Finance and Financial Management Commons^™

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 …

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 …

The Impact Of Using A Financial Advisor On Financial Success, William Lance Hocutt

Walden Dissertations and Doctoral Studies

Planning for retirement is a practical approach to preparing for an excellent financial quality of life post career. However, individuals do not have the human capital to make optimal financial decisions or know whom to turn to for financial advice when they obtain human capital. This quantitative, correlational study examined the relationship between having a financial advisor, income, education, age, gender, marital status, racial status, employment status, the number of children under 19 years old in the household, and perceived financial success. The chosen theoretical foundation for this study was human capital theory. They used 944 data sets from the …

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: …

The Effects Of Venture Capital Network Centrality On Earnings Management And Profitability Of Portfolio Company: Evidence From The U.S. Market, Yosavee Niranvichaiya, Sorasart Sukcharoensin

DLSU Business & Economics Review

Based on a sample of 788 U.S. venture capital-backed IPO companies from 2006 to 2015, this research evaluates the impact of network centrality, venture capital (VC), and earnings management on the future profitability of VC-backed portfolio companies. The results suggest that companies backed by VCs with higher network centrality or that are “more centralized” are likely to have better future profitability after an IPO, even with the use of accrual-based earnings management.

Incumbent Competition And Private Agenda, Anne Marie Go

DLSU Business & Economics Review

Consider two politicians who decide whether to follow what they believe the electorate wants or choose the option that secures their private gain. Policies are implemented when the politicians reach a unanimous decision. The electorate only rewards a politician when a policy is implemented or when the politician is the only one whose action coincides with the popular decision. The results show that if politicians have good decision-making abilities, sufficiently high payoffs in policy implementation—given moderate private agenda payoffs—push them to implement the popular policy. For very poor decision- making abilities, at sufficiently high policy rewards, politicians vote for the …

When Does Csr Payoff?, John A. Doukas, Rongyao Zhang

Finance Faculty Publications

We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good …

Forecasting Term Structure Of The Japanese Bond Yields In The Presence Of A Liquidity Trap, Albert K. Tsui, Junxiang Wu, Zhaoyong Zhang, Zhongxi Zheng

Research outputs 2022 to 2026

The Nelson–Siegel (NS) model is widely used in practice to fit the term structure of interest rates largely due to its high efficacy in the in-sample fit and out-of-sample forecasting of bond yields. In this paper, we compare forecasting performances of estimated yields from the Nelson–Siegel-based models and some simpler time series models, using the daily, weekly, and monthly data during a prolong period of liquidity trap in Japan. We find that the out-of-sample expanding window forecasts by NS-based models in general perform less satisfactory than the competitor models. However, the NS-based models can be useful in forecasting yields over …

The Relationship Between Responsible Financial Behaviours And Financial Wellbeing: The Case Of Buy-Now-Pay-Later, Robert Powell, Anh Do, Denise Gengatharen, Jaime Yong, Rasiah Gengatharen

Research outputs 2022 to 2026

Buy-now-pay-later (BNPL) in Australia is a rapidly growing payment innovation. Regulators and consumer groups have expressed concerns at the financial risks posed by BNPL. As BNPL is not regulated under consumer credit law, financial regulator and consumer groups have recommended that BNPL users adopt a range of responsible financial behaviours for their financial wellbeing. This study, using a survey of BNPL users and structural equation modelling, shows a link between most of these recommended financially responsible behaviours and financial wellbeing and that the financial behaviours of younger users (aged under 25) place them at greater risk of reduced financial wellbeing.

Blockchain In Supply Chain Management: A Feature-Function Framework For Future Research, James C. Brau, John Gardner, Hugo A. Decampos, Krista Gardner

Faculty Publications

Purpose – Blockchain technology offers numerous venues for supply chain applications and research. However, the connections between specific blockchain features and future applications have been unclear to date in its evolution. The purpose of this study is to fill this void.

Design/methodology/approach – The authors advance the understanding of blockchain in supply chain management by providing a new research framework built on unique blockchain features as applied across core supply chain functions.

Findings – This study’s framework is a feature-function matrix that integrates four overarching supply chain functions (i.e. supplier management, logistics, production processes and customer management) with nine blockchain …

The Effects Of Cryptocurrency Wealth On Household Consumption And Investment, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark Johnson, Jason Kotter, Emily Williams

Faculty Publications

Key Results:

• Retail crypto investors hold crypto as one part of a broader portfolio
• Inflation expectations drive crypto investment
• Marginal propensity to consume (MPC) out of crypto wealth is big!
• Households use crypto wealth to purchase housing
• As a result, crypto wealth shocks spill over into local house prices

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

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

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

Exploring The Link Between Esg Scores And Downside Risks Of Stock Returns During Periods Of Negative Shock : Evidence In Apac, Nattakij Summakarawa

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the empirical association between Environmental, Social, and Governance (ESG) factors and downside risks in stock returns during negative shocks focusing on 13 countries within the Asia-Pacific (APAC) region. The study assesses ESG performance using combined ESG scores, E pillar, S pillar, G pillar and controversy scores, examining their impact on downside risk measured by Value at Risk (VaR) and Maximum Drawdown (MDD). The sample includes publicly traded companies across diverse APAC countries from 2012 to 2021. The research contextualizes the global significance of ESG practices, emphasizing their role in mitigating financial risks and contributing to sustainable financial …

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

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

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

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

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

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

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

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

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

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

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 …

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 …

“The Dual Impact Of Transportation Infrastructure And Telecommunication Technology On Analyst Coverage And Forecast Accuracy: Evidence From The Thai Market?”, Kittipoj Rujjanavate

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper investigates the determinants of forecast accuracy and brokerage coverage in the Thailand stock market from 2009 to 2022. Leveraging a comprehensive dataset comprising various financial metrics and market variables, we explore the impact of infrastructure development, digital communication, and external factors such as the Covid-19 pandemic on analysts' forecast accuracy and the coverage of stocks by brokerage firms. Our analysis employs regression models to examine the relationships between these variables and forecast accuracy, as measured by the absolute deviation between predicted and actual earnings, and brokerage coverage, quantified by the number of brokerage firms covering a particular stock. …

Oil Price Volatility And Bond Credit Spread: Evidence From Thailand, Natasha Thatchaichawalit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper studies the relationship between oil price volatility and corporate bond credit spread. The sample is selected from bonds offered by listed companies in energy and utility sector (categorized by the Thai Bond Market Association) whose profit directly relates to the oil price movement. The studied period is 10 years which covers January 2013 – December 2023. The period covers both upturn and downturn of oil price movement. For the oil price volatility proxy, this paper uses end of month data of OVX index and conditional variance of Brent return estimated with GARCH (1,1) model. After, controlling for other …

To What Extent Can The Yield Curve Spread Serve As A Tool For Market Timing In The Thailand Stock Market?, Chanon Rungruanglit

Chulalongkorn University Theses and Dissertations (Chula ETD)

Despite its simplicity, the yield curve is one of the best predictors of future economic activity. Empirical studies suggest that the yield curve is capable of forecasting market downturn in major economies. In this paper, the relationship between the yield curve and stock market downturn will be studied with the focus on predicting market downturn in Thailand. Also, this paper seeks to answer the question if a market-timing strategy, based on yield-curve information, can outperform the market. The results of this study suggest that the spread between government bond indices with maturities of 3 to 7 years and 7 to …