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1
ISIK, Ozcan, and Ali Riza INCE. "Board Size, Board Composition and Performance: An Investigation on Turkish Banks." International Business Research 9, no. 2 (January 21, 2016): 74. http://dx.doi.org/10.5539/ibr.v9n2p74.
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<p>We investigate the impact of board size and board composition on performance for a sample of 30 commercial banks from 2008 to 2012 in Turkey. We measure bank performance by two alternative measures widely used in the banking literature, i.e. operating return on assets (OROA) and return on assets (ROA). Controlling for bank size, credit risk, liquidity risk, net interest margin and non-interest income, the results of panel fixed effects regression suggest that board size has a significantly positive effect on bank’s financial performance. This means that Turkish commercial banks may improve their financial performance by increasing their board size. Our findings, however, show clearly that there is no significant relationship between board composition (ratio of outside directors on the board) and banks’ financial performance.</p>
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Vatsikopoulous, Helen. "Panel discussion—investigative case studies." Pacific Journalism Review 18, no. 1 (May 31, 2012): 30. http://dx.doi.org/10.24135/pjr.v18i1.288.
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The transcript of a panel discussion on two Australian investigative journalism case studies, moderated by Helen Vatsikopoulos: 1. Dirty Money: The Age and ABC Four Corners investigations in 2009 and 2010 into the Federal Reserve Bank and the allegedly corrupt activities of some staff of a subsidiary company, Securency—Richard Baker, Nick McKenzie and Sue Spencer; 2. Crime Does Pay: a Sydney Morning Herald investigation into how the law enforcement agency NSW Crime Commission has been sharing the proceeds of crime with organised crime figures, cutting deals that allow them to walk away with millions of dollars—Dylan Welch, Linton Besser.
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Shah, Attaullah, and Shahid Ali Khan. "Empirical Investigation of Debt-Maturity Structure: Evidence from Pakistan." Pakistan Development Review 48, no. 4II (December 1, 2009): 565–78. http://dx.doi.org/10.30541/v48i4iipp.565-578.
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We examine the empirical determinants of debt-maturity structure of 266 firms listed on the KSE over the period 2000 to 2004 using several variants of dynamic panel data models. We find mixed support for the agency cost hypothesis as our results show that debtmaturity increases with the size of the firm; however, growth options do not have any significant influence on debt-maturity structure. Our results lend unambiguous support to the maturity-matching hypothesis as debt-maturity varies inversely with operating activities and directly with the maturity of long-lived assets. Finally, we find evidence that supports the taxbased hypothesis but no evidence to support the signaling hypothesis. Moreover, the results demonstrate that there is a significant dynamic component in the determination of optimal debt-maturity structure of the sampled firms. JEL classification: G32 Keywords: Debt Maturity, Capital Structure, Panel Data, GMM, Pakistan.
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Parisi, Valentino. "The determinants of Italy’s corporate tax rates: an empirical investigation." Public and Municipal Finance 5, no. 4 (December 26, 2016): 7–14. http://dx.doi.org/10.21511/pmf.05(4).2016.01.
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This paper examines the determinants of the effective corporate tax rates in Italy in the years 1998-2006. While from its inception in the early 1970s, the Italian business income tax regime changed only marginally for over twenty years, in the period between 1998 and 2006, the corporate tax system underwent two major reforms with the declared objective of simplifying the system and reducing the tax burden on firms. Therefore, from a tax policy perspective, the author believes Italy is an interesting case study. The empirical analysis is based on a strongly balanced panel with 5,134 companies that combine company accounts and firm survey data. The author employs a fixed effects panel regression to study the role of size, the debt ratio, the rate of profitability, labor productivity, the assets composition, and internationalization in explaining heterogeneity among firms and, therefore, their effective corporate tax rate. Furthermore, the author employs a quantile regression to analyze the impact of the variation in the effect of independent variables on the effective corporate tax rate at different quantiles of the distribution, thus, providing information on the degree of heterogeneity in firm behavior with the final aim of capturing non-linear effects of the independent variables on the tax rate. Keywords: effective corporate tax rates, tax heterogeneity, panel regression, Italy. JEL Classification: H25, H32
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Hussain, Sarfraz, Asan Ali Golam Hassan, Abdul Quddus, Muhammad Rafiq, and Van Chien Nguyen. "CASH CONVERSION CYCLE SENSITIVITY BY MODERATING ROLE OF EXCHANGE RATES VOLATILITY ON FIRM’S FINANCIAL PERFORMANCE." Business: Theory and Practice 22, no. 2 (September 7, 2021): 277–89. http://dx.doi.org/10.3846/btp.2021.13147.
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The cycle of cash conversion relates to the time spread between the value of cash paid for purchases and the cash receipt from turnover. Using the State Bank of Pakistan data, this study introduces the direct and moderating role of the exchange rate, effective through the efficient execution of the cash conversion cycle between Pakistani 302 manufacturing companies from 1999–2015. Using the fixed effect as the static panel model and system GMM as a dynamic panel, it is observed that the exchange rate plays an authoritative moderating role between the cash conversion cycle and the financial performance. Results of the investigation have shown that in static panel analysis with the cash conversion period, the exchange rate has a positive and substantial moderating effect on return on assets and return on equity whereas that ER has a major negative impact on return on assets and return on equity using dynamic panel data analysis GMM. The issue of endogeneity in the static panel is addressed using the advanced approach of the standard error of the panel correction standard error method that changed the position of the significance of the moderator variable. Observers, therefore, intend to evaluate the fluctuations in the exchange rate as one of the variables of the financial output moderator in the context of current metrics such as asset’s returns, equity’s returns and gain more practical expression within their investigated results.
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Tran Thi Thuy, Linh. "Investigating Factors Affecting Capital Structure of Equitized State-Owned Enterprises in Ho Chi Minh City." Journal of Asian Business and Economic Studies 22, no. 04 (October 1, 2015): 92–116. http://dx.doi.org/10.24311/jabes/2015.22.4.04.
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Using panel data along with the application of Pooled OLS, FEM, and REM estimates, this study conducts an investigation into the effects of a series of factors, namely state ownership, size, tangible assets, growth, return on assets (ROA), effective tax rate, and liquidity, on capital structure of 165 HCMC-based equitized state-owned enterprises (SOEs), categorized into three groups over the 2008–2012 period. As suggested by the findings, tangible assets, ROA, and liquidity are negatively related to leverage ratio and short-term debt ratio for the three groups of enterprises. In terms of firm size, there exists a positive correlation with leverage ratio and short-term debt ratio for Group 1 and 2 but a negative correlation with short-term debt ratio for the case of Group 3.
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Ali, Ramzan, Zahir Zahid Butt, and Sami Ullah Butt. "Do Non-Traditional Income, Size, and Growth Affect the Performance of the Banks?" SEISENSE Journal of Management 2, no. 3 (May 7, 2019): 58–66. http://dx.doi.org/10.33215/sjom.v2i3.137.
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Purpose- The aim of this study is to examine the impact of non-traditional income, size and growth on the performance of the banks in big three economies of South Asia, as in the modern banking, non-traditional income plays a vital role by acting as a link between bank and its customers.
Design- This study utilized the annual data over the period from 1996 to 2015, data were obtained from Federal Reserve Economic Data (FRED). This study examines the long-run as well as the short-run relationship among variables through the statistical technique of Panel ARDL.
Findings- The findings of this study showed a significant and positive relationship between non-traditional income and return on assets as well as bank size and return on assets. While the association among the growth and return on assets is negative but significant.
Policy Implications- Policy recommendation of this study suggests that banks should also explore new avenues of non-interest valued added services to their customers which will not only facilitate their customers also attract new customers which ultimately enhance the performance of the banks as well as the country.
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Janardhanan, Anju Kalluvelil, and Uma V. R. "The Role of Internal Control and Firm-Specific Characteristics on Firm Value: Evidence from Indian Financial Services Sector." Indian Journal of Finance and Banking 4, no. 1 (June 13, 2020): 117–33. http://dx.doi.org/10.46281/ijfb.v4i1.612.
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This research determines the role of firm-specific characteristics such as firm size, firm age, liquidity, firm complexity, board independence, institutional ownership, non-performing assets, annual volatility of stock returns, leverage and internal control represented by Enterprise Risk Management (ERM) and Big4 auditor on the firm value measured using Tobin’s Q, Return On Equity (ROE) and Return On Assets (ROA). This proposition is addressed with the sound statistical investigation of 67 companies listed in the NSE financial services sector by utilizing annual panel data for 11 years from 2007-17. The important findings of the study are that the purchasers consider firm size, firm age, liquidity, the volatility of stock returns, and non-performing assets. ROA shows that the management has to focus on firm size, firm age, and volatility of stock returns. ROE informs that the investors will look into firm size, firm age, institutional ownership, non-performing assets, leverage, firm complexity, and volatility of stock returns.
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Sciulli, Nick. "Towards the development of a climate change risk index for local government: Some evidence from coastal councils in Australia." Corporate Ownership and Control 10, no. 4 (2013): 276–82. http://dx.doi.org/10.22495/cocv10i4c2art4.
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The objective of this investigation is to assess the views of coastal council managers regarding which infrastructure assets are vulnerable to climate change to develop a Climate Change Risk Index. There are several implications emanating from this study including that local council managers will require more reporting guidance from federal and state governments. Adequate and consistent reporting across local councils can be used as a means of protecting infrastructure at risk to climate change. This paper contributes to the topical area of the risk climate change could pose for local council infrastructure assets. There are important implications for the safeguarding and maintenance of infrastructure in the face of increasing climatic events.
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Cho, Sungho, J. Lucy Lee, June Won, and Jong Kwan (Jake) Lee. "Empirical Investigation of Sport Trademark Dilution Using Contingent Valuation Method." Journal of Sport Management 34, no. 3 (May 1, 2020): 189–200. http://dx.doi.org/10.1123/jsm.2019-0174.
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Under the federal trademark law, owners of famous sport trademarks may bring legal claims against unauthorized users of their marks under the infringement and dilution theory. Although the rationale of trademark infringement has been supported by various notions of consumer psychology and law and economics, the theory of dilution has been criticized for the lack of empirical support. This study investigated whether the junior use of major sport trademarks would have dilutive effects on the senior marks in financial terms. The study employed the contingent valuation method, a technique designed to estimate the economic values of nonpecuniary assets such as trademarks. A total of 140 subjects were exposed to dilutive information while they purchased sport brand merchandise. A series of pre- and posttests revealed that moderately famous sport trademarks suffered dilutive harm from junior use, whereas exceptionally famous marks were immune to the dilutive effects. Theoretical and practical implications were discussed.
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Singla, Harish Kumar. "Does VAIC affect the profitability and value of real estate and infrastructure firms in India? A panel data investigation." Journal of Intellectual Capital 21, no. 3 (February 18, 2020): 309–31. http://dx.doi.org/10.1108/jic-03-2019-0053.
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PurposeThis study aims to investigate whether intellectual capital (IC) and its subcomponents enhance value and improve the profitability of real estate (RE) and infrastructure (INF) firms in India. In this study, IC is measured through the value-added intellectual coefficient (VAIC) model. The study further extends the VAIC model by incorporating an additional component of social welfare efficiency (SWE).Design/methodology/approachThe study uses the panel data investigation based on the data of 63 firms (22 RE and 41 INF firms), for a period of 10 years (2008–2017). The dependent variables in the study are return on assets (ROA) and market price to book value ratio (PB), whereas the independent variables are VAIC and its components. The panel is tested for stationarity, heteroscedasticity and multicollinearity problems. Finally, to account for heteroscedasticity and endogeneity, Arellano and Bond's (1991) panel regression estimator with robust estimates are used.FindingsThe findings of the study suggest that IC has a significant influence on the profitability and value of infra firms, whereas capital-employed efficiency (CEE) positively affects the profitability of both RE and INF firms.Originality/valueThe study is an attempt to find the effect of IC and its components on profitability and value of RE and INF firms in India. The author has also extended the VAIC model, which was introduced by Pulic (2000), by adding an additional IC component, i.e. SWE. The study uses Arellano and Bond's (1991) panel regression estimator with robust estimates, which helps produce robust results.
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Tripathi, Vibha. "Agency Theory, Ownership Structure and Capital Structure: An Empirical Investigation in The Indian Automobile Industry." Asia-Pacific Management Accounting Journal 14, no. 2 (August 31, 2019): 1–22. http://dx.doi.org/10.24191/apmaj.v14i2-01.
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Capital structure is not only the result of the various financial characteristics of the firm but is also determined by the decision makers. The study from the perspective of the Agency Theory, examines the relationship between ownership structure and the capital structure of the Automobile Industry in India from 2001 to 2014 by using panel data analysis. Debt Equity Ratio represented capital structure and Promoters Shareholding wasused as a proxy for ownership structure. The findings of the study after controlling for variables like assets turnover ratio, uniqueness and size reveal that ownership structure has a significant and positive relationship with capital structure showing postulates of the Agency Theory. The findings lend new insights to the fact that a majority of the Indian automobile firms which are family oriented promote the use of debt to mitigate agency costs unlike the popular belief that Indian firms follow the Pecking Order Theory. The existence of the Agency Theory signals to the probable investors about the managers-shareholders as well as shareholders-debtholders relationship, and its impact on company’s debt taking capacity. Keywords: capital structure, ownership structure, agency theory, panel data
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Jaara, Bassam Omar Ali, Mohammad A. AL-Dahiyat, and Ismail AL-Takryty. "The Determinants of Islamic and Conventional Banks Profitability in the GCC Region." International Journal of Financial Research 12, no. 3 (January 11, 2021): 78. http://dx.doi.org/10.5430/ijfr.v12n3p78.
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The purpose of this study is to examine the factors affecting the profitability levels of commercial banks whether Islamic and non-Islamic over the period 2000-2018, to suggest ways to enhance the Islamic and non-Islamic banks profitability levels’ in the GCC countries. This research employed Bivariate analysis and panel regression in the investigation process. The study employed return on assets ratio as a proxy for banks profitability. The study found out that conventional banks are more efficient than Islamic banks in terms of profitability levels. There are substantial variances between both Islamic and conventional banks in terms of the determinants of banks' profitability. It is found that 89% of the Islamic bank’s profitability and 85% of conventional banks profitability influenced by bank size, market to book value, capital ratio, cash to assets, gross domestic product GDP, GDP growth, and inflation.
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Jaara, Bassam Omar Ali, Mohammad A. AL-Dahiyat, and Ismail AL-Takryty. "The Determinants of Islamic and Conventional Banks Profitability in the GCC Region." International Journal of Financial Research 12, no. 3 (January 11, 2021): 78. http://dx.doi.org/10.5430/ijfr.v12n3p78.
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The purpose of this study is to examine the factors affecting the profitability levels of commercial banks whether Islamic and non-Islamic over the period 2000-2018, to suggest ways to enhance the Islamic and non-Islamic banks profitability levels’ in the GCC countries. This research employed Bivariate analysis and panel regression in the investigation process. The study employed return on assets ratio as a proxy for banks profitability. The study found out that conventional banks are more efficient than Islamic banks in terms of profitability levels. There are substantial variances between both Islamic and conventional banks in terms of the determinants of banks' profitability. It is found that 89% of the Islamic bank’s profitability and 85% of conventional banks profitability influenced by bank size, market to book value, capital ratio, cash to assets, gross domestic product GDP, GDP growth, and inflation.
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Shah, Ziaullah, Shehzad Khan, and Muhammad Faizan Malik. "The Impact of Dividend Policy on Stock Price Volatility in Pakistan." Global Regional Review IV, no. I (March 30, 2019): 506–15. http://dx.doi.org/10.31703/grr.2019(iv-i).54.
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The objective of this study is to inspect dividend policy influence on volatility of share prices. For investigation seven Non-financial segment/sectors have been selected. A sample of 137 firms who paid four dividend payments listed at PSX is analysed for the period of 2007-2017.Proxy for policy of dividend are earning per share, Payout ratio, dividend yield, while assets growth and firm size are taken as control variables. OLS regression model has been initially applied on panel data. The outcomes of fixed effect model are focused. Overall outcomes of the study confirmed that prices of stock is significantly influenced by policy of dividend and reject dividend irrelevance theory.
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Keener-Chavis, Paula, Liesl Hotaling, and Susan Haynes. "The NOAA Ship Okeanos Explorer: Continuing to Unfold the President's Panel on Ocean Exploration Recommendation for Ocean Literacy." Marine Technology Society Journal 43, no. 2 (May 1, 2009): 73–80. http://dx.doi.org/10.4031/mtsj.43.2.3.
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AbstractThe NOAA Ship Okeanos Explorer, commissioned as the first federal vessel dedicated solely to ocean exploration, will offer unparalleled opportunities to the scientific and education communities for “reaching out in new ways to stakeholders to improve the literacy of learners of all ages with respect to ocean issues” (<xref ref-type="bibr" rid="bib10">The President's Panel on Ocean Exploration, 2000</xref>) and for enhancing awareness of Ocean Literacy Essential Principle #7 — “The ocean is little explored.” Using a systematically mission-driven exploration protocol and advanced technological instrumentation and systems to explore little-known or unknown regions of the ocean, the ship will employ an integrated telepresence system that will provide broadband satellite transmission of data and discoveries in real time for science, education, and outreach. This paper describes the capabilities and assets of the ship, begins to address some of the opportunities that the ship will offer for “learning in new ways,” describes the Okeanos Explorer Education Forum held in the summer of 2008, and addresses some of the issues that will be taken into consideration in using real-time data in a variety of learning environments as the education program for the ship unfolds.
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FURCERI, DAVIDE, STÉPHANIE GUICHARD, and ELENA RUSTICELLI. "MEDIUM-TERM DETERMINANTS OF INTERNATIONAL INVESTMENT POSITIONS: THE ROLE OF STRUCTURAL POLICIES." Journal of International Commerce, Economics and Policy 03, no. 02 (May 16, 2012): 1250012. http://dx.doi.org/10.1142/s1793993312500123.
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This paper provides an empirical investigation of the medium-term determinants of international investment positions for a large sample of advanced and emerging economies. In addition to the usually considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy indicators. Using cross-section and panel regression techniques the results suggest that structural policy settings are important medium-term drivers of capital flows, having a relatively large impact on gross and net foreign capital positions and on their composition. In particular, the results suggest that certain kinds of structural policy reform could help to narrow global imbalances, and to modify the composition of international capital flows towards more stable and productive sources.
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Coccorese, Paolo, and Laura Santucci. "The role of downward assets volatility in assessing the book-value distance to default." Journal of Financial Economic Policy 11, no. 4 (November 4, 2019): 485–504. http://dx.doi.org/10.1108/jfep-10-2018-0145.
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Purpose The purpose of this paper is to test the different definitions of “book-value distance to default” (BVDD) to assess whether using downward assets volatility provides some advantage to the index performance or produces adverse impacts on its effectiveness. Design/methodology/approach Our BVDD is a modification of the Merton’s “distance to default” and relies on accounting data only. A survival analysis is conducted by estimating a Cox semiparametric hazard model where the BVDD is built as a function of a parameter θ, which indicates the percentage of upward assets volatility incorporated in its calculation so as to compare its success in predicting banks’ distress over different levels of θ. The investigation is performed on panel data regarding 866 Italian banks over 21 years. Findings Results show that while the “pure” downward assets volatility does not catch all the nuances of risk, a small portion of upward deviation allows to notably increase the probability of identifying a distressed bank beforehand. Originality/value This study adds to the literature by providing two main contributions. First, it confirms that the BVDD is a reliable measure, being able to predict whether a bank is going to face distress. To the best of the authors’ knowledge, this is the first attempt to appraise BVDD’s accuracy as an index for banks’ soundness through a rigorous econometric experiment. Second, some important insights regarding the Italian banking system may be inferred: larger well-capitalized banks seem to be less likely to fail, whereas credit institutions with higher loans-to-assets ratios are found to be riskier.
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Nanda, Swagatika, and Ajaya Kumar Panda. "The determinants of corporate profitability: an investigation of Indian manufacturing firms." International Journal of Emerging Markets 13, no. 1 (January 15, 2018): 66–86. http://dx.doi.org/10.1108/ijoem-01-2017-0013.
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Purpose The purpose of this paper is to examine the firm-specific and macroeconomic determinants of profitability of Indian manufacturing firms. It assesses the main determinants of firm’s profitability in the pre-crisis and post-crisis period from 2000 to 2015. Design/methodology/approach This methodology splits the factors that influence firm profitability in two groups: firm-specific (internal) factors and macroeconomic indicators. It further aims to look at the consistency of the factors in the pre-crisis and post-crisis period. The return on assets and the net profit margin are considered as proxy for corporate profits. The panel generalized least square and panel vector auto-regression model have been employed, and it is observed that the exchange rate seems to have played a major role in the crisis period by explaining the earning quotient for Indian firms. Findings This paper concludes that the firm-specific variables and exchange rate channels are quite relevant in explaining the profitability of Indian manufacturing firms. It accepts the hypotheses that size and liquidity enhances whereas leverage discourages the profitability. Few exceptions have been observed during the crisis period. The study also concludes that in the short run, the changes in exchange rate are not increasing profitability, but in the long run, it increases profitability as the volatility of nominal exchange rate is positively impacting profitability. Moreover, the study finds that the nominal exchange rate index is more informative and explains that profitability is better than real exchange rate index in the case of Indian manufacturing firms over the study period. Research limitations/implications The managers and the policy makers should give utmost importance to the firm-specific determinants, especially after the crisis period, and consider the appropriate exchange rate to evaluate firm performance for making any change in the policy to make any business profitable. Originality/value This study has been conducted over a longer time by using advanced panel data analysis techniques on the recent data. The study period properly captures the crisis time and the research includes different selection of profitability that highlights corporate earnings pattern. Moreover, validation of the exchange rate sensitivity of profitability over nominal and real exchange rate increases the robustness of the study. Moreover, on Indian manufacturing firms, the study is very significant and unique.
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Henrique, Marcelo Rabelo, Sandro Braz Silva, Antônio Saporito, and Sérgio Roberto da Silva. "Determinants of the Capital Structure of Companies Listed on the Stock Exchanges of Argentina, Brazil and Chile: An Empirical Analysis of the Period from 2007 to 2016." International Journal of Economics and Finance 12, no. 6 (May 10, 2020): 18. http://dx.doi.org/10.5539/ijef.v12n6p18.
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The present investigation refers to the determinants of the capital structure, using the technique of multiple regression through Panel Data of open capital companies in the stock exchanges of Argentina, Brazil and Chile, in order to know the behavior of determinants of the capital structure in relation to Trade-Off Theory (TOT) and Pecking Order Theory (POT). The POT offers the existence of a hierarchy in the use of sources of resources, while the TOT considers the existence of a target capital structure that would be pursued by the company. Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explaining the determinants of the capital structure). It is observed that, with the use of the Panel Data, the determinants that seem to influence in a more accentuated way the levels of debt of the companies are: current liquidity, tangibility, return to shareholders, return of assets, sales growth, asset growth, market-to-book and business risk measured by the volatility of benefits. Suggestions for future research include the use of Panel Data to analyze other factors that may influence indebtedness, mainly taxes and dividends, as well as a deeper analysis of factors that may influence the speed of adjustment towards the supposed objective level.
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Lalon, Raad Mozib, and Farhana Morshada. "Impact of Credit Risk Management on Profitability of Commercial Banks in Bangladesh: An estimation of Dynamic Panel Data Model." International Journal of Finance & Banking Studies (2147-4486) 9, no. 3 (September 25, 2020): 131–47. http://dx.doi.org/10.20525/ijfbs.v9i3.874.
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This paper attempts to reveal how several credit risk factors are affecting the profitability of commercial banks considering the econometric models estimated with Random effect, Fixed effect, Pooled OLS and Cross-sectional Generalized least square (GLS) method followed by dynamic panel data model estimated with one-step GMM (generalized methods of moments) approach to incorporate the issue of endogeneity, unobserved heterogeneity and profit persistence of data set collected from annual report of banks covering from year 2010 to 2019 in Bangladesh. We have also adopted several diagnostic checks such as Model specification test, test of heteroskedasticty, cross sectional dependence test followed by test of autocorrelation and unit root test to examine the validity of the models selected for this study. The first part of our empirical investigation of the estimated models considering all methods reveals that out of all the independent credit risk factors such as Total loans to total assets ratio, Total loans to equity ratio, NPL to total loans, NPL to Total equity ratio, Provision for loan losses to total equity, total equity to total assets ratio, Total loans to total deposits ratio and provision for loan losses to NPL ratio, only provision for loan losses to NPL ratio is significantly affecting the dependent variable measured with NIM (Net interest margin) ratio of banks under fixed effect method. The next part of our empirical results of estimated models considering same methods divulges that NPL to total loans ratio, NPL to Total equity ratio and Provision for loan losses to total equity are also significantly affecting the dependent variable measured with ROE (Return on equity) of banks. The third segment of our empirical findings of estimated models considering same approaches shows that only NPL to total loans ratio is statistically significant under all methods but the NPL to total equity ratio is significant under fixed effect and GLS method and Provision for loan losses to total equity is significant under GLS method only in explaining the changes in ROA (Return on equity) measuring profitability of banks. Further investigation reveals that the dynamic impact of the said credit risk factors on profitability measured with ROE of banks has been successfully adopted by one-step system GMM approach considering all conditions required for estimation.
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Batrancea, Larissa, Mircea Iosif Rus, Ema Speranta Masca, and Ioan Dan Morar. "Fiscal Pressure as a Trigger of Financial Performance for the Energy Industry: An Empirical Investigation across a 16-Year Period." Energies 14, no. 13 (June 23, 2021): 3769. http://dx.doi.org/10.3390/en14133769.
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Taxation exerts pressure on the economic activities of all companies, including economic entities that operate in the energy industry. This study examined the degree to which fiscal pressure influenced the financial performance of 88 publicly listed companies from the energy industry during a time frame of 16 years (2005Q1–2020Q3). By modelling financial data from the oil, gas and electricity sectors with panel data techniques, our results showed that fiscal pressure had a significant effect on the evolution of company financial performance measured by return on assets, return on equity and return on investment. The study revealed that fiscal pressure had a more positive impact on the financial performance of energy companies than a negative impact. This conclusion is important for overall taxation in the energy industry since corporate taxes, excise duties and mandatory labor contributions are basic resources for state budgets. Our empirical results imply important research directions on the prospect of analyzing company performance.
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Almada, Márcia, and Spiros Zervos. "Value supported decision-making in paper conservation." PÓS: Revista do Programa de Pós-graduação em Artes da EBA/UFMG 11, no. 22 (July 19, 2021): 143–56. http://dx.doi.org/10.35699/2237-5864.2021.26504.
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This research announcement outlines the fundamentals, initial reflections, objectives, and methodology of a research project developed jointly by the University of West Attica, Greece, and the Federal University of Minas Gerais, Brazil. It presents the variability of the concept of value in the context of the preservation of cultural assets, the diversity of the terminology and the scarcity of specific discussions in the area of paper conservation. It outlines the conceptual contribution based on the relationship between values, historical evidence, and layers of data in cultural objects, as well as on the impact of conservation procedures on their interconnections. Finally, this article supports both the societal and material approach to decision-making in preservation and conservation through the interdisciplinary investigation of paper-based objects to understand them as complex artefacts.
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Upadhyay, Soumya, and William Opoku-Agyeman. "Factors that Determine Comprehensive Categorical Classification of EHR Implementation Levels." Health Services Insights 14 (January 2021): 117863292110247. http://dx.doi.org/10.1177/11786329211024788.
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Electronic Health Records (EHRs) have the potential to alleviate patient safety mistakes. Of the various levels of EHR, advanced or higher-level functionalities of EHR are designed to improve patient safety. Certain organizational and environmental factors may pose as barriers toward implementing all of the functionalities, leaving certain hospitals intermediate between basic and comprehensive levels of implementation. This study identifies a comprehensive categorical classification that includes hospitals that have functionalities between basic and comprehensive levels of EHR and determines the organizational and environmental factors that may influence hospitals to implement one or more combinations of these categories. A longitudinal panel design was used. Ordinal logistic regression with random effects model was fitted with robust cluster standard errors. Our sample consisted of non-federal general acute care hospitals utilizing a panel design from 2010 to 2016 with 17 586 hospital-year observations (or an average of 2600 hospitals per year). Larger size hospitals, ones with higher total margin, metropolitan and urban hospitals, system affiliated hospitals, and those in higher managed care penetration areas have higher odds of belonging in one of the higher categories of EHR implementation. Hospitals that can access a greater amount of human resources and financial assets from their environments, may implement higher levels of EHR. Initial and maintenance costs of EHR, interoperability issues, and inability to distribute high costs of training across facilities may stymie implementation of higher EHR functionalities. Policymaking to encourage competition among vendors may possibly lower the implementation price for hospitals with limited resources.
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Zülch, Henning, and Dominic Detzen. "Enforcing Financial Reporting Standards: The Case of White Pharmaceuticals AG." Issues in Accounting Education 26, no. 3 (August 1, 2011): 619–32. http://dx.doi.org/10.2308/iace-50036.
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ABSTRACT This instructional resource is based on an actual case of financial reporting enforcement and invites students to reflect on two main themes: the treatment of research and development costs and the enforcement of financial reporting standards. First, students are to analyze a cooperation agreement under which German company White Pharmaceuticals AG receives access to the research and development results of their U.S.-based partner. While applying managerial judgment in interpreting the transaction, students review the treatment of internally generated and separately acquired intangible assets under IFRS and U.S. GAAP. In addition, they are asked to discuss the convergence of the two major accounting regimes. Second, the case study fosters students' understanding of how financial reporting standards are enforced when the German Financial Reporting Enforcement Panel (FREP) starts an investigation into how White Pharmaceuticals AG accounted for payments that the company conducted in the course of the cooperation. Students become aware of the consequences such an investigation may have as the FREP finally adjudges that White Pharmaceuticals AG should restate their financial statements.
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Bhayani, Sanjay J. "Determinants of Capital Structure: An Empirical Analysis of Indian Private Corporate Sector." Asia Pacific Business Review 1, no. 2 (July 2005): 13–23. http://dx.doi.org/10.1177/097324700500100203.
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The objective of this paper is to examine the capital structure of the Indian firms. The investigation has been performed using panel data procedure for a sample of 504 Indian companies listed on any Stock Exchange of India during 1994–95 2003–04. The hypothesis that is tested in this paper is that the debt ratio at time t depends upon the asset structure at time t, the size at time t, the return on assets at time t, and the debt ratio at time t-1. I have used multivariate regression analysis to find out the significant factors for determinant of capital structure. The empirical results justify our hypothesis that the debt ratio of the Indian companies is positively related to its asset structure and its growth rate, and negatively related to its profitability, business risk and non-debt tax shield. Thus, I conclude that firms that maintain a large proportion of fixed assets tend to maintain a higher debt ratio than smaller firms. Furthermore, larger firms employ more debt capital in comparison with smaller firms and firms with high profitability ratios tend to use less debt than firms that do not generate high profits. My findings also suggest that firms do follow a target capital structure during the examined period. These results are consistent with the theoretical background presented in the second section of the paper.
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Li, Dan, Jianqian Chao, Jing Kong, Gui Cao, Mengru Lv, and Man Zhang. "The efficiency analysis and spatial implications of health information technology: A regional exploratory study in China." Health Informatics Journal 26, no. 3 (December 3, 2019): 1700–1713. http://dx.doi.org/10.1177/1460458219889794.
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The new adoption of healthcare information technology is costly, and effects on healthcare performance can be questionable. This nationwide study in China investigated the efficient performance of healthcare information technology and examined its spatial correlation. Panel data were extracted from the Annual Investigation Report on Hospital Information in China and the China Health Statistics Yearbook for 2007 through 2015 (279 observations). Stochastic frontier analysis was employed to estimate the technical efficiency of healthcare information technology performance and related factors at the regional level. Healthcare information technology performance was positively associated with electronic medical records, total input, and cost of inpatient stay, while picture archiving and communication systems and net assets were negatively related. Local Indicators of Spatial Association showed that there existed significant spatial autocorrelation. Governmental policies would best make distinctions among different forms of healthcare information technology, especially between electronic medical records and picture archiving and communication systems. Policies should be formulated to improve healthcare information technology adoption and reduce regional differences.
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Moon, Seokhwi, and Sangin Park. "The Longer the Better? The Impact of Internal vs. External CEO Hires and Tenure on Organizational Performance: Evidence from the Banking Industry of the Republic of Korea*." Korean Journal of Policy Studies 35, no. 2 (August 31, 2020): 47–76. http://dx.doi.org/10.52372/kjps35203.
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This study investigates the effect of internal vs. external CEO hiring and cumulative presidency on bank profitability (return on assets, return on equity) and asset quality (substandard loans, nonperforming loans) in the Republic of Korea’s banking industry. We also try to find evidence of a nonlinear effect of long-term CEO tenure to check whether it gradually increases or decreases over time. Using the panel data of five state-owned banks, six private banks and six local banks from 2000-2019, we found that CEOs hired from the inside improve performance more than those hired from the outside and that CEOs with long tenures do as well. However, an investigation of a non-linear term of tenure yields an inverted u-curve, meaning the effect of longer tenure dissipates over time. These results thus offer reasons to avoid the short-termism that prevails today. The coefficient of the main regressors remained mostly the same with several robustness tests.
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Serwadda, Isah. "Determinants of Commercial Banks’ Profitability. Evidence from Hungary." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, no. 5 (2018): 1325–35. http://dx.doi.org/10.11118/actaun201866051325.
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This paper aims to find out whether bank‑specific (internal) factors impact on the profitability of commercial banks in Hungary for 16 a year period ranging from 2000–2015. The study employs a sample of twenty‑six commercial banks with four hundred sixteen observations. The study employs return on average assets (ROAA) as a proxy for bank profitability, and it also considers bank‑specific (internal) factors as independent variables. These include asset quality (non‑performing loans), overhead costs, bank size, net interest margin, and liquidity risk plus capital adequacy ratio. The study uses panel regressions, descriptive statistics and correlation analysis for the investigations. The panel regression models are to estimate the impact of bank‑specific (internal) factors on bank profitability. The Hausman specification test was conducted on the panel regression models in order to identify the best and appropriate model for the study. The empirical findings reveal that non‑performing loans, overhead costs and liquidity had a significant negative impact on bank profitability as bank size had a significant positive impact on profitability. However, net interest margin and capital adequacy ratio had no impact on bank profitability. The study concludes that bank size and asset quality are bank‑specific factors that have the biggest impact on commercial banks’ profitability in Hungary for the period under investigation. The study recommends that commercial banks should endeavor to manage and reduce overhead costs to be able to earn more profits since overhead costs adversely affect bank profitability. More so, commercial banks’ managers should regularly monitor credit and liquidity risk indicators as well as pursuing diversification policies of income sources while upholding optimisation of operational costs.
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Krishnamurthy, Arvind. "How Debt Markets Have Malfunctioned in the Crisis." Journal of Economic Perspectives 24, no. 1 (February 1, 2010): 3–28. http://dx.doi.org/10.1257/jep.24.1.3.
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The financial crisis that began in 2007 is especially a crisis in debt markets. A full understanding of what happened in the financial crisis requires investigation into the plumbing of debt markets. During a financial crisis, when funds often cannot be raised easily or quickly, the fundamental values for certain assets can become separated for a time from market prices, with consequences that can echo into the real economy. This article will explain in concrete ways how debt markets can malfunction, with deleterious consequences for the real economy. After a quick overview of debt markets, I discuss three areas that are crucial in all debt markets decisions: risk capital and risk aversion; repo financing and haircuts; and counterparty risk. In each of these areas, feedback effects can arise so that less liquidity and a higher cost for finance can reinforce each other in a contagious spiral. I will document the remarkable rise in the premium that investors placed on liquidity during the crisis. Next, I will show how these issues caused debt markets to break down; indeed, fundamental values and market values seemed to diverge across several markets and products that were far removed from the “toxic” subprime mortgage assets at the root of the crisis. Finally, I will discuss briefly four steps that the Federal Reserve took to ease the crisis and how each was geared to a specific systemic fault that arose during the crisis.
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Liu, Jiacheng, Fei Yu, and Lixin Song. "A systematic investigation on the research publications that have used the medical expenditure panel survey (MEPS) data through a bibliometrics approach." Library Hi Tech 38, no. 4 (March 18, 2020): 705–21. http://dx.doi.org/10.1108/lht-09-2019-0185.
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PurposeThis study aimed to examine how Medical Expenditure Panel Survey (MEPS) data have been used to support scientific discoveries in biomedical and health sciences, and provide insight to researchers who are interested in using MEPS regarding collaborations and dissemination of research output.Design/methodology/approachA bibliometric approach was used to systematically examine the publications that used MEPS data and were indexed by PubMed and Web of Science (WoS). Microsoft Excel and bibliometric tools (WoS and VOSviewer) were utilized for quantitative and bibliometric network analysis. The measures were investigated on the total number of publications by year, research categories, source journals, other datasets/databases co-used with MEPS, funding sources, collaboration patterns, and research topics.FindingsA total of 1,953 eligible publications were included in this study with the numbers growing significantly over time. MEPS data were primarily used in healthcare services, public environmental and occupational health research. The journals that published the most papers using MEPS were all in the healthcare research area. Twenty-four other databases were found to be used along with MEPS. Over 3,200 researchers from 1,074 institutions in 25 countries have contributed to the publications. Research funding was supported from federal, private, local, and international agencies. Three clusters of research topics were identified among 235 key terms extracted from titles and abstracts.Originality/valueOur results illustrated the broad landscape of the research efforts that MEPS data have supported and substantiated the value of AHRQ's effort of providing MEPS to the public.
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Ibrahim, Alisa, Nigel Driffield, and Keith Glaister. "THE DETERMINANTS OF OUTWARD FOREIGN DIRECT INVESTMENT FROM ASEAN." Humanities & Social Sciences Reviews 7, no. 2 (August 19, 2019): 434–48. http://dx.doi.org/10.18510/hssr.2019.7251.
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Purpose of Study: This study investigates the determinants of ASEAN outward foreign direct investment (OFDI) and the extent to which the four general motives of OFDI (market seeking, efficiency-seeking, resource-seeking, strategic-assets-seeking) can explain the phenomenon in the four chosen ASEAN countries (Malaysia, Singapore, Thailand and Indonesia).
Methodology: We used panel data from 2001 – 2016 and the Tobit regression model to ascertain the results. We found that each country possibly has slightly different motives between each other although market seeking is seen as the general motive. As most of the previous studies focused on other developing countries such as BRICS, this study contributes to the small but growing literature of ASEAN economies. Furthermore, the usage of the Tobit regression Model helps us in explaining the variables with zero value, hence yielding a more informative result.
Results: We found that, in general, some determinants were consistent with findings in the literature, while others need further investigation. Lastly, based on the findings, we can conclude that the mainstream theory of outward FDI applies to ASEAN.
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Kanapickiene, Rasa, Greta Keliuotyte-Staniuleniene, and Deimante Teresiene. "Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania." Economies 9, no. 2 (May 18, 2021): 78. http://dx.doi.org/10.3390/economies9020078.
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The research aims to examine and evaluate the accounting information disclosure (AID) quality of the non-current tangible assets in the annual financial statements of private sector entities of Lithuania and identify characteristics of these enterprises that have an impact on the AID quality. The research model of the AID quality in the financial statements is created. Based on the national accounting standards’ legal requirements, the original checklists were structured, and the disclosure quality indexes (DQIs) allowing evaluation of AID (both mandatory and voluntary) quality were formed. The empirical results show that Lithuanian enterprises’ AID quality was sufficient and average during the investigation period. The significant AID quality change was not observed during the short term (2007–2008), i.e., when Lithuania was going through a significant change in the economy, where the rapid growth was followed by the financial crisis. In addition, it was investigated whether significant changes were observed during the long term (2007–2016) when Lithuania was transforming from a developing to a developed country. The results show that during this period the disclosure of mandatory (for all enterprises) and voluntary information did not change significantly, while additional (for large and medium) AID quality increased. Multiple panel regression analysis showed that the enterprise’s characteristics (such as its size, debt-paying capacity, indebtedness, tangible assets, and profitability) appeared to have a statistically significant effect on the AID quality. The research findings could contribute to helping shareholders, potential investors or creditors, financial analysts, and other stakeholders when making decisions in regard to the evaluation of the AID quality as well as helping regulators to increase standards for information transparency and comparability.
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Tsagem, Muhammad Musa, Norhani Aripin, and Rokiah Ishak. "Analyzing the Determinants of Cash Holdings of Small and Medium-Sized Entities in Nigeria." Journal of Accounting and Finance in Emerging Economies 1, no. 1 (June 30, 2015): 31–40. http://dx.doi.org/10.26710/jafee.v1i1.62.
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Purpose: This paper aims to report the results of an empirical investigation on the determinants of the cash holdings for small and medium-sized entities. The paper considers the different explanatory factors of SMEs cash holdings for a sample of Nigerian SMEs. SMEs are springboard of the Nigerian economy contributing to gross domestic product, employment generation and industrialization.
Methodology: the study employed panel data regression analysis using secondary data on a sample of 311 Nigerian SMEs for the period 2007 - 2013.
Result: The finding which is robust of endogeneity shows statistically significant association between cash conversion cycle, account receivables period, return on assets and board size with SMEs cash holdings. Also found a significant relationship between cash holdings with firm size, leverage, growth opportunities and firm age.
Implication: Thus, the result of the study indicates that Nigerian SMEs with shorter cash conversion cycle and low growth opportunities hold more cash. Similarly, SMEs with small board of directors accumulate large cash balance. Further, SMEs with higher profitability keep large cash balance. This study contributes to existing literature on the determinants of SMEs cash holdings more specifically in developing economies. However, this study is limited to non-financial and non-service SMEs. Future study should extend the investigation to financial and services firms. Similarly the structure of the paper and scope of further study may be extended to include the effects of more corporate governance mechanisms.
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Killins, Robert Neil, David W. Johnk, and Peter V. Egly. "The impact of financial regulation policy uncertainty on bank profits and risk." Studies in Economics and Finance 37, no. 4 (September 20, 2019): 725–52. http://dx.doi.org/10.1108/sef-05-2019-0169.
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Purpose The purpose of this paper is to explore the impact of financial regulation policy uncertainty (FRPU) on bank profit and risk. Design/methodology/approach This study applies dynamic panel techniques and uses the Baker et al. (2016) FRPU index and macroeconomic variables to assess FRPU’s impact on bank profit and risk using Federal Deposit Insurance Corporation call reports from Q1 2000 to Q4 2016 for over 4,760 commercial banks. Findings The effect of FRPU on profitability (Return on Assets [ROA] and Return on Equity [ROE]) and risk (standard deviation of ROA and ROE) produces complex results. FRPU negatively (positively) impacts profits for small and large banks (money center banks). There is a positive impact on FRPU for small and medium-sized banks, with no impact reported for the large and money center banks. Practical implications Findings lead to several implications for financial services regulators, investors and executives as summarized in the conclusion. It is essential to ensure that clear communication channels are open especially to small and medium-sized banks for proper strategic planning, given their greater sensitivity to regulatory uncertainty. Originality/value This paper contributes to the literature as follows. First, it explores the impact of FRPU on bank profits and risk using a novel index introduced by Baker et al. (2016). This news-based continuous measure presents a bank profit modeling approach that differs from traditional event study methodology. Second, a large sample of US commercial banks is used which represents an important departure from banking regulation studies.
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Zhukov, Roman. "Efficiency Evaluation of Functioning of Socio-Economic Systems Based on Production Functions: New Approach." Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika, no. 3 (December 2019): 71–82. http://dx.doi.org/10.15688/ek.jvolsu.2019.3.7.
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The aim of the article is to substantiate the possibility of using the performance indicator designed according to the author’s methodology along with other indicators characterizing functioning of socio-economic systems. The performance indicator is defined as the ratio of normalized and standardized actual results to expected values which are calculated by the model of the relationship of effective signs and state and impact factors. The model is a production function, whose parameters can be defined by factor analysis of dependencies. To substantiate the presented indicator the author carries out a comparative analysis of its statistical dependence with the indicators of technical efficiency calculated using the stochastic boundary method. The paper considers 12 different variants which differ in the type of distributing the random component, which characterizes the inefficiency of the system; methods of calculating technical efficiency, as well as the presentation of data (pooled and panel data). As a basic model, the power multiplicative model in the form of Cobb-Douglas is used, which includes the volume of gross regional product, the cost of fixed assets, the average annual number of employees in economy and the cost of technological innovation taking into account inflation. The information base of the research is data on regions of the Central Federal district for 2007–2016. For the considered variants the relationships between the proposed performance indicator and other indicators considered were statistically significant, which gives reason to use it as a private indicator for analyzing functioning of socio-economic systems. The performance indicator can be used as a tool to analyze and compare functioning of socio-economic systems operating in different conditions.
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Kwan, Jing-Hui, and Wee-Yeap Lau. "The Determinants of Corporate Cash Holdings: Do Firm Characteristics and Industry Matter?" Journal of Social Sciences Research, SPI6 (December 25, 2018): 866–77. http://dx.doi.org/10.32861/jssr.spi6.866.877.
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We join a recent surge of corporate cash literature by using a sample of hospitality firms to gain a new understanding of corporate cash holdings. Existing literature predominantly refers to US-listed firms and focus on either hotels or restaurants and not the hospitality industry as a whole. Therefore, we provide a comparative study of cash holdings behaviour between hospitality and non-hospitality firms in an emerging market context. Using a sample of public listed hospitality firms in Malaysia firms from 2002 to 2013, dynamic panel regression techniques are used to study the relationships between firm characteristics and cash levels. Also, the non-parametric Wilcoxon-Mann-Whitney test was carried out to examine the time and sectoral differences in cash holdings. The results reveal that firm characteristics do matter in hospitality firms. We also show that industry representation drives the difference in cash holdings between hospitality and non-hospitality firms. We find that firm size, capital expenditures, and liquid assets substitutes are negatively related to cash level. The results support trade-off theory and the pecking order theory. This study incrementally explains the cash holdings behaviour of hospitality firms in emerging market, such as Malaysia. This paper points to an avenue of investigation for future cash holdings research to include firm characteristics and industry as part of the cash holdings determinants.
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Rihardi, Satrio Ageng. "The Strength of Legal Proof in Filing a Civil Lawsuit Against Corruption Actors." Law Research Review Quarterly 5, no. 1 (July 2, 2019): 107–14. http://dx.doi.org/10.15294/snh.v5i01.31125.
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The use of civil instruments in corruption cases is fully subject to the provisions of civil law both formally, materially and even to immaterial losses. In accordance with Articles 32, 33 and 34 of Law Number 31 of 1999 concerning Eradication of Corruption, there is a formula regarding the submission of the results of the investigation into the State's loss to the State Attorney. The prosecutor must be able to really prove that the defendant actually committed an act of corruption. In accordance with the concept of proof in civil law, JPN must be able to convince the panel of judges by basing on a clear legal basis, the existence of an element of loss and explaining the occurrence of acts of corruption that are detrimental to the State's finances. However, it is often difficult to substantiate civil lawsuits to prove, given that the perpetrators of corruption in general are those who have very strong positions or experts. The research method used in this research is analytical descriptive. The research results obtained can be seen from the strength of the evidence in filing a civil claim must first trace assets owned by the perpetrators of corruption as the basis and reason for the lawsuit but the civil suit has not been effectively proven by relying only on special criminal courts because the imposition of fines and reimbursement is included without taking into account any immaterial losses that can be paid in the future.
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Ivanov, Katerina, and Julia Jiang. "Does securitization escalate banks’ sensitivity to systemic risk?" Journal of Risk Finance 21, no. 1 (January 27, 2020): 1–22. http://dx.doi.org/10.1108/jrf-12-2018-0184.
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Purpose The purpose of this paper is to test empirically the impact of asset securitization and sale activities as well as the holdings of sub-prime related securitized products on the US bank holding companies’ (BHC) exposure to systemic risk. Design/methodology/approach This paper adopts a robust econometric method to estimate the conditional value-at-risk as a measure of BHCs' institutional sensitivity to market crushes. Using the data over the period of 2004-2016, the study also uses OLS with robust standard errors and panel estimation with random effects as two alternative estimation techniques to assess the impact of securitization activities on the sensitivity of BHCs to systemic risk. Findings Residential mortgage and other forms of securitization activities are positively related to an increase in the US BHCs' sensitivity to systemic distress. The significant cross effects of both securitized loans and holdings of securitized products play a crucial role in determining risks in financial sector. Originality/value This study contributes to the empirical literature on the effects of securitization on BHCs' risk exposures in several ways. First, the paper considers the complexity of the bank's risk profile; it focuses on BHCs' individual sensitivity to systemic distress and its dependence on the size of securitization and assets sold activities considering both supply and demand sides of securitization. Second, the time horizon under investigation sheds a light on the relationship between securitization and banks' risk exposures including the pre-crisis, crisis and post-crisis periods.
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Dalwai, Tamanna, Gopalakrishnan Chinnasamy, and Syeeda Shafiya Mohammadi. "Annual report readability, agency costs, firm performance: an investigation of Oman's financial sector." Journal of Accounting in Emerging Economies 11, no. 2 (February 2, 2021): 247–77. http://dx.doi.org/10.1108/jaee-06-2020-0142.
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PurposeThe readability of annual reports is an important feature that determines the quality of communication between a firm and its stakeholders. Extant literature has demonstrated that readability characteristics of annual reports are crucial in facilitating the investor's ability to process and analyze information, resulting in higher firm performance and lower agency costs. This study examines the relationship between annual report readability, agency costs and the firm performance of listed financial sector companies in Oman.Design/methodology/approachUsing a sample of 150 firm-year observations of listed financial sector companies on the Muscat Securities Market (MSM) over the period 2014 to 2018, a panel regression analysis is used, along with the system generalized method of moments (GMM) estimation to address endogeneity concerns. The readability of annual reports is proxied by the length of the annual report, the Flesch reading ease and the Flesch–Kincaid index.FindingsThe ordinary least squares (OLS) results suggest that readability proxied by the length of the annual report has no significant relationship with agency cost, return on assets (ROA) or stock returns. The OLS results are confirmed through the system GMM estimation model for agency costs, Tobin's Q and stock returns. Easier-to-read annual reports measured by the Flesch reading ease demonstrate high asset utilization ratio and Tobin's Q. These results emphasize Flesch reading ease measure in explaining the economic significance of agency cost and Tobin's Q. In contrast, difficult-to-read annual reports are observed for firms with high ROA.Research limitations/implicationsThe study is limited to the financial sector. Its generalizability could be extended to a similar sector or countries with features similar to Oman. Future studies on readability could be extended to other sectors of Oman, and financial firms with easier-to-read annual reports show a high Tobin's Q, which reflects the confidence of investors in the stock market. These findings may encourage policymakers to regulate the readability features of annual reports and influence the reporting quality of financials and disclosures also including cross-country comparisons.Practical implicationsFinancial firms with easier-to-read annual reports show a high Tobin's Q, which reflects the confidence of investors in the stock market. These findings may encourage policymakers to regulate the readability features of annual reports and influence the reporting quality of financials and disclosures.Originality/valueWhile the study extends prior literature on readability, agency costs and firm performance, it is also one of the first to examine the financial sector of an emerging country, namely, Oman. The study supports the obfuscation hypothesis through the association of readability measure with agency cost. Unlike prior research that has focused on common computational linguistic literature, this study uses three proxies for readability to assess information quality.
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Lebdaoui, Hind, and Joerg Wild. "Islamic banking presence and economic growth in Southeast Asia." International Journal of Islamic and Middle Eastern Finance and Management 9, no. 4 (November 14, 2016): 551–69. http://dx.doi.org/10.1108/imefm-03-2015-0037.
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Purpose The purpose of this study is to empirically assess the relationship between Islamic banking presence in Southeast Asian countries and the economic growth. Design/methodology/approach The presence of Islamic banks is measured by the ratio of Islamic to conventional banking assets as well as the ratio of deposits of Islamic to conventional banking. This study starts by checking the presence of cointegration using Pedroni’s and Westerlund’s specifications; short- and long-run dynamics are further analyzed with the panel autoregressive distributed lag model (ARDL)-based estimators: pooled mean group (PMG), mean group (MG) and dynamic fixed effect (DFE). Furthermore, a two-stage regression [two-stage least squares (2SLS)] was constructed to measure the sensitivity of economic growth to the Islamic banking presence. Quarterly data from Southeast Asian countries cover the period between 2000Q1 and 2012Q4. Findings A long-run relationship is evident between economic growth and the Islamic banking presence in the selected region, but not in the short run. Furthermore, the Muslim population share in a given country plays a positive and statistically significant role in fueling the contribution of Islamic banking share in the financial sector on the economic growth. Social implications The results of this study show that Sharia-compliant banks succeeded in mobilizing additional resources for the financial sector, which may increase the stability of the banking system and the efficiency of the whole banking sector. The authors believe that the inclusion of Islamic banking products in the financial systems will, along with the diversification effect, stimulate financial deepening and, therefore, improve the financial stability in the countries under investigation in particular, and all countries with significant Muslim population in general. Originality/value This study empirically assesses the contribution of Islamic banking presence on the economic growth with a focus on Southeast Asia, as this region encompasses the most developed and experienced institutions in the field of Islamic finance. Error correction-based models such as PMG, MG and DFE lend itself to the analysis of the panel data. This study also uses the instrument-based 2SLS to cope with the endogeneity problem between the real and financial sectors.
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Farahani, I., A. Laven, S. Farahani, MA Deters, M. Feickert, FK Suessenbach, H. Schwender, and S. Laeer. "P33 Effectiveness of OSCEs in training German pharmacy students in consultation on self-medication – a randomised controlled investigation." Archives of Disease in Childhood 104, no. 6 (May 17, 2019): e30.2-e31. http://dx.doi.org/10.1136/archdischild-2019-esdppp.71.
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BackgroundIn Germany 37.1% of dispensed medicinal products were intended to use in self-medication in 2017.1 An investigation showed that 25.2% of children and adolescents used self-medication in Germany.2 Hence, pharmacists’ education needs to include training for competence in consultation.3A modern method to train this competence is the use of OSCEs (Objective Structured Clinical Examinations). The aim of this study was to assess whether the use of OSCEs in pharmacy students to train the consultation performance on self-medication is more effective than a conservative teaching method.MethodsThis randomised controlled investigation was conducted in a pre-post-design with pre-OSCEs before training and post-OSCEs after training in each group. Clinical skills at baseline and after the training were measured. Forty students in their last year of pharmacy studies were randomised into a control and an intervention group. The control group attended a lecture on self-medication and the intervention group had additionally to the lecture one hour of OSCEs for training purpose. An analytical checklist was used for measuring consultation skills and a global rating scale for assessing communication skills.ResultsComplete data was received from 30 students (n=16 intervention group, n=14 control group). Consultation skills improved significantly (analytical checklist: 19.88% ± 10.95% intervention group vs. 9.29% ± 10.89% control group, p< 0.05). However, the communication skills (global rating scale: 20.83% ± 24.33% in the intervention group vs. 11.90% ± 17.12% in the control group, p= 0.380) did not improve significantly during the one-hour training period.ConclusionOSCEs for training purpose are an effective method to convey pharmacy students consultation skills in self-medication. However, communication skills need more training. Based on these results OSCEs on self-medication for the paediatric population should be investigated. This is relevant due to the frequency of self-medication in the paediatric population.ReferencesAbda.de. [Internet]. Berlin: Federal union of German associations of pharmacists. Numbers, data, facts 2016. [Cited January 30, 2019]. Available from: https://www.abda.de/fileadmin/assets/ZDF/ZDF_2018/ABDA_ZDF_2018_Brosch.pdf Du Y, Knopf H. Self-medication among children and adolescents in Germany: results of the National Health Survey for children and adolescents (KiGGS). Br J Clin Pharmacol 2009;68:599–608.Joint Statement by the International Pharmaceutical Federation (FIP) and the World Self Medication Industry (WSMI). [Internet]. Responsible Self-medication. 1998. [Cited January 30, 2019]. Available from: https://www.fip.org/www/uploads/database_file.php?id=241&table_id=.Disclosure(s)Imaneh Farahani, Anna Laven, Samieh Farahani, Maira A. Deters, Martin Feickert, Fabian K. Suessenbach, Holger Schwender and Stephanie Laeer declare that they have no conflict of interest.
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Onatuyeh, E. A., and I. Ukolobi. "Tax Aggressiveness, Corporate Governance and Audit Fees: A Study of Listed Firms in Nigeria." International Journal of Financial Research 11, no. 6 (November 30, 2020): 278. http://dx.doi.org/10.5430/ijfr.v11n6p278.
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The concept of audit fee has received immense empirical investigation in literature. However, these vast studies have not sufficiently explored the relation of the concept with tax aggressiveness and corporate governance. This study therefore sought to provide empirical evidence as to whether tax aggressive and corporate governance mechanisms are significantly associated with audit fees among listed firms in Nigeria. Leaning on the agency and stakeholder theories, the study examined the measures of tax aggressiveness of effective tax rate and cash tax rate as well as corporate governance mechanisms of board gender diversity, audit committee diligence, and board independence; and how these variables explain changes in external audit fees. A sample of one hundred and seven (107) firms from the entire firms quoted on the Nigerian Stock Exchange as at December, 2018 was utilised. Data were sourced solely from annual financial statements of the studied firms over a ten-year period (2009 to 2018). The panel regression technique, with preference for the random effect model based on the outcome of the Hausman test, was employed to estimate the balanced panel data. The results of the study showed that cash tax rate, audit committee diligence and board independence all exert positive and significant effect on audit fees. Surprisingly, the study revealed a positive but statistically insignificant link between board gender diversity and audit fees. This result may not be unconnected with the low presence of female directors on the board of the firms investigated. In light of the findings, we therefore recommend that more female gender should be allowed to sit on the boards of listed firms in Nigeria in line with the Norwegian model of 40% female gender representation and the Federal Government 35% Affirmative Action. We also recommend that board independence should be encouraged more so as to enhance their oversight functions, and promote quality financial reporting and audit amongst listed firms in Nigeria.
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Dvouletý, Ondřej, and Ivana Blažková. "Exploring firm-level and sectoral variation in total factor productivity (TFP)." International Journal of Entrepreneurial Behavior & Research 27, no. 6 (June 15, 2021): 1526–47. http://dx.doi.org/10.1108/ijebr-11-2020-0744.
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PurposeThe objective of the study is to identify and explore factors affecting the productivity of companies in the Czech Republic with a focus on the role of firm size, firm age, indebtedness and long-term negative equity, efficiency of assets usage, liquidity, legal form, location and sector affiliation.Design/methodology/approachThe study utilizes a large unbalanced panel dataset of 91,257 firms (548,998 observations in total) covering the period 2000–2019. The dependent variable, i.e. total factor productivity (TFP), reflecting the overall firm productivity, was estimated by ordinary least squares (OLS) regression. The main findings were obtained through the estimation of two econometric models explaining the effects of factors on firm-level TFP. First, the OLS regressions together with Nomenclature of Territorial Units for Statistics (NUTS) 3 regions, year dummies and robust standard errors were estimated. Second, as a robustness check, the very same model was estimated with the random effects (RE) generalized least squares (GLS) method.FindingsThe analysis has shown a statistically significant U-shaped relationship (with the turning point of 38, resp. 36 years) between firm age and the overall TFP among the Czech enterprises. The authors provide two key findings in terms of a firm size-productivity relationship. Firms with fewer employees, often officially registered as self-employed individuals/freelancers, report higher levels of productivity. Nevertheless, when it comes to firm property (assets), the authors find a positive relationship between firm size and TFP. A high proportion of debts in the capital structure of analysed companies, or even negative equity, has been negatively associated with TFP levels.Research limitations/implicationsMore research is needed in the deeper exploration of sectoral and regional determinants of firm TFP, as both regional and sectoral heterogeneity were observed in the study. The authors propose the employment of a multi-level modelling approach, including a range of continuous variables and investigation of their role in shaping firm-level productivity.Practical implicationsConcerning the results, managers should be mindful of optimal capital structure principles due to the negative impact of a high level of debts on the productivity level. High indebtedness means high-interest payments drawing earnings off, which may be, especially in the long term, a hindrance to investments. The entrepreneurship and small- and medium-sized enterprise policies may be targeted at the soft policy actions, including advisory services and counselling on business development or risk and on the provision of financial capital allowing firms to strive for growth-oriented projects.Originality/valueTo the best of the authors' knowledge, this is the first attempt to provide insight into the firm-level productivity determinants, based on the large dataset covering enterprises across the whole economy over the long term, representing the structure of the country's entrepreneurial activity.
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Ben Jedidia, Khoutem. "Profit- and loss-sharing impact on Islamic bank liquidity in GCC countries." Journal of Islamic Accounting and Business Research 11, no. 9 (May 28, 2020): 1791–806. http://dx.doi.org/10.1108/jiabr-10-2018-0157.
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Purpose The purpose of this paper is to empirically assess the impact of the principle of profit- and loss-sharing (PLS) on the exposure to liquidity risk of Islamic banks in Gulf Corporation Council (GCC) countries. The Islamic bank activity is distinguished by a PLS principle, which is likely to involve specificities in the bank liquidity issue. Design/methodology/approach This paper investigates the determinants of Islamic bank liquidity over the period 2005–2016 using a panel of 23 Islamic banks in GCC. The system of generalized method of moment estimators is applied. Findings The findings reveal that while profit-sharing investment accounts (PSIAs) are inversely proportional to Islamic bank liquidity, the PLS investment does not seem to act as a determinant of the bank liquidity. The fact that PSIAs are globally short-run accounts, but finance long-run projects leads to a substantial maturity mismatches, which limits the availability of liquidity buffer and exacerbates the bank’s exposure to liquidity risk. Moreover, capital adequacy ratio has significant and positive association with bank liquidity, as a strong capital ratio helps to strengthen the liquidity control. However, return on assets has a negative significant impact on bank liquidity. For instance, if the bank holds more cash, it deprives itself from placing funds and earning returns, which causes its profitability to decline. Practical implications This paper gives further insights to better improve the liquidity risk management in a context of scarcity of Shariah-compliant instruments. Islamic bank needs to determine the PLS purpose and goals to be consistent with the “bank’s financing policy” and convince its depositors to use their deposits for medium and long-run investments. Originality/value Unlike previous empirical research, this investigation tries to better grasp the Islamic bank liquidity issue by focusing on the PLS impact on liquidity risk. It aims to fill in the gap in the empirical literature on this topic.
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Chakrabarti, Rajesh, and Alexander Gruzin. "The Impacts of Taxation on Capital Structure in BRICS Countries." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 13, no. 3 (February 14, 2020): 94–110. http://dx.doi.org/10.17323/j.jcfr.2073-0438.13.3.2019.94-110.
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Capital structure is an indicator of the value of a firm and is a key performance indicator concerning how efficiently a company operates. Debt and leverage influence a company’s investment risks and influence the rate of return required by investors. Therefore, decisions affecting capital structure choice have crucial long-term effects.
The aim of this study is to determine the effects of corporate tax rates on capital structure in public nonfinancial companies based in BRICS countries. The specific object of our analysis is the evaluation of financial leverage as a proportion of debt financing based on the amount of total assets. This analysis is carried out on a sample of BRICS companies over the period from 2010 to 2015.
To conduct this research, panel data regression models are employed, including the fixed effects (FE), random effects (RE) and generalised method of moments (GMM) models. Each BRICS country is analysed separately in order to avoid biased estimates due to a host of significant country-specific differences.
The results presented herein indicate that effective tax rate is statistically significant, but the effect of taxation varies across countries. For example, effective tax rate is an important capital structure determinant, and it is significant across all countries. However in analytical terms, this investigation reveals that the most suitable regression model for the majority of BRICS countries is the fixed effects method, although for Russia the most appropriate model is the random effects method. To summarise, three separate hypotheses regarding the interplay of taxation and capital structure have.
This research crucially serves to demonstrate facets of the complexity of the economic situation in the key economies of BRICS countries. The generally-supported hypothesis implies that the higher the corporate tax rate, the more tax benefits the company receives from using a tax shield. The results of this study indicate that contrary to most existing literature, effective tax rate has a negative relationship with the capital structure in Russia, India and South Africa. Moreover, various existing research studies in the field have been validated, and individual aspects of our results serve to alternatively validate the tradeoff and the pecking order theories. The conclusions presented herein regarding the complexities of the interplay between economic indicators between BRICS countries will be essential information in the commercial and academic spheres and anyone concerned with emerging economies.
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Popoola, Oluwatoyin Muse Johnson. "Preface to the First Issue of Indian Pacific Journal of Accounting and Finance." Indian-Pacific Journal of Accounting and Finance 1, no. 1 (January 1, 2017): 1–2. http://dx.doi.org/10.52962/ipjaf.2017.1.1.5.
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It is a great pleasure and at the same time a challenge to introduce a new journal into the global community, especially when the objective is to publish high quality impactful manuscripts or papers. Although, accounting and finance studies constituted a primary focus for most of the scholars because of our understanding of their values. However, only a few of us spend much time to explore emerging areas. Notwithstanding the challenges, this journal seeks to provide readers throughout the world with technology backed quality peer reviewed scholarly articles on a broad range of established and emergent areas to accounting and finance in particular, and business, economics and social sciences in general. A one on one discussions with distinguished scholars attests to the fact that there is a dire necessity for such a journal in the Indian-Pacific axis.
In order to create a niche for IPJAF as the most authoritative journal on accounting and finance, a team of highly valuable or distinguished scholars has agreed to serve on the editorial board. I am privileged and opportune to have Associate Editor-in-Chief, Aidi Ahmi (Universiti Utara Malaysia), and Associate Editors: Muhammad Ali Abdul Hamid (University of Sharjah, UAE), Bamidele Adepoju (Bayero University), Abayomi Ambali Alaka (Institute of Chartered Accountants of Nigeria), and Dorcas Adebola Babatunde (Afe Babalola University of Ado-Ekiti). Our editorial board members are scholars from several countries worldwide that are actively engaged in academic and professional committees, supervising doctoral thesis and doctoral teaching level courses. The Editorial Board is supported by a group of competent and experienced international review panel members from different continents of the world. With this synergy, the journal brings a significant representation of the field of accounting and finance both in established and developing areas.
Our existence is anchored on the service and dedication of IPJAF editorial board and the editorial team. This inaugural volume consists of five manuscripts. Shitu and Popoola’s article, An investigation of Socially Sustainable Behaviour of Local Players in the Supply Chain of Shea Butter: A Role Theory Perspective, explores the roles, practices, and behaviour of local supply chain stakeholders (women entrepreneurs) in Shea nut picking and Shea butter processing in Rural Borgu, Nigeria. Also, the research examines the local buying agents (LBA) who serve as the middlemen between the rural women and the exporters of Shea butter. The findings indicate that the present active engagement and practices of these local stakeholders do not align with the principles of the sustainable supply chain. The paper exposes factors such as gender disparity, weak access to financial support, and information asymmetry as major contributors to the present roles, practices, and behaviour of the local actors.
Lina and Jingga's article, Factors influencing Tax Avoidance activity: An empirical study from Indonesia Stock Exchange, examines the influence of the firm characteristics to tax avoidance activity in the listed companies in Indonesia. The paper adopts the proxies of firm size, leverage, capital intensity, inventory intensity as the business characteristics and return on asset and market-to-book ratio as control variables. The result of this research reveals that leverage has a positive influence towards tax avoidance activity, while the rest variables have no influence towards tax avoidance activity.
Adedeji, Popoola and Ong Tse San's article, National Culture and Sustainability Disclosure Practices: A Literature Review, investigates the extent to which national culture is an explanatory variable for firm’s disclosure choices for sustainable development in the advanced, emerging and developing nations of the world, especially that entities interact in globally knowledge-based economies. The paper identifies that not much work had been done in the area of traits and characteristics in specific national cultural environments and their effects on sustainability disclosures, in particular, social and environmental disclosures. The paper concludes with the recognition of the need to gear up researchers and policy making bodies to encourage advancement of studies on the intellectual capital concept and resource-based value theory to enhance sustainability development globally.
Imelda and Alodia's article, The analysis of Altman Model and Ohlson Model in Predicting Financial Distress of Manufacturing companies in the Indonesia Stock Exchange, examines the accuracy of the Altman Model and the Ohlson Model in Bankruptcy Prediction. The results of the paper show that the Ohlson Model and the Logit Analysis are more accurate than the Altman Model and the Multiple Discriminant Analysis in predicting bankruptcy of manufacturing firms in the Indonesian Stock Exchange (BEI) in 2010-2014. The paper reveals benchmark for consideration in determining the financial distress of a company such as the ratio of retained earnings to total assets, earnings before interest and taxes to total assets, market value of equity to total liabilities, sales to total assets, debt ratio, and return on assets, working capital to total assets and net income.
Arowolo and Ahmad's article, Quality-differentiated Auditors, Block-holders and Monitoring Mechanisms, seeks to investigate how monitoring mechanisms influence the block-holders in 111 Nigerian non-financial listed companies to resolve the problem of business failures as a result of information asymmetry existing in the relationship of the managements with the shareholders. The study also investigates the mediating effect of the quality-differentiated auditors on the relationship between block-holders and monitoring mechanisms. The findings indicate that the block-holders significantly influence monitoring mechanisms. Also, the results reveal that quality-differentiated auditors positively affect monitoring mechanisms and that it significantly explains the relationship between block-holders and monitoring mechanisms.
It is my conviction that in the coming year, the vision of IPJAF to publish high quality manuscripts in the established and emergent areas of accounting and finance from academic and professional researchers will be attained, maintained and appreciated.
As you read throughout this inaugural volume of IPJAF, I would like to remind you that the success of our journal depends on your active participation and those of your colleagues and friends through submission of high quality articles for review and publication.
I assure our prospective authors, regardless of the acceptance of your manuscripts or not, to enjoy the benefits IPJAF provides about mentoring nature of our review process, which provides high quality, helpful reviews tailored to assist authors in improving their manuscripts.
I acknowledge your support as we strive to make IPJAF the most authoritative journal on accounting and finance for the community of academic, professional, industry, society and government.
Oluwatoyin Muse Johnson PopoolaEditor-in-Chiefpopoola@omjpalpha.com
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S. Johnson, Devon, and Mark Peterson. "Consumer financial anxiety." International Journal of Bank Marketing 32, no. 6 (August 26, 2014): 515–33. http://dx.doi.org/10.1108/ijbm-08-2013-0080.
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Purpose – The purpose of this paper is to examine how small and medium-sized, regional financial service firms reacted to the financial crisis by helping their customers cope with their heightened state financial anxiety during the Economic Crisis of 2008. It also examines the variety of strategies pursued by these firms to rebuild consumer trust in their brands in the ensuing years. Design/methodology/approach – The authors relied on grounded theory as a methodological approach to understand the unfolding situation of the financial crisis and to inductively develop a framework explaining managers’ experience with consumer financial anxiety and trust. Data collection involved key informant interviews with 20 CEOs and senior marketing and sales professionals of financial service firms in the USA. Findings – The study discloses a desire among many retail financial institutions to re-personalize their relationships with customers following the financial crisis. One motivating factor for this has been a demand by regulators for more evidence that the firm really knows its customers. The paper also found that some managers are ambivalent about mentioning regulatory oversight and Federal Deposit Insurance Corporation (FDIC) insurance to customers because it is unclear whether these issues heighten or reduce consumer fears. More research is needed to provide guidance to managers on how mention of regulatory oversight may be used strategically in a crisis. Research limitations/implications – This study was limited to regional financial service firms in the USA with assets of less than$1 billion. The extension of the study to compare other geographical markets or to large financial service firms remains to be done. This investigation could tell us whether consumers now trust regional banks more than they do large national banks, difference in the strategies they employed and whether they resulted in different rates of brand equity recovery. Practical implications – This paper suggests that the 2008 financial crisis may have resulted in permanent changes in consumer attitudes to financial services. As one manager suggested, “consumers have moved from a trust-me phase to a show-me phase.” This implies that financial service managers need to rethink how they build consumer trust. Such managers would do well to consider ways of integrating actions that reinforce the company's integrity and commitment to its customers into different stages of their firms’ relationships with consumers. Social implications – Many small and medium-sized banks are re-embracing community-banking practices including building strong personal relationships with stakeholders after years of underinvesting due to these banks’ pursuit of property development investments. As a result of these developments, a stronger financial services industry could likely emerge. Accordingly, trust for this battered industry among consumers could improve. Originality/value – This paper discuss how the depersonalization of customer interactions by financial services firms through increased use of electronic channels and the use of call centers as primary interaction points may have weakened customer relationships and worsened consumer anxiety during the 2008 financial crisis. Additionally, it discusses both the failure of regulatory oversight and the symbolic effects of the big bank failures and the Madoff scandal in heightening consumer fears. Based on managerial interviews the paper discusses how financial service firms countered consumer anxiety by providing social support to customers, by repersonalizing customer interactions, and by reconnecting with local community values.
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Carpenter, Dick, and Anthony Ward. "A New Panel Dataset for Studies Using Substate Units of Analysis and Indicators of Drug Activity." Urban Affairs Review, January 12, 2021, 107808742098454. http://dx.doi.org/10.1177/1078087420984544.
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This research note reports on the creation of a new panel dataset using multiple waves of substate estimates from the National Survey on Drug Use and Health. It also provides identifying information that contains state, place, and/or agency codes for merging additional datasets at levels below the state. The process for creating this dataset and for merging external data is described. This research note ends by providing an example analysis utilizing the panel dataset in combination with law enforcement personnel data from the Federal Bureau of Investigation and forfeiture data from municipalities in Minnesota to analyze the relationship between civil asset forfeiture and crime.
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Makhija, Harnesh, and Pankaj Trivedi. "An empirical investigation of the relationship between TSR, value-based and accounting-based performance measures." International Journal of Productivity and Performance Management ahead-of-print, ahead-of-print (June 17, 2020). http://dx.doi.org/10.1108/ijppm-05-2019-0231.
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PurposeThe paper aims to find out the information content of performance measures from accounting and value-based measures that best explain the total shareholder return.Design/ methodology/ approachTo achieve this aim, static and dynamic panel data regression analysis is applied to the sample of 56 Indian companies taken from the Nifty Midcap 100 Index, between 2012 and 2019.FindingsIt is found that accounting-based measures have more relative information content in predicting total shareholder return as compared to value-based measures. Economic value added (EVA) and cash value added (CVA) do not add to the information content provided by accounting-based measures. A combination of accounting-based measures and value-added intellectual coefficient (VAIC) adds marginally to the information content provided by accounting-based measures in explaining the total shareholder return. Dynamic panel regression analysis shows that return on assets (ROA), return on capital employed (ROCE), return on equity (ROE) and EVA have a significant impact on total shareholder return.Originality/valueIn this study, along with EVA, other measures from value-based measures, i.e. CVA are empirically tested to explain the total shareholder return. Intellectual capital efficiency computed by VAIC is also empirically tested along with accounting-based measures, EVA, CVA and market value added (MVA). To bring robustness to findings, data are tested by using dynamic panel regression analysis.