International Journal of Financial Studies, Volume 13, Issue 3

Against the backdrop of tightened credit conditions, external financing constraints have increasingly become an important factor affecting enterprises’ high-quality development. This study focuses on the impact of financing constraints on the h...

The global movement towards a cashless society has prompted the payment of tax obligations through digital platforms and sources. In this international race to ensure that transaction payments are not hindered by the lack of physical cash, Nigeria is...

This paper investigates how market expectations regarding profitability mean reversion are reflected in stock prices. We propose a model that infers implicit expectations of future earnings using publicly available share prices based on the assumptio...

Understanding generational differences in herding behavior is crucial for policymakers, financial educators, and market regulators, particularly in emerging markets where retail investor participation is rapidly growing. This study investigates the i...

This study investigates the influence of FOMO, loss aversion, and herd behavior on gold investment decisions in the Vietnamese market. Employing data collected from 727 investors and the Partial Least Squares Structural Equation Modeling (PLS-SEM) me...

This study explores the ownership–risk relationship in the GCC emerging economies during the COVID-19 pandemic, examining 44 commercial banks classified as private and publicly owned banks. The two-stage least squares (2SLS) method is employed...

Some giant US conglomerates are now undergoing corporate spin-offs or are considering such spin-offs in the near future. Corporate spin-offs offer a unique opportunity to assess corporate capital structure decisions. The leverage ratio of the spin-of...

Financial performance research has increasingly intersected with philosophical debates on ethics, sustainability, and stakeholder value, yet a clear framework linking these perspectives to actionable financial metrics remains underdeveloped. This stu...

Financial literacy is a key competence for responsible decision-making and entrepreneurial readiness. This study looks at how Generation Z’s entrepreneurial participation is impacted by objective, subjective, and calibrated FL. The alignment of...

This study applies machine learning methods to predict the Canadian yield curve using a comprehensive set of macroeconomic variables. Lagged values of the yield curve and a wide array of Canadian and international macroeconomic variables are utilized...

The FTX collapse marked a significant shock to global crypto markets, prompting concerns about systemic contagion. This paper investigates the dynamic connectedness between cryptocurrencies, DeFi tokens, and tech stocks, focusing on the systemic impa...

This study identifies a nonlinear relationship among liquidity, tracking error, and risk-adjusted performance in JETFs. Collecting daily data for 1077 JETFs from January 2008 to April 2022, we find a concave association, whereby both highly liquid an...

As investors increasingly use Environmental, Social, and Governance (ESG) criteria, a key challenge remains: ESG data is typically reported annually, while financial markets move much faster. This study investigates whether incorporating annual ESG s...

This study examines whether the integration of Environmental, Social, and Governance (ESG) factors enhances the accuracy of financial forecasts. Using a dataset of 2548 publicly listed companies from 98 countries, we evaluate a range of machine learn...

Banks in the United States face persistent challenges from non-performing loans (NPLs), despite conducting thorough client evaluations before issuing loans. To mitigate the impact of NPLs and support both local and global growth, banks must adopt eff...

This study investigates how energy consumption and foreign direct investment (FDI) influenced economic growth in BRICS+ countries from 1990 to 2021, using a two-step System GMM estimator to address endogeneity and dynamic effects. While the results s...

This study investigates the nexus between leverage and financial performance in a sample of 54 Moroccan agricultural small- and medium-sized enterprises (SMEs) over the period of 2017–2022. Drawing on trade-off, pecking order, and agency theori...

This paper explores the central role of monetary governance, i.e., high politics and low politics, in protecting a currency’s exchange rate and reducing its volatility during periods of global crisis. Using annual panel data from 15 developed a...

This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financ...

With the continuous deepening of the financialisation level of Chinese enterprises, the output of capital-deepening enterprises is inevitably affected. Taking A-share listed companies on the Shanghai and Shenzhen Stock Exchanges in China from 2007 to...

This article explores the relationship between corporate financial performance (CFP) and commitment to ESG (environmental, social and governance) practices, using a sample of companies listed on the S&P 500 and TSX 60 indices. By employing a line...

We study a direct, firm-level measure of investor sentiment derived from social media (BTSS sentiment). While related to firm fundamentals, BTSS sentiment contains a substantial non-fundamental component. We decompose sentiment into fundamental and p...

This paper investigates the time-varying efficiency of Western European stock markets and examines how macroeconomic events defined as endogenous and exogenous shocks influence the degree of efficiency by either long-range dependence or mean revertin...

This study investigates the nonlinear, regime-dependent, and frequency-specific interdependencies between rare earth element (REE) markets and key global critical sectors, including artificial intelligence, semiconductors, clean energy, defense, and...

Volatility modelling is a key feature of financial risk management, portfolio optimisation, and forecasting, particularly for market indices such as the JSE Top40 Index, which serves as a benchmark for the South African stock market. This study inves...

This research investigates the responsiveness of climate and low-carbon (green) stock returns to oil prices and conventional energy stock returns, focusing on both contemporaneous and causal relationships, during an oil crisis. Two methodologies are...

The US has undertaken both unconventional and conventional monetary policy stances in response to the COVID-19 pandemic and the Ukraine–Russia conflict, and there has been much debate on the effects of these various monetary policies on global...

The significant increase in non-performing loans (NPLs) during the escalating recession of the Greek economy motivates us to study the predictive power of credit rating models in periods of economic shocks. In parallel, we examined the responsibiliti...

Accurate exchange rate forecasting is crucial for investment decisions, multinational corporations, and national policies. The nonlinear nature and volatility of the foreign exchange market hinder traditional forecasting methods in capturing exchange...

This paper investigates the macro-financial consequences of recent monetary policy tightening cycles, focusing on the distinction between soft and hard landings. Using an OLS regression framework applied to U.S. and Euro Area data from 1994 to 2023,...

The permanent evolution of accounting and financial reporting standards, in particular for listed companies, is justified by the need to adapt these standards to economic, societal, financial, institutional and technological developments. The main ob...

This study explores how FinTech and artificial intelligence (AI) adoption shape efficiency and financial stability in dual-banking systems. It focuses on 26 listed Islamic and conventional banks across 11 countries in the MENA and Southeast Asia regi...

ESG has emerged as a key non-financial indicator, drawing significant investor focus. Disparities in ESG ratings may skew investor perceptions, potentially endangering stock values and financial market stability. This paper examines the link between...

We offer a novel explanation for the widespread decline in U.S. firms’ reported book equity. We find that accounting conservatism is negatively associated with book equity, a result that is both economically and statistically significant, as we...

This study investigates the liquidity dynamics in non-traditional financial markets by simulating trading environments for fractional ownership of illiquid alternative investments, grounded in empirical tick data from a Swiss FinTech platform coverin...

The rapid development of digital technology is reshaping the global economic landscape. However, its impact on firms’ capacity utilization rate (CUR), particularly through technological innovation, remains unclear. This study investigates this...

In this study, we investigate the return propagation mechanism, hedging effectiveness, and portfolio performance across several common agricultural commodities, crude oil, and S&P 500 index, ranging from July 2000 to June 2024 by using a time-var...

This study assesses the quality of financial reporting in ten Central and Eastern European countries using a methodology based on natural language processing (NLP) techniques. 570 annual reports of companies listed on the main index on the stock exch...

Based on firm-level data of Japanese listed companies for the period of 2013–2022, this study conducts an empirical analysis to investigate how the issuance of green bonds influences corporate environmental and financial performance. The result...

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that exa...

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over t...

The development of stock markets is pivotal for economic growth, particularly through the mobilization of idle resources into productive investments. Despite recent reforms to enhance Uzbekistan’s capital market, public engagement remains limit...

This study presents a comprehensive bibliometric and topic modeling analysis of the academic literature on green and sustainable finance. Using 1372 peer-reviewed articles indexed in the Web of Science up to 2024, we identify key publication trends,...

Access to traditional financial institutions plays a key role in enhancing positive financial outcomes. However, some consumers within the United States experience discrimination from these same institutions. In particular, discrimination based on ra...

This study provides a comprehensive assessment and synthesis of the literature on short-selling. It performs a lexicometric analysis, providing a quantitative review of 1093 peer-reviewed journal articles to identify and illustrate the main themes in...

Amid the growing debate over how cryptocurrencies are reshaping global finance, this study explores the nexus between Bitcoin, Brent Crude Oil, Gold and the U.S. Dollar Index. We used a time-varying vector autoregressive (tvVAR) model to examine the...

The agriculture sector is increasingly challenged to maintain productivity and sustainability amidst environmental, marketplace, and geopolitical pressures. While precision agriculture enhances physical production, the financial resilience of agricul...

This study conducts a comprehensive bibliometric analysis and predictive modeling of financial risk research from 2015 to 2024, integrating conceptual, knowledge, and collaboration perspectives. Utilizing the PRISMA framework for literature screening...

This study investigates the impact of outsiders’ demand for more information (or transparency) on corporate social responsibility (CSR) initiatives. Drawing on a dataset of U.S. companies from 2010 to 2023, CSR performance is measured using ASS...

Debt financing is important for financing major investments in the biopharmaceutical industry. Debt financing allows companies to raise funds without giving up ownership or control through indenture and covenants of the company. In this study, I anal...