scholarly journals Foreign Exchange Exposure and Hedging of Turkish Companies: Panel Data Evidence

2016 ◽  
Vol 9 (6) ◽  
pp. 44
Author(s):  
Mahmut Erdogan
Keyword(s):  
Panel Data ◽  
Foreign Exchange ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Empirical Support ◽  
Turnover Ratio ◽  
Time Horizons ◽  
Short Run ◽  
Asset Turnover ◽  
Foreign Exchange Exposure

<p>This study investigates the foreign exchange exposure and determinants of risk for different time horizons of Turkish companies from 1997 to 2011. In order to analyze the effect of the 2001 crisis, the study is split into two sub-periods: pre-crisis, and post-crisis. The empirical findings of the study suggest a negative relationship between exposure and asset turnover ratio, and profit margin, while there was a positive relationship between exposure and leverage. The study also provides empirical support for the fact that the companies with a higher export rate are exposed to higher risk. Finally, large companies are subject to less risk in the short run.</p>

scholarly journals Estructura de capital, concentración de propiedad y política de dividendos como factores determinantes de problemas de agencia en empresas chilenas

2020 ◽  
Vol 22 (1) ◽  
Author(s):  
Roberto Vallejos Villa
Keyword(s):  
Capital Structure ◽  
Agency Costs ◽  
Positive Relationship ◽  
High Growth ◽  
Managerial Discretion ◽  
Short Term ◽  
Linear Effect ◽  
Management Efficiency ◽  
Turnover Ratio ◽  
Asset Turnover

The objective of this paper is to analyze the capital structure, the concentration of property and the policy of dividends as determinants of the problems of agency in Chilean companies. As a measure of agency costs, the asset turnover ratio was used as a benchmark for management efficiency in the use of the company's assets, which is an inverse measure of agency costs. The results show that a higher level of indebtedness seems to favor the discretional behavior of managers. However, there is also evidence that when the debt is a short-term debt, the divergence of interest decreases between shareholders and managers. The concentration of property on the other hand has a non-linear effect on the costs of agency, which means that, first, it acts as a mechanism to attenuate managerial discretion, but when it reaches a certain level, an effect of expropriation of major shareholders over minor shareholders seems to be produced. In relation to the dividend policy, a positive relationship is observed with efficiency in the use of assets, mainly in the presence of high growth opportunities.

scholarly journals Socio-Economic Determinants of Employment: A Case study of Pakistan

2019 ◽  
Vol 5 (1) ◽  
pp. 71-82
Author(s):  
Muhammad Atif Adeem ◽  
Muhammad Sibt-e-Ali ◽  
Raheel Akhtar
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Political Stability ◽  
Positive Relation ◽  
Economic Determinants ◽  
Long Run ◽  
Short Period ◽  
Short Run ◽  
Time Periods ◽  
High Level

This research is the foremost determination to investigate the long and short run affiliation amongst the variables of employment. For this purpose we use ARDL bound tests. The data from the period of 1972 to 2016 has been used in this research. These results indicate that employment has statistically significant and positive relationship between the variables of employment. Orders of integration of variables used in this analysis are I (O) and I (1). The results of this study show that per capita of GDP and expenditures of government have significant positive relationship with the employment in both time periods, the short and long run. Thenoteworthyempirical relationship is found in long run between GFCF, while in short period of time it shows destructive relation with employment. While FDI shows a high level of significant and positive relation both in long run and short run. Secondary school enrolment has significant and positive relation with employment in both time periods the long and short run time period. The relationship of money supply with employment in long run is positive while in short run it shows significant but negative relation with employment. Trade and political stability both are the main factors to estimate the strength of an economy. According to this study trade and political stability shows significant and positive relation with employment in long run while in short run both shows negative relationship with employment.

scholarly journals An Investigation of the Relationship between Sukuk and the Performance of banks of Pakistan

2019 ◽  
Vol 19 (1) ◽  
pp. 53-66
Author(s):  
Sitara Bibi ◽  
Fatima Mazhar
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Panel Data ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Adverse Impact ◽  
Significant Positive Relationship ◽  
Two Stages ◽  
The Relationship

Using panel data analysis, this study investigates the relationship among Islamic bonds (Sukuk) and the performance of IB’s of Pakistan for the period of 2008-2017. The study has used two stages approach. At the first stage, the profitability and liquidity of banks have been measured by calculating financial ratios. These ratios were than further used in regression analysis to examine whether a relationship exists between Sukuk and the bank’s profitability and liquidity. Our study found a significant positive relationship among Sukuk and the liquidity of IB’s. While, the results show significant but negative relationship between Sukuk and profitability of IB’s. Based on the findings of the study, we concluded that Sukuk has an important role in enhancing the liquidity of IB’s but it has adverse impact on the profitability of IB’s of Pakistan. Thus, the emergence of Sukuk market may pose threats to the profitability of the IB’s of Pakistan.

scholarly journals An investigation of the relationship between sukuk and the performance of banks of Pakistan

2019 ◽  
Vol 19 (1) ◽  
pp. 53-66
Author(s):  
Sitara Bibi ◽  
Fatima Mazhar
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Panel Data ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Adverse Impact ◽  
Significant Positive Relationship ◽  
Two Stages ◽  
The Relationship

Using panel data analysis, this study investigates the relationship among Islamic bonds (Sukuk) and the performance of IB’s of Pakistan for the period of 2008-2017. The study has used two stages approach. At the first stage, the profitability and liquidity of banks have been measured by calculating financial ratios. These ratios were than further used in regression analysis to examine whether a relationship exists between Sukuk and the bank’s profitability and liquidity. Our study found a significant positive relationship among Sukuk and the liquidity of IB’s. While, the results show significant but negative relationship between Sukuk and profitability of IB’s. Based on the findings of the study, we concluded that Sukuk has an important role in enhancing the liquidity of IB’s but it has adverse impact on the profitability of IB’s of Pakistan. Thus, the emergence of Sukuk market may pose threats to the profitability of the IB’s of Pakistan.

scholarly journals Strategic Alliances and Financial Performance: Some Empirical Evidence of Bio-Pharmaceutical Industry

2019 ◽  
Vol 7 (12) ◽  
Author(s):  
Houda Chakir lamrani
Keyword(s):  
Panel Data ◽  
Pharmaceutical Industry ◽  
Financial Performance ◽  
Strategic Alliances ◽  
Strategic Alliance ◽  
Positive Relationship ◽  
Negative Relationship ◽  
High Tech ◽  
Pharmaceutical Companies ◽  
Data Set

Over the last decades, strategic alliance have played an important role among high tech firms, including biotech and pharmaceutical companies, showing an impact on financial performance. This study focuses on this topic and analyses how strategic alliances portfolios and types of the partnerships affect bio-pharmaceutical companies’ financial performances. Drawing upon a panel data set of 158 alliances during the period of 2003-2013, empirical findings highlight that the number of alliances has a negative relationship with financial performance, whereas partnership types such as licensing and co-development have a positive relationship with the financial performance of biotech and pharmaceutical companies.

scholarly journals Coronavirus (Covid-19) and Stock Market: Empirical Analysis with Panel Data Approach

2021 ◽  
Vol 13 (3) ◽  
pp. 31
Author(s):  
Emre Esat Topaloglu ◽  
Ilhan Ege ◽  
Erol Koycu
Keyword(s):  
United States ◽  
Data Analysis ◽  
Panel Data ◽  
Stock Market ◽  
Positive Relationship ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Analysis Method ◽  
Stock Indexes ◽  
The Relationship

In this study, the relationship between the pandemic and the stock market range of the dates 17-03-2020 and 14-04-2020, when the COVID-19 pandemic was most intense, was examined by panel data analysis method. In this study conducted for Turkey and Belgium, Germany, France, Italy, Spain, United Kingdom, United States, China and Netherland countries where the COVID-19 pandemic is most common, COVID-19 data is based on the total number of cases and the total number of deaths, while stock market data is based on important stock indexes of countries. The results of the study, while a negative relationship was found between total number of cases and the stock market, a positive relationship was found between total number of death and the stock market. This is an indication that market investors are closely monitoring the number of COVID-19 cases, and that the number of cases described significantly affects stock market investments.

scholarly journals Determinantes de adesão ao Índice de Sustentabilidade Empresarial da BM&FBOVESPA e sua relação com o valor da empresa

2013 ◽  
Vol 11 (2) ◽  
pp. 181
Author(s):  
Lélis Pedro Andrade ◽  
Aureliano Angel Bressan ◽  
Robert Aldo Iquiapaza ◽  
Bruno César de Melo Moreira
Keyword(s):  
Regression Analysis ◽  
Panel Data ◽  
Firm Value ◽  
Positive Relationship ◽  
Corporate Sustainability ◽  
Negative Relationship ◽  
Market Value ◽  
Annual Data ◽  
Panel Data Models ◽  
Sustainability Index

The aim of this study was to identify the variables that influence the firms inclusion in the BM&FBOVESPA Corporate Sustainability Index (CSI), and if such membership is correlated with the firm market value in the Brazilian market. We collected annual data of firms for the period 2006 to 2011. The methodology included the use of methods such as regression analysis type logit and panel data models. The results showed that companies that have joined the ISE have characteristics distinct from those who did not opt for membership. Firms with larger size, higher profitability and sectors considered high environmental impact are more likely to be classified in the ISE. When examined whether inclusion in the CSI has relation with the metric firm value, the results did not reject the hypothesis of positive relationship, even during the financial crisis of 2008, however, found evidence of a negative relationship in the post-crisis period.

scholarly journals Hubungan Kepemilikan dan Kinerja Keuangan pada Perusahaan

2020 ◽  
Vol 2 (2) ◽  
pp. 108
Author(s):  
Cindy Radinca ◽  
Riesanti Edie Wijaya
Keyword(s):  
Firm Performance ◽  
Capital Structure ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Control Variable ◽  
Negative Relationship ◽  
Manufacturing Firm ◽  
Firm Financial Performance ◽  
Growth Opportunity ◽  
Asset Turnover

This study aims to determine the effect of capital structure on firm financial performance. This research method uses a quantitative approach. The object of this research is manufacturing firm sector consumer goods industry listed on the Indonesia Stock Exchange in the period 2013-2017. The sample used in this research is 130 years- firms. The dependent variable used is firm performance as measured by Return on Asset (ROA) and Return on Equity (ROE). The independent variable used is capital structure as measured by debt ratio or debt to total asset ratio. And, the control variable used is asset turnover, age of firm, and growth opportunity. The results of this study indicate that the capital structure has a negative relationship and significant on firm performance. This result can be supported by trade-off theory and agency theory. Control variable asset turnover has a positive relationship and significant on firm performance, the age of firm has a positive relationship and significant on firm performance, and growth opportunity has a positive relationship and non-significant on firm performance

scholarly journals An autoregressive analysis of the determinants of private savings in Nigeria

2020 ◽  
Vol 6 (1) ◽  
pp. 5-20
Author(s):  
Adeniyi J. Adedokun ◽  
Olabusuyi R. Falayi ◽  
Adebowale M. Adeleke
Keyword(s):  
Social Security ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Output Growth ◽  
Series Data ◽  
Significant Positive Relationship ◽  
Social Security Payment ◽  
Long Run ◽  
Short Run ◽  
Private Savings

Purpose. Despite the increasing trend of private savings in Nigeria, the country is still characterised by low investment and output growth, thus, suggesting that the average saving rate is still far from being impressive. This study investigates the determinants of private savings in Nigeria. Methodology. Autoregressive Distributed Lag (ARDL) Model using annual time series data from 1981 to 2016 within the theoretical framework derived from the life-cycle hypothesis is employed in this study. The key variables under investigation are private savings, income, dependency ratio, real interest rate, social security payment, financial development and macroeconomic stability. The data used for analysis are sourced from Central Bank of Nigeria Statistical Bulletin (2016) and World Development Indicator (2016). Findings. The results show that lifetime income and social security payment have significant positive relationship with private saving in the long-run, while adult dependency has significant negative relationship. In the short-run, adult dependency and social security payment have significant positive relationship with private savings. In addition, the result shows that 62% of deviation from the long-run equilibrium level of private savings is annually corrected for by the model estimated. Originality. This research investigates both the long-run and short-run effects of the various determinants of private savings in Nigeria. Thus, the study can serve as eye opener to the important variables that can improve the level of private savings in Nigeria.

scholarly journals Investor reaction to new issuances of U.S. high-yield debt

2008 ◽  
Vol 5 (3) ◽  
pp. 358-384 ◽  
Author(s):  
David R. Wolfe
Keyword(s):  
Stock Price ◽  
Abnormal Return ◽  
Explanatory Power ◽  
High Yield ◽  
Turnover Ratio ◽  
Short Run ◽  
Asset Turnover ◽  
The Impact ◽  
First Time ◽  
Investor Reaction

This paper investigates firms issuing high-yield debt and the impact on their stock price by identifying determinants of the negative abnormal return that surrounds the announcement of an issue in the short-run. It is learned the length, coupon payment and amount of the issue are significant in explaining the CAR as is the age of the firm, first-time issuers and the marketplace where its stock trades. Firm performance ratios including the current and total-asset-turnover ratio also have explanatory power. These determinants of the CAR have an explanatory power approaching 55%

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