An economic downturn can occurred through unexpected events in various fields, such as the subprime mortgage crisis and the outbreak of Coronavirus Disease-2019 (COVID-19). Trade credit is important for small- and medium-sized enterprises (SMEs), especially during a monetary contraction, as it is the last option for firms that lack bank credit. This study aims to determine whether trade credit is profitable for the buyer and supplier firms during and after a financial crisis. We use panel data consisting of all trade credit transactions and financial statements of 5,751 Korean firms during the period 2008–2012. It shows that trade credit is more profitable for both buyers and suppliers in the post-crisis period than during the crisis. Moreover, trade payable is more effective for unconstrained buyers than for constrained buyers. Finally, a mixed strategy is superior to an aggressive or passive strategy of SMEs. The results suggest less profitability of trade credit during a period of contraction and greater sensitivity of the buyer SMEs, emphasizing the idiosyncratic liquidity strategy of each firm. This study can be helpful to develop a strategy of profitable trade credit for SMEs and to establish a policy of managing liquidity for the authority.

This study analyzes the key drivers (commitment, integration of big data, green supply chain management, and green human resource practices) of sustainable capabilities and the influence to which these sustainable capabilities impact the banks’ environmental and financial performance. Additionally, this study analyzes the impact of green management practices on the integration of big data technology with operations. The theory of dynamic capability was deployed to propose and empirically test the conceptual model. Data was collected through a self-administrated survey questionnaire from 319 participants employed at 35 banks located in six ASEAN countries. The findings indicate that big data analytics strategies have an impact on internal processes and banks’ sustainable and financial performance. This study indicates that banks committed towards proper data monitoring of its clients achieve operational efficiency and sustainability goals. Moreover, our results confirm that banks practising green innovation strategies experience better environmental and economic performance as the employees of these banks have received advance green human resource training. Finally, our study found that internal and external green supply chain management practices have a positive impact on banks’ environmental and financial performance, which confirms that ASEAN banks contributing in reduction of environmental impact through its operations will ultimately experience increased financial performance.

The study aims to investigate the roles of financial education (FE) as a moderator to financial attitude (FA), parental financial socialisation (PFS), and financial literacy (FL) to ensure the success of prudent financial management practices (PFMP) among Malaysian youth. The study was designed quantitatively and employed self-administered questionnaires, which were adopted from previous studies and distributed to 480 youths in Malaysia. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test hypotheses of the study. The results showed FA, PFS and FL have significant and positive relationship with PFMP. However, as regards moderating interaction of FE, results showed that FE does not significantly moderate the relationship between FA, PFS and FL with PFMP. The results further highlighted serious concerns on the effectiveness of FE towards improving youth capability in managing their financial affairs prudently. This proved that mandated FE prior to graduation has less effect and does not lead to behavior changes among Malaysian youth. It shows the challenges faced by the country stakeholders to strengthen FE, enhance the effectiveness and encompass the right FE elements to ensure today’s young Malaysians are able to apply what they learned in the classroom to their real life.

This study aims to recognize customers’ real sentiment and then discover the data-driven insights for strategic decision-making in the financial sector of Saudi Arabia. The data was collected from the social media (Facebook and Twitter) from start till October 2018 in financial companies (NCB, Al Rajhi, and Bupa) selected in the Kingdom of Saudi Arabia according to criteria. Then, it was analyzed using a sentiment analysis, one of data mining techniques. All three companies have similar likes and followers as they serve customers as B2B and B2C companies. In addition, for Al Rajhi no negative sentiment was detected in English posts, while it can be seen that Internet penetration of both banks are higher than BUPA, rarely mentioned in few hours. This study helps to predict the overall popularity as well as the perception or real mood of people by identifying the positive and negative feelings or emotions behind customers’ social media posts or messages. This research presents meaningful insights in data-driven approaches using a specific data mining technique as a tool for corporate decision-making and forecasting. Understanding what the key issues are from customers’ perspective, it becomes possible to develop a better data-based global strategies to create a sustainable competitive advantage.

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing li

This paper intends to explore the relationship between financial inclusion and financial stability under the scope of Asian economies. The linkage will be thoroughly investigated with country-level and bank-level data of 42 countries in three separate years: 2011, 2014, and 2017. In this study, an inclusive financial system is assessed by two dimensions: usage of financial services and access to the financial system. Usage of financial services ranges from account to credit, savings and payment services. Access to financial system measures the financial outreach where individuals can use financial services. Meanwhile, financial stability, which proxied by Bank Z-score is regarded as the dependent variable. We apply fixed effects regression and random effects regression to capture the impacts of financial inclusion upon financial stability. To enhance the robustness of the model, the Feasible Generalized Least Squares (FGLS) regression is therefore adopted as the solution for the random effects regression. The empirical findings exhibit an overall weak positive influence of financial inclusion on financial stability. The research results also provide both financial institutions and governments with insightful information, which helps them to have an appropriate financial development strategy, improve the regulatory framework and consequently enhance financial stability for the whole system.

The research examines how interactions of financial literacy and peer effect indicators impact financial market participation of Vietnamese investors. In this research, financial literacy indicator is constructed from two levels, namely, basic financial literacy and advanced financial literacy. An empirical study was carried out by investigating 387 individuals who are currently working in finance-related areas such as banking, insurance and real estate industries. The findings indicate that individuals with higher level of financial literacy, specifically those with advanced financial literacy level, tend to participate in financial market. However, individuals with basic financial literacy level tend to walk away from financial market because the nexus between basic financial literacy and financial market participation is found negative statistically significant. The findings also suggest that peer effect and perceived financial literacy have a positive significant relationship with financial market participation. These findings remain robust after endogenous problem is addressed by employing instrument variable (IV) method, especially Ivprobit regression. Hence, these findings recommend that policy-makers should design and develop financial literacy programs, specifically at sophisticated level, to adapt and overtake the trend in financial innovation development. This should be done, not only on individual, but also national scale to ensure greater financial market participation.

2008년 9월 미국의 서브프라임 모기지 부실에 의한 리먼브러더스 사태로 시작된 글로벌 금융위기가 세계 건화물해운시장에도 영향을 끼쳐 건화물 물동량 감소와 선박의 공급과잉으로 세계 건화물해운산업과 조선산업에 심각한 불황을 유발하였다. 이러한 상황에서, 국제 경제의 동향에 민감한 한국경제의 구조 여건상 한국의 건화물선해운기업(또는 건화물선사)도 2008년 이후 현재까지 어렵게 경영을 헤쳐가고 있다. 이와 같은 심각한 불황과 그 여파로 건화물선사의 수익이 급감 할 수밖에 없게 되었으며 열악한 재무구조로 인해 경영이 부실해지고 급기야 도산과 파산하는 해운기업이 속출하게 되었다.이러한 점을 고려하여 동 연구는 2008년 글로벌 금융위기를 기점으로 2005년부터 2007 년까지와 그 후 2010년부터 2012년까지로 기간을 선정한 다음 한국의 외항 건화물 해운기업을 건전기업과 부실기업으로 구분하여 두 기업집 단 간의 주요 재무비율에 어떠한 변화와 차이가 있었는지 t 검정을 통해 분석하였다. 실증분석에서 두 집단 간에 차이를 보인 주요 재무비율 로는 수익성비율과 성장성비율이다. 본 연구의 의의는 첫째, 해운기업 경영에도 역시 재무건전성에 대한 체계적인 관리가 중요하며 이를 위해 수익성이 높은 화물을 계약하는 영업전략이 중요하다. 둘째, 선박의 효율적인 운항 및 관리로 성장성이 지속되는 기업으로 경영해야 한다는 것이다.

Purpose: Prior studies empirically examine how financial flexibility is related to required returns by using realized returns and considering cash holdings as net debts, but they fail to find consistent results. Conjecturing that inappropriate proxy of required returns and aggregation of cash and debts caused the inconsistent results, this study revisits this topic by using a refined proxy of required returns and separating cash holdings from debts. Research design, data and methodology: This study uses a multivariate regression model to investigate the relationship between required returns on cash holdings and financial leverage. The required returns are estimated using the return decomposition method by vector autoregression model. Empirical tests use US stock market data from1968 to 2011. Results: Empirical results reveal that both cash holdings and leverage are positively related to required returns. The positive relation is stronger in economic downturns than in economic upturns. Conclusions: Three major findings are drawn. First, risky firms prefer large cash balance. Second, information shocks in the realized returns caused failure of prior studies to find consistent positive relationship between leverage and realized returns. Third, cash and leverage are related to required returns in the same direction; therefore, cash cannot be considered as negative debts.

The main objective of this research is to investigate the impact of board size and board composition on financial performance of banks. The sample of this study consists on two countries listed bank sector Pakistan and China. The annul data is used from 2009-2018 to find the objective of this study. The Panel regression model is used to check the relationship between dependent and independent variables. Return on Asset and Return on Equity is used as performance checker dependent variables. The results of this study confirm board size coefficient value positive for ROA and negative for ROE but shows insignificant behavior for Pakistani banking sector while in Chinese banking sector the coefficient value of board size positively for ROA and ROE at 10% level. The board composition coefficient shows the negatively significant with ROA but insignificantly related to ROE for Pakistani banking sector. However, in Chinese banking sector the coefficient value of board composition is insignificant for both ROA and ROE. This study is helpful for banks, management of banks, policy makers, researcher as well as Government.

Purpose: The purpose of this paper is to find out the impact of financial leverage on firm’s profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm’s profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm’s profitability is negatively affected by the firm’s capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don’t have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

The paper aims to examine whether business cycles affect the link between financial development and bank risk, measured by Zscore and nonperforming loans to total loans in six Southeast Asian countries, namely Indonesia, Philippines, Malaysia, Singapore, Thailand and Vietnam. This study uses a sample of 95 listed commercial banks over a 15-year period between 2004 and 2018 in the six Southeast Asian countries. This study employs panel OLS regression and modifications to tackle issues such as endogeneity and heteroscedasticity. The results show that the impact of stock market development (the ratio of the market capitalization to GDP) on Zscore is significantly positive, whereas its effect on non-performing loans is significantly negative. The findings suggest that financial development, in terms of stock market capitalization, improves banks’ Zscores and reduces their level of non-performing loans, suggesting that financial development on average reduces bank risk. The impact of business cycle is insignificant towards bank risk, thus rejecting both counter- and pro-cyclical hypotheses, except for the case of risk indicator of loan loss provisions. Examining the joint effect of the business cycle and financial development on bank risk, we find that the phase of business cycles generally does not moderate the link between financial development and bank risk.

Purpose: As nonprofit organizations have made strides in international development, ensuring financial resources has become pivotal to determine what nonprofits strive for and how they perform with the budget generated without efforts for profit-making. The purpose of this research aims to investigate the determinants of donation intention that are affected by television fundraising campaigns in order to improve financial sustainability. This study applied the effects of emotional sympathy, economic value, accountability, relevance, and sustainability on donation intention. Research design, data, and methodology: This study collected data via an online survey by classifying respondents based on donation experiences and applied statistical analyses such as factor analysis, regression, and ANOVA. This study selected television fundraising campaigns aligned with criteria of the Sustainable Development Goals (SDGs). Results: The results of this study showed that emotional sympathy was a dominant variable regardless of previous donation experiences, while economic value was significant for inexperienced donors. Conclusions: The results provide implications to nonprofit organizations for fundraising as to what aspects need to be addressed in order to draw donors’ motivation for giving behavior. Given efforts for successful implementation of development agenda, it is fundamental to establish financial sustainability of nonprofit organizations and build up public awareness.

The research aims to investigate the impact levels of determinants on the conversion of financial statements from Vietnamese accounting standards (VAS) to International financial reporting standards (IFRS) in the multinational firms in Vietnam. The method of data collection was done through the survey and subjects are accountants in Multinational Firms doing business in Hanoi and ten neighboring provinces. After checking the information on the votes, there are 170 questionnaires with full information for data entry and analysis. We use Cronbach’s Alpha, EFA analysis and run regression model to investigate the impact levels of each independent variable on dependent variable of the conversion of VAS financial statements to IFRS. The results show that five determinants including Economic, Politics, Law, Culture, and Conditions for implementation have positive relationships with the conversion of VAS financial statements to IFRS. In particular, Economic determinant is the most strongest. Based on the findings, some recommendations are given for improving the conversion of VAS financial statements to IFRS of multinational firms doing business in the context of Vietnam. The results are considered a useful reference for firms when making financial statements to transparently change the financial statement information and improve the quality of financial statement information.

Since the economic crisis sweeps across the world in 2008, the foreign direct investment of various countries has been greatly impacted. Therefore, this paper regards China as an example to analyze China’s outward foreign direct investment patterns in terms of Asian financial markets with a panel data over the period 2003-2017. We mainly focus on the money market oriented outward foreign direct investment and foreign exchange market oriented outward foreign direct investment. Using the individual fixed effect model to conduct empirical analyses, the empirical findings indicate that China will reduce its foreign direct investment amount to a country with large money supply and China will increase its foreign direct investment amount to a country with large foreign exchange reserves. Furthermore, when a country has signed Free Trade Agreement with China, China will increase more foreign direct investment amount to these countries than that of a country who has not signed Free Trade Agreement with China. Moreover, the empirical findings indicate that no matter what the money market oriented outward foreign direct investment or foreign market oriented outward foreign direct investment, China will reduce its foreign direct investment amount to these Asian countries due to the global economic crisis.

This paper aims to not only investigate the nature of financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determinants of financial security. By gathering 2,167 financial statements published in Vietnamese Stock Exchange during eight years from 2012 to 2019, with the support of STATA, the research results indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management ratios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the change in sustainable growth ratio. Specifically, while firm size has a positive impact on sustainable growth ratio but a negative impact on financial security ratio, deb management and profitability have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in both two dependent variables whereas a rise in sustainable growth and a decline in financial security ratio are expected to witness if there is an increase in cash flows.

This paper focused on the level of managerial centralization on chief executive officer (CEO) as a factor to affect the shared growth activities of corporate. As service corporations are becoming active in shared growth activities recently, this paper thus used CEO. Pay Slice (CPS) information to measure the level of managerial centralization on CEO of service corporation and tested the influence of the level of managerial centralization on whether shared growth activities are executed and the level of such activities respectively. The result of test shows that companies with high managerial centralization on CEO are more passive toward shared growth activities than those without such centralization. This can be interpreted that a CEO with more powerful influence may consider shared growth activities as to be negative and take a passive attitude to them. On the other hand, such result was supported by additional analysis with companies committing shared growth activities as well. This paper is expected to contribute to bring about interest on shared growth activities as the gap between major companies and small and medium sized companies is currently expanding in terms of operating profit ratio and even salary of employees.

A model is presented in this paper to provide understanding of the supply chain integration and supply chain information practices’ impact on the manufacturing industries. The supply chain information practices play a crucial role in sharing information between the members of SC network. Thus, it is important to develop a comprehensive understanding of the differences and similarities among ISI and information management. It will allow firms to systematically evaluate and carefully choose the information strategy. The empirical findings of this research offer essential and interesting insights about what role SCI, supply chain information and Supply chain ISI play in determining Malaysia’s financial performance. The theoretical gaps addressed in this study are of significant importance, since a little empirical evidence is available regarding system infrastructure and supply chain information management’s effectiveness. This research provides further paths of exploring system infrastructure and information management, thereby defining the manufacturing industries’ next step in SCM struggle i.e. modifying total integrated SC principle in other manufacturing firms. The Resource-based theory discovered organizational resources as an essential organizational success ingredient. Therefore, in order to recognize its potential value, internal resources, for instance, information system and management must be fully utilized.

The relationship between corporate board attributes and dividend payout is already established yet mediating role of leverage in not been examined in Malaysian market. Therefore, this study aims to examine the mediating effect of financial leverage on the relationship between corporate board attributes and the dividend pay-out policy. A sample of 203 non-financial firms listed on the BURSA Malaysia between 2005 and 2018 were analysed using SmartPLS 3.0. The findings show that there is a partial mediating effect of financial leverage on the relationship between board members age, board diversity and dividend pay-out policy. Financial leverage also mediates the relationship between number of women on board, CEO-duality and dividend pay-out policy. However, financial leverage doesn’t mediate the relationship between board size and dividend pay-out policy. This study offers insights to policy-makers to develop a better corporate governance as well as a guidance to firms in the construction and implementation of their corporate governance policies in relation to financial leverage. This study also shed light on the influence of efficient corporate board attributes on dividend pay-out policy and financial leverage for firm growth. This study concludes that corporate board attributes impact capital structure and thus, firms may change its payout policy.

Purpose: The purpose of this study was to examine the relationship between portfolio quality and financial sustainability of microfinance institutions in Kenya. Research Design, Data, and Methodology: The analysis was based on a panel dataset of 30 microfinance institutions for the period of 2010 to 2018. Data was obtained from the Microfinance information exchange (MIX) database, and it was analyzed through descriptive and inferential statistics with the aid of STATA. Based on the results of the Hausman test, the study adopted the fixed effect regression model to test the research hypothesis. Results: The study found that portfolio quality had a positive significant effect on financial sustainability of Microfinance institutions in Kenya (β= 0. 211; p-value < 0.05). For the control variables; firm age had a positive effect (β= 0.773; p-value <0.05), while firm size (β= -0. 749; p-value < 0.05) had a negative effect on financial sustainability. Conclusions: The study concluded that portfolio quality has an important influence on the financial sustainability of microfinance institution. The study recommends that managers of microfinance institutions should devise good collection policies to improve portfolio quality while lessening loan default rate. The portfolio quality may improve the overall profitability and enhance investor confidence in their strategic decision-making on refinancing.