Journal of Risk and Financial Management | An Open Access Journal from MDPI

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value="engproc" > Engineering Proceedings </option> <option value="entropy" > Entropy </option> <option value="environsciproc" > Environmental Sciences Proceedings </option> <option value="environments" > Environments </option> <option value="epidemiologia" > Epidemiologia </option> <option value="epigenomes" > Epigenomes </option> <option value="ebj" > European Burn Journal (EBJ) </option> <option value="ejihpe" > European Journal of Investigation in Health, Psychology and Education (EJIHPE) </option> <option value="fermentation" > Fermentation </option> <option value="fibers" > Fibers </option> <option value="fintech" > FinTech </option> <option value="fire" > Fire </option> <option value="fishes" > Fishes </option> <option value="fluids" > Fluids </option> <option value="foods" > Foods </option> <option value="forecasting" > Forecasting </option> <option value="forensicsci" > Forensic Sciences </option> <option value="forests" > Forests </option> <option value="fossstud" > Fossil 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</option> <option value="geometry" > Geometry </option> <option value="geosciences" > Geosciences </option> <option value="geotechnics" > Geotechnics </option> <option value="geriatrics" > Geriatrics </option> <option value="glacies" > Glacies </option> <option value="gucdd" > Gout, Urate, and Crystal Deposition Disease (GUCDD) </option> <option value="grasses" > Grasses </option> <option value="hardware" > Hardware </option> <option value="healthcare" > Healthcare </option> <option value="hearts" > Hearts </option> <option value="hemato" > Hemato </option> <option value="hematolrep" > Hematology Reports </option> <option value="heritage" > Heritage </option> <option value="histories" > Histories </option> <option value="horticulturae" > Horticulturae </option> <option value="hospitals" > Hospitals </option> <option value="humanities" > Humanities </option> <option value="humans" > Humans </option> <option value="hydrobiology" > Hydrobiology </option> <option value="hydrogen" > 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Journal of Plant Biology (IJPB) </option> <option value="ijt" > International Journal of Topology </option> <option value="ijtm" > International Journal of Translational Medicine (IJTM) </option> <option value="ijtpp" > International Journal of Turbomachinery, Propulsion and Power (IJTPP) </option> <option value="ime" > International Medical Education (IME) </option> <option value="inventions" > Inventions </option> <option value="IoT" > IoT </option> <option value="ijgi" > ISPRS International Journal of Geo-Information (IJGI) </option> <option value="J" > J </option> <option value="jal" > Journal of Ageing and Longevity (JAL) </option> <option value="jcdd" > Journal of Cardiovascular Development and Disease (JCDD) </option> <option value="jcto" > Journal of Clinical & Translational Ophthalmology (JCTO) </option> <option value="jcm" > Journal of Clinical Medicine (JCM) </option> <option value="jcs" > Journal of Composites Science (J. Compos. Sci.) </option> <option value="jcp" > Journal of Cybersecurity and Privacy (JCP) </option> <option value="jdad" > Journal of Dementia and Alzheimer's Disease (JDAD) </option> <option value="jdb" > Journal of Developmental Biology (JDB) </option> <option value="jeta" > Journal of Experimental and Theoretical Analyses (JETA) </option> <option value="jfb" > Journal of Functional Biomaterials (JFB) </option> <option value="jfmk" > Journal of Functional Morphology and Kinesiology (JFMK) </option> <option value="jof" > Journal of Fungi (JoF) </option> <option value="jimaging" > Journal of Imaging (J. Imaging) </option> <option value="jintelligence" > Journal of Intelligence (J. Intell.) </option> <option value="jlpea" > Journal of Low Power Electronics and Applications (JLPEA) </option> <option value="jmmp" > Journal of Manufacturing and Materials Processing (JMMP) </option> <option value="jmse" > Journal of Marine Science and Engineering (JMSE) </option> <option value="jmahp" > Journal of Market Access & Health Policy (JMAHP) </option> <option value="jmp" > Journal of Molecular Pathology (JMP) </option> <option value="jnt" > Journal of Nanotheranostics (JNT) </option> <option value="jne" > Journal of Nuclear Engineering (JNE) </option> <option value="ohbm" > Journal of Otorhinolaryngology, Hearing and Balance Medicine (JOHBM) </option> <option value="jop" > Journal of Parks </option> <option value="jpm" > Journal of Personalized Medicine (JPM) </option> <option value="jpbi" > Journal of Pharmaceutical and BioTech Industry (JPBI) </option> <option value="jor" > Journal of Respiration (JoR) </option> <option value="jrfm" selected='selected'> Journal of Risk and Financial Management (JRFM) </option> <option value="jsan" > Journal of Sensor and Actuator Networks (JSAN) </option> <option value="joma" > Journal of the Oman Medical Association (JOMA) </option> <option value="jtaer" > Journal of Theoretical and Applied Electronic Commerce Research (JTAER) </option> <option value="jvd" > Journal of Vascular Diseases (JVD) </option> <option value="jox" > Journal of Xenobiotics (JoX) </option> <option value="jzbg" > Journal of Zoological and Botanical Gardens (JZBG) </option> <option value="journalmedia" > Journalism and Media </option> <option value="kidneydial" > Kidney and Dialysis </option> <option value="kinasesphosphatases" > Kinases and Phosphatases </option> <option value="knowledge" > Knowledge </option> <option value="labmed" > LabMed </option> <option value="laboratories" > Laboratories </option> <option value="land" > Land </option> <option value="languages" > Languages </option> <option value="laws" > Laws </option> <option 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value="mathematics" > Mathematics </option> <option value="medsci" > Medical Sciences </option> <option value="msf" > Medical Sciences Forum </option> <option value="medicina" > Medicina </option> <option value="medicines" > Medicines </option> <option value="membranes" > Membranes </option> <option value="merits" > Merits </option> <option value="metabolites" > Metabolites </option> <option value="metals" > Metals </option> <option value="meteorology" > Meteorology </option> <option value="methane" > Methane </option> <option value="mps" > Methods and Protocols (MPs) </option> <option value="metrics" > Metrics </option> <option value="metrology" > Metrology </option> <option value="micro" > Micro </option> <option value="microbiolres" > Microbiology Research </option> <option value="micromachines" > Micromachines </option> <option value="microorganisms" > Microorganisms </option> <option value="microplastics" > Microplastics </option> <option value="minerals" > Minerals </option> <option value="mining" > Mining </option> <option value="modelling" > Modelling </option> <option value="mmphys" > Modern Mathematical Physics </option> <option value="molbank" > Molbank </option> <option value="molecules" > Molecules </option> <option value="mti" > Multimodal Technologies and Interaction (MTI) </option> <option value="muscles" > Muscles </option> <option value="nanoenergyadv" > Nanoenergy Advances </option> <option value="nanomanufacturing" > Nanomanufacturing </option> <option value="nanomaterials" > Nanomaterials </option> <option value="ndt" > NDT </option> <option value="network" > Network </option> <option value="neuroglia" > Neuroglia </option> <option value="neurolint" > Neurology International </option> <option value="neurosci" > NeuroSci </option> <option value="nitrogen" > Nitrogen </option> <option value="ncrna" > Non-Coding RNA (ncRNA) </option> <option value="nursrep" > Nursing Reports </option> <option value="nutraceuticals" > Nutraceuticals </option> <option value="nutrients" > Nutrients </option> <option value="obesities" > Obesities </option> <option value="oceans" > Oceans </option> <option value="onco" > Onco </option> <option value="optics" > Optics </option> <option value="oral" > Oral </option> <option value="organics" > Organics </option> <option value="organoids" > Organoids </option> <option value="osteology" > Osteology </option> <option value="oxygen" > Oxygen </option> <option value="parasitologia" > Parasitologia </option> <option value="particles" > Particles </option> <option value="pathogens" > Pathogens </option> <option value="pathophysiology" > Pathophysiology </option> <option value="pediatrrep" > Pediatric Reports </option> <option value="pets" > Pets </option> <option value="pharmaceuticals" > Pharmaceuticals </option> <option value="pharmaceutics" > Pharmaceutics </option> <option value="pharmacoepidemiology" > Pharmacoepidemiology </option> <option value="pharmacy" > Pharmacy </option> <option 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Pharm.) </option> <option value="sclerosis" > Sclerosis </option> <option value="seeds" > Seeds </option> <option value="sensors" > Sensors </option> <option value="separations" > Separations </option> <option value="sexes" > Sexes </option> <option value="signals" > Signals </option> <option value="sinusitis" > Sinusitis </option> <option value="smartcities" > Smart Cities </option> <option value="socsci" > Social Sciences </option> <option value="siuj" > Société Internationale d’Urologie Journal (SIUJ) </option> <option value="societies" > Societies </option> <option value="software" > Software </option> <option value="soilsystems" > Soil Systems </option> <option value="solar" > Solar </option> <option value="solids" > Solids </option> <option value="spectroscj" > Spectroscopy Journal </option> <option value="sports" > Sports </option> <option value="standards" > Standards </option> <option value="stats" > Stats </option> <option value="stresses" > Stresses </option> <option value="surfaces" > Surfaces </option> <option value="surgeries" > Surgeries </option> <option value="std" > Surgical Techniques Development </option> <option value="sustainability" > Sustainability </option> <option value="suschem" > Sustainable Chemistry </option> <option value="symmetry" > Symmetry </option> <option value="synbio" > SynBio </option> <option value="systems" > Systems </option> <option value="targets" > Targets </option> <option value="taxonomy" > Taxonomy </option> <option value="technologies" > Technologies </option> <option value="telecom" > Telecom </option> <option value="textiles" > Textiles </option> <option value="thalassrep" > Thalassemia Reports </option> <option value="therapeutics" > Therapeutics </option> <option value="thermo" > Thermo </option> <option value="timespace" > Time and Space </option> <option value="tomography" > Tomography </option> <option value="tourismhosp" > Tourism and Hospitality </option> <option value="toxics" > Toxics </option> <option value="toxins" > Toxins </option> <option value="transplantology" > Transplantology </option> <option value="traumacare" > Trauma Care </option> <option value="higheredu" > Trends in Higher Education </option> <option value="tropicalmed" > Tropical Medicine and Infectious Disease (TropicalMed) </option> <option value="universe" > Universe </option> <option value="urbansci" > Urban Science </option> <option value="uro" > Uro </option> <option value="vaccines" > Vaccines </option> <option value="vehicles" > Vehicles </option> <option value="venereology" > Venereology </option> <option value="vetsci" > Veterinary Sciences </option> <option value="vibration" > Vibration </option> <option value="virtualworlds" > Virtual Worlds </option> <option value="viruses" > Viruses </option> <option value="vision" > Vision </option> <option value="waste" > Waste </option> <option value="water" > Water </option> <option value="wild" > Wild </option> <option value="wind" > Wind </option> <option 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class=""> <div class="row full-width" data-equalizer="three-columns"> <div id="middle-column" class="content__column large-6 large-push-3 medium-6 medium-push-3 small-12 columns end middle-bordered"> <div id="js-small-main-top-container"> </div> <div class="content__container content__container__orbit "> <div id="title-story" class=""> <ul class="title-story-orbit" data-orbit> <li > <a href="/1911-8074/17/9/397"> <img src="https://pub.mdpi-res.com/title_story/title_story_17276741861191.jpg?1732286508" alt="Capturing Tail Risks in Cryptomarkets: A New Systemic Risk Approach" /> <div class="orbit-caption"> Capturing Tail Risks in Cryptomarkets: A New Systemic Risk Approach </div> </a> </li> <li class="hidden"> <a href="/1911-8074/17/8/333"> <img src="https://pub.mdpi-res.com/title_story/title_story_17276741299708.jpg?1732286508" alt="Mapping Corporate Tax Planning and Corporate Social Responsibility: A Hybrid Method of Category Analysis" /> <div class="orbit-caption"> Mapping Corporate Tax Planning and Corporate Social Responsibility: A Hybrid Method of Category Analysis </div> </a> </li> <li class="hidden"> <a href="/1911-8074/17/8/327"> <img src="https://pub.mdpi-res.com/title_story/title_story_1727674033509.jpg?1732286508" alt="Optimal Spending Strategies for Sovereign Wealth Funds Using a Discrete-Time Life Cycle Model" /> <div class="orbit-caption"> Optimal Spending Strategies for Sovereign Wealth Funds Using a Discrete-Time Life Cycle Model </div> </a> </li> <li class="hidden"> <a href="/1911-8074/17/7/277"> <img src="https://pub.mdpi-res.com/title_story/title_story_17276739529508.jpg?1732286508" alt="Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients" /> <div class="orbit-caption"> Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients </div> </a> </li> </ul> </div> </div> <div class="content__container"> <div class="custom-accordion-for-small-screen-link show-for-small-only"> <h2 class="no-padding-left no-margin">Journal Description</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="journal__description"> <h1> <em>Journal of Risk and Financial Management</em> </h1> <div class="journal__description__content"> <em>Journal of Risk and Financial Management</em> is an international, <a href="https://www.mdpi.com/editorial_process">peer-reviewed</a>, open access journal on risk and financial management, published monthly online by MDPI.<br /> <ul> <li><strong><span class="label openaccess"><a title="Open Access" href="https://www.mdpi.com/openaccess">Open Access</a></span></strong>— free for readers, with <a href="https://www.mdpi.com/journal/jrfm/apc">article processing charges (APC)</a> paid by authors or their institutions.</li> <li><strong>High Visibility:</strong> indexed within <a href="https://www.scopus.com/sourceid/21101089551">Scopus</a>, <a href="https://www.econbiz.de/">EconBiz</a>, <a 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spaced-link">subject</i> Imprint Information </a>    <a href="/journal/jrfm/jrfm_flyer.pdf" class="UD_JournalFlyer"> <i class="material-icons spaced-link">get_app</i> Journal Flyer </a>     <a class="oa-link" href="https://www.mdpi.com/about/openaccess"> <i class="material icons spaced-link"></i> Open Access </a>     <strong> ISSN: 1911-8074 </strong> </div> <div style="clear: both;"></div> </div> </div> </div> <div class="content__container content__container--overflow-initial"> <div class="custom-accordion-for-small-screen-link active"> <h2 class="no-padding-left">Latest Articles</h2> </div> <div class="custom-accordion-for-small-screen-content"> <div class="expanding-div collapsed"> <div class="generic-item article-item no-border"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 50 pages, 1136 KiB   </span> <a href="/1911-8074/17/12/532/pdf?version=1732284798" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Flourishing MSMEs: The Role of Innovation, Creative Compliance, and Tax Incentives" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/532">Flourishing MSMEs: The Role of Innovation, Creative Compliance, and Tax Incentives</a> <div class="authors"> by <span class="inlineblock "><strong>Prianto Budi Saptono</strong>, </span><span class="inlineblock "><strong>Ismail Khozen</strong>, </span><span class="inlineblock "><strong>Gustofan Mahmud</strong>, </span><span class="inlineblock "><strong>Sabina Hodžić</strong>, </span><span class="inlineblock "><strong>Intan Pratiwi</strong>, </span><span class="inlineblock "><strong>Dwi Purwanto</strong> and </span><span class="inlineblock "><strong>Lambang Wiji Imantoro</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 532; <a href="https://doi.org/10.3390/jrfm17120532">https://doi.org/10.3390/jrfm17120532</a> - 22 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study explores the interplay between tax incentives, creative compliance, and innovation in enhancing business resilience and sustainability among micro, small, and medium enterprises (MSMEs) in Indonesia, addressing gaps in the existing literature regarding their interrelationships during crises. A cross-sectional survey of 360 <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/532/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study explores the interplay between tax incentives, creative compliance, and innovation in enhancing business resilience and sustainability among micro, small, and medium enterprises (MSMEs) in Indonesia, addressing gaps in the existing literature regarding their interrelationships during crises. A cross-sectional survey of 360 MSMEs was conducted, utilizing the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach to analyze complex relationships among variables. The findings reveal that creative compliance, including tax planning and avoidance, does not directly impact resilience or sustainability. While tax incentives did not significantly enhance resilience during crises, they contributed to long-term sustainability. Innovation emerged as a critical factor linking creative compliance to business success and fully mediating the effects of tax incentives on resilience. This study emphasizes the necessity for MSMEs to prioritize innovation in their strategies, particularly in conjunction with effective tax practices, and highlights the need for government support through simplified regulatory frameworks to foster an innovative business environment. Limitations include the challenges of incorporating control variables in SEM and the need for further research into the long-term effects of these factors on sustainable performance. <a href="/1911-8074/17/12/532">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/SFJOMP5VL3 ">Sustainable Tax and Accounting Reporting in Building a New Tax Culture</a>)<br/> </div> </div> </div> </div> <div class="extending-content content-ready"> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 29 pages, 2517 KiB   </span> <a href="/1911-8074/17/12/531/pdf?version=1732280148" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Fitting the Seven-Parameter Generalized Tempered Stable Distribution to Financial Data" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/531">Fitting the Seven-Parameter Generalized Tempered Stable Distribution to Financial Data</a> <div class="authors"> by <span class="inlineblock "><strong>Aubain Nzokem</strong> and </span><span class="inlineblock "><strong>Daniel Maposa</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 531; <a href="https://doi.org/10.3390/jrfm17120531">https://doi.org/10.3390/jrfm17120531</a> - 22 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper proposes and implements a methodology to fit a seven-parameter Generalized Tempered Stable (GTS) distribution to financial data. The nonexistence of the mathematical expression of the GTS probability density function makes maximum-likelihood estimation (MLE) inadequate for providing parameter estimations. Based on the <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/531/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper proposes and implements a methodology to fit a seven-parameter Generalized Tempered Stable (GTS) distribution to financial data. The nonexistence of the mathematical expression of the GTS probability density function makes maximum-likelihood estimation (MLE) inadequate for providing parameter estimations. Based on the function characteristic and the fractional Fourier transform (FRFT), we provide a comprehensive approach to circumvent the problem and yield a good parameter estimation of the GTS probability. The methodology was applied to fit two heavy-tailed data (Bitcoin and Ethereum returns) and two peaked data (S&P 500 and SPY ETF returns). For each historical data, the estimation results show that six-parameter estimations are statistically significant except for the local parameter, <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mi>μ</mi></semantics></math></inline-formula>. The goodness of fit was assessed through Kolmogorov–Smirnov, Anderson–Darling, and Pearson’s chi-squared statistics. While the two-parameter geometric Brownian motion (GBM) hypothesis is always rejected, the GTS distribution fits significantly with a very high <i>p</i>-value and outperforms the Kobol, Carr–Geman–Madan–Yor, and bilateral Gamma distributions. <a href="/1911-8074/17/12/531">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/O6S87482Y7 ">Featured Papers in Mathematics and Finance</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 18 pages, 320 KiB   </span> <a href="/1911-8074/17/12/530/pdf?version=1732275775" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Evaluation of the Resilience of Real Estate and Property Stocks to Inflation and Interest Rate Uncertainty: Implementation of Two Asset Pricing Models" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/530">Evaluation of the Resilience of Real Estate and Property Stocks to Inflation and Interest Rate Uncertainty: Implementation of Two Asset Pricing Models</a> <div class="authors"> by <span class="inlineblock "><strong>Nurdina Nurdina</strong>, </span><span class="inlineblock "><strong>Nurkholis Nurkholis</strong>, </span><span class="inlineblock "><strong>Noval Adib</strong> and </span><span class="inlineblock "><strong>Sari Atmini</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 530; <a href="https://doi.org/10.3390/jrfm17120530">https://doi.org/10.3390/jrfm17120530</a> - 22 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Property stocks are an attractive alternative investment for investors who want passive income. Investors’ decisions focus not only on maximizing returns but also on reducing risk. This study examines the extent to which macroeconomic factors affect stock performance by comparing the effectiveness of <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/530/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Property stocks are an attractive alternative investment for investors who want passive income. Investors’ decisions focus not only on maximizing returns but also on reducing risk. This study examines the extent to which macroeconomic factors affect stock performance by comparing the effectiveness of the Fama–French five-factor model (5FF) and Fama–French seven-factor model (7FF) in estimating returns. This study also verifies Fisher’s theory in the context of property and real estate stocks. The research data used are property and real estate stocks in the Indonesian capital market. The data are processed using the OLS estimation method, and Akaike’s Information Criterion (AIC) is used to choose the optimal model. The results show that property and real estate stocks in Indonesia with negative profitability at all quantiles can hedge inflation and interest rates. However, the interest rates are not the only factor affecting the market risk. The 7FF model is better at explaining the variability of stock portfolio returns. This research makes an essential contribution to the financial literature in Indonesia, particularly in the context of portfolio management in the property and real estate sector. <a href="/1911-8074/17/12/530">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/M1623X9673 ">Advances in Macroeconomics and Financial Markets</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 15 pages, 384 KiB   </span> <a href="/1911-8074/17/12/529/pdf?version=1732281586" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="From Traditional-Ritual Activities to Financial Report: Integrating Local Wisdom in Bantengan Financial Bookkeeping" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/529">From Traditional-Ritual Activities to Financial Report: Integrating Local Wisdom in Bantengan Financial Bookkeeping</a> <div class="authors"> by <span class="inlineblock "><strong>Ana Sopanah</strong>, </span><span class="inlineblock "><strong>Adya Hermawati</strong>, </span><span class="inlineblock "><strong>Syamsul Bahri</strong> and </span><span class="inlineblock "><strong>Imanita Septian Rusdianti</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 529; <a href="https://doi.org/10.3390/jrfm17120529">https://doi.org/10.3390/jrfm17120529</a> - 22 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study examined the integration of cultural accounting in the conservation of a traditional performing art called Bantengan in Malang Raya, Indonesia, that is rich in local wisdom and spiritual values. The study focused on exploring the values of local wisdom contained in <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/529/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study examined the integration of cultural accounting in the conservation of a traditional performing art called Bantengan in Malang Raya, Indonesia, that is rich in local wisdom and spiritual values. The study focused on exploring the values of local wisdom contained in Bantengan and analyzing accounting records in its financing, especially post-COVID-19 pandemic. Using a qualitative approach with an ethnomethodological paradigm, data were collected through observation, in-depth interviews, and documentation from the Sukopuro Bantengan Association. This study revealed the importance of accountability in the management and conservation of traditional arts to ensure transparency, sustainability, and relevance of cultural values in an ever-evolving social context. Accounting, often associated with technical aspects, in this context also reflects humanistic and cultural values. The findings of this study are expected to provide a new perspective in the field of cultural accounting, especially related to the conservation and development of traditional arts in Indonesia, as well as provide a useful framework for the management of cultural assets in other regions that have similar contexts. <a href="/1911-8074/17/12/529">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Section <a href="/journal/jrfm/sections/economics_finance">Economics and Finance</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/529/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="absgraph cycle-slideshow"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1527218-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00529/article_deploy/html/images/jrfm-17-00529-g001-550.jpg?1732281717" alt="" style="border: 0;"><p>Figure 1</p></div></div></div><div id="article-1527218-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00529/article_deploy/html/images/jrfm-17-00529-g001-550.jpg?1732281717" title=" <strong>Figure 1</strong><br/> <p>Research framework.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/12/529'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 23 pages, 588 KiB   </span> <a href="/1911-8074/17/12/528/pdf?version=1732201992" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Accounting Outsourcing in Tourism SMEs and Financial Risk Mitigation" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/528">Accounting Outsourcing in Tourism SMEs and Financial Risk Mitigation</a> <div class="authors"> by <span class="inlineblock "><strong>Ioulia Poulaki</strong>, </span><span class="inlineblock "><strong>Anna Kyriakaki</strong> and </span><span class="inlineblock "><strong>Eleni Mavragani</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 528; <a href="https://doi.org/10.3390/jrfm17120528">https://doi.org/10.3390/jrfm17120528</a> - 21 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper aims to investigate the characteristics of outsourcing in accounting services for tourism SMEs as a choice to mitigate their financial risk. The research was carried out in summer 2022, during tourism recovery from the COVID-19 pandemic crisis, while the findings indicate <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/528/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper aims to investigate the characteristics of outsourcing in accounting services for tourism SMEs as a choice to mitigate their financial risk. The research was carried out in summer 2022, during tourism recovery from the COVID-19 pandemic crisis, while the findings indicate that the majority of tourism SMEs choose to outsource their accounting services in order to reduce operating costs; to save their funds by exploiting a partner’s information systems; to take advantage of a partner’s accounting knowledge; to achieve greater flexibility in their core activities; and to speed up the processing of the accounting tasks in order to deal with any arising problems and/or difficulties. Furthermore, it is evident that in a constantly changing and complex tax system and a changing economic landscape, accounting outsourcing provides tourism SMEs with advantages such as already established processes, expertise, technology, consulting support, and pathways for dealing with the various accounting issues that may arise. <a href="/1911-8074/17/12/528">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/2A1JIMIPPL ">Financial Accounting</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 28 pages, 1770 KiB   </span> <a href="/1911-8074/17/12/527/pdf?version=1732154565" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Unlocking the Path to Sustainability: A Hierarchical Model for Understanding Corporate Barriers to ESG Reporting Adoption" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/12/527">Unlocking the Path to Sustainability: A Hierarchical Model for Understanding Corporate Barriers to ESG Reporting Adoption</a> <div class="authors"> by <span class="inlineblock "><strong>Paridhi</strong>, </span><span class="inlineblock "><strong>Ritika</strong>, </span><span class="inlineblock "><strong>Hitesh Arora</strong>, </span><span class="inlineblock "><strong>Padmasai Arora</strong> and </span><span class="inlineblock "><strong>Neha Saini</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(12), 527; <a href="https://doi.org/10.3390/jrfm17120527">https://doi.org/10.3390/jrfm17120527</a> - 21 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Environmental, social, and governance (ESG) reporting is a vital force behind the advancement of sustainable corporate practices and goes beyond simple compliance. In order to better understand the elements influencing this process, this study looks at the obstacles that prevent corporations from adopting <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/527/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Environmental, social, and governance (ESG) reporting is a vital force behind the advancement of sustainable corporate practices and goes beyond simple compliance. In order to better understand the elements influencing this process, this study looks at the obstacles that prevent corporations from adopting ESG reporting. Using total interpretive structural modeling (TISM), an empirical model was created to show the hierarchical relationships between the main obstacles found by a literature research and expert survey. We identified barriers at the strategic level, such as resource shortages, unclear stakeholder demand, and structural limits; at the functional level, such as governance issues and cultural resistance; and at the efficiency level, which directly impacted adoption. Matrice d’Impacts Croisés Multiplication Appliquée à un Classement (MICMAC) analysis clarified the driving and dependence relationships among these barriers. The findings contribute to refining theoretical perspectives on ESG adoption and offer practical insights for corporate managers, policymakers, and organizations striving for effective sustainability practices. Recommendations aim to enhance sustainability policy formulation, operational practices, and governance frameworks, ultimately supporting organizations in their efforts to adopt ESG reporting sustainably and resiliently. <a href="/1911-8074/17/12/527">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/B5E4CVMDQT ">Corporate Sustainability and Firm Performance: Models, Practices and Policy Perspective</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/12/527/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1525609"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1525609"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1525609" data-cycle-prev="#prev1525609" data-cycle-progressive="#images1525609" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1525609-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g001-550.jpg?1732154707" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1525609" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1525609-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g002-550.jpg?1732154712'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1525609-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g003-550.jpg?1732154715'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1525609-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g004-550.jpg?1732154716'><p>Figure 4</p></div></script></div></div><div id="article-1525609-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g001-550.jpg?1732154707" title=" <strong>Figure 1</strong><br/> <p>Process flow of the study.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/12/527'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g002-550.jpg?1732154712" title=" <strong>Figure 2</strong><br/> <p>Steps involved in conducting TISM and MICMAC analyses.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/12/527'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g003-550.jpg?1732154715" title=" <strong>Figure 3</strong><br/> <p>TISM structural model corporate barriers of ESG reporting adoption.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/12/527'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00527/article_deploy/html/images/jrfm-17-00527-g004-550.jpg?1732154716" title=" <strong>Figure 4</strong><br/> <p>MICMAC analysis diagraph for corporate barriers.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/12/527'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 30 pages, 421 KiB   </span> <a href="/1911-8074/17/11/526/pdf?version=1732112381" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="How Greenwashing Affects Firm Risk: An International Perspective" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/526">How Greenwashing Affects Firm Risk: An International Perspective</a> <div class="authors"> by <span class="inlineblock "><strong>Richard Paul Gregory</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 526; <a href="https://doi.org/10.3390/jrfm17110526">https://doi.org/10.3390/jrfm17110526</a> - 20 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The effects of greenwashing as a corporate strategy on firm risk are not well defined. I construct a greenwashing measure for 3973 companies from 70 countries from 2012 to 2022. Using Dynamic Panel Modeling, I find results suggesting that greenwashing is a complex <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/526/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The effects of greenwashing as a corporate strategy on firm risk are not well defined. I construct a greenwashing measure for 3973 companies from 70 countries from 2012 to 2022. Using Dynamic Panel Modeling, I find results suggesting that greenwashing is a complex phenomenon with both positive and negative consequences. While it can improve a firm’s public image and potentially enhance its financial performance, it may also lead to increased risk and misallocation of resources. Greenwashing firms have a lower weighted average cost of capital due to a higher debt-to-capital ratio. They are larger, have higher institutional ownership, and lower dividend yields. On the other hand, greenwashing firms have more ESG-related controversies that can hurt firm revenues and market value, they have higher unsystematic risk, and they have lower dividend yields and return on equity. I also find evidence that there is a feedback relationship between ESG ratings and greenwashing. There is no evidence that government mandates on ESG reporting inhibit greenwashing. The implication is that ESG scoring that emphasizes reporting ESG activities while informing investors also encourages greenwashing. <a href="/1911-8074/17/11/526">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/ZS340D0P23 ">The Risks and Returns of “Greenwashing”</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 21 pages, 1157 KiB   </span> <a href="/1911-8074/17/11/525/pdf?version=1732100268" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="The Effects of Key Audit Matters and Stock Ownership on Audit Committee Members’ Accounting Preferences" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/525">The Effects of Key Audit Matters and Stock Ownership on Audit Committee Members’ Accounting Preferences</a> <div class="authors"> by <span class="inlineblock "><strong>Michelle Höfmann</strong>, </span><span class="inlineblock "><strong>Christiane Pott</strong> and </span><span class="inlineblock "><strong>Sandra Chrzan</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 525; <a href="https://doi.org/10.3390/jrfm17110525">https://doi.org/10.3390/jrfm17110525</a> - 20 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study investigated the interactive effect of key audit matters (KAMs) and stock ownership on German audit committee (AC) members’ preferences regarding accounting issues in an experimental setting. Specifically, we explored whether the increased accountability of AC members to investors, resulting from KAM <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/525/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study investigated the interactive effect of key audit matters (KAMs) and stock ownership on German audit committee (AC) members’ preferences regarding accounting issues in an experimental setting. Specifically, we explored whether the increased accountability of AC members to investors, resulting from KAM disclosures, is influenced by whether an AC member owns shares in the audited company. Our findings suggest that the disclosure of KAMs supports a conservative management accounting preference. However, KAMs can be used by stock-owning AC members as disclaimers that inform the investing public and might serve as legitimation tools for ACs with a preference for less conservative accounting. Hence, our study provides evidence from a two-tier governance country that audit committee members’ accounting preferences based on disclosed KAMs depend on their financial independence. <a href="/1911-8074/17/11/525">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/CMBPE0KM7Y ">Judgment and Decision-Making Research in Auditing</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/525/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1525143"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1525143"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1525143" data-cycle-prev="#prev1525143" data-cycle-progressive="#images1525143" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1525143-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g001-550.jpg?1732100396" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1525143" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1525143-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g002-550.jpg?1732100398'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1525143-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A1a-550.jpg?1732100402'><p>Figure A1</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1525143-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A1b-550.jpg?1732100407'><p>Figure A1 Cont.</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1525143-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A2-550.jpg?1732100410'><p>Figure A2</p></div></script></div></div><div id="article-1525143-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g001-550.jpg?1732100396" title=" <strong>Figure 1</strong><br/> <p>Experimental procedures.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/525'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g002-550.jpg?1732100398" title=" <strong>Figure 2</strong><br/> <p>Interaction term.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/525'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A1a-550.jpg?1732100402" title=" <strong>Figure A1</strong><br/> <p>Auditor’s report including KAMs.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/525'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A1b-550.jpg?1732100407" title=" <strong>Figure A1 Cont.</strong><br/> <p>Auditor’s report including KAMs.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/525'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00525/article_deploy/html/images/jrfm-17-00525-g0A2-550.jpg?1732100410" title=" <strong>Figure A2</strong><br/> <p>Standard audit report (without KAMs).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/525'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 6 pages, 209 KiB   </span> <a href="/1911-8074/17/11/524/pdf?version=1732082261" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="“Family Companies”—Editorial Synthesis of Special Issue" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Editorial</span></div> <a class="title-link" href="/1911-8074/17/11/524">“Family Companies”—Editorial Synthesis of Special Issue</a> <div class="authors"> by <span class="inlineblock "><strong>Philip Sinnadurai</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 524; <a href="https://doi.org/10.3390/jrfm17110524">https://doi.org/10.3390/jrfm17110524</a> - 20 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper presents an editorial synthesis of the three substantive papers published in this Special Issue. The lens for this synthesis concerns the joint contribution of the three papers in identifying potential bases for explaining variation in Type 2 agency costs of equity <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/524/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper presents an editorial synthesis of the three substantive papers published in this Special Issue. The lens for this synthesis concerns the joint contribution of the three papers in identifying potential bases for explaining variation in Type 2 agency costs of equity in family companies. The papers included in this Special Issue, using data from Portugal and Africa, suggest three bases. These bases are Small-to-Medium Enterprise status, prevalence of third parties to reduce information asymmetry between the principals and agents, and domicile in South Africa (for African family businesses). It follows from the paper using data from Jordan that degree of tax avoidance would be a suitable measure of Type 2 agency costs of equity. Hence, it would be appropriate for future research to investigate whether this metric varies systematically, across family companies, according to these three bases. <a href="/1911-8074/17/11/524">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/3S0TV27838 ">Family Companies</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 16 pages, 2072 KiB   </span> <a href="/1911-8074/17/11/523/pdf?version=1732017948" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Performance Evaluation of Islamic Banking Services Industry: Evidence from GCC" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/523">Performance Evaluation of Islamic Banking Services Industry: Evidence from GCC</a> <div class="authors"> by <span class="inlineblock "><strong>Muhammad Hanif</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 523; <a href="https://doi.org/10.3390/jrfm17110523">https://doi.org/10.3390/jrfm17110523</a> - 19 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study documents the comparative financial performance of the Islamic Banking Services Industry (IBSI) in the Gulf Cooperation Council (GCC) region. After drawing the performance evaluation framework (based on the CAMEL framework), the research conducted data analysis of the Islamic Banking Services Industry <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/523/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study documents the comparative financial performance of the Islamic Banking Services Industry (IBSI) in the Gulf Cooperation Council (GCC) region. After drawing the performance evaluation framework (based on the CAMEL framework), the research conducted data analysis of the Islamic Banking Services Industry (IBSI) in the GCC region for 31 quarters (2013Q4–2021Q4). The analysis examines capital adequacy, asset quality, management performance, earnings, and liquidity management. Objectively classified data trends are reported through graphs. Additionally, the research documents internal determinants of financial performance. Findings suggest that the GCC-IBSI has shown overall progress in achieving primary objectives (commercial performance), including healthy capital adequacy, cost control, equity returns, and liquidity management. Capital adequacy, cost control, and liquidity management significantly contribute to financial performance. Managerial implications include cost control, reduction in non-performing loans, and prudent liquidity management. There exist opportunities in the GCC-IBSI for investors, given the mismatch in demand and supply of Islamic financial services. This study contributes to the literature by documenting findings on the achievements of the primary objective of IBSI in multiple GCC-IBSI markets comparatively. <a href="/1911-8074/17/11/523">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/4W9GL69WP1 ">Financial Markets, Financial Volatility and Beyond, 3rd Edition</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/523/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1524297"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1524297"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1524297" data-cycle-prev="#prev1524297" data-cycle-progressive="#images1524297" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1524297-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g001-550.jpg?1732018050" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1524297" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g002-550.jpg?1732018052'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g003-550.jpg?1732018054'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g004-550.jpg?1732018057'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g005-550.jpg?1732018059'><p>Figure 5</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g006-550.jpg?1732018062'><p>Figure 6</p></div> --- <div class='openpopupgallery' data-imgindex='6' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g007-550.jpg?1732018065'><p>Figure 7</p></div> --- <div class='openpopupgallery' data-imgindex='7' data-target='article-1524297-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g008-550.jpg?1732018067'><p>Figure 8</p></div></script></div></div><div id="article-1524297-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g001-550.jpg?1732018050" title=" <strong>Figure 1</strong><br/> <p>Financial performance evaluation framework—IBSI. Source: Constructed by the author.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g002-550.jpg?1732018052" title=" <strong>Figure 2</strong><br/> <p>IBIs growth trends—assets and financing (USD million) for 33 quarters (2013Q4–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g003-550.jpg?1732018054" title=" <strong>Figure 3</strong><br/> <p>CBIWs growth trends—assets and financing (USD million) for 33 quarters (2013Q4–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g004-550.jpg?1732018057" title=" <strong>Figure 4</strong><br/> <p>GCC-IBSI capital adequacy ratio (CAR) for 33 quarters (2013Q1–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g005-550.jpg?1732018059" title=" <strong>Figure 5</strong><br/> <p>GCC-IBSI non-performing finance (NPF) ratio for 33 quarters (2013Q1–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g006-550.jpg?1732018062" title=" <strong>Figure 6</strong><br/> <p>GCC-IBSI cost-to-income ratio (CIR) for 33 quarters (2013Q1–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g007-550.jpg?1732018065" title=" <strong>Figure 7</strong><br/> <p>GCC-IBSI return on equity (ROE) for 33 quarters (2013Q1–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00523/article_deploy/html/images/jrfm-17-00523-g008-550.jpg?1732018067" title=" <strong>Figure 8</strong><br/> <p>GCC-IBSI liquid asset ratio (LAR) for 33 quarters (2013Q1–2021Q4). Source: Constructed by the author; data (<a href="#B19-jrfm-17-00523" class="html-bibr">IFSB 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/523'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 30 pages, 3246 KiB   </span> <a href="/1911-8074/17/11/522/pdf?version=1732010625" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Can We Use Financial Data to Predict Bank Failure in 2009?" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/522">Can We Use Financial Data to Predict Bank Failure in 2009?</a> <div class="authors"> by <span class="inlineblock "><strong>Shirley (Min) Liu</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 522; <a href="https://doi.org/10.3390/jrfm17110522">https://doi.org/10.3390/jrfm17110522</a> - 19 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study seeks to answer the question of whether we could use a bank’s past financial data to predict the bank failure in 2009 and proposes three new empirical proxies for loan quality (LQ), interest margins (IntMag), and earnings efficiency (OIOE) to forecast <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/522/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study seeks to answer the question of whether we could use a bank’s past financial data to predict the bank failure in 2009 and proposes three new empirical proxies for loan quality (LQ), interest margins (IntMag), and earnings efficiency (OIOE) to forecast bank failure. Using the bank failure list from the Federal Deposit Insurance Corporation (FDIC) database, I match the banks that failed in 2009 with a control sample based on geography, size, the ratio of total loans to total assets, and the age of banks. The model suggested by this paper could predict correctly up to 94.44% (97.15%) for the failure (and non-failure) of banks, with an overall 96.43% prediction accuracy, (<i>p</i> = 0.5). Specifically, the stepwise logistic regression suggests some proxies for capital adequacy, assets/loan risk, profit efficiency, earnings, and liquidity risk to be the predictors of bank failure. These results partially agree with previous studies regarding the importance of certain variables, while offering new findings that the three proposed proxies for LQ, IntMag, and OIOE statistically and economically significantly impact the probability of bank failure. <a href="/1911-8074/17/11/522">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Section <a href="/journal/jrfm/sections/business_entrepreneurship">Business and Entrepreneurship</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/522/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1524150"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1524150"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1524150" data-cycle-prev="#prev1524150" data-cycle-progressive="#images1524150" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1524150-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g001a-550.jpg?1732010717" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1524150" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1524150-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g001b-550.jpg?1732010720'><p>Figure 1 Cont.</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1524150-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002a-550.jpg?1732010721'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1524150-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002b-550.jpg?1732010723'><p>Figure 2 Cont.</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1524150-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002c-550.jpg?1732010725'><p>Figure 2 Cont.</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1524150-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002d-550.jpg?1732010726'><p>Figure 2 Cont.</p></div></script></div></div><div id="article-1524150-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g001a-550.jpg?1732010717" title=" <strong>Figure 1</strong><br/> <p>Plots of the estimated probabilities along with the observed probabilities (blue color) and 95% confidence intervals (lower/upper bound is green/black color) as functions of each investigated explanatory variable. (<b>a</b>–<b>r</b>) shows the estimated probability of bank failure as a function of T1CRAT (i.e., ratio of tier 1 capital to risk-weighted assets), T1CRev (ratio of tier 1 capital to total interest and noninterest income), Leverage, GCOOI (ratio of gross charge off to net operating income), LossLS (ratio of loss provision to the sum of total loans and securities), GCOOI (ratio of Gross Charge off to net operating income), LossLS (ratio of Loss provision to the sum of total loans and securities), GCOTL (ratio of gross charge offs to total loans), LossRes (ratio of loan loss allowance to total charge off), LQ (ratio of total interest revenue from loans to total loans), LoanRet (ratio of loan revenue to total loans), IntMag (ratio of net interest profit to total liabilities), PM (ratio of net income to total revenues), ROA (ratio of net income to lag of total assets), OIOE (ratio of operating income to operating expenses), TloanAT (ratio of total loans to total assets), CashAT (ratio of net liquid assets to total assets), DepositAT (ratio of total deposit to total assets), size, and Age, respectively.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g001b-550.jpg?1732010720" title=" <strong>Figure 1 Cont.</strong><br/> <p>Plots of the estimated probabilities along with the observed probabilities (blue color) and 95% confidence intervals (lower/upper bound is green/black color) as functions of each investigated explanatory variable. (<b>a</b>–<b>r</b>) shows the estimated probability of bank failure as a function of T1CRAT (i.e., ratio of tier 1 capital to risk-weighted assets), T1CRev (ratio of tier 1 capital to total interest and noninterest income), Leverage, GCOOI (ratio of gross charge off to net operating income), LossLS (ratio of loss provision to the sum of total loans and securities), GCOOI (ratio of Gross Charge off to net operating income), LossLS (ratio of Loss provision to the sum of total loans and securities), GCOTL (ratio of gross charge offs to total loans), LossRes (ratio of loan loss allowance to total charge off), LQ (ratio of total interest revenue from loans to total loans), LoanRet (ratio of loan revenue to total loans), IntMag (ratio of net interest profit to total liabilities), PM (ratio of net income to total revenues), ROA (ratio of net income to lag of total assets), OIOE (ratio of operating income to operating expenses), TloanAT (ratio of total loans to total assets), CashAT (ratio of net liquid assets to total assets), DepositAT (ratio of total deposit to total assets), size, and Age, respectively.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002a-550.jpg?1732010721" title=" <strong>Figure 2</strong><br/> <p>ROC curve of logistic regression of bank failure (Bfailure) on each of tested explanatory variables.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002b-550.jpg?1732010723" title=" <strong>Figure 2 Cont.</strong><br/> <p>ROC curve of logistic regression of bank failure (Bfailure) on each of tested explanatory variables.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002c-550.jpg?1732010725" title=" <strong>Figure 2 Cont.</strong><br/> <p>ROC curve of logistic regression of bank failure (Bfailure) on each of tested explanatory variables.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00522/article_deploy/html/images/jrfm-17-00522-g002d-550.jpg?1732010726" title=" <strong>Figure 2 Cont.</strong><br/> <p>ROC curve of logistic regression of bank failure (Bfailure) on each of tested explanatory variables.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/522'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 18 pages, 783 KiB   </span> <a href="/1911-8074/17/11/521/pdf?version=1732011094" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Determinants of Digital Payment Adoption Among Generation Z: An Empirical Study" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/521">Determinants of Digital Payment Adoption Among Generation Z: An Empirical Study</a> <div class="authors"> by <span class="inlineblock "><strong>Anas Ali Al-Qudah</strong>, </span><span class="inlineblock "><strong>Manaf Al-Okaily</strong>, </span><span class="inlineblock "><strong>Fadi Shehab Shiyyab</strong>, </span><span class="inlineblock "><strong>Alaa A. D. Taha</strong>, </span><span class="inlineblock "><strong>Dmaithan A. Almajali</strong>, </span><span class="inlineblock "><strong>Ra’ed Masa’deh</strong> and </span><span class="inlineblock "><strong>Lina H. Warrad</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 521; <a href="https://doi.org/10.3390/jrfm17110521">https://doi.org/10.3390/jrfm17110521</a> - 19 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The main goal of the current paper is to investigate the factors that influence Millennials’ adoption of digital payments among Generation Z by analyzing the potential effects of perceived convenience, perceived cost, perceived security, perceived convenience, innovativeness, and social influence on the adoption <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/521/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The main goal of the current paper is to investigate the factors that influence Millennials’ adoption of digital payments among Generation Z by analyzing the potential effects of perceived convenience, perceived cost, perceived security, perceived convenience, innovativeness, and social influence on the adoption of digital payments. A total of 258 individuals in Malaysia were asked to complete a questionnaire to gather statistics. To assess the research model and test the hypotheses, structural equation modeling with partial least squares (SEM-PLS) was utilized. Smart PLS path analysis results revealed that perceived convenience, perceived security, perceived cost social influence, and innovativeness were positively significant determinants of digital payment adoption. This study offers fresh theoretical perspectives for identifying potential adoption barriers that need to be addressed. Concerns about privacy and security, a lack of information or comprehension, and aversion to change are all prevalent challenges among Millennials. Recognizing these limitations allows service providers to incorporate measures such as better security features, educational campaigns, and user-friendly interfaces to alleviate these concerns and boost adoption. <a href="/1911-8074/17/11/521">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/WJ86835IZ2 ">Financial Technology (Fintech) and Sustainable Financing, 3rd Edition</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/521/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1524161"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1524161"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1524161" data-cycle-prev="#prev1524161" data-cycle-progressive="#images1524161" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1524161-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00521/article_deploy/html/images/jrfm-17-00521-g001-550.jpg?1732011230" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1524161" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1524161-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00521/article_deploy/html/images/jrfm-17-00521-g002-550.jpg?1732011232'><p>Figure 2</p></div></script></div></div><div id="article-1524161-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00521/article_deploy/html/images/jrfm-17-00521-g001-550.jpg?1732011230" title=" <strong>Figure 1</strong><br/> <p>The research model.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/521'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00521/article_deploy/html/images/jrfm-17-00521-g002-550.jpg?1732011232" title=" <strong>Figure 2</strong><br/> <p>Validated SEM-PLS model.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/521'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 17 pages, 566 KiB   </span> <a href="/1911-8074/17/11/520/pdf?version=1732007053" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Booking Sustainability: Publicly Traded Companies as Catalysts for Public Goods Provision in Brazil" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/520">Booking Sustainability: Publicly Traded Companies as Catalysts for Public Goods Provision in Brazil</a> <div class="authors"> by <span class="inlineblock "><strong>Philipp Ehrl</strong>, </span><span class="inlineblock "><strong>Yago Vasconcelos Falcão</strong> and </span><span class="inlineblock "><strong>Edson Kenji Kondo</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 520; <a href="https://doi.org/10.3390/jrfm17110520">https://doi.org/10.3390/jrfm17110520</a> - 19 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study assesses the extent of public goods provision by Brazilian firms and how this behavior has changed over time. We use text data of publicly traded companies’ annual standardized financial declarations from 2010 and 2022 and apply natural language processing techniques to <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/520/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study assesses the extent of public goods provision by Brazilian firms and how this behavior has changed over time. We use text data of publicly traded companies’ annual standardized financial declarations from 2010 and 2022 and apply natural language processing techniques to extract ESG (environmental, social, and governance) keywords related to the provision of public goods. Context and sentiment analyses were used to supplement the information extracted from the raw keyword counts; these analyses were conducted using diverse regression techniques. We found a pronounced increase in keyword mentions over time; in particular, “responsibility” and “sustainability” appeared more frequently. Virtually all firms became more dedicated to ESG practices, particularly those that had a low frequency of ESG mentions in a positive context. Overall, it seems that large Brazilian corporations have embedded comprehensive ESG policies into their business practices, thus aligning their strategies with those of pioneering multinationals. <a href="/1911-8074/17/11/520">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/B61T698FZ5 ">Sustainable Production: Finance, Technology, and Institutional Quality</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/520/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1524014"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1524014"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1524014" data-cycle-prev="#prev1524014" data-cycle-progressive="#images1524014" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1524014-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g001-550.jpg?1732007166" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1524014" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1524014-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g002-550.jpg?1732007168'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1524014-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g003-550.jpg?1732007169'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1524014-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g004-550.jpg?1732007170'><p>Figure 4</p></div></script></div></div><div id="article-1524014-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g001-550.jpg?1732007166" title=" <strong>Figure 1</strong><br/> <p>Distribution of keyword counts across firms.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/520'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g002-550.jpg?1732007168" title=" <strong>Figure 2</strong><br/> <p>Word clouds. <span class="html-italic">Notes</span>: These word clouds display the 50 most frequent words in sentences from the 2010 and 2022 reports that contained at least one of the sustainability keywords. The proper keywords were removed from the list of words. The size and location of the words reflect their frequency. The management reports were published in Portuguese and the words in the clouds were translated into English using the software Grammarly.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/520'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g003-550.jpg?1732007169" title=" <strong>Figure 3</strong><br/> <p>Density distribution for keywords in a positive context. <span class="html-italic">Notes</span>: The figures show the absolute and relative number of all keywords that appeared in a positive context according to the sentiment analysis, following <a href="#B26-jrfm-17-00520" class="html-bibr">Mohammad and Turney</a> (<a href="#B26-jrfm-17-00520" class="html-bibr">2010</a>). We distinguished between positive, negative, and neutral contexts. The relative frequency in the right-hand side graph defines the share of keywords with a positive context, i.e., keywords in a positive context divided by keywords in any context.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/520'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00520/article_deploy/html/images/jrfm-17-00520-g004-550.jpg?1732007170" title=" <strong>Figure 4</strong><br/> <p>Growth of keywords by sentiment. <span class="html-italic">Notes</span>: The figure displays the growth rate of all keyword occurrences divided by the sentiment context. The growth rate is defined as the difference between keyword frequency in 2022 and 2010, relative to the value in 2010. The two lines represent the locally weighted regressions lines of the firms’ keyword growth rates. Firms were ranked by the number of occurrences of keywords in positive contexts in 2010, where lower values indicate that the firms mentioned the keywords more often. Firms that appear further on the right of the X-axis used less keywords with positive contexts.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/520'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 17 pages, 494 KiB   </span> <a href="/1911-8074/17/11/519/pdf?version=1732088190" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Tax Avoidance with Maqasid Syariah: Empirical Insights on Derivatives, Debt Shifting, Transfer Pricing, and Financial Distress" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/519">Tax Avoidance with Maqasid Syariah: Empirical Insights on Derivatives, Debt Shifting, Transfer Pricing, and Financial Distress</a> <div class="authors"> by <span class="inlineblock "><strong>Vidiyanna Rizal Putri</strong>, </span><span class="inlineblock "><strong>Mohd Hadli Shah Mohamad Yunus</strong>, </span><span class="inlineblock "><strong>Nor Balkish Zakaria</strong>, </span><span class="inlineblock "><strong>Meliza Putriyanti Zifi</strong>, </span><span class="inlineblock "><strong>Istianingsih Sastrodiharjo</strong> and </span><span class="inlineblock "><strong>Rosiyana Dewi</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 519; <a href="https://doi.org/10.3390/jrfm17110519">https://doi.org/10.3390/jrfm17110519</a> - 18 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study analyzes and investigates how financial factors, namely, derivatives, debt shifting, and transfer pricing, influence tax avoidance, with financial distress as an interaction variable, within the framework of stakeholder theory and positive accounting theory. Adding more uniqueness, this study injected the Maqasid <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/519/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study analyzes and investigates how financial factors, namely, derivatives, debt shifting, and transfer pricing, influence tax avoidance, with financial distress as an interaction variable, within the framework of stakeholder theory and positive accounting theory. Adding more uniqueness, this study injected the Maqasid Syariah elements into the framework. Conventional banks and non-bank institutions listed on the Indonesia Stock Exchange (IDX) between 2017 and 2022 were selected, comprising 414 final company-year observations. The study utilized E-Views software for data processing. The findings indicate that debt shifting negatively impacts tax avoidance, while derivatives have no significant influence. Transfer pricing positively impacts tax avoidance. Financial distress does not moderate the relationship between these financial practices and tax avoidance. From an Islamic perspective, practices such as transfer pricing and debt shifting, when used to avoid tax, contradict the principles of Maqasid Syariah, which emphasize fairness, wealth distribution, and societal welfare. <a href="/1911-8074/17/11/519">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/058KK9CWH4 ">Bridging Financial Integrity and Sustainability</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/519/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="absgraph cycle-slideshow"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1523274-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00519/article_deploy/html/images/jrfm-17-00519-g001-550.jpg?1732088282" alt="" style="border: 0;"><p>Figure 1</p></div></div></div><div id="article-1523274-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00519/article_deploy/html/images/jrfm-17-00519-g001-550.jpg?1732088282" title=" <strong>Figure 1</strong><br/> <p>Theoretical framework of tax avoidance effect from debt shifting, derivatives, and transfer pricing with financial distress interaction.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/519'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 14 pages, 4793 KiB   </span> <a href="/1911-8074/17/11/518/pdf?version=1731918254" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Oil Price Shocks and the Canadian Stock Market" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/518">Oil Price Shocks and the Canadian Stock Market</a> <div class="authors"> by <span class="inlineblock "><strong>Ruiqi Tan</strong> and </span><span class="inlineblock "><strong>Wei Dai</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 518; <a href="https://doi.org/10.3390/jrfm17110518">https://doi.org/10.3390/jrfm17110518</a> - 18 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> In this paper, we use monthly data from 1992 to 2022 and a structural VAR model to investigate the effects of oil supply shocks, aggregate demand shocks, and oil-specific demand shocks in the global crude oil market on the Canadian stock market. Our <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/518/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> In this paper, we use monthly data from 1992 to 2022 and a structural VAR model to investigate the effects of oil supply shocks, aggregate demand shocks, and oil-specific demand shocks in the global crude oil market on the Canadian stock market. Our analysis reveals that these shocks affect the S&P/TSX Composite Index and various sector-specific indices in different ways. Specifically, the response of the Canadian market to oil-specific demand shocks diverges notably from the U.S. market, highlighting Canada’s unique position as an oil-exporting country. In the long run, oil price shocks account for over 10% of the variation in the composite index and as much as 35% in the Energy sector index. <a href="/1911-8074/17/11/518">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/6WOI883349 ">Advanced Studies in Empirical Macroeconomics and Finance</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/518/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1523173"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1523173"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1523173" data-cycle-prev="#prev1523173" data-cycle-progressive="#images1523173" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1523173-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g001-550.jpg?1731918338" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1523173" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g002-550.jpg?1731918339'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g003-550.jpg?1731918340'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g004-550.jpg?1731918340'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g005-550.jpg?1731918341'><p>Figure 5</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g006-550.jpg?1731918342'><p>Figure 6</p></div> --- <div class='openpopupgallery' data-imgindex='6' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g007-550.jpg?1731918343'><p>Figure 7</p></div> --- <div class='openpopupgallery' data-imgindex='7' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g008-550.jpg?1731918343'><p>Figure 8</p></div> --- <div class='openpopupgallery' data-imgindex='8' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g009-550.jpg?1731918344'><p>Figure 9</p></div> --- <div class='openpopupgallery' data-imgindex='9' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g010-550.jpg?1731918345'><p>Figure 10</p></div> --- <div class='openpopupgallery' data-imgindex='10' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g011-550.jpg?1731918345'><p>Figure 11</p></div> --- <div class='openpopupgallery' data-imgindex='11' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g012-550.jpg?1731918346'><p>Figure 12</p></div> --- <div class='openpopupgallery' data-imgindex='12' data-target='article-1523173-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g013-550.jpg?1731918347'><p>Figure 13</p></div></script></div></div><div id="article-1523173-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g001-550.jpg?1731918338" title=" <strong>Figure 1</strong><br/> <p>Oil Price and the Canadian stock market indices.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g002-550.jpg?1731918339" title=" <strong>Figure 2</strong><br/> <p>Responses of the S&amp;P/TSX Composite Index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g003-550.jpg?1731918340" title=" <strong>Figure 3</strong><br/> <p>Responses of the Communication Service index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g004-550.jpg?1731918340" title=" <strong>Figure 4</strong><br/> <p>Responses of the Consumer Discretionary index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g005-550.jpg?1731918341" title=" <strong>Figure 5</strong><br/> <p>Responses of the Consumer Staples index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g006-550.jpg?1731918342" title=" <strong>Figure 6</strong><br/> <p>Responses of the Energy index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g007-550.jpg?1731918343" title=" <strong>Figure 7</strong><br/> <p>Responses of the Financials index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g008-550.jpg?1731918343" title=" <strong>Figure 8</strong><br/> <p>Responses of the Health Care index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g009-550.jpg?1731918344" title=" <strong>Figure 9</strong><br/> <p>Responses of the Industrials index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g010-550.jpg?1731918345" title=" <strong>Figure 10</strong><br/> <p>Responses of the Information Technology index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g011-550.jpg?1731918345" title=" <strong>Figure 11</strong><br/> <p>Responses of the Materials index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g012-550.jpg?1731918346" title=" <strong>Figure 12</strong><br/> <p>Responses of the Public Utilities index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00518/article_deploy/html/images/jrfm-17-00518-g013-550.jpg?1731918347" title=" <strong>Figure 13</strong><br/> <p>Responses of the Real Estate index to three structural shocks. Point estimates are indicated by solid red lines, with one-standard-error and two-standard-error bands represented by dashed and dotted lines.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/518'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 16 pages, 1925 KiB   </span> <a href="/1911-8074/17/11/517/pdf?version=1731915949" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="The Relationship Between ESG Scores and Value-at-Risk: A Vine Copula–GARCH Based Approach" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/517">The Relationship Between ESG Scores and Value-at-Risk: A Vine Copula–GARCH Based Approach</a> <div class="authors"> by <span class="inlineblock "><strong>Stefano Demartis</strong> and </span><span class="inlineblock "><strong>Barbara Rogo</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 517; <a href="https://doi.org/10.3390/jrfm17110517">https://doi.org/10.3390/jrfm17110517</a> - 18 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Recently, the introduction of Environmental, Social, and Governance (ESG) scores has become crucial for investment decisions and in minimizing portfolio risk. This study aims to understand the relationship between ESG scores and Value-at-Risk (VaR), computed by using a Vine copula–GARCH based approach, chosen <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/517/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Recently, the introduction of Environmental, Social, and Governance (ESG) scores has become crucial for investment decisions and in minimizing portfolio risk. This study aims to understand the relationship between ESG scores and Value-at-Risk (VaR), computed by using a Vine copula–GARCH based approach, chosen for its reliability in detecting interdependencies among multiple stocks. In fact, one of the main challenges in estimating VaR for a stock portfolio is capturing the dependence structure among a large number of assets. The dataset consists of 16 companies listed on the FTSE100 index. The corresponding ESG scores were collected over a comprehensive period of five years, from 2018 to 2022, covering both normal and stressed market conditions. Additionally, a focused analysis was conducted for the period from 2020 to 2022 to isolate the specific effects of the COVID crisis. The results indicate that an increase in assets with the highest ESG scores reduces potential losses in the portfolio. This finding underscores the importance of integrating high-level ESG scores into portfolios to mitigate market risk. Additionally, during periods characterized by stressed market conditions, the impact of ESG scores on VaR is even more pronounced, demonstrating that sustainable assets are more resilient in times of crisis. <a href="/1911-8074/17/11/517">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Section <a href="/journal/jrfm/sections/mathematics_finance">Mathematics and Finance</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/517/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1523125"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1523125"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1523125" data-cycle-prev="#prev1523125" data-cycle-progressive="#images1523125" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1523125-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g001-550.jpg?1731916143" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1523125" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1523125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g002-550.jpg?1731916146'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1523125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g003-550.jpg?1731916149'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1523125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g004-550.jpg?1731916151'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1523125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g005-550.jpg?1731916152'><p>Figure 5</p></div></script></div></div><div id="article-1523125-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g001-550.jpg?1731916143" title=" <strong>Figure 1</strong><br/> <p>Example of C-Vine structures for <math display="inline"><semantics> <mrow> <mi>d</mi> <mo>=</mo> <mn>4</mn> </mrow> </semantics></math>.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/517'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g002-550.jpg?1731916146" title=" <strong>Figure 2</strong><br/> <p>Daily log-returns.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/517'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g003-550.jpg?1731916149" title=" <strong>Figure 3</strong><br/> <p>Pairwise normalized contour plots. The value 0.71, highlighted and enlarged, represents the highest correlation among the analyzed pairs, observed between Shell (SHEL) and BP plc (BP).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/517'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g004-550.jpg?1731916151" title=" <strong>Figure 4</strong><br/> <p>The first tree structure of estimated R-Vine and Kendall’s tau values for each connected pair of stocks.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/517'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00517/article_deploy/html/images/jrfm-17-00517-g005-550.jpg?1731916152" title=" <strong>Figure 5</strong><br/> <p>The second tree structure of estimated R-Vine and Kendall’s tau values for each connected pair of stocks.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/517'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 20 pages, 678 KiB   </span> <a href="/1911-8074/17/11/516/pdf?version=1731915399" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Exploring the Intersection of Contemporary Management Accounting Practices and Accounting Information Systems: The Impact on Hotel Performance" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/516">Exploring the Intersection of Contemporary Management Accounting Practices and Accounting Information Systems: The Impact on Hotel Performance</a> <div class="authors"> by <span class="inlineblock "><strong>Ioannis Ε. Diavastis</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 516; <a href="https://doi.org/10.3390/jrfm17110516">https://doi.org/10.3390/jrfm17110516</a> - 17 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Contemporary Management Accounting Practices (MAPs) were developed to address the weaknesses of traditional practices and to meet financial managers’ need for accurate and timely information. Consequently, they contribute to optimal decision-making that enhances firms’ efficiency and competitiveness, leading to improved organizational performance. Simultaneously, <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/516/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Contemporary Management Accounting Practices (MAPs) were developed to address the weaknesses of traditional practices and to meet financial managers’ need for accurate and timely information. Consequently, they contribute to optimal decision-making that enhances firms’ efficiency and competitiveness, leading to improved organizational performance. Simultaneously, the success of Accounting Information Systems (AIS) is essential, as they improve the quality of information and reporting. In information- and competition-intensive environments such as the hotel industry, AIS user satisfaction, as an indicator of AIS success, can play a decisive role in the effective use of contemporary MAPs. The purpose of this paper is to explore the relationship between contemporary MAPs usage and hotel performance, and to investigate the moderating role of AIS user satisfaction. Using hierarchical multiple regression analysis, the findings indicate that the interaction of contemporary MAPs usage and AIS user satisfaction results in improved hotel performance. This study contributes to the current knowledge by developing a framework of the relationship of Management Accounting and Information Technology, through the lens of Contingency Theory and the Information Systems Success Model of DeLone and McLean. Additionally, the findings provide managerial implications for financial managers and IS developers. <a href="/1911-8074/17/11/516">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/0M4JESJ76G ">Innovations and Challenges in Management Accounting</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/516/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="absgraph cycle-slideshow"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1522874-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00516/article_deploy/html/images/jrfm-17-00516-g001-550.jpg?1731915541" alt="" style="border: 0;"><p>Figure 1</p></div></div></div><div id="article-1522874-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00516/article_deploy/html/images/jrfm-17-00516-g001-550.jpg?1731915541" title=" <strong>Figure 1</strong><br/> <p>Conceptual model.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/516'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 18 pages, 647 KiB   </span> <a href="/1911-8074/17/11/515/pdf?version=1731920870" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Optimizing Business Performance Through Effective Accounting Information Systems: The Role of System Competence and Information Quality" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/515">Optimizing Business Performance Through Effective Accounting Information Systems: The Role of System Competence and Information Quality</a> <div class="authors"> by <span class="inlineblock "><strong>Alaa Fathy Zohry</strong> and </span><span class="inlineblock "><strong>Ahmed Abdullah Saad Al-Dhubaibi</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 515; <a href="https://doi.org/10.3390/jrfm17110515">https://doi.org/10.3390/jrfm17110515</a> - 16 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> In today’s competitive business environment, accounting information systems (AISs) are crucial for organizations seeking to enhance decision making and improve performance. This study investigates the interplay between AIS competence, information quality, and system effectiveness and their collective impact on business performance within Saudi <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/515/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> In today’s competitive business environment, accounting information systems (AISs) are crucial for organizations seeking to enhance decision making and improve performance. This study investigates the interplay between AIS competence, information quality, and system effectiveness and their collective impact on business performance within Saudi Arabian companies. Using a quantitative approach, data were collected from 123 manufacturing and service firms through a structured questionnaire. Employing structural equation modeling (SEM), this study elucidates the direct and mediating effects of AIS attributes on organizational outcomes. The findings indicate that system competence has a direct positive effect on both information quality and AIS effectiveness. Information quality, in turn, positively influences AIS effectiveness and business performance. Additionally, AIS effectiveness was found to have a direct positive impact on organizational performance. This study provides valuable insights for managers seeking to optimize AIS investments and emphasizes the importance of integrating high-quality information systems to achieve strategic and operational goals. The results offer a detailed understanding of AIS dynamics, particularly within the context of emerging markets, and contribute to the broader discourse on technology-driven business performance enhancement. <a href="/1911-8074/17/11/515">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/0M4JESJ76G ">Innovations and Challenges in Management Accounting</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/515/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1522558"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1522558"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1522558" data-cycle-prev="#prev1522558" data-cycle-progressive="#images1522558" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1522558-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00515/article_deploy/html/images/jrfm-17-00515-g001-550.jpg?1731920936" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1522558" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1522558-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00515/article_deploy/html/images/jrfm-17-00515-g002-550.jpg?1731920939'><p>Figure 2</p></div></script></div></div><div id="article-1522558-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00515/article_deploy/html/images/jrfm-17-00515-g001-550.jpg?1731920936" title=" <strong>Figure 1</strong><br/> <p>The theoretical proposed model of the study.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/515'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00515/article_deploy/html/images/jrfm-17-00515-g002-550.jpg?1731920939" title=" <strong>Figure 2</strong><br/> <p>Path diagram with path coefficients from the results of the structural equation modeling.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/515'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 12 pages, 256 KiB   </span> <a href="/1911-8074/17/11/514/pdf?version=1731750081" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Unveiling the Brew: Probing the Lingering Impact of the Luckin Coffee Scandal on the Liquidity of Chinese Cross-Listed Stocks" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/514">Unveiling the Brew: Probing the Lingering Impact of the Luckin Coffee Scandal on the Liquidity of Chinese Cross-Listed Stocks</a> <div class="authors"> by <span class="inlineblock "><strong>Lee Kersting</strong>, </span><span class="inlineblock "><strong>Jang-Chul Kim</strong>, </span><span class="inlineblock "><strong>Sharif Mazumder</strong> and </span><span class="inlineblock "><strong>Qing Su</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 514; <a href="https://doi.org/10.3390/jrfm17110514">https://doi.org/10.3390/jrfm17110514</a> - 16 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper investigates the impact of the Luckin Coffee accounting scandal on stock liquidity and spillover effects in the financial market, focusing on Chinese companies listed on U.S. exchanges. Utilizing event studies, we analyze eight pivotal events related to the scandal to examine <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/514/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper investigates the impact of the Luckin Coffee accounting scandal on stock liquidity and spillover effects in the financial market, focusing on Chinese companies listed on U.S. exchanges. Utilizing event studies, we analyze eight pivotal events related to the scandal to examine stock liquidity and market quality changes. The results show a significant decline in Luckin’s stock liquidity during the scandal, while spillover effects on other Chinese stocks are limited. Comparisons with the Satyam accounting scandal suggest that individual company scandals may not substantially affect the liquidity of other stocks from the same country. The findings highlight the importance of robust regulatory frameworks and investor due diligence in safeguarding market integrity and restoring investor confidence. <a href="/1911-8074/17/11/514">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/7EVTR9213R ">Liquidity and Asset Pricing</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 21 pages, 719 KiB   </span> <a href="/1911-8074/17/11/513/pdf?version=1731920186" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Assessing the Drivers of Corporate Sustainability Performance Disclosures Using the Global Reporting Initiative (GRI) G4 Framework" data-journal="jrfm"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/1911-8074/17/11/513">Assessing the Drivers of Corporate Sustainability Performance Disclosures Using the Global Reporting Initiative (GRI) G4 Framework</a> <div class="authors"> by <span class="inlineblock "><strong>Najul Laskar</strong></span> </div> <div class="color-grey-dark"> <em>J. Risk Financial Manag.</em> <b>2024</b>, <em>17</em>(11), 513; <a href="https://doi.org/10.3390/jrfm17110513">https://doi.org/10.3390/jrfm17110513</a> - 15 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The primary objective of this study is to analyze the factors influencing the corporate sustainability performance disclosures of companies listed on the Bombay Stock Exchange (BSE) using the Global Reporting Initiative (GRI) G4 framework. This research is based on a sample of 434 <a href="#" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/513/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The primary objective of this study is to analyze the factors influencing the corporate sustainability performance disclosures of companies listed on the Bombay Stock Exchange (BSE) using the Global Reporting Initiative (GRI) G4 framework. This research is based on a sample of 434 firms listed on the BSE from 2017 to 2022. According to the content analysis method, the disclosure score of 434 non-financial companies is 79% (approximately), suggesting that, on an average, the sample companies have revealed 79% of the GRI-specified elements in their sustainability reports. The outcomes of the regression models indicate that profitability, firm size, innovation, board size, gender diversity, sustainability committee, and industry type are major drivers of corporate sustainability performance disclosure. Furthermore, research identified significant differences in the determinants of such practices between high-polluting and low-polluting companies. This research aims to elucidate the intricate dynamics affecting corporate sustainability performance by examining a diverse array of concerns. It employs meticulous data analysis to identify critical elements influencing sustainability disclosure. These findings may assist corporate managers, investors, policymakers, and stakeholders in comprehending the critical aspects to consider when formulating strategies that promote sustainability and enhance long-term value maximization. <a href="/1911-8074/17/11/513">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/jrfm/special_issues/Q315CTU154 ">Financial Performance and Corporate Sustainability</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/1911-8074/17/11/513/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1521918"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1521918"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1521918" data-cycle-prev="#prev1521918" data-cycle-progressive="#images1521918" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1521918-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g001-550.jpg?1731920355" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1521918" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1521918-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g002-550.jpg?1731920356'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1521918-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g003-550.jpg?1731920357'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1521918-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g004-550.jpg?1731920357'><p>Figure 4</p></div></script></div></div><div id="article-1521918-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g001-550.jpg?1731920355" title=" <strong>Figure 1</strong><br/> <p>Disclosure trend. Source: graph plotted by the author.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/513'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g002-550.jpg?1731920356" title=" <strong>Figure 2</strong><br/> <p>Box plot and whisker diagram. Source: graph plotted by the author.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/513'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g003-550.jpg?1731920357" title=" <strong>Figure 3</strong><br/> <p>Normal distribution curve of the residuals. Source: graph plotted by the author.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/513'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/jrfm/jrfm-17-00513/article_deploy/html/images/jrfm-17-00513-g004-550.jpg?1731920357" title=" <strong>Figure 4</strong><br/> <p>Q-Q plot for residuals. Source: graph plotted by the author.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/1911-8074/17/11/513'>Full article</a></strong> "></a></div> </div> </div> </div> </div> <div class="generic-item last-item"> <a class="bold" href="/search?q=&journal=jrfm&sort=pubdate&page_count=50">More Articles...</a> </div> </div> </div> </div> <div id="left-column" class="content__column large-3 large-pull-6 medium-3 medium-pull-6 small-12 columns"> <div id="js-large-main-top-container"> <div id="js-main-top-container" class="content__container"> <a href="/journal/jrfm"> <img src="https://pub.mdpi-res.com/img/journals/jrfm-logo.png?8600e93ff98dbf14" alt="jrfm-logo" title="Journal of Risk and Financial Management" style="max-height: 60px; margin: 0 0 0 0;"> </a> <div class="generic-item no-border" style="position: relative;"> <div class=""> <a class="button button--color button--color-journal button--full-width js-journal-active-only-link 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