Journal of Risk and Financial Management

2 pages, 132 KiB

Open AccessEditorial

Editorial for the Special Issue of Journal of Risk and Financial Management: Featured Papers in Mathematics and Finance

by Svetlozar (Zari) T. Rachev and W. Brent Lindquist

J. Risk Financial Manag. 2025, 18(1), 43; https://doi.org/10.3390/jrfm18010043 - 20 Jan 2025

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We are privileged to present this Special Issue of the Journal of Risk and Financial Management (JRFM), focused on the intersection of mathematics and finance [...] Full article

(This article belongs to the Special Issue Featured Papers in Mathematics and Finance)

25 pages, 708 KiB

Open AccessArticle

Private Information Production and the Efficiency of Intra-Industry Information Transfers

by Jingjing Xia

J. Risk Financial Manag. 2025, 18(1), 42; https://doi.org/10.3390/jrfm18010042 - 20 Jan 2025

Viewed by 439

Abstract

This paper challenges the prevailing view that intra-industry information transfers are primarily driven by public information. Contrary to conventional wisdom, I find that investors in late-announcing firms impound more private information after early-announcing peers report earnings. This increase is substantial, leading to an [...] Read more.

This paper challenges the prevailing view that intra-industry information transfers are primarily driven by public information. Contrary to conventional wisdom, I find that investors in late-announcing firms impound more private information after early-announcing peers report earnings. This increase is substantial, leading to an 18.2% decrease in analyst forecast consensus and a 24.9% increase in forecast precision. Moreover, the probability of informed trading rises by 2% on days with peer announcements. This finding is important because investors tend to overweight (underweight) private (public) signals, thereby exacerbating over- and underreaction anomalies. Our study confirms that these anomalies are more pronounced when early announcements stimulate private information production, offering a theoretical explanation for their puzzling coexistence. These findings have significant implications for investor behavior and market efficiency. Investors should diligently evaluate both public and private information, particularly following peer announcements. Policymakers can leverage these findings to design regulations that promote transparency and foster efficient information dissemination. Full article

(This article belongs to the Section Financial Markets)

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24 pages, 349 KiB

Open AccessArticle

Cybersecurity in Digital Accounting Systems: Challenges and Solutions in the Arab Gulf Region

by Amer Morshed and Laith T. Khrais

J. Risk Financial Manag. 2025, 18(1), 41; https://doi.org/10.3390/jrfm18010041 - 19 Jan 2025

Viewed by 735

Abstract

The region of the Arab Gulf is marching ahead very fast toward digitalization in ways prompted by initiatives, such as Saudi Vision 2030 and the UAE’s strategy for Smart Government. Thus, both underscore the boundless movement toward the inclusion of advanced technologies into [...] Read more.

The region of the Arab Gulf is marching ahead very fast toward digitalization in ways prompted by initiatives, such as Saudi Vision 2030 and the UAE’s strategy for Smart Government. Thus, both underscore the boundless movement toward the inclusion of advanced technologies into accounting practices, such as Business Intelligence and Enterprise Resource Planning systems. While these technologies enhance efficiency and facilitate informed decision-making, they also render financial data vulnerable to cybersecurity threats, such as phishing, ransomware, and insider attacks. This paper investigates the impact of cybersecurity practices, ethical accountability, regulatory frameworks, and emerging technologies on the adoption of and trust in digital accounting systems in the GCC region. A quantitative research approach was followed, wherein the responses from a randomly selected sample of 324 professionals representing the GCC nations were collected. The empirical analysis was completed using Partial Least Squares Structural Equation Modeling. Strong cybersecurity measures, AI-driven threat detection mechanisms, and custom-fit employee training programs facilitate the adoption of and faith in digital accounting information systems considerably. Ethical accountability acts as the partial mediator of those effects, and supportive regulatory frameworks enhance cybersecurity strategy effectiveness. This study examines the development of integrated cybersecurity strategies with respect to technology, ethics, and regulations. It makes several major recommendations, calling for bringing the GCC countries’ regulatory frameworks into line with international standards; encouraging workforce training programs; and utilizing AI-powered technologies for proactive threat detection and management. These findings can arm stakeholders with a holistic pathway toward developing secure, resilient, and future-oriented digital accounting infrastructures across the region. Full article

(This article belongs to the Special Issue Innovations in Accounting Practices)

20 pages, 299 KiB

Open AccessArticle

The Impact of Board of Directors’ Characteristics on the Financial Performance of the Banking Sector in Gulf Cooperation Council (GCC) Countries: The Moderating Role of Bank Size

by Zouhour Abiad, Rebecca Abraham, Hani El-Chaarani and Ruaa Omar Binsaddig

J. Risk Financial Manag. 2025, 18(1), 40; https://doi.org/10.3390/jrfm18010040 - 17 Jan 2025

Viewed by 802

Abstract

This study investigates the impact of corporate governance characteristics on bank financial performance in Gulf Cooperation Council countries. The board characteristics include board size, board independence, board gender diversity, and CEO duality (CEO is also Board Chair), with bank size as the moderating [...] Read more.

This study investigates the impact of corporate governance characteristics on bank financial performance in Gulf Cooperation Council countries. The board characteristics include board size, board independence, board gender diversity, and CEO duality (CEO is also Board Chair), with bank size as the moderating variable. Sixty-six commercial banks from six Gulf Cooperation Council countries—Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Oman, and Qatar—are examined from 2019 to 2023 using two-stage least squares and generalized method of moments econometric methods. Board size, board independence, and board gender diversity significantly increase return on assets and return on equity. The impact of CEO duality is mixed. The empirical findings show that CEO duality increases return on equity, with a non-significant impact on return on assets. Finally, results show that bank size moderates the impacts of board size, board independence, and gender diversity in boards on the financial performance of banks. Large banks significantly increase return on assets and return on equity due to the board characteristics examined, to a greater extent than small banks. Bank leaders should expand board membership, and add independent directors and women, to improve financial performance. Full article

(This article belongs to the Section Banking and Finance)

22 pages, 21631 KiB

Open AccessArticle

Beyond the Buzz: A Measured Look at Bitcoin’s Viability as Money

by Essa Hamad Al-Mansouri, Ahmet Faruk Aysan and Ruslan Nagayev

J. Risk Financial Manag. 2025, 18(1), 39; https://doi.org/10.3390/jrfm18010039 - 17 Jan 2025

Viewed by 663

Abstract

This paper examines Bitcoin’s viability as money through the lens of its risk profile, with a particular focus on its store of value function. We employ a suite of wavelet techniques, including Wavelet Transform (WT), Wavelet Transform Coherence (WTC), Multiple Wavelet Coherence (MWC), [...] Read more.

This paper examines Bitcoin’s viability as money through the lens of its risk profile, with a particular focus on its store of value function. We employ a suite of wavelet techniques, including Wavelet Transform (WT), Wavelet Transform Coherence (WTC), Multiple Wavelet Coherence (MWC), and Partial Wavelet Coherence (PWC), to decompose the risk structure of Bitcoin and analyze its relationship with various systematic risk factors. Our dataset spans from 13 August 2015 to 29 June 2024, and includes Bitcoin, major commodities, global and US equities, Shari’ah-compliant equities, Ethereum, and the Secured Overnight Financing Rate (SOFR). We find that Bitcoin’s risk profile is increasingly aligned with traditional financial assets, indicating growing market integration. While Bitcoin exhibits high volatility, a significant portion of this volatility can be attributed to systematic rather than idiosyncratic factors. This suggests that Bitcoin’s risk may be more diversifiable than previously thought. Our findings have important implications for monetary policy and financial regulation, challenging the notion that Bitcoin’s volatility precludes its use as money and suggesting that regulatory approaches should consider Bitcoin’s evolving risk characteristics and increasing integration with broader financial markets. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins)

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31 pages, 1678 KiB

Open AccessArticle

Risk Management in DeFi: Analyses of the Innovative Tools and Platforms for Tracking DeFi Transactions

by Bogdan Adamyk, Vladlena Benson, Oksana Adamyk and Oksana Liashenko

J. Risk Financial Manag. 2025, 18(1), 38; https://doi.org/10.3390/jrfm18010038 - 16 Jan 2025

Viewed by 738

Abstract

Decentralized Finance (DeFi) is a recent advancement of the cryptocurrency ecosystem, giving plenty of opportunities for financial inclusion, innovation, and growth domains by providing services such as lending, borrowing, and trading without traditional intermediaries. However, inadequate regulatory oversight and technological vulnerabilities raise pressing [...] Read more.

Decentralized Finance (DeFi) is a recent advancement of the cryptocurrency ecosystem, giving plenty of opportunities for financial inclusion, innovation, and growth domains by providing services such as lending, borrowing, and trading without traditional intermediaries. However, inadequate regulatory oversight and technological vulnerabilities raise pressing concerns around market manipulation, fraud, and regulatory compliance, exposing a clear research gap in effective DeFi risk management. This paper addresses this gap by proposing a utility-based framework to evaluate six leading DeFi tracking platforms—Chainalysis, Elliptic, Nansen, Dune Analytics, DeBank, and Etherscan—focusing on two critical metrics: transaction accuracy and real-time responsiveness. Applying a mixed methods approach that combines a quantitative survey (n = 138) with qualitative interviews (n = 12), we identified critical platform features and found significant differences across these platforms with respect to compliance features, advanced analytics, and user experience. We used a utility-based model that links accuracy and responsiveness metrics, allowing us to adjust differing priorities and risk management needs for users. The results show the need for balanced, user-centric solutions that accommodate regulatory, technological efficiency and affordability requirements. Our study contributes to the growing knowledge base by providing a structured evaluation model and empirical insights, offering clear directions for practitioners, platform developers, and policymakers aiming to strengthen the DeFi ecosystem. Full article

(This article belongs to the Special Issue Financial Technologies (Fintech) in Finance and Economics)

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22 pages, 430 KiB

Open AccessEssay

The Donkey and the Thorn Tree: Reappraising Globalisation and Africa

by Greg Mills and Richard Morrow

J. Risk Financial Manag. 2025, 18(1), 37; https://doi.org/10.3390/jrfm18010037 - 16 Jan 2025

Viewed by 485

Abstract

Africa is vulnerable to a perfect storm which comprises a burgeoning youthful population, insufficient infrastructure, benign donor neglect and more malign foreign interference, much of which can be traced to decades of weak economic performance. African excuses for such failure have focused largely [...] Read more.

Africa is vulnerable to a perfect storm which comprises a burgeoning youthful population, insufficient infrastructure, benign donor neglect and more malign foreign interference, much of which can be traced to decades of weak economic performance. African excuses for such failure have focused largely on external factors. But countries from similar domestic environments and in the same world order across Asia, Europe and Latin America have developed in leaps and bounds. This would suggest that, for at least some countries, Africa is poor because its leaders have chosen the wrong path. This essay provides a reappraisal of globalisation vis-à-vis Africa, arguing that the continent does not have too much globalisation, but too little in the form of open competition for business and markets, and that politics, not economics, is the principal development impediment. Examples on the continent (Somaliland) and elsewhere (Singapore) illustrate what impact effective politics can have, highlighting that a major challenge for Africa is an inability to create regional exemplars of prosperity that other states can emulate and feed off in a positive cycle of development. To this end, getting the (democratic) politics right in Africa makes good development sense. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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18 pages, 258 KiB

Open AccessArticle

Assessing Basel Capital Regulations: Exploring the Risk and Efficiency Relationship in Emerging Economies

by Adnan Bashir, Asma Salman, Rania Itani and Alessio Faccia

J. Risk Financial Manag. 2025, 18(1), 36; https://doi.org/10.3390/jrfm18010036 - 15 Jan 2025

Viewed by 619

Abstract

This research investigates the relationship between Basel capital regulations, bank risk, and bank efficiency in the context of Pakistani and Indian commercial banks. This study examines the period from 2009 to 2022 and specifically analyses the impact of Basel III capital requirements on [...] Read more.

This research investigates the relationship between Basel capital regulations, bank risk, and bank efficiency in the context of Pakistani and Indian commercial banks. This study examines the period from 2009 to 2022 and specifically analyses the impact of Basel III capital requirements on risk and efficiency. Quantitative methods are employed, utilising data from central bank websites and the BankScope database to construct a comprehensive sample of commercial banks in Pakistan and India. The system-generalised method of moments (GMM) estimation technique addresses potential endogeneity issues in the regression models. The findings shed light on the effectiveness of these regulations and provide insights for policymakers and regulators in both countries. The results indicate that Basel capital regulations have generally increased banks’ risk-taking behaviour in Pakistan and India. However, they have not improved the overall efficiency of the banking sector in either country. Bank efficiency declined during the study period, highlighting the limited effectiveness of Basel capital regulations in enhancing efficiency. Furthermore, the impact of these regulations on risk and efficiency varies between the two countries. In Pakistan, the regulations do not significantly affect bank efficiency, while in India, they decrease efficiency. Additionally, Basel III capital regulations do not significantly impact the risk taken by banks in either country. This study concludes by emphasising the need for alternative mechanisms or policies to improve the banking industry’s efficiency, as Basel capital regulations alone have proven ineffective. The findings offer valuable insights for central banks and regulators in assessing the relationship between capital regulations, risk, and efficiency and implementing appropriate measures to enhance the performance of the banking sector. This study recommends the following key points: the adoption of tailored regulatory approaches to address specific challenges, achieving an optimal balance between risk management and operational efficiency, enhancing the effectiveness of management roles, considering the influence of macroeconomic factors, and evaluating the implications of long-term policy development for sustainable progress. The present study adds to the prevalent literature on the impact of capital regulations on bank risk and efficiency nexus. This study focuses on Pakistan and India, which are two important developing nations. Moreover, another important contribution of this study lies in the effect of Basel III capital regulation on bank risk, as these capital regulations are different from other Basel capital requirements. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

16 pages, 233 KiB

Open AccessArticle

Firm Performance and the Determinants in the Textile and Textile Product Industry of Indonesia Pre- and Post-COVID-19 Pandemic

by Maman Setiawan and Berliana Anggun Septiani

J. Risk Financial Manag. 2025, 18(1), 35; https://doi.org/10.3390/jrfm18010035 - 15 Jan 2025

Viewed by 405

Abstract

This research aimed to examine firm performance and its determinants in the textile and textile product (TPT) industry of Indonesia before and after the COVID-19 pandemic. The analysis used data from the manufacturing survey conducted by Indonesia’s Bureau of Central Statistics (BPS) for [...] Read more.

This research aimed to examine firm performance and its determinants in the textile and textile product (TPT) industry of Indonesia before and after the COVID-19 pandemic. The analysis used data from the manufacturing survey conducted by Indonesia’s Bureau of Central Statistics (BPS) for the period 2018–2021. It further incorporated the fixed-effect model on the subsectors by applying least-square dummy variables. The results show that firm performance declined during the COVID-19 pandemic while the price–cost margin was affected by firm size, export orientation, foreign ownership, and the pandemic. However, the Herfindahl–Hirschman index did not have a significant influence on firm performance. This research addresses the gaps identified in previous publications, which had limitations regarding sample data. It further contributed to the literature by applying price–cost margin (PCM) as a proxy for firm performance and investigating the determining factors in the TPT industry before and after the COVID-19 pandemic, particularly in Indonesia. Full article

(This article belongs to the Section Applied Economics and Finance)

12 pages, 597 KiB

Open AccessArticle

Historical Simulation Systematically Underestimates the Expected Shortfall

by Pablo García-Risueño

J. Risk Financial Manag. 2025, 18(1), 34; https://doi.org/10.3390/jrfm18010034 - 15 Jan 2025

Viewed by 562

Abstract

Expected Shortfall (ES) is a risk measure that is acquiring an increasingly relevant role in financial risk management. In contrast to Value-at-Risk (VaR), ES considers the severity of the potential losses and reflects the benefits of diversification. ES is often calculated using Historical [...] Read more.

Expected Shortfall (ES) is a risk measure that is acquiring an increasingly relevant role in financial risk management. In contrast to Value-at-Risk (VaR), ES considers the severity of the potential losses and reflects the benefits of diversification. ES is often calculated using Historical Simulation (HS), i.e., using observed data without further processing into the formula for its calculation. This has advantages like being parameter-free and has been favored by some regulators. However, the usage of HS for calculating ES presents a potentially serious drawback: It strongly depends on the size of the sample of historical data, being typically reasonable sizes similar to the number of trading days in one year. Moreover, this relationship leads to systematic underestimation: the lower the sample size, the lower the ES tends to be. In this letter, we present examples of this phenomenon for representative stocks and bonds, illustrating how the values of the ES and their averages are affected by the number of chosen data points. In addition, we present a method to mitigate the errors in the ES due to a low sample size, which is suitable for both liquid and illiquid financial products. Our analysis is expected to provide financial practitioners with useful insights about the errors made using Historical Simulation in the calculation of the Expected Shortfall. This, together with the method that we propose to reduce the errors due to finite sample size, is expected to help avoid miscalculations of the actual risk of portfolios. Full article

(This article belongs to the Section Risk)

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21 pages, 5230 KiB

Open AccessArticle

The Stability of Trend Management Strategies in Chaotic Market Conditions

by Alexander Musaev and Dmitry Grigoriev

J. Risk Financial Manag. 2025, 18(1), 33; https://doi.org/10.3390/jrfm18010033 - 15 Jan 2025

Viewed by 404

Abstract

This study investigates the stability of trend management strategies under stochastic chaos conditions, with a focus on speculative trading in the Forex market. The primary aim is to evaluate the feasibility and robustness of these strategies for asset management. The experimental setup involves [...] Read more.

This study investigates the stability of trend management strategies under stochastic chaos conditions, with a focus on speculative trading in the Forex market. The primary aim is to evaluate the feasibility and robustness of these strategies for asset management. The experimental setup involves sequential optimization and testing of trend strategies across three EURUSD observation intervals, where each subsequent interval alternates between training and testing roles. Methods include numerical data analysis, parametric optimization, and the use of both conventional and bidirectional exponential filters to isolate system components and improve trend detection. Observations reveal that while trend strategies optimized for specific intervals yield positive results, their effectiveness diminishes on unseen intervals due to inherent market instability. The results show significant limitations in using linear trend-based strategies in chaotic environments, with optimized strategies often leading to losses in subsequent periods. The discussion highlights the potential of integrating trend statistics into multi-expert decision systems, leveraging fuzzy solutions based on fundamental analysis to enhance decision-making reliability. In conclusion, while standalone trend strategies are unsuitable for stable asset management in chaotic markets, their integration into hybrid systems may provide a pathway for improved performance and resilience. Full article

(This article belongs to the Special Issue Innovative Approaches in Econometrics, Financial Market and Business Analytics)

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28 pages, 1643 KiB

Open AccessArticle

Examining Market Quality on the Egyptian Exchange (EGX): An Intraday Liquidity Analysis

by Ahmed Rushdy and Nagwa Samak

J. Risk Financial Manag. 2025, 18(1), 32; https://doi.org/10.3390/jrfm18010032 - 15 Jan 2025

Viewed by 495

Abstract

This study examines the intraday dynamics of liquidity and trading activity on the Egyptian Exchange (EGX) to assess its market quality. Using reconstructed five-minute limit order book data, this study measures liquidity dimensions and explores anomalies through interval-of-day and day-of-week models. Key findings [...] Read more.

This study examines the intraday dynamics of liquidity and trading activity on the Egyptian Exchange (EGX) to assess its market quality. Using reconstructed five-minute limit order book data, this study measures liquidity dimensions and explores anomalies through interval-of-day and day-of-week models. Key findings reveal an inverted J-shaped pattern in spreads due to information asymmetry, a U-shaped pattern in total depth, and a J-shaped market depth pattern. Additionally, significant day-of-week effects are observed, with Sundays showing the lowest liquidity and Thursdays the highest trading activity. These patterns highlight the impact of the EGX’s unique microstructure, including tick sizes and a preference for limit orders. This study underscores the influence of market structure on liquidity, trading efficiency, and cost, emphasizing the need for tailored regulatory and trading strategies. It provides valuable insights for investors optimizing trading strategies and policymakers seeking to enhance market integrity. Concluding, this research offers a foundation for understanding intraday liquidity patterns in emerging markets like the EGX and proposes future exploration of how information flows and trading mechanisms affect price discovery and market efficiency. Full article

(This article belongs to the Special Issue Financial Valuation and Econometrics)

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19 pages, 295 KiB

Open AccessArticle

ESG Performance and Corporate Governance—The Moderating Role of the Big Four Auditors

by Puji Handayati, Yeut Hong Tham, Yuni Yuningsih, Zhiyue Sun, Tatas Ridho Nugroho and Sulis Rochayatun

J. Risk Financial Manag. 2025, 18(1), 31; https://doi.org/10.3390/jrfm18010031 - 14 Jan 2025

Viewed by 720

Abstract

The purpose of this study is to investigate the impact of corporate governance on ESG performance in large publicly listed firms in Indonesia from 2016 to 2023. The study adopts both stakeholder-agency theory and resource dependency theory to explore the relationship between sustainability [...] Read more.

The purpose of this study is to investigate the impact of corporate governance on ESG performance in large publicly listed firms in Indonesia from 2016 to 2023. The study adopts both stakeholder-agency theory and resource dependency theory to explore the relationship between sustainability assurance, board governance characteristics, and the extent of ESG performance. Fixed effects regression controlling both industry and year fixed effects is used to measure the relationship between sustainability assurance, corporate governance characteristics, and ESG performance. We find a positive significant relationship between assurance sustainability reports and ESG performance. Additionally, we also document a positive association between sustainability committees and ESG performance. Adopting the Big Four auditors as a moderating variable, we find a positive relationship between gender-diverse boards and firms audited by the Big Four auditors and sustainability performance. This result suggests that firms with gender-diverse boards audited by the Big Four auditors enhance sustainability performance. Additional robustness tests using GMM estimation, conducted to address endogeneity concerns, corroborated the main test results. Full article

(This article belongs to the Special Issue Featured Papers in Corporate Finance and Governance)

19 pages, 2351 KiB

Open AccessArticle

A Model-Free Lattice

by Ren-Raw Chen, Pei-Lin Hsieh, Jeffrey Huang and Hongbiao Zhao

J. Risk Financial Manag. 2025, 18(1), 30; https://doi.org/10.3390/jrfm18010030 - 13 Jan 2025

Viewed by 407

Abstract

Predicting future price movements has always been one of the major topics in financial research, and there is no better method to predict the future prices of an asset than using its derivatives. In this paper, we propose a model-free lattice model that [...] Read more.

Predicting future price movements has always been one of the major topics in financial research, and there is no better method to predict the future prices of an asset than using its derivatives. In this paper, we propose a model-free lattice model that describes the complete price evolution of the underlying asset and simultaneously re-prices all of its European options. Given that such a lattice is consistent with market option prices, it must embed all necessary risk factors (e.g., random volatility, random interest rates, and jumps) and market restrictions (e.g., mean-reversion and liquidity) that are priced into the European options. Full article

(This article belongs to the Section Risk)

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25 pages, 1796 KiB

Open AccessReview

Financial Literacy Among Healthcare Providers: A Systematic Review

by Georgios Pakos and Panagiotis Mpogiatzidis

J. Risk Financial Manag. 2025, 18(1), 29; https://doi.org/10.3390/jrfm18010029 - 13 Jan 2025

Viewed by 740

Abstract

Since the effectiveness of hospital management is influenced by financial management, healthcare professionals’ financial literacy has drawn the attention of researchers and policymakers. Previous research on medical students and healthcare professionals indicated that medical professionals frequently lack financial literacy; however, the evidence on [...] Read more.

Since the effectiveness of hospital management is influenced by financial management, healthcare professionals’ financial literacy has drawn the attention of researchers and policymakers. Previous research on medical students and healthcare professionals indicated that medical professionals frequently lack financial literacy; however, the evidence on the long-term status of financial literacy among healthcare providers throughout their careers is limited. In the current systematic review, we aim to examine the current evidence regarding financial literacy among healthcare providers throughout their career development. From the initial 1668 studies that were identified, 38 studies met the inclusion criteria and, thus, were included in the review. Twenty-eight studies evaluated financial literacy among either medical students or junior medical professionals, and ten studies were conducted on senior healthcare personnel. The body of evidence suggests that financial literacy is suboptimal in medical students and healthcare professionals, although it is of utmost importance for leading healthcare providers. Although senior healthcare providers or executive nurse leaders might be modestly financially literate, they are urged to cultivate skills and knowledge beyond their clinical expertise. Financial literacy depends on several factors, such as age, gender, qualification, or overall income. As the role of healthcare leaders is extended to their efficiency and participation in activities related to financial management, there is an urge for financial planning, financial monitoring, financial decision making, and financial control, while further studies are warranted to longitudinally explore the competencies of healthcare leaders in financial literacy. Full article

(This article belongs to the Special Issue The New Horizons of Global Financial Literacy)

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19 pages, 337 KiB

Open AccessArticle

Mineworkers’ Perspectives Towards Participating in Retirement Planning in South Africa

by Floyd Khoza

J. Risk Financial Manag. 2025, 18(1), 28; https://doi.org/10.3390/jrfm18010028 - 12 Jan 2025

Viewed by 431

Abstract

This study investigated the individuals’ perspectives towards participating in retirement planning in the mining industry in South Africa. The study employed a quantitative research approach. The study sampled 172 mineworkers from the selected mining company. A self-administered questionnaire was tested for validity and [...] Read more.

This study investigated the individuals’ perspectives towards participating in retirement planning in the mining industry in South Africa. The study employed a quantitative research approach. The study sampled 172 mineworkers from the selected mining company. A self-administered questionnaire was tested for validity and reliability and was used to collect primary data from the respondents. This study employed the logistic regression model and performed the Hosmer–Lemeshow test to evaluate the fit of the logistic regression and the Chi-square to determine the significance of the results. In this study, the data were analysed using descriptive and inferential statistics. The findings revealed that some participants are satisfied with their involvement in the retirement funds and are contributing to the retirement funds provided by the company. Furthermore, this study found that the majority of the respondents will be financially independent after retirement; however, there is still a firm belief of uncertainty about not being financially independent. The study found a significant and positive relationship between age and participation in retirement planning. Furthermore, a positive and significant link was found between marital status and participation in retirement planning as well as between employment status and participation in retirement planning. The study was limited to the selected company based in Gauteng. The practical implication of this paper informs the companies, policymakers, and government to prioritise awareness of retirement planning based on demographical factors such as age, marital status, and employment status to prepare mineworkers for retirement. The findings are expected to persuade the mining sector to pay special attention to the awareness and understanding of retirement planning. Full article

(This article belongs to the Section Applied Economics and Finance)

17 pages, 310 KiB

Open AccessArticle

The Interaction Effect of Female Leadership in Audit Committees on the Relationship Between Audit Quality and Corporate Tax Avoidance

by Naila Amara, Houssam Bouzgarrou, Saad Bourouis, Sajead Mowafaq Alshdaifat and Hamzeh Al Amosh

J. Risk Financial Manag. 2025, 18(1), 27; https://doi.org/10.3390/jrfm18010027 - 12 Jan 2025

Viewed by 724

Abstract

This study examines the moderating role of female audit committee chairs on the relationship between audit quality (measured by audit fees) and corporate tax avoidance. The analysis is based on 165 UK firms between 2011 and 2021 using static panel data regression models [...] Read more.

This study examines the moderating role of female audit committee chairs on the relationship between audit quality (measured by audit fees) and corporate tax avoidance. The analysis is based on 165 UK firms between 2011 and 2021 using static panel data regression models and Lewbel’s heteroscedastic identification method to check robustness. The findings highlight the significant role of audit quality in reducing corporate tax avoidance. In addition, the female audit committee chair strengthens the negative relationship between audit quality and tax avoidance. This study has many implications. For corporate governance, it shows the value of female leadership in audit committees, especially in curbing aggressive tax strategies. Firms should increase female representation in key roles, like audit committee chairs, to improve oversight and ethical financial practices. For regulators and policymakers, it supports the case for strengthening gender diversity mandates to improve corporate transparency and accountability. Tax authorities can use the fact that firms with strong audit quality and female-led audit committees are less likely to engage in tax avoidance to focus their audits on companies with weaker governance structures. Full article

(This article belongs to the Section Business and Entrepreneurship)

34 pages, 4627 KiB

Open AccessSystematic Review

Challenges of Artificial Intelligence for the Prevention and Identification of Bankruptcy Risk in Financial Institutions: A Systematic Review

by Luis-Javier Vásquez-Serpa, Ciro Rodríguez, Jhelly-Reynaluz Pérez-Núñez and Carlos Navarro

J. Risk Financial Manag. 2025, 18(1), 26; https://doi.org/10.3390/jrfm18010026 - 10 Jan 2025

Viewed by 683

Abstract

The identification and prediction of financial bankruptcy has gained relevance due to its impact on economic and financial stability. This study performs a systematic review of artificial intelligence (AI) models used in bankruptcy prediction, evaluating their performance and relevance using the PRISMA and [...] Read more.

The identification and prediction of financial bankruptcy has gained relevance due to its impact on economic and financial stability. This study performs a systematic review of artificial intelligence (AI) models used in bankruptcy prediction, evaluating their performance and relevance using the PRISMA and PICOC frameworks. Traditional models such as random forest, logistic regression, KNN, and neural networks are analyzed, along with advanced techniques such as Extreme Gradient Boosting (XGBoost), convolutional neural networks (CNN), long short-term memory (LSTM), hybrid models, and ensemble methods such as bagging and boosting. The findings highlight that, although traditional models are useful for their simplicity and low computational cost, advanced techniques such as LSTM and XGBoost stand out for their high accuracy, sometimes exceeding 99%. However, these techniques present significant challenges, such as the need for large volumes of data and high computational resources. This paper identifies strengths and limitations of these approaches and analyses their practical implications, highlighting the superiority of AI in terms of accuracy, timeliness, and early detection compared to traditional financial ratios, which remain essential tools. In conclusion, the review proposes approaches that integrate scalability and practicality, offering predictive solutions tailored to real financial contexts with limited resources. Full article

(This article belongs to the Special Issue Machine Learning Based Risk Management in Finance and Insurance)

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15 pages, 453 KiB

Open AccessArticle

Oil Shocks, US Uncertainty, and Emerging Corporate Bond Markets

by Dohyoung Kwon

J. Risk Financial Manag. 2025, 18(1), 25; https://doi.org/10.3390/jrfm18010025 - 9 Jan 2025

Viewed by 437

Abstract

Using a structural VAR model, this paper investigates how oil price shocks and US uncertainty affect emerging market corporate bond returns. The key finding is that the response of emerging market corporate bond returns varies significantly depending on the underlying sources of oil [...] Read more.

Using a structural VAR model, this paper investigates how oil price shocks and US uncertainty affect emerging market corporate bond returns. The key finding is that the response of emerging market corporate bond returns varies significantly depending on the underlying sources of oil price changes. Oil supply shocks generally have a negative impact on corporate bond returns, while aggregate demand and oil market-specific demand shocks lead to a temporary increase in returns, followed by a gradual fall. That is, when oil price increases are driven by stronger global economic activity or by speculative demand reflecting increased risk appetite, they can lead investors to search for higher yields in emerging markets, and thus raise corporate bond returns in the short term. Conversely, an unexpected rise in US uncertainty strengthens investors’ risk aversion and results in a substantial decline in emerging market corporate bond returns. These findings have crucial policy implications not only for portfolio strategies of global investors, but also for government authorities in emerging market economies. Full article

(This article belongs to the Special Issue Risk Management in Capital Markets)

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27 pages, 404 KiB

Open AccessArticle

ESG Ratings and Financial Performance in the Global Hospitality Industry

by Kefan Lu, Cagri Berk Onuk, Yifei Xia and Jianing Zhang

J. Risk Financial Manag. 2025, 18(1), 24; https://doi.org/10.3390/jrfm18010024 - 9 Jan 2025

Viewed by 679

Abstract

Existing research critically examines the influence of environmental, social, and governance (ESG) ratings on corporate financial performance (CFP), with outcomes varying considerably. This study employs a dataset of publicly traded firms across 16 countries within the hospitality sector from 2005 to 2022 to [...] Read more.

Existing research critically examines the influence of environmental, social, and governance (ESG) ratings on corporate financial performance (CFP), with outcomes varying considerably. This study employs a dataset of publicly traded firms across 16 countries within the hospitality sector from 2005 to 2022 to examine the ESG-CFP relationship. Fixed effects regression results demonstrate a positive linkage between ESG ratings and CFP, utilizing both comprehensive ESG ratings and discrete pillar ratings. These findings remain robust across various performance measures including return on assets, return on equity, and Tobin’s Q. Heteroscedasticity and endogeneity concerns are mitigated through generalized least squares and two-stage least squares methods, respectively. Moreover, the positive impact of ESG on CFP exhibits greater potency in the United States relative to other countries and was more pronounced during the COVID-19 era. These findings offer valuable insights for business executives, investors, and policymakers in supporting ESG initiatives, guiding investment decisions, and formulating effective policy directives. Full article

(This article belongs to the Special Issue Featured Papers in Finance and Society Wellbeing—in Honor of Professors Joe Gani and Chris Heyde)

20 pages, 4031 KiB

Open AccessArticle

Credit Card Default Prediction: An Empirical Analysis on Predictive Performance Using Statistical and Machine Learning Methods

by Rakshith Bhandary and Bidyut Kumar Ghosh

J. Risk Financial Manag. 2025, 18(1), 23; https://doi.org/10.3390/jrfm18010023 - 9 Jan 2025

Viewed by 741

Abstract

This article compares the predictive capabilities of six models, namely, linear discriminant analysis (LDA), logistic regression (LR), support vector machine (SVM), XGBoost, random forest (RF), and deep neural network (DNN), to predict the default behavior of credit card holders in Taiwan using data [...] Read more.

This article compares the predictive capabilities of six models, namely, linear discriminant analysis (LDA), logistic regression (LR), support vector machine (SVM), XGBoost, random forest (RF), and deep neural network (DNN), to predict the default behavior of credit card holders in Taiwan using data from the UCI machine learning database. The Python programming language was used for data analysis. Statistical methods were compared with machine learning algorithms using the confusion matrix measured in metric terms of prediction accuracy, sensitivity, specificity, precision, G-mean, F1 score, ROC, and AUC. The dataset contained 30,000 credit card users’ information, with 6636 default observations and 23,364 nondefault cases. The study results found that modern machine learning methods outperformed traditional statistical methods in terms of predictive performance measured by the F1 score, G-mean, and AUC. Traditional methods like logistic regression were marginally better than linear discriminant analysis and support vector machines in terms of the predictive performance measured by the area under the receiver operating characteristic curve. In the modern machine learning methods, deep neural network was better in the predictive performance metrics when compared with XGBoost and random forest methods. Full article

(This article belongs to the Special Issue Financial Markets, Financial Volatility and Beyond, 3rd Edition)

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18 pages, 342 KiB

Open AccessArticle

The Nexus of Research and Development Intensity with Earnings Management: Empirical Insights from Jordan

by Abdelrazaq Farah Freihat, Ayda Farhan and Ibrahim Khatatbeh

J. Risk Financial Manag. 2025, 18(1), 22; https://doi.org/10.3390/jrfm18010022 - 9 Jan 2025

Viewed by 615

Abstract

Driven by positive accounting, agency, and political and economic theories, this study examines the relationship between research and development (R&D) intensity and earnings management for listed pharmaceutical companies in the Amman Stock Exchange (ASE) between 2008 and 2021. Employing panel regression methods, the [...] Read more.

Driven by positive accounting, agency, and political and economic theories, this study examines the relationship between research and development (R&D) intensity and earnings management for listed pharmaceutical companies in the Amman Stock Exchange (ASE) between 2008 and 2021. Employing panel regression methods, the results reveal a positive association between R&D investment and earnings manipulation. Specifically, after two or three R&D delays, the association survived. Moreover, firm size negatively affects earnings management, showing that larger firms have less tendencies to conduct earning manipulation. Furthermore, financial leverage and earnings management are strongly connected, showing that firms may utilize earnings management to avoid credit covenants. The findings emphasize distortions in R&D reporting and profit management within Jordan’s financial reporting practices. Enhancing the accuracy of R&D investment disclosures, minimizing profit manipulation, and fostering greater transparency are crucial. Jordan’s regulators should improve capitalization standards, transparency, auditing, and shareholder activism. Full article

(This article belongs to the Section Business and Entrepreneurship)

35 pages, 3398 KiB

Open AccessArticle

COVID-19-Related Audit Report Disclosures: Determinants and Consequences

by Joseph A. Micale and Joon Ho Kong

J. Risk Financial Manag. 2025, 18(1), 21; https://doi.org/10.3390/jrfm18010021 - 8 Jan 2025

Viewed by 615

Abstract

In this study, we identified firms receiving COVID-19-related audit report disclosures through critical audit matter (CAM) mentions of COVID-19 in their audit reports. Through OLS regressions, we then investigated the fundamental accounting and auditing determinants that predict the likelihood of firms to receive [...] Read more.

In this study, we identified firms receiving COVID-19-related audit report disclosures through critical audit matter (CAM) mentions of COVID-19 in their audit reports. Through OLS regressions, we then investigated the fundamental accounting and auditing determinants that predict the likelihood of firms to receive these COVID-19-related disclosures, and found that firms with intangibles and goodwill were more likely to have these mentioned in their audit reports. Next, we examined the content of these disclosures and found that auditors’ COVID-19 disclosures focused on significant accounting estimates (e.g., fair value accounting and asset impairment considerations). These results are consistent with the idea that COVID-19-related uncertainty represented a triggering event to firms, who then reassessed the carrying value of these long-term assets. After exploring the spillover effects to outsiders, we found that investors obtained a 7.3 basis point for abnormal returns following COVID-19 report disclosures and that auditors were able to charge these firms USD 452,000 higher audit fees relative to benchmark firms. The results are also consistent in entropy-balanced estimations and two-stage analyses that address endogeneity. Full article

(This article belongs to the Special Issue Advances in Accounting & Auditing Research)

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16 pages, 4006 KiB

Open AccessArticle

Stablecoin: A Story of (In)Stabilities and Co-Movements Written Through Wavelet

by Rubens Moura de Carvalho, Helena Coelho Inácio and Rui Pedro Marques

J. Risk Financial Manag. 2025, 18(1), 20; https://doi.org/10.3390/jrfm18010020 - 6 Jan 2025

Viewed by 1256

Abstract

Stablecoins are crypto assets designed to maintain stable value by bridging fiat currencies and volatile crypto assets. Our study extends previous research by analyzing the instability and co-movement of major stablecoins (USDT, USDC, DAI, and TUSD) during significant economic events such as the [...] Read more.

Stablecoins are crypto assets designed to maintain stable value by bridging fiat currencies and volatile crypto assets. Our study extends previous research by analyzing the instability and co-movement of major stablecoins (USDT, USDC, DAI, and TUSD) during significant economic events such as the COVID-19 pandemic and the collapses of Iron Finance, Terra-Luna, FTX, and Silicon Valley Bank (SVB). We investigated the temporal volatility and dynamic connections between stablecoins using wavelet techniques. Our results showed that the announcement of USDT’s listing on Coinbase in April 2021 significantly impacted the stability of stablecoins, evidenced by a decline in the power spectrum. This phenomenon has not been explored in the literature. Furthermore, the collapse of SVB was highly relevant to the stablecoin market. We observed high coherence between pairs during the pandemic, the Coinbase listing, and the collapse of SVB. After the collapse of Terra-Luna, USDT, USDC, and DAI became more connected in the medium term, with USDC and DAI extending in the long term despite a negative co-movement between USDT and the others. This study highlights the impact of exchange listings on the volatility of stablecoins, with implications for investors, regulators, and the cryptocurrency community, especially regarding the stability and safe integration of these assets into the financial system. Full article

(This article belongs to the Special Issue Financial Technologies (Fintech) in Finance and Economics)

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24 pages, 3351 KiB

Open AccessArticle

Economic Resilience in Post-Pandemic India: Analysing Stock Volatility and Global Links Using VAR-DCC-GARCH and Wavelet Approach

by Narayana Maharana, Ashok Kumar Panigrahi, Suman Kalyan Chaudhury, Minal Uprety, Pratibha Barik and Pushparaj Kulkarni

J. Risk Financial Manag. 2025, 18(1), 18; https://doi.org/10.3390/jrfm18010018 - 6 Jan 2025

Viewed by 723

Abstract

This study explores the resilience of the Indian stock market in the face of global shocks in the post-pandemic era, focusing on its volatility dynamics and interconnections with international indices. Through a combination of Vector Autoregression (VAR), DCC-GARCH, and wavelet analysis, we analysed [...] Read more.

This study explores the resilience of the Indian stock market in the face of global shocks in the post-pandemic era, focusing on its volatility dynamics and interconnections with international indices. Through a combination of Vector Autoregression (VAR), DCC-GARCH, and wavelet analysis, we analysed the time-varying relationships between the National Stock Exchange (NSE) of India and major global indices, including those from the U.S., Europe, Asia-Pacific, Hong Kong and Japan. Time series data of the selected indices have been collected for the period 1 January 2021 to 30 September 2024. Results reveal that while the NSE demonstrates resilience through rapid adjustments following shocks, it remains vulnerable to substantial spillover effects from markets such as the S&P 500 and European indices. Wavelet coherence analysis identifies periods of high correlation, particularly during major economic events, indicating that regional and global factors can periodically compromise market stability. Moreover, the DCC-GARCH results show a persistent but fluctuating correlation with specific markets, reflecting a connected and adaptive nature of the Indian market that is influenced by regional dynamics. This study emphasises the importance of strategic risk management. It highlights critical periods and indices that policymakers and investors should monitor closely to understand the economic resilience of the Indian financial market better. Further research could explore sector-specific impacts and the role of macroeconomic factors in shaping market responses. Full article

(This article belongs to the Section Economics and Finance)

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13 pages, 312 KiB

Open AccessArticle

Market Reaction to Earnings Announcements Under Different Volatility Regimes

by Yusuf Joseph Ugras and Mark A. Ritter

J. Risk Financial Manag. 2025, 18(1), 19; https://doi.org/10.3390/jrfm18010019 - 5 Jan 2025

Viewed by 921

Abstract

This study investigates the occurrence and persistence of abnormal stock returns surrounding corporate earnings announcements, particularly emphasizing how varying frequencies of financial reporting influence market behavior. Specifically, this research examines the effects of the timing and frequency of disclosures on market reactions and [...] Read more.

This study investigates the occurrence and persistence of abnormal stock returns surrounding corporate earnings announcements, particularly emphasizing how varying frequencies of financial reporting influence market behavior. Specifically, this research examines the effects of the timing and frequency of disclosures on market reactions and stock price volatility during critical earnings announcement periods. By analyzing firms within the Dow Jones Industrial Average (DJIA) from 2014 to 2024, this study evaluates the interplay between financial reporting schedules and market responses to stock prices. Furthermore, it considers the impact of peer firms’ reporting practices on the assimilation of firm-specific information into stock prices. Using econometric models, including Vector Auto Regression (VAR), Impulse Response Functions (IRFs), and Self-Exciting Threshold Autoregressive (SETAR) models, causal relationships between reporting frequency, stock price volatility, and abnormal return patterns across different volatility regimes are identified. The findings highlight that quarterly reporting practices intensify market responses and contribute to significant variations in stock price behavior in high-volatility periods. These insights provide a deeper understanding of the role of financial disclosure practices and forward-looking guidance in shaping market efficiency. This study contributes to ongoing discussions about balancing the transparency benefits of frequent reporting with its potential to amplify market volatility and sector-specific risks, offering valuable implications for policymakers, investors, and corporate managers. Full article

(This article belongs to the Special Issue Advances in Accounting & Auditing Research)

12 pages, 258 KiB

Open AccessArticle

Analyzing Corporate Social Responsibility, CEO Gender, and Compensation Structure: Evidence from U.S. Firms

by Dmitriy Chulkov and Joungyeon Kim

J. Risk Financial Manag. 2025, 18(1), 17; https://doi.org/10.3390/jrfm18010017 - 4 Jan 2025

Viewed by 534

Abstract

This article examines how CEO compensation structure and CEO gender were associated with corporate social responsibility (CSR) performance in U.S. firms in the period between 2003 and 2013. Building on prior research in economics, finance, accounting, and management, which suggests gender differences in [...] Read more.

This article examines how CEO compensation structure and CEO gender were associated with corporate social responsibility (CSR) performance in U.S. firms in the period between 2003 and 2013. Building on prior research in economics, finance, accounting, and management, which suggests gender differences in commitment to CSR, this study provides empirical evidence that female CEOs were positively associated with higher CSR performance. The analysis further shows that a higher proportion of equity in CEO compensation was positively associated with CSR, whereas higher proportions of cash bonuses and long-term incentive plans were negatively associated with CSR. Notably, a higher proportion of a cash bonus in CEO compensation further reduced CSR in firms led by female CEOs. These findings offer valuable insights for firms seeking to design executive compensation packages that align CEO behavior with the firms’ CSR objectives. This study contributes to the growing body of literature on CSR by providing empirical evidence on the role of CEO gender and compensation structure. Full article

(This article belongs to the Special Issue Sustainability and CSR in Financial Management: Strategies and Risk Implications)

24 pages, 1631 KiB

Open AccessArticle

Economic News, Social Media Sentiments, and Stock Returns: Which Is a Bigger Driver?

by Rahul Verma and Priti Verma

J. Risk Financial Manag. 2025, 18(1), 16; https://doi.org/10.3390/jrfm18010016 - 3 Jan 2025

Viewed by 771

Abstract

This study provides empirical evidence on the relative impact of innovations in information content and noise embedded in economic news and social media sentiments on DJIA, S&P 500, NASDAQ, and Russell 2000 index returns. We find that economic news sentiments are relatively more [...] Read more.

This study provides empirical evidence on the relative impact of innovations in information content and noise embedded in economic news and social media sentiments on DJIA, S&P 500, NASDAQ, and Russell 2000 index returns. We find that economic news sentiments are relatively more rational and have a greater impact than irrational social media sentiments. There exist significant negative effects of three distinct categories of social media sentiments and a significant positive impact of economic news sentiments on stock returns. The magnitude of the impact of the economic news sentiments is larger. In addition, the economic news sentiments seem to have greater information content and are driven by risk factors to a greater extent than the sentiments of social media, which probably contain more noise. There are significant negative responses of stock returns to irrational components of social media sentiments while significant positive responses to rational components of economic news sentiments. Lastly, the magnitude of the impact of rational economic news sentiments is higher than that of irrational social media sentiments. Our results are consistent with the view that business news is a manifestation of a rational outlook to a larger extent than social media and can drive stock valuations. Full article

(This article belongs to the Special Issue Forecasting and Time Series Analysis)

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13 pages, 265 KiB

Open AccessArticle

An Investigation of Trades That Move the BBO Using Strings

by Ying Huang, Bill Hu, Hong Chao Zeng and Matthew D. Hill

J. Risk Financial Manag. 2025, 18(1), 15; https://doi.org/10.3390/jrfm18010015 - 2 Jan 2025

Viewed by 373

Abstract

We investigate the common movement and information content of trades at steps away from the best bid and offer (BBO) using Tokyo Stock Exchange data. We create strings, a series of trades at the same or at an inferior price. The number of [...] Read more.

We investigate the common movement and information content of trades at steps away from the best bid and offer (BBO) using Tokyo Stock Exchange data. We create strings, a series of trades at the same or at an inferior price. The number of the strings is invariant for securities across trading days. The number of shares traded during a string and the time needed for the completion of a string are also significantly related across days for a given stock. The strings represent liquidity beyond the BBO. In addition, the strings characterize the price adjustment process in which we relate to the information on the underlying asset value. The strings measure order aggressiveness beyond the BBO. Finally, we show that the return for the strings is significantly related to the state of the limit order book at the start of the string. Thus, traders can infer information using strings to achieve higher returns. Full article

(This article belongs to the Special Issue Financial Modeling with Spreadsheets, Python, AI, and More)

18 pages, 347 KiB

Open AccessArticle

The Effect of Accessibility to Bank Branches on Small- and Medium-Sized Enterprise Capital Structure: Evidence from Swedish Panel Data

by Cynthia Sin Tian Ho and Björn Berggren

J. Risk Financial Manag. 2025, 18(1), 14; https://doi.org/10.3390/jrfm18010014 - 31 Dec 2024

Viewed by 494

Abstract

This paper aims to investigate the effects of accessibility to bank branches on the capital structure of small- and medium-sized enterprises (SMEs) by analysing the change in three different leverage measures (total, short-term and long-term leverage). The analysis was conducted using random effects [...] Read more.

This paper aims to investigate the effects of accessibility to bank branches on the capital structure of small- and medium-sized enterprises (SMEs) by analysing the change in three different leverage measures (total, short-term and long-term leverage). The analysis was conducted using random effects models on two data samples. The full sample consisted of 19,064 SMEs while the other sample used to estimate the long-term leverage consisted of 8707 SMEs over two years, 2007 and 2013. The results show that the distance to the nearest bank branch has a negative relationship with total leverage and short-term leverage but a small positive relationship with long-term leverage. An interesting result from the robustness test shows that the distance to the nearest bank negatively affects the long-term leverage of SMEs in rural areas. SME owners and policymakers may benefit from this research amidst the changing banking landscape; policymakers can help increase access to other types of funding for SMEs in bank deserts by increasing the volume of governmental loans. To the best of the authors’ knowledge, the distance to the nearest bank branch office has not been examined in the earlier literature as a determinant of the leverage of SMEs. Full article

(This article belongs to the Section Banking and Finance)

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J. Risk Financial Manag., Volume 18, Issue 1 (January 2025) – 43 articles

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