Managerial Finance: Volume 49 Issue 2

Risk governance, ethics codes and bank performance: evidence from large banks worldwide

Oumeima Kacem, Sana El Harbi

This paper has a triple objective: first, to investigate the effect of the adoption of ethics codes on bank performance, second, to analyse the role played by the risk committee…

Asymmetric determinants of Bitcoin's wild price movements

Noureddine Benlagha, Wael Hemrit

The present work endeavors to explore the potential nonlinear and asymmetric effects of supply fundamental properties of Bitcoin mining process (velocity, size and stock of…

Employee welfare and firm financial performance revisited

Woan-lih Liang, Duc Nguyen Nguyen, Quynh-Nhu Tran, Quang-Thai Truong

This study aims to revisit the link between employee welfare and firm financial performance using a large sample. Besides, the study explores mechanisms behind the link and…

Does companies' financial flexibility drive their leverage dynamics? New evidence

Apoorva Arunachal Hegde, Ajaya Kumar Panda, Venkateshwarlu Masuna

This paper aims to study the leverage adjustment behavior of firms distinguished based on financial flexibility. Financial flexibility is one of the key strengths of the companies…

What drives corporate cash holdings in MSMEs?: Evidence from India

Vedika Saxena, Seshadev Sahoo

This study investigates the factors affecting corporate cash holdings for a sample of 598 Indian Micro, small and medium-sized enterprises (MSMEs) for nine years (2011–2020).

Financial literacy in for-profit vs pro-social peer-to-peer lending

Laura Gonzalez

Peer-to-peer (P2P) lending facilitates direct online lending and aims to provide financial inclusion and investment returns. Lender goals range from for-profit to pro-social and…

More than just agents: the role of executives' psychological ownership in aligning interests of principals and agents

Franziska M. Renz, Julian U. N. Vogel

Aligning interests of principals and agents is the most efficient way to reduce the agency conflict. Yet, the literature on executive compensation reveals inefficiencies in…

Dynamic responses of energy prices to oil price shocks

Tom W. Miller

This study examines the dynamic responses of five different daily energy prices to a pulse shock affecting the daily price of oil.

Does product market competition moderate the impact of promoter ownership on firm value?

Sethiya Anuja, Thenmozhi M.

This study explores whether product market competition is a substitute for or complementary to good internal governance through promoter holdings. Specifically, it examines the…

The nexus between investor sophistication and annuity insurance ownership: evidence from FINRA's National Financial Capability Study

Thomas Korankye, Blain Pearson, Hossein Salehi

Although annuitization provides insurance against longevity risk that can benefit households, researchers have uncovered an annuitization puzzle, which suggests households are…