Search Results (2,308)

The perception, adoption, use and satisfaction regarding Internet banking in Mexico have been scarcely explored. This research contributes to the limited literature on Internet banking in Mexico. Its objective is to analyze the perception that a population of workers has about the online service provided by banks in Mexico. The information was collected from a sample of 197 workers who make use of Internet banking. A very acceptable Cronbach’s alpha index was obtained (α = 0.919), which gives evidence of good internal consistency and reliability. The results of an exploratory and confirmatory analysis with a structural equation model (SEM) show that ten out of the eleven attributes explain workers’ perception of Internet banking services. From the eleven attributes analyzed, only four of them are significant in the Mexican context. These attributes are: security, monthly account statement, speed in decision-making and accessibility. In terms of implications for banking practice, the results of this research provide deeper insights for bank managers and policy makers to understand Mexicans’ motivation and develop appropriate strategies to increase Internet banking use. Full article

This paper investigates the impact of flood management policies on airport investment and the resulting financial constraints. Specifically, it examines the effects of flood insurance, building codes, and public adaptation investment on the investment decisions of 100 United States airports located in flood-prone areas. The paper estimated the financial loss from extreme precipitations and flooding using novel data from the United States Federal Emergency Management Agency, and a differences-in-differences framework leveraging the introduction of the 2012 Biggert–Waters reform of the National Flood Insurance Program. The findings reveal that while flood insurance costs negatively influence overall airport investment, they do not significantly affect investment–cash sensitivity. On the other hand, the introduction of stricter building codes and public adaptation investment leads to increased cash usage for investment purposes, particularly among airports exposed to extreme precipitation and flood risks. Furthermore, the analysis suggests that the observed increase in financial constraints resulting from stricter building codes and public adaptation investment is likely driven by the asymmetry of information rather than the materiality of flood risk. In other words, public investment in flood risk reduction appears to signal to investors that the airport is exposed to flood risk, potentially leading to increased financial constraints. This finding highlights the importance of considering information asymmetry when assessing the impact of flood management policies on financial constraints. Understanding the underlying drivers of these effects is crucial for supporting resilient infrastructure development and informing effective decision-making in flood-prone areas. Full article

This article explores the interactive effect of advertising investment and corporate social responsibility (CSR) on financial performance by selecting 2431 listed companies that participated in the professional evaluation of Hexun.com as the research sample, with a total of 12,471 observed values. The panel regression, analysis and hypotheses tests were conducted to examine the interactive effect of advertising investment and CSR on financial performance. There are four empirical findings. First, an advertising investment plays a significant role in improving corporate financial performance. Second, actively fulfilling CSR can effectively upgrade the financial performance of an enterprise. Third, different functional mechanisms will not change the positive impact of CSR on financial performance. Fourth, the interaction between advertising investment and CSR has a significant positive correction on financial performance. Combining the advertising investment with CSR they have a remarkable complementary effect on financial performance. Based on these findings, this article claims that to maximize the advertising effect, company managers should actively carry out business activities and conduct appropriate advertising investments from the perspective of CSR. In other words, to enhance the return on marketing activities and strengthen the promotion of financial performance by advertising investment, company managers should pay more attention to fulfilling CSR and take advantage of the reputational and social images generated by CSR to bring greater market value and financial growth. Full article

This article presents a bibliometric study on different types of risk and bankruptcy, aiming to contribute to academic knowledge in this area. We used the bibliometrix tools in R and VOSviewer, following the main laws of bibliometrics (Bradford’s law, Lotka’s law, and Zipf’s law). We analyzed 7163 relevant academic publications retrieved from the WOS database between 1995 and 2023. The characterization of the literature identified trends, importance, and scientific relevance of works, journals, and authors. This allows for promoting collaborations among researchers and provides insights for strategic decision making, advancing knowledge in the field. The most relevant journal was the “Journal of Banking and Finance”, with Edward Altman as the prominent author. The United States and China were the most active countries in research. The current research highlights terms such as “board size”, “CRS”, “responsibility”, and “governance”, which are commonly found in recent works. The themes of greatest centrality include risk, model, and debt. The bibliometric review revealed gaps in knowledge and research, indicating a growing trend of studies in this area. This article provides valuable information for researchers and managers, supporting decision making in risk management and bankruptcy. Full article

Blockchain technology, initially known for its applications in the financial industry, has emerged as a promising solution for various other domains. One prominent area for the use of blockchain-based solutions is forensics, specifically the chain of custody maintenance and control. While there have been numerous research projects exploring the use of blockchain technology in digital forensics, limited attention has been given to its application in controlling of the physical evidence chain of custody. In this research, we aim to explore the literature on the use of blockchain technology to solve problems related to the physical evidence chain of custody. Through a systematic literature review (SLR), we analyzed 26 resources discussing blockchain-based solutions for evidence chain of custody issues, based on requirements that could be applied to both physical and digital evidence. The results showed that there is a lack of studies involving the use of blockchain technology to solve problems related to the physical evidence chain of custody, and future research should focus on solving the issue. Full article

We examine how firms manage their foreign exchange (FX) exposure using publicly reported data on FX exposure before and after hedging with corresponding hedging instruments. Based on calculated firm-, year-, and currency-specific hedge ratios, we find that about 80 (20) percent of FX firm exposure is managed using risk-decreasing (risk-increasing/risk-constant) strategies. Further, we find that prior hedging outcomes affect the management of current FX exposure, where the exposure is reduced and management adjusts the hedge ratio closer to its benchmark average hedge ratio following prior benchmark losses. When separately evaluating risk-decreasing and risk-increasing positions, we find that prior benchmark losses are only relevant for risk-increasing but not for risk-decreasing positions, i.e., hedging decisions are independent of prior benchmark losses if the intention is to reduce FX exposure. Full article

While disclosing financial information has been widely proved to reduce the financing cost of a company, the impact of non-financial information, such as sustainability information, disclosing on the financing cost of the company is still in debate. The goal of this paper is to explore the impact of disclosing sustainability-related information on the cost of equity for firms. The paper first introduces the concept of sustainability information disclosure, and then exhibits its benefit through exploring its impact on reducing a firm’s financing cost. It uses the Gartner supply chain top 50 rankings to construct the experiment environment to test for the effect of sustainability information disclosure on the cost of equity capital. The study uses the Gartner top 50 supply chain rankings from 2013 to 2017 to construct the experiment environment, and test for the sustainability information disclosure’s impact on reducing the cost of equity capital. The regressions, which are based on the 350 firm-year sample of the United States and the 604 global firm-year sample, indicate that sustainability information disclosure significantly reduced the cost of equity capital. This paper uses a fixed effect regression method to analyze the impact of sustainability information disclosure. According to the regression result, the sustainability information disclosure variable has a significant negative coefficient. The result is robust under many settings. Thus, the paper finds that sustainability information disclosure significantly diminishes the cost of equity capital, controlling for ESG information disclosure. It also discusses the implications of the findings and future research directions for sustainability information disclosure. Full article

This paper examines the implications of imperfect competition in a two-country framework where a single good is produced. Using an overlapping generation model, we analyze the effects of market structures. Specifically, one country is assumed to operate under a perfectly competitive market structure, while the other country operates under an oligopolistic market structure. Our analysis reveals that the differences in factor prices between the two countries when they are in autarky lead to intergenerational trade once their capital markets are integrated. A key finding is that the country with an oligopolistic market structure becomes a lending country, while the country with a competitive market structure becomes a borrowing country. Furthermore, we find that the country with an oligopolistic market structure, serving as a lender, experiences a current account surplus, while the country with a perfectly competitive market structure, acting as a debtor, incurs a current account deficit. Full article

This paper re-examines the presence of the Sharpe–Treynor–Lintner–Mossin capital asset pricing model (CAPM) in the finance literature and is accompanied by a bibliometric summary analysis. The popular model is in its sixth decade; we summarized the relevance of the CAPM using publication and citation trends, as well as identifying its most prolific and impactful contributors. This paper is based on a systematic review of the literature and was completed with the help of various bibliometric techniques. During the study process, we presented a map of various themes and areas of the CAPM and its evolution. Our findings indicate that the extant literature on this topic (the cost of capital, asset pricing, portfolio, risk management, beta, systematic risk, and value premium) is based on the principles and assumptions of the CAPM. We are considering suggestions on the future use, trend, and direction of the CAPM, based on our summary of thematically developed clusters. Full article

In the burgeoning field of bitcoin research, a cohesive understanding of how knowledge and insights have evolved over time is lacking. This study aims to address this gap through an exploration of 4123 academic articles pertaining to bitcoin. Utilizing co-word analysis and main path analysis (MPA), it uncovers key themes and seminal works that have substantially influenced the field’s progression. The identified clusters, including safe haven, internet of things (IoT), proof of work (PoW), market efficiency, sentiment analysis, digital currency, and privacy, shed light on the multifaceted discourse surrounding bitcoin. The MPA, incorporating both forward and backward local paths, traces an evolving narrative, starting from an in-depth exploration of bitcoin’s structure, anonymity, and contrasts against traditional financial assets. It tracks the shift in focus to broader market dynamics, volatility, speculative nature, and reactions to economic policy fluctuations. The analysis underscores the transformation of bitcoin research, from its beginnings as a decentralized, privacy-oriented currency to its role in global economics and green financing, revealing a complex narrative of an innovative financial instrument to a multifaceted entity. Implications drawn from this analysis include the need for further research on the potential integration of bitcoin within emerging technologies like AI and cybersecurity, the implications of bitcoin’s interplay with traditional financial systems, and the environmental impacts of bitcoin and blockchain utilization. Overall, the current study not only enhances our understanding of the bitcoin field but also charts its dynamic evolution and stimulates further academic inquiry. Full article

This study examines Cambodian farmers’ demand for weather index insurance (WII), an innovative financial product, for managing climate change-related risks. Rice and cassava farmers in Battambang Province of Cambodia were interviewed to understand their preferences for WII. We applied a binary logistic model to quantify the factors that influence farmers’ WII demand. We discovered that farmers’ marital status and off-farm labor are crucial factors that impact the demand for WII. More importantly, we also investigated gender differences, considering the critical role of women in the agricultural sector and personality differences between men and women. Our findings indicated that for male respondents, being married and having an additional off-farm laborer increase the probability of demand for WII by 72.6% and 36.8%, respectively. For female respondents, the education level is the most significant factor in making purchase decisions. An additional year of education increases the probability of WII demand by 5.0%. Generally, our results are consistent with some prior studies but inconsistent with others. This suggests that further research is necessary to understand the barriers associated with WII schemes and how to overcome them. Regardless, our study provides valuable insights for various stakeholders in implementing WII schemes, including financial professionals, insurance companies, communities, and governments, for designing more flexible WII products, improving farmers’ financial literacy, and providing effective post-event support to enhance farmers’ resilience to climate change. Full article

This study examines the influence of culture on corporate responses to climate change. Given the inherent uncertainty associated with climate change, cultural values, as a non-market force, are expected to impact corporate’s decision making regarding decarbonization.To investigate this, a sample of large firms from 23 societies participating in the Carbon Disclosure Project (CDP) survey was analyzed, along with cultural measures assessed by the Global Leadership and Organizational Behavior Effectiveness (GLOBE) study. The findings of this study reveal that cultural values have diverse effects on corporate decarbonization efforts. Specifically, a preference for avoiding uncertainty and a future-oriented perspective tend to foster decarbonization, while a strong focus on performance appears to hinder such efforts. Additionally, the relationship between culture and decarbonization demonstrates a time-varying characteristic, indicating the influence of culture on carbon performance is contingent upon the evolution of carbon-related institutions over the study period. Full article

This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black–Scholes–Merton market model (BSMMM), including the extension of BMM to handle assets yielding a simple dividend. Our investigation further explores Bachelier’s term structure of interest rates (BTSIR), introducing a novel version of Bachelier’s Heath–Jarrow–Morton model and adapting the Hull–White interest rate model to fit BMM. This study concludes by examining the applicability of BMM in real-world scenarios, such as those involving environmental, social, and governance (ESG)-adjusted stock prices and commodity spreads. Full article

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach’s alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam. Full article

The recent literature provides conflicting findings and remains inconclusive regarding the impact of the COVID-19 crisis on firms’ dividend policies. In this paper, we examine the dividend policy of Moroccan firms listed in the Casablanca Stock Exchange during the COVID-19 shock. Using panel data from 2015 to 2021 of non-financial listed firms, we observe that the proportion of dividend cuts during the last seven years (2015–2021) achieved its highest level on the onset of the crisis. Furthermore, results of the ordinary least square (OLS) regressions demonstrate that the COVID-19 shock has negatively affected the dividend payout of Moroccan listed firms. This study implies that, in times of economic crisis, Moroccan firms exhibit risk-averse behavior by prioritizing the retention of earnings over distributing dividends, scarifying, therefore, the transmission of positive signals to investors and external stakeholders. Furthermore, our results reveal that profitability, growth opportunities, leverage, and size are relevant determinants of corporate dividend policy. Full article