JEFAS Vol. 23 Nº 46 (2018)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4134
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Ítem Solo Metadatos Size premium, value premium and market timing: evidence from an emerging economy(Universidad ESAN. ESAN Ediciones, 2018-12-01) Rashid, Syed Haroon; Sadaqat, Mohsin; Jebran, Khalil; Memon, Zulfiqar AliPurpose - This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model. Design/methodology/approach - This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy. Findings - The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market. Practical implications - The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner. Originality/value - Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.Ítem Solo Metadatos Microfinancing, governance, and performance: a South Asian perspective(Universidad ESAN. ESAN Ediciones, 2018-12-01) Saeed, Asif; Javed, Attiya Y.; Noreen, UmaraPurpose – This paper aims to investigate the relationship between microfinance institutions (MFIs) governance and performance. Design/methodology/approach – Using a sample of 215 MFIs from six South Asian countries over the period from 2005 to 2009, the authors examine the effect of chief executive officer (CEO) duality, board size, female CEO, urban market coverage, bank regulation and lending type on financial and social performance of MFIs. Findings – The findings provide evidence that, on the one hand, empowered CEO, large board size and individual lending improve the MFI financial performance and, on another hand, bank regulation and serving in the urban market have a significant association with MFIs’social performance. In an additional analysis, the authors also test this relationship before, during and after the financial crisis of 2007. During crisis period, MFIs’ individual lending reduces the operational cost and bank regulation increases the average loan size in South Asian MFIs. Originality/value– Those studies that are presented in the literature review conclude their result on the bases of global, European, East African and specific to some countries sample. There is no study presented in the whole literature on South Asian sample, in which all countries really face the problem of poverty.Ítem Solo Metadatos The impact of monetary policy on Islamic bank financing: bank-level evidence from Malaysia(Universidad ESAN. ESAN Ediciones, 2018-12-01) Zulkhibri, MuhamedPurpose – This paper aims to examine the distributional differences of Islamic bank financing responses to financing rate across bank-specific characteristics in dual banking system. The study also aims to provide understanding of how efficiently Islamic banks perform their roles as suppliers of capital for businesses and entrepreneurs. Design/methodology/approach – The study uses panel regression methodology covering all Islamic banks in Malaysia. The study estimates the benchmark model for Islamic bank financing with respect to bank characteristics and monetary policy. Findings – The evidence suggests that bank-specific characteristics are important in determining Islamic financing behaviour. The Islamic financing behaviour is consistent with conventional lending behaviour that the Islamic bank financing operates depending on the level of bank size, liquidity and capital. There is no significant difference between Islamic bank financing and conventional bank lending behaviour with respect to changes in monetary policy. Originality/value – Many problems and challenges relating to Islamic financing instruments, financial markets and regulations must be addressed and resolved. In practice, it would be a good idea if Islamic banks move away from developing debt-based instruments and concentrate more efforts to develop profit and loss sharing instruments.Ítem Solo Metadatos Employment and labour hoarding: a production function approach(Universidad ESAN. ESAN Ediciones, 2018-12-01) Vella, MelchiorPurpose – This paper aims to test the hypothesis that the effect of production slowdown on labour demand can be muted by labour hoarding. Design/methodology/approach – This study adopts a production function approach, using data from Malta, a small state in the EU. Findings – The results confirm the hypothesis and indicate that firms are normally prepared to employ and dismiss more workers in the long run than in the short run. Practical implications – This finding has important implications for developed countries, including that labour hoarding can be of certain relevance in times of economic slowdown as shocks are absorbed by internal flexibility. Originality/value – The results of this study add on to the existing literature in two ways. First, this study compares two industries–manufacturing and financial services–for which the former sector received support to hoard labour after the financial turmoil of 2008. Consequently, the dominance of labour hoarding in manufacturing relative to financial services is uncovered and the effect of hoarding practices on labour demand is estimated. Second, Malta is an interesting case because it is one of the smallest economies in the world and faces a high degree of vulnerability because of constraints associated with small size and insularity. As a result,firms adopt policy-induced measures to minimise adjustment costs.Ítem Solo Metadatos Bank risk and performance in an emerging market setting: the case of Bangladesh(Universidad ESAN. ESAN Ediciones, 2018-12-01) Majumder, Tofael Hossain; Li, XiaojingPurpose – This study aims to investigate the impacts of bank capital requirements on the performance and risk of the emerging economy, i.e. Bangladeshi banking sector. Design/methodology/approach – The study applies an unbalanced panel data which comprises 30 banks yielding a total of 413 bank-year observations over the period 2000 to 2015. Findings – Using generalized methods of moments, the empirical results of this research reveal that bank capital is positively and significantly impressive on bank performance, whereas negatively and significantly impact on risk. The study also finds the inverse relationship between risk and performance in both the performance and risk equations. The results also indicate that there is a persistence of performance and risk from one year to the next year. Originality/value – This is the unique investigation on Bangladeshi bank industry that considers the simultaneous effect of bank capital requirements on risk and performance. Therefore, it is predicted that the empirical evidence of this research shows policy implications to the regulatory authority of Bangladeshi banking industry to determine relevant policies.Ítem Solo Metadatos The effect of ownership composition on earnings management: evidence for the Mexican stock exchange(Universidad ESAN. ESAN Ediciones, 2018-12-01) San Martin Reyna, Juan ManuelPurpose – This paper aims to examine the relationship between different types of shareholders that command share ownership family institutions or external block holders and earnings management. In addition it examines the effect of company size on earnings management. Design/methodology/approach – The sample includes 67 companies listed in the Mexican Stock Exchange for the period 2005-2015. The sample composition is quite industry-balanced. A cross-sectional version of the Jones model (1991) is to measure the earnings management. The GMM (generalized method of moments) model is also estimated. Findings – The results show that family and institutional ownership reduce the earnings management but the impact is different depending on the company size. Research limitations/implications – The results show that there is a clear relationship between increasing participation of family and institutional investors and a reduction in earnings management. This is consistent with the literature that establishes that ownership is an effective regulatory mechanism that limits earnings management through closer supervision and involvement in management. Practical/implications – For companies’ corporate governance and regulatory authorities the results of this study may serve to improve the decision-making. Originality/value – This study shows that ownership structure can provide corporate governance in Mexican listed companies with different monitoring and control capacities to influence companies’ strategies particularly in relation to the discretion of earnings management.
