Working Capital Management and Stock Performance: Evidence from an Emerging Market

Blenman, Lloyd P.; Pham, Hung; Dao, Tu Van; Le, Ben

doi:10.33094/ijaefa.v14i2.691

Cited by 2 publications

(2 citation statements)

References 55 publications

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“…In sum, green bond issuance can have a positive impact on stock market reaction (Tang and Zhang, 2020;Wang et al, 2020;Flammer, 2021;Blenman et al, 2022;Pamungkas et al, 2023) through its potential to attract increased investor attention, raise awareness of sustainability issues, and reduce borrowing costs for the issuing company or entity. However, the exact impact on stock prices may depend on a variety of factors, including market conditions, company performance, and broader economic trends.…”

Section: Literature Reviewmentioning

confidence: 99%

Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries

Aini,

Sukmadilaga,

Ghani

2023

IJEEP

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Green bonds offer investors the opportunity to align their investments with their values and contribute to positive social and environmental impacts. These bonds are a promising tool for channelling investment towards projects that are environmentally friendly and promote the transition to a low-carbon and sustainable economy. Arguably, they play an important role in the fight against climate change and the achievement of sustainable development goals. However, there are not many studies that have examined the impact of green bond issuance on stock market reactions. This study aims to examine the effect of green bond issuance on investor attention and the stock market using route analysis and the SEM-PLS method, either directly or through the inclusion of investor attention as an intervening variable. This study performed content analysis on the annual reports of publicly listed companies in five ASEAN countries over a period of five years. This study demonstrates that investors’ interest in green bonds increases proportionally to their issuance. However, green bond issuance does not significantly influence stock market reactions. In addition, the issuance of green bonds has had no discernible effect on the stock market's response as measured by investor attention. The findings in this study provide some insights on how green bond issuance can influence stock market reactions through investor attention. Investors can use these insights to make future investment decisions, particularly in ASEAN companies.

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Section: Literature Reviewmentioning

confidence: 99%

Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries

Aini,

Sukmadilaga,

Ghani

2023

IJEEP

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“…For instance, there is a significant relationship between these variables (Adams & Hardwick, 1998). Accordingly, lowly leveraged companies tend to make larger donations than highly leveraged companies (Adams & Hardwick, 1998) as the low-leverage companies have less risk that would allow them to respond quickly to others (Kubick, Lynch, Mayberry, & Omer, 2015;Hassan et al, 2022;ISHII, 2022;Blenman et al, 2022). Accordingly, debt has a negative relation with CSR because firms with a high debt ratio are incapable of implementing the activities (Mao, 2019) such as corporate sponsorship.…”

Section: Debt Ratio and Corporate Sponsorshipmentioning

confidence: 99%

Determinants of Corporate Sponsorship: Evidence From Consumer Product and Services Sector

Ali¹,

Roslan²,

Sahiq³

et al. 2023

R. Econ. and Finan.

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The role of corporate sponsorship as part of the corporate philanthropy of a business has been promoted to ensure the awareness of its products or services. In order to get insights on their motivation, this study investigates the determinants of the corporate sponsorships, specifically the companies' financial characteristics and marketing intensity in Malaysian consumer products and services industry. Using annual reports, this study examined five largest listed companies in consumer products and services industry from the years 2000 -2018, which consisted of 95 firm-year observations. Panel data regression analysis was carried out using the panel regression fixed effects model to analyse the effect of companies' financial characteristics and marketing intensity on corporate sponsorship. Financial characteristics were represented by debt ratio, return on assets, and return on equity while marketing intensity was represented by marketing expenses to total sales. The findings showed insignificant relationships between all variables and corporate sponsorship. The results may suggest that financial characteristics and marketing intensity are not the most important determinants of corporate involvement in sponsorship activities. This research would provide insights for management that, corporate sponsorships are done to promote their products and services and not necessarily have influenced by their financial and marketing agenda.

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Working Capital Management and Stock Performance: Evidence from an Emerging Market

Cited by 2 publications

References 55 publications

Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries

Green Bonds, Investor Attention and Stock Market Reaction: Evidence from ASEAN Countries

Determinants of Corporate Sponsorship: Evidence From Consumer Product and Services Sector

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