To what extent can private firms' external equity substitute for debt financing in a banking crisis? To answer this question, I use firm-level data and firm-bank linkages to estimate the causal effect of an imported lending cut from a large German bank on firms' capital structure and real...

This research aims to examine the drivers of earnings quality (EQ) in emerging stock markets. By testing the impact of firm attributes and ownership structures on the level of earnings quality. The research followed a mixed-method approach (qualitative and quantitative) and was conducted based...

This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying...

Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into "tunneling" activities of major shareholders. By examining the China Securities Investor Service...

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of...

Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this...

This study investigates the relationship between ownership structure (foreign and domestic) and bank risk-taking over the period 2014-2022. The analysis includes 66 banks operating in the GCC, divided into 44 domestically owned, and 22 foreign-owned banks. The research examines the relationship...

This study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets' corporate governance and deal...

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin's Q as a firm value metric and employing robust econometric techniques...

In recent years, the focus on state-owned enterprises (SOE) has returned. SOEs are an important part of the post-socialist countries that comprise Central and Eastern Europe (CEE). However, there are still no consistent findings on SOEs’ performance and dividend payouts, although the popular...

Purpose This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen. Design/methodology/approach Managerial power is divided into...

We investigate the motivations behind non-fungible token (NFT) ownership. Utilizing survey data from NFT owners, we identify four distinct groups based on their primary motivations: (1) Utilizers, who emphasize functional uses; (2) Socializers, motivated by community and networking; (3)...

This paper aims to explore ownership networks of publicly listed financial institutions in the Philippines. It covers the second phase of a research project on financial networks and builds on the analyses done in Tabuga, Ruiz, Serafica and Baiño (2024) which aims to provide an understanding of...

This exploratory study is about understanding the structure of networks of financial institutions in the Philippines. The literature notes that the financial sector occupies a central position within corporate networks. More importantly, the significance of learning more deeply about the...

This study examines the size and distribution of the Philippine media sector, identifies the challenges to competition and growth, and explores the impact of new technologies. A layered media model was used to map the major players, primarily in traditional media industries such as news...

Purpose: As elsewhere in the world, family firms (FFs) play a critical role in the South African economy. There is, however, scant research on how, if at all, listed South African FFs differ from their non-family counterparts concerning board composition and independence. The purpose of this...

Using panel regression on a sample of 1,532 firms listed on the National Stock Exchange (NSE) of India and 450 firms in the Shanghai Stock Exchange (SSE) of China, this study examines the impact of promoter ownership on firm value. We find that promoter have positive impact on firm value in...

The impact of history and the use of firms' past in theoretical models examining firm strategies have garnered increasing attention. Whether firms can benefit from their history imprints to facilitate innovation strategies is an increasingly important, yet under-researched, question. This study...