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PurposeThis study examine the response of liquidity of Bitcoin and Ethereum to the Russia-Ukraine war in an event study context and investigate whether the war had a transitory or a permanent effect on cryptocurrency liquidity.Design/methodology/approachA event study was applied to hourly transactions on Bitcoin and Ethereum cryptocurrencies from 1/02/2022 to 31/03/2022. This is period is subdivided in two sample periods to capture transitory and permanent effects. The transitory effect is investigated over a window spanning -20 and +20 days. For a more extended post-event period, a linear regression model was applied to analyze the effects of other factors on the liquidity risk of BTC and ETH.FindingsThe findings reveal a significant but temporary impact of the Russia–Ukraine war on the liquidity of Bitcoin and Ethereum. Liquidity levels have increased within the first two days around the event day and then returned to the pre-event level after that. However, the response of BTC and ETH cryptocurrencies' liquidities to the Russian invasion of Ukraine is not uniform.Originality/valueThis is the first paper that assesses the liquidity level of two major cryptocurrencies (Bitcoin and Ethereum) in response to an extreme event: the Russia–Ukraine war. The hypothesis is that trading in the cryptocurrency market will increase due to market participants' goal of evading regulatory sanctions. Furthermore, market participants may also take advantage of cryptocurrencies' popularity as safe-haven assets.

Purpose The concept of digitization covers a wide range of initiatives to achieve sustainable development. This paper aims to determine the impact of bank digitization strategies on financial performance in an African country. Design/methodology/approach This study used the generalized least squares estimation method to analyze data from a sample of 12 Tunisian banks from 2010 to 2020. The reason for selecting this method was its ability to address issues of heteroscedasticity and autocorrelation. Findings This study indicates that digital transformation has a positive effect on Tunisian banks financial performance, as measured by return on assets and return on equity. Specifically, investing in payment tools, digital channels and internet security leads to improved performance for banks. These findings suggest that banks that offer digital services perform better, as they are able to increase profitability, maintain financial stability and improve transparency. Research limitations/implications This study is important for central bank, regulators, policymakers and investors. Overall, this study emphasizes the need for banks in Tunisia to embrace digital transformation to improve their performance and remain viable in the modern business landscape. Originality/value This study ponders the effect of Tunisian banks’ digital transformation on financial performance. Tunisia context serves as model for other African countries. Tunisian banks should prioritize investments in digital technologies to stay competitive in the market.

The theme of value creation, being the source of this research, has received increased interest in the field of management science, and hence has become the new creed of managers. We have proposed that ethical behavior of managers influences the policy of value creation. In particular, we test the four cardinal virtues of the manager (justice, prudence, strength and moderation) that influence development and growth of the company. This paper attempts to make an inventory of ethical problems in a country's development and clarifies their role in the development of firms. We used a sample of Tunisian companies for a period of 2003 to 2011.

The purpose of this study is to test the effect of financial performance on earnings management, with the presence of a firm’s specific characteristics, in a non-credible financial information context such as Tunisia. A panel data approach, namely multiple regression analysis, was applied on a sample of 30 firms operating in different sectors and observed over the period 2012–2021. Two estimation methods, the fixed effects and random effects models, are used. To choose the best estimation method, the Breusch-Pagan and Hausman tests were used.The results indicate, on the one hand, the financial performance measured by Tobin’s Q and Marris’ ratio, positively affects earnings management. On the other hand, the variables of firm characteristics, such as financial leverage, asset structure, growth rate and sectoral affiliation, decrease earnings manipulation, and firm size and managers’ ownership have no effect on earnings management. This means that managers of Tunisian firms manipulate their results to improve the level of performance and their financial sate. This manipulation is driven by goals other than those observed in other contexts and related to the financial market. This finding contributes to the literature on the association between several features of earnings management and firm performance, with the effect of firm characteristics.