The paper aims to explore the impact of financial risks on the firm value of banks in ASEAN-5 countries. The study used the panel data regression model to analyze the available data for 63 commercial banks in ASEAN-5 countries from 2009 to 2017, totaling 567 observations. GMM dynamic estimation was also used for robustness and comparison purposes. The financial risk was measured using the non-performing loans ratio (NPL), the loan to deposit ratio (LD), the liquid asset ratio (LATA), the cost to income ratio (CIR), and the net interest margin (NIM), while firm value was measured using the enterprise value. The study used controlled variables proxied by size, GDP growth and the inflation rate, while the correlation between credit risk and interest rate risk (CR•IR) was also determined. Given the results of the study, credit risk proxy by non-performing loans ratio has a significant positive effect on the firm value, the liquidity risk (LD) has a significant positive impact on the firm value of ASEAN banks, while LATA has a significant negative effect on the firm value. Operational risk (CIR) and interest rate risk (NIM) have a significant negative impact on the firm value of ASEAN-5 banks. Bank size and inflation rate significantly and negatively affect the firm value, while GDP growth is found to have a significant positive impact on the firm value of ASEAN-5 banks. An insignificant interaction is found between credit risk and interest rate risk (CR•IR). The GMM estimation also supported these findings. The results obtained will be an important signal for policy makers, which is useful for the effective mobilization and allocation of credits to productive areas and helps manage inherent risks. The study provides implications for all countries regarding the financial risks associated with the value of the firm. Therefore, this study offers new insights into this relationship by providing useful information to the academics, policy makers, governments, and other stakeholders and serves as a benchmark for further study in this area.
Purpose This study aims to find the relationship of stock market returns and selected financial market variables (market capitalization, earnings per share, price-earnings multiples, dividend yield and trading volume) of Malaysia grounded by the arbitrage pricing theories. Design/methodology/approach This study empirically examines the effects of selected financial market variables on stock market returns using 64 companies listed in Malaysia's stock market with data spanning from 2005 to 2018. A systematic empirical study based on the Generalized Method of Moments following Arellano and Bond (1991) has been taken to estimate the effect. Findings The regression result of the financial market variables and stock market return shows that, except for trading volume, all selected financial market variables play significant roles in the stock market returns. Furthermore, market capitalization, earnings per share, price-earnings ratio, dividend yield and trading volume have a positive impact on stock market returns. Research limitations/implications The outcome of this study can contribute by helping domestic and global investors devise strategies to minimize their risks. Also, policy administrators can use the outcomes of this study to inform the micro- and macro-level policy formulation. Originality/value This study will contribute to filling the gap in knowledge concerning the new release of factors affecting the stock market returns of Malaysia.
In looking at the future of knowledge-based technologies, we will have to acknowledge that the widespread changes that are presently occurring will escalate as we move into the future. These changes will be enormous in scale, global in scope and will extend across all sectors. In advance of knowledge based technologies will contribute towards Vision 2020, is "to develop a nation of healthy individuals, families and communities through a health system that is equitable, affordable, efficient, technologically appropriate, environmentally adaptable and consumer friendly, with emphasis on quality, innovation, health prevention and respect for human dignity and promotes individual responsibility and community participation towards an enhanced quality of life." This paper highlights the possible application of knowledge based technologies technique in medical management perspective. In addition, the trend and its challenges in the 21 st Century are also discussed.
This study is designed to address the critical issues of financing risk in the banking industry. The data from sixteen selected commercial banks' audited financial reports from 2009 to 2015 was used, making up to 112 observations. The panel data approach was used in the study for the analytical models. The market-based and accountingbased measure was used to proxy firm performance while financing risk was proxied by the Short-term debt, Long-term debt and Total debt ratio. The controlled variables used in this study included bank size and the GDP growth rate. Based on the random effect analysis in the models, the TDE ratio and GDP had a negative significant effect on firm value, suggesting that improvement in the TDE and GDP would increase firm value. The LTD ratio had a positive significant effect on firm value. The STD, LTD and TDE all impacted negatively on the banks' return on assets. This suggested that a decrease in STD, LTD and TDE would lead to an increase in banks' return on asset. The STD, LTD and GDP had a negative and significant effect on the banks' net interest margin. The firm size had no impact on either the firm value or profitability measure used in the study. It was observed that the GDP played an important role in the performance of the commercial banks in the study. Hence, this paper suggests that further study can explore the effects of firm characteristics on firm value by exploring non-financial firms and/or a cross-country study. Contribution/ Originality:This study is one of few that offers new insights on the nexus between financing risk, profitability and firm value which provides some valuable evidence for policy makers, academics, and other stakeholders.
Corporate Social Responsibility to Employees, Job Satisfaction, and Employees' Commitment to the Organisation in the Construction Industry of UAE 1. Introduction The connection between company and also the public society has developed from humanitarian interests of society and stakeholders. As reported by (Devinney, 2009; Karnani, 2010), though there seventy years of controversy on CSR; however it fails to get a unanimous and universally recognized definition. The Kennedy School of Government at Harvard Faculty in the article (2011) describes CSR smartly and based on the argument place down by the School; CSR isn't just about compliance and philanthropy, it delves into the way business is producing income and what company is doing with the return. Additionally, the article claims that CSR is; "How companies attain their financial, environmental and social effects, and also the interactions of theirs in most key areas of influence: workplaces, marketplaces, supply chains, public policy areas and community (Rees, Davis, and Kemp, 2012). Construction project involves a number of complicated occasions. Stakeholders have several types and altitudes of various interests and expense in projects in which the participating businesses (Olander and Landin, 2005). The meaning of the Kennedy School of Government (2011) along with different investigation and definitions performed by academics like scholarly Olander and Landin (20050 and Thomas (2011) offer proof that the acting curiosity of construction and also CSR entails interaction between lots of sociable systems. Peter Drucker, the star of managing science, argues that the 21st century is going to be the era of connection of social sphere (Qasim et al, 2011). Nowadays, corporate social responsibility (CSR) in the Middle East, particularly in the United Arab Emirates (UAE) is certainly apparent as visible Arab countries. The main reason is the fact that CSR in a number of other Arab nations in the area isn't begun as the UAE has started, though gradually, to understand the idea of CSR and are interested in activities under the principles of the CSR (Soubra, 2006; Zawya, 2008). The target of applying CSR in UAE is improving the connection with employees as a strategic instrument for business improvement. Leading companies utilized the CSR to create a good joint with the outside people and together with the inner people also. For instance, employees assess CSR of the company as a good tool for examining the company dedication and performance in the UAE. Nevertheless, there's
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