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Risks
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Corporate Finance and Intellectual Capital Management
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Corporate Finance and Intellectual Capital Management

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 31 May 2024 | Viewed by 6630

Special Issue Editors

Dr. Jian Xu

E-Mail Website
Guest Editor
Department of Economics and Management, Qingdao Agricultural University, Qingdao 266109, China
Interests: intellectual capital; R&D management; performance evaluation
Dr. Feng Liu

E-Mail Website
Guest Editor
Business School, Shandong University, Weihai, China
Interests: supply chain management; operations management; the intersection of artificial intelligence (machine learning and deep learning)
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate finance is important to business administration and is closely related to every aspect of business policies, practices and decisions. Intellectual capital and its components (human, structural, and relational capital) as a strategic resource can bring competitive advantages and reduce firm risks. Intellectual capital management is attracting more scholars’ attention in business practices. This Special Issue will focus on the relationship between corporate finance and intellectual capital management, which might help businesses succeed in today’s dynamic environment.

In this issue, original research articles and reviews on all areas of corporate finance and intellectual capital management are welcome. These areas may include, but are not limited to, the following: corporate finance, capital structure, corporate governance, firm risks, intellectual capital, human capital, structural capital, and relational capital.

We look forward to receiving your contributions.

Dr. Jian Xu
Dr. Feng Liu
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate finance
  • corporate governance
  • firm risks
  • intellectual capital management
  • human capital
  • structural capital
  • relational capital

Published Papers (4 papers)

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Research

15 pages, 721 KiB  
Article
Effect of Capital Structure on the Financial Performance of Ethiopian Commercial Banks
by Seid Muhammed, Goshu Desalegn and Prihoda Emese
Risks 2024, 12(4), 69; https://doi.org/10.3390/risks12040069 - 18 Apr 2024
Viewed by 395
Abstract
This study aimed to examine the effects of capital structure on the financial performance of Ethiopian commercial banks. The dependent variable, financial performance, is measured by Return on Assets (ROA), while factors such as loan-to-deposit ratio (LDR), asset-to-total equity ratio (ATER), total deposit-to-total [...] Read more.
This study aimed to examine the effects of capital structure on the financial performance of Ethiopian commercial banks. The dependent variable, financial performance, is measured by Return on Assets (ROA), while factors such as loan-to-deposit ratio (LDR), asset-to-total equity ratio (ATER), total deposit-to-total asset ratio (TDTAR), capital adequacy ratio (CAD), and asset growth ratio (GA) were used as proxy independent variables to gauge capital structure. Using a quantitative approach and an explanatory research design, this study analyzes 6 years of audited financial reports from 14 commercial banks in Ethiopia. This investigation employs a random effect regression model and Stata 14 software package to explore the relationships among these variables. The result revealed that both the loan-to-deposit ratio and the total deposit-to-total asset ratio have a positive and significant impact on financial performance, while the asset growth ratio showed a negative effect. Based on these findings, this study recommends that bank authorities concentrate on bolstering their deposit base, managing asset growth efficiently, maintaining adequate capital levels, and optimizing leverage levels to improve financial performance and ensure long-term sustainability in the banking sector. Additionally, this research is anticipated to inform policymakers about regulatory frameworks for banks and assist banking managers in formulating effective capital financing strategies within the Ethiopian commercial banking sector, thus enriching the existing literature on the relationship between capital structure and financial performance. Full article
(This article belongs to the Special Issue Corporate Finance and Intellectual Capital Management)
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19 pages, 774 KiB  
Article
Unveiling the Role of Investment Tangibility on Financial Leverage: Insights from African-Listed Firms
by Edson Vengesai
Risks 2023, 11(11), 192; https://doi.org/10.3390/risks11110192 - 01 Nov 2023
Cited by 1 | Viewed by 1878
Abstract
The asset structure of a firm plays a pivotal role in determining its leverage. A higher proportion of physical assets is often associated with high debt ratios. This study explores the impact of investment tangibility on financial leverage, examining both tangible and intangible [...] Read more.
The asset structure of a firm plays a pivotal role in determining its leverage. A higher proportion of physical assets is often associated with high debt ratios. This study explores the impact of investment tangibility on financial leverage, examining both tangible and intangible investments. Using a dynamic panel data model estimated through the two-step system generalized method of moments (GMM), we analyse a dataset encompassing 815 non-financial listed firms from 22 African stock markets. The results show that African firms have higher inclinations to invest in physical assets. We found a statistically significant negative relationship between leverage and tangible and intangible investments. The findings indicate that African firms tend to maintain lower leverages regardless of whether they invest in tangible or intangible assets. The observed relationship aligns with the hypothesis that high-growth firms, in their expansion efforts, strategically tend to opt for low debt to mitigate the agency costs associated with debt and to help prevent underinvestment. This outcome underscores the interconnected nature of financing and investment decisions. This research contributes to the literature on financial leverage and investment by dissecting investments into tangible and non-tangible components and highlighting their distinct impacts on leverage. Moreover, it provides empirical evidence for previously unexplored African firms, shedding light on the reasons behind the relatively low leverage levels observed in African firms. Full article
(This article belongs to the Special Issue Corporate Finance and Intellectual Capital Management)
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13 pages, 547 KiB  
Article
The Relationship between Innovation and Risk Taking: The Role of Firm Performance
by Yuni Pristiwati Noer Widianingsih, Doddy Setiawan, Y. Anni Aryani and Evi Gantyowati
Risks 2023, 11(8), 144; https://doi.org/10.3390/risks11080144 - 05 Aug 2023
Viewed by 2932
Abstract
One perspective suggests that firms heavily involved in innovation may face increased risks. It is essential to know the suitable proxies in measuring innovation related to risk taking. Many studies use research-and-development intensity (RDI) and research-and-development spending (RDS) as proxies for innovation related [...] Read more.
One perspective suggests that firms heavily involved in innovation may face increased risks. It is essential to know the suitable proxies in measuring innovation related to risk taking. Many studies use research-and-development intensity (RDI) and research-and-development spending (RDS) as proxies for innovation related to risk taking. However, little evidence shows that positive association with risk taking. This study addresses this gap by using RDI and RDS as metrics for measuring innovation and assessing innovation-related risks. This study incorporated performance as a potential factor affecting the interaction between these variables. It is essential to consider the risks associated with innovation and allocate the RDI and RDS effectively to maximize revenue. We used a dataset of 3955 firm-year observations obtained from 548 listed firms in the Indonesian stock exchange for 2012–2021. We found that RDI and RDS positively affect risk taking. The test results show that the interaction between innovation and firm performance negatively affects risk taking. Thus, firm performance may mitigate the risks associated with innovation. Therefore, firms must balance their innovation projects with improved performance to minimize risks and achieve long-term success. Full article
(This article belongs to the Special Issue Corporate Finance and Intellectual Capital Management)
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31 pages, 938 KiB  
Article
Building a Macroeconomic Simulator with Multi-Layered Supplier–Customer Relationships
by Takahiro Obata, Jun Sakazaki and Setsuya Kurahashi
Risks 2023, 11(7), 128; https://doi.org/10.3390/risks11070128 - 12 Jul 2023
Viewed by 909
Abstract
This study constructs an agent-based model suitable for analyzing the propagation of economic shocks based on a macroeconomic agent-based model structure that covers major economic entities. Instead of setting an upstream and downstream structure of firms in the inter-firm networks, our model includes [...] Read more.
This study constructs an agent-based model suitable for analyzing the propagation of economic shocks based on a macroeconomic agent-based model structure that covers major economic entities. Instead of setting an upstream and downstream structure of firms in the inter-firm networks, our model includes a mechanism that connects each firm through supplier–customer relationships and incorporates interactions between firms mutually buying and selling intermediate input materials. It is confirmed through the proposed model’s simulation analysis that, although a firm’s sales volume temporarily falls due to an economic shock of the type that causes a sharp decline in households’ final demand, the increase in assets held by households as they refrain from spending rather expands their capacity for consumption. As a result, after the economic shock ceases to exist, the firm’s sales volume tends to be even greater than that of the preceding periods of the shock. Furthermore, we found that when the sales volume of products in a final consumer goods sector falls during the shock, the falls in sales in the non-final consumer goods sectors are suppressed due to replacement demand, and the increase in sales volume for the non-final consumer goods sectors is moderated after the shock ceases to exist. Full article
(This article belongs to the Special Issue Corporate Finance and Intellectual Capital Management)
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