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2023

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Articles 391 - 420 of 466

Full-Text Articles in Finance and Financial Management

Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala Jan 2023

Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala

Walden Dissertations and Doctoral Studies

The failure of businesses to repay loans adversely affects credit markets. Small and medium-sized (SME) business owners in Lagos, Nigeria, are concerned because financial institutions are unwilling to provide credit because of the low loan repayment performance of those who have received credit in the past. Grounded in the theory of planned behavior, the purpose of this qualitative multiple-case study was to explore strategies some SME owners use to successfully repay bank loan obligations to sustain their businesses. The participants were three SME owners in Lagos, Nigeria, who successfully repaid their bank loans. Data were collected using semistructured interviews and …


Generational Shifts In The Perception Of Workforce Commitment, Christopher Donald Raiford Jan 2023

Generational Shifts In The Perception Of Workforce Commitment, Christopher Donald Raiford

Walden Dissertations and Doctoral Studies

Costs of staffing, training, and retention have always been significant expenses for U.S. corporations. The most recent addition to the workforce, the millennial generation cohort, presents a new set of challenges to leadership. The purpose of this qualitative phenomenological study was to explore the lived experiences related to the perception of commitment of millennial generation participants employed in the U.S. community banking sector. The conceptual framework included generational theory and organizational theory. Data were collected from 11 participants via semi-structed Zoom interviews. Data were analyzed for codes, categories, and themes. Results indicated that (a) millennials value leadership that invests in …


Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan Jan 2023

Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan

Walden Dissertations and Doctoral Studies

Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …


Business Sustainability Among Women Entrepreneurs In Ghana, Gabriel Yaw Asante Jan 2023

Business Sustainability Among Women Entrepreneurs In Ghana, Gabriel Yaw Asante

Walden Dissertations and Doctoral Studies

Women entrepreneurs in Ghana are not prepared for entrepreneurship and face individual and contextual barriers that include social, cultural, economic, political, demographic, institutional, and technological perceived support. Guided by the institutional theory, the purpose of this qualitative exploratory multiple case study was to explore business strategic information that women entrepreneurs in Ghana need to learn to make their business sustainable beyond 5 years. Ten successful women entrepreneurs from 5 industries in Ghana, who had the training, experience, and information on the causes of business failure and had applied that information to gain business sustainability beyond 5 years, were recruited. Data …


Banking Industry Sustainable Growth Rate Under Risk: Empirical Study Of The Banking Industry In Asean Countries, Isnurhadi, Sulastri, Yulia Saftiana, Ferry Jie Jan 2023

Banking Industry Sustainable Growth Rate Under Risk: Empirical Study Of The Banking Industry In Asean Countries, Isnurhadi, Sulastri, Yulia Saftiana, Ferry Jie

Research outputs 2022 to 2026

This research examines how the banking industry maintains its sustainable growth rate. The sample consists of 328 commercial banks in the ASEAN area. A fixed effect model is employed to analyze the data. The study reveals several findings: (1) The countries with the most risk in the banking industry are Indonesia, Thailand, Philippines, Malaysia, and Singapore. (2) Operational risk has a negative effect on sustainable growth and a positive effect on actual growth. Asset utilization positively affects sustainable growth and positively affects actual growth. (3) Business risk has a positive effect on sustainable growth but a negative on actual growth. …


An Integrated Framework On Human-In-The-Loop Risk Analytics, Peng Liu Jan 2023

An Integrated Framework On Human-In-The-Loop Risk Analytics, Peng Liu

Research Collection Lee Kong Chian School Of Business

Risk analytics is an integral component in the overall assessment of the risk profile for potential and existing obligors. For example, credit worthiness is often assessed via the use of scorecards, which are regulatory credit risk models developed based on historical data and domain expertise in banks and financial institutions. A pure statistical model, however, often fails to entertain regulatory requirements on both predictiveness and interpretability at the same time. Instead, practical risk models are developed by incorporating expert opinions within the development process, such as forcing the direction of travel for certain financial factors. In this article, the author …


Relationship Between Perceived Language Proficiency And Economic Life Satisfaction For Migrants, John Ndunduma Jan 2023

Relationship Between Perceived Language Proficiency And Economic Life Satisfaction For Migrants, John Ndunduma

Walden Dissertations and Doctoral Studies

The United States needs migrant workers to fill the labor market gap because baby boomers are retiring from the US workforce in large numbers beginning in 2020. Approximately 2.1 million migrants came from Africa to fill the U.S. labor shortage. Many of these African migrants faced challenges with English language proficiency. There are benefits to the United States involved with increasing the economic wellbeing of migrants, such as reducing remigration, increasing the high-skilled labor force, and increasing cultural diversity. This study used Maslow’s motivational theory to test significant relationships between perceptions of English language proficiency (PELP) and economic life satisfaction …


Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala Jan 2023

Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala

Walden Dissertations and Doctoral Studies

The failure of businesses to repay loans adversely affects credit markets. Small and medium-sized (SME) business owners in Lagos, Nigeria, are concerned because financial institutions are unwilling to provide credit because of the low loan repayment performance of those who have received credit in the past. Grounded in the theory of planned behavior, the purpose of this qualitative multiple-case study was to explore strategies some SME owners use to successfully repay bank loan obligations to sustain their businesses. The participants were three SME owners in Lagos, Nigeria, who successfully repaid their bank loans. Data were collected using semistructured interviews and …


Community College Management Strategies For Balancing The Budgets, Rachel Ann Sullivan Dodson Jan 2023

Community College Management Strategies For Balancing The Budgets, Rachel Ann Sullivan Dodson

Walden Dissertations and Doctoral Studies

During declining revenue, community college leaders may be unable to balance their budgets effectively. Community college managers who fail to balance budgets negatively impact a college’s financial sustainability. Grounded in Burn’s transactional leadership theory, the purpose of this qualitative single case study was to explore strategies community college managers use to balance their budgets in an environment of declining revenue. Data were collected from eight semistructured community college manager interviews and company documents: enrollment data, budget data, performance-based funding model data, and the strategic plan. Thematic analysis was used to analyze the data. Four themes emerged: (a) budget alignment with …


Implementing Corporate Social Responsibility Strategies To Enhance The Profitability Of Firms, Franklin Alexander De La Rosa Jan 2023

Implementing Corporate Social Responsibility Strategies To Enhance The Profitability Of Firms, Franklin Alexander De La Rosa

Walden Dissertations and Doctoral Studies

Ineffective corporate social responsibility (CSR) strategies can negatively impact a company’s competitive advantage. A lack of competitive advantage may lead a business leader to experience poor performance and lost profits. Grounded in the stakeholder theory, the purpose of this qualitative multiple case study was to explore strategies some commercial banking, loan, and savings association leaders used to ensure successful CSR programs to enhance profitability. Participants comprised four leaders in Puerto Rico who successfully established CSR strategies to improve organizational profitability. Data were collected from semistructured interviews and banking websites. Thematic analysis was used to analyze the data. Three themes emerged: …


Strategies Community Bank Managers Use To Address Rising Financial Regulations Compliance Costs, Therese Hortense Ngini Jan 2023

Strategies Community Bank Managers Use To Address Rising Financial Regulations Compliance Costs, Therese Hortense Ngini

Walden Dissertations and Doctoral Studies

Increasing financial regulations compliance costs have the potential for adverse business outcomes for community banks. Community bank managers are concerned about increasing financial regulations compliance costs because it is the number one predictor of community banks’ failures. Grounded in the resources-based view theory, the purpose of this qualitative single case study was to explore strategies that community bank managers use to mitigate increasing financial regulations compliance costs. The participants were 10 community bank managers and senior staff of a community bank in Maryland who successfully mitigated increasing financial regulations compliance costs. Data were collected using semistructured interviews and reviewing the …


Public Company Ceo Strategies For Navigating A Global Economic Shock, Trevor Lee Johnson Jan 2023

Public Company Ceo Strategies For Navigating A Global Economic Shock, Trevor Lee Johnson

Walden Dissertations and Doctoral Studies

Covid-19 has been the most significant economic shock of the 21st century, evidenced by the S&P 500 index plunging over 30% in early 2020. Business leaders who fail to prepare for black swan events are at a high risk of failure. Grounded in Taleb’s black swan theory, the purpose of this qualitative multiple case study was to explore strategies some public market CEOs use to defend share price returns during economic shocks. The participants were five CEOs of five publicly traded companies listed on the Toronto Stock Exchange who generated positive investor returns since the pandemic began. Data were collected …


Does Esg Matter In Corporate Takeover?, Sann Wai Lhyan Jan 2023

Does Esg Matter In Corporate Takeover?, Sann Wai Lhyan

Chulalongkorn University Theses and Dissertations (Chula ETD)

As Environmental, Social, and Governance scores (ESG) are increasingly becoming aware to the public, it is imperative to understand the impact of ESG on firm values, especially in the Asia-Pacific region, as it is home to a diverse and rapidly growing economy, including emerging markets. Therefore, the purpose of this study is to investigate the relationship between ESG and firm value using the takeover market as an empirical setting. The primary focus of the study involves examining the influence of ESG on the occurrence of takeovers through binary logistic regression. Subsequently, the study explores the association between ESG and target …


Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets, Methee Srikranjanapert Jan 2023

Does Esg Performance Impact Financial Distress Risk? Evidence From Asia-Pacific Markets, Methee Srikranjanapert

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the relationship between Environmental, Social, and Governance (ESG) performance, represented by ESG scores, and Probability of Financial Distress Risk (FDR), as proxied by Ohlson O-Score, for firms operating in the Asia-Pacific region from 2010 to 2022. In addition, the aforementioned relationship during economic crisis and the level of market development is also investigated. The findings reveal a negative association between ESG performance and the probability of FDR in which the increase in ESG performance reduces the likelihood of FDR. Notably, the environmental and social pillars of ESG consistently exhibit negative relationship with FDR, with the social pillar …


Examining Purity And Green Complexity Score On Wind And Solar Stock Return, Kanokphorn Pongklang Jan 2023

Examining Purity And Green Complexity Score On Wind And Solar Stock Return, Kanokphorn Pongklang

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.


Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand, Supichaya Pattanapanitchai Jan 2023

Information Asymmetry Transmissions Between Futures And Spot Markets : Evidence From Thailand, Supichaya Pattanapanitchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the existence of a lead-lag relationship in information asymmetry between Thailand's futures and spot markets. We use the volatility of order imbalance (VOIB) as an indicator of this asymmetry, concentrating on three investor groups: Foreign Investors (FI), Local Institutions (LS), and Local Investors (LI). Data from TFEX and SET, covering January 2017 to December 2022, was analyzed to identify trading patterns of these investor types. Using vector autoregression (VAR), we examined the connection between variables in the futures and spot markets. We also evaluated the impact of shocks in one market on the other using impulse response …


Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures, Jirayu Nakviroj Jan 2023

Investor Type Effect To Volatility-Volume Relationship: Set50 Index Futures, Jirayu Nakviroj

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study delves into the complex interplay between various types of traders and the resulting effects on the volatility-volume relationship in Thailand's SET50 Index Futures market. It categorizes traders into institutional, retail, and foreign investors, examining their distinct trading behaviors and access to information. The research aims to discern how these diverse investor profiles impact market volatility, particularly in the context of an emerging financial market like Thailand. Utilizing a range of econometric techniques, the study categorizes trading activity into expected and unexpected variables. The findings reveal a positive correlation between retail investors' expected trading volume and market volatility, aligning …


The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand, Pimnara Ratanasaeng Jan 2023

The Credit Risk-Return Puzzle And The Value Premium Puzzle In Thailand, Pimnara Ratanasaeng

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objective of this study is to examine the presence of two puzzles in the stock market which are empirically inconsistent with the fundamental principle of risk and return. Theoretically, the assets with higher risk should compensate higher returns. However, when the credit risk is considered, the previous evidences show that the stocks of firms with high credit rating (low risk) generate higher return than the stocks of firms with low credit rating (high risk). Moreover, previous studies find that the firms with high book-to-market (value firm) generates higher return on stock than the firms with low book-to-market (growth firm). …


The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand, Netchanok Thongplod Jan 2023

The Effect Of Earning Surprise On Market Reaction At Various Free Float Levels: An Event Study In Thailand, Netchanok Thongplod

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the complex relationship between free float and market reactions to earnings surprises within the context of the Thai stock market, casting light on the role of free float in influencing market efficiency and investor behavior. The study examines the Efficient Market Hypothesis (EMH), which states that stock prices reflect all available information, making consistent market outperformance difficult. However, it acknowledges that market inefficiencies can occur, with earnings surprises as one possible source. The study investigates how the level of free float or the number of shares available for trading impact the speed and precision of market adjustments …


The Impact Of Green House Gas Emission On Firm's Performance In Japan, Chanikan Veerachadsakulchai Jan 2023

The Impact Of Green House Gas Emission On Firm's Performance In Japan, Chanikan Veerachadsakulchai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of greenhouse gas (GHG) emissions on corporate financial performance in Japan, with a particular focus on the role of environmental regulations. We hypothesize that while lower GHG emissions generally enhance financial performance, the benefits diminish beyond a certain point. Additionally, we examine how stringent environmental regulations influence this relationship. We use total GHG emissions and total GHG emissions per company’s enterprise value including cash (EVIC) as the proxies. The results indicate that GHG emissions negatively impact corporate financial performance, as measured by ROA and Tobin's Q. However, the regulatory environment, whether stringent or not, does …


The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data, Napisa Saengmaneenimitr Jan 2023

The Impact Of Regulation, Financial Liberalization, And Mobile Banking On Banking Crises : Evidence From Cross-Country Data, Napisa Saengmaneenimitr

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines how financial liberalization, institutional quality, and mobile banking adoption affect the probability of a banking crisis using a panel of 36 countries over the period 2000 – 2021. Our key inference is that the relationship between financial liberalization and the probability of a banking crisis is depended in institutional quality. In strong institutional quality countries, the impact of financial liberalization on the probability of a banking crisis is a concave curve, increasing the likelihood of a crisis at low to moderate liberalization levels and reducing it at medium to high levels. Conversely, weak institutions do not exhibit …


The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty, Wiraya Nillaorsrisakul Jan 2023

The Influence Of Esg Performance On The Cost Of Debt: Evidence From Asia Pacific Countries: The Moderating Role Of Economic Policy Uncertainty, Wiraya Nillaorsrisakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines the influence of ESG performance on the cost of debt (CoD) in Asia-Pacific firms from 2010 to 2022. It is among the first to explore how ESG performance scores affect the cost of debt against different economic conditions and market maturity levels.The study finds that companies with higher ESG ratings, particularly environmental and social dimensions, correlate with lower borrowing costs. Governance scores also matter, but they don't seem to influence borrowing costs as much. Additionally, the paper reveals that ESG's impact on borrowing costs is stronger in developed countries than in emerging ones. The research also indicates …


The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market, Chanunchita Watcharavasunthara Jan 2023

The Role Of Return Dispersion In Momentum Profita Study In The Thai Stock Market, Chanunchita Watcharavasunthara

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the influence of market return dispersion on the profitability of momentum investment strategies within the Stock Exchange of Thailand (SET). Employing an analytical approach, the research identifies a significant and persistent pattern of return dispersion in the Thai stock market. This pattern is characterized by a strong positive correlation between the dispersion of returns in a given period and the subsequent period, as confirmed by a significant autoregressive coefficient and the Dickey-Fuller test. Additionally, the study explores the performance consistency of top-performing stocks during periods of high and low dispersion, using transition matrices and the Chi-squared test. …


The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?, Treepatchara Tasnavijitvong Jan 2023

The Roles Of Catastrophe (Cat) Bonds: Diversifier, Hedge, Or Safe Haven?, Treepatchara Tasnavijitvong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the role of Catastrophe (CAT) Bonds as diversification tools, hedges, and safe havens in global financial markets, with a focus on their behavior during the global financial crisis and the Covid-19 crisis. The study reveals that CAT bonds, recognized as a valuable asset class for their unique structure and ability to transfer catastrophic risks, have gained prominence among institutional investors. By examining the diversification benefits of CAT bonds in relation to traditional assets and analyzing their performance in crisis and non-crisis periods, the research highlights CAT bonds as effective tools for risk management and portfolio diversification. The …


ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย, ภูริชญ์ วงศ์ขำ Jan 2023

ผลกระทบจากขนาดของการระดมทุน ต่อผลตอบแทนระยะยาวของหุ้น Ipos : หลักฐานจากประเทศไทย, ภูริชญ์ วงศ์ขำ

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the long-term performance of Initial Public Offerings (IPOs) in Thailand, focusing on how the size of IPO gross proceeds influences their long-run returns. Utilizing a sample of 176 IPOs listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) between 2013 and 2018, this research aims to provide empirical insights into the relationship between IPO size and market performance over three and five-year periods. The analysis employs multivariate regression models, incorporating control variables such as Return on Equity (ROE), Earnings Per Share (EPS) Growth, and market volatility, while also examining the moderating …


Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market, Sathaporn Tiensermsub Jan 2023

Momentum Effect On Equity Return Derived By Esg Performance, Evidence From Japanese Equity Market, Sathaporn Tiensermsub

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study delves into the intricate relationship between Environmental, Social, and Governance (ESG) performance and equity returns within the Japanese market, with a specific emphasis on the momentum effect. Leveraging an extensive dataset encompassing the environmental, social, and governance pillars, our research contributes to the existing body of literature on ESG investing. Our analysis reveals consistent patterns in ESG-momentum interactions, aligning with the findings of previous studies while also offering new insights into the Japanese equity market. Consistent with the research of Chen & Yang (2020), Pedersen et al. (2021), and Luo (2022), our findings affirm that specific quintiles within …


How Avoiding Positions During Macroeconomic News Announcement Periods Enhances Gold Trading Strategies, Patipan Piyakulmala Jan 2023

How Avoiding Positions During Macroeconomic News Announcement Periods Enhances Gold Trading Strategies, Patipan Piyakulmala

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigates the impact of macroeconomic news announcements on trading performance and evaluates the efficacy of avoiding trades during these periods. The study employs three trading strategies: Exponential Moving Average (EMA), Moving Average Convergence Divergence (MACD), and Momentum, analyzing their performance across eight major news events: Non-Farm Payrolls (NFP), Consumer Price Index (CPI) for the US and China, ISM Manufacturing Index (ISM), Industrial Production (IP) for the US and China, German IFO Business Climate, and EU Interest Rates. Utilizing a multifactor regression model, we assess the return performance of trades avoided during news announcements, incorporating control variables such as …


Underpricing And Overpricing Of Stocks Following Extreme Returns: Evidence Of Thailand, Manasnant Tejahwandee Jan 2023

Underpricing And Overpricing Of Stocks Following Extreme Returns: Evidence Of Thailand, Manasnant Tejahwandee

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how investors in Thailand's stock market react to extreme losses and gains, focusing on underpricing and overpricing phenomena. The objective is to analyze these market behaviors and trading strategies comprehensively. We employ statistical methods, including the Carhart four-factor model, to assess risk-adjusted performance and explore the effects of capital gains overhang and investor sentiment on stock returns. Our methodology involves forming quintile portfolios based on extreme loss and gain returns, using Winsorizing to handle outliers. We analyze both raw and cumulative returns, comparing stocks with the highest and lowest extreme returns. Additionally, we examine the influence of …


National Elections And Volatility Of Stock Returns, Case Study Of Thailand, Sirawit Triyasuk Jan 2023

National Elections And Volatility Of Stock Returns, Case Study Of Thailand, Sirawit Triyasuk

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study explores how electoral factors, including final week surprises, political donations, pre-election polls, election results, and prime minister vote outcomes, affect the volatility of stocks return which are listed on the Thai Stock Exchange. Employing regression models, it assesses how these elements impact market fluctuations, revealing that unexpected events and significant political contributions during election weeks crucially affect market stability differently. The findings indicate that pre-election polls and political donations significantly contribute to increased market volatility. This suggests that during election periods, heightened political activity and financial contributions can lead to greater uncertainty in financial markets, providing key insights …


Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance, Krisana Rathanit Jan 2023

Impact Of Fund Manager Characteristics On Thailand Domestic Equity Mutual Fund Performance, Krisana Rathanit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to reconsider whether mutual funds managers’ characteristics, including gender, working experience (tenure), and CFA designation, affect the fund risk-adjusted performance, using the Thai open-ended domestic equity funds from 2018 to 2023. The first objective is to examine whether each fund manager characteristic impacts the fund risk-adjusted performance (alpha), including Jensen’s, 3-factor Fama French, and 5-factor Fama French alpha, using the pooled ordinary least square (OLS) regression. The alphas are estimated over the 24-month rolling window. The second objective of the study, as the extension of the first objective, is to examine the fund performance persistence over the …