the help and support of Bill Clinton, it pre-dates The Riegle Community Development and Regulatory Improvement Act of 1994, which is now used to fund similar Community Development Financial Institutions. According to the Opportunity Finance Network (2022), there are more than 1,200 Community Development Financial Institutions in the United States. These institutions span the country and operate in unique communities. The CDFI Coalition (2017) cites Arkansas as having 19 Community Development Financial Institutions in the state. It is important …

Inflation And Ukraine War Make It Challenging For Our Beloved Value Stores To Survive, Aurobindo Ghosh, Taimur Baig

Research Collection Lee Kong Chian School Of Business

In a joint commentary, SMU Assistant Professor of Finance (Education) and Principal Investigator of DBS-SKBI Singapore Index of Inflation Expectations Project Aurobindo Ghosh and Chief Economist and Managing Director at DBS Bank Dr Taimur Baig discussed how global inflationary pressures and rising commodity prices due to war in Ukraine and sanctions against Russia are culminating into a perfect storm and making it challenging for value stores to survive. They also gave advice on what value stores can do to survive this perfect storm.

A Black-Scholes User's Guide To The Bachelier Model, Jaehyuk Choi, Minsuk Kwak, Chyng Wen Tee, Yumeng Wang

Research Collection Lee Kong Chian School Of Business

To cope with the negative oil futures price caused by the COVID-19 recession, global commodity futures exchanges switched the option model from Black-Scholes to Bachelier in April 2020. This study reviews the literature on Bachelier's pioneering option pricing model and summarizes the practical results on volatility conversion, risk management, stochastic volatility, and barrier options pricing to facilitate the model transition. In particular, using the displaced Black-Scholes model as a model family with the Black-Scholes and Bachelier models as special cases, we not only connect the two models but also present a continuous spectrum of model choices.