查看更多>>摘要：We reviewed literature on impacts of microfinance on poverty, women's empowerment, social welfare of participants, and on macroeconomic impacts of microfinance. Forty articles and five books published between 1996 and 2021 were reviewed. Researchers generally agree that microfinance increases consumption and generates income for participants. However, several studies find improvement in consumption to be led by misappropriation of microcredit. Sufficiency of income generated is also questioned. Researchers agree that generating savings and developing entrepreneurship are prerequisites for sustainable escalation from poverty through microfinance. The impact of microfinance on women's empowerment and social welfare remains ambiguous. The popularity of the non-subsidised microfinance model raised concern about the compromise of MFI social missions. At a macro level, microfinance has trivial positive impact on GDP. It slightly reduces poverty headcount, and income inequality, and reduces production efficiency in the short run. Significant regional differences in micro and macro level impacts have been observed. We also identified future research avenues.
查看更多>>摘要：This study aims at assessing the impact of financial constraints on mode of payment employed and announcement returns of the acquiring companies in India. Further, the study also aims at analysing the combined impact of financial constraints and group affiliation on the mode of payment and announcement returns of the acquiring companies. It is found that the likelihood of stock financing on the part of acquiring companies increases with the increase in the financial constraints and the market reacts positively to such stock funded acquisitions. Thus, the study is able to validate the opportunity cost of capital theory. However, the financial advantage theory with respect to the mode of funding employed by group affiliated financially constrained acquiring companies cannot be substantiated by the results of the study.
查看更多>>摘要：This paper investigates how brands delineate their visual identity in avatar (profile photo) and header (cover photo) on social media platforms. The content analysis of the top 50 Indian brands was conducted from 116 screenshots taken from the brand's Facebook, Twitter, and YouTube page to determine the visual identity exhibited by brands on social media platforms. We found the actual use of visual elements, i.e., logotype, text type, typography, colour, and photographic elements employed by brands in avatar and header to demonstrate their visual identity. The findings also revealed that brands are inconsistent in wielding their overall visual identity across three social media platforms. Designers and marketers are suggested to position their brand across social media platforms strategically.
查看更多>>摘要：The primary purpose of the study is to investigate whether funds flows are sensitive to fund performance or not and to gain insight into how investors from different fund categories react to funds flow and performance relationships in the broker-sold segment. By using the panel dataset, the sample of 138 surviving open-ended regular mutual funds from April 2014 to March 2018 is considered. The study assesses the evidence that past performance has a significant positive influence on the fund flow and different categories have different level of investor sophistication through Sirri and Tufano (1998) fractional flow model, piecewise regression and Fama and MacBeth (1973) approach. The study's findings can be used by the regulatory bodies and policymakers to develop effective regulations in order to increase market penetration, investor awareness, and transparency. The findings of the study assist the various stakeholders in understanding the behaviour pattern of investors while making an investment decision.
查看更多>>摘要：This study explores the relationship between financial reporting quality and audit quality on idiosyncratic volatility. The study also analyses the moderating role of family ownership concentration (FOC) on financial reporting quality and idiosyncratic volatility. This study uses a sample of 726 firm-year observations of non-financial firms listed in the PSX 100 index of Pakistan's stock market from 2009 to 2019. The study uses the system-generalised method of moment analysis method. The main findings indicate that low financial reporting quality negatively and significantly affects idiosyncratic volatility. In contrast, audit quality positively and substantially impacts idiosyncratic volatility. Additionally, FOC moderates the relationship between financial reporting and idiosyncratic volatility. These findings will help regulators advance policies that can improve the informativeness of stock prices. Focusing on Pakistan, a developing market, this study adds value to the existing literature, as most previous evidence was derived from the developed markets. Moreover, the moderating role of FOC is not frequently investigated.
查看更多>>摘要：Baker and Wurgler (2006) have shown that securities that are difficult to value and have high arbitrage costs are more affected by investor sentiment. Indeed, we study the hypothesis that the securities of young, small, less profitable, less tangible, low dividend and high sales growth firms are the most vulnerable to investor sentiment. Using a VAR model, we find that in the Tunisian market, high sentiment leads to low future returns for the securities of large firms, the youngest, the least profitable, the least tangible, paying lower dividends and with lower sales growth. Furthermore, past returns with inverse characteristics can predict investor sentiment. Our findings also have practical investment and policy implications for investors and corporate decision makers, but also for policy makers in their assessment of financial fundamentals, hence for efficient market theory.
查看更多>>摘要：This study aims at examining role of economic freedom in financial performance of Asian based MFIs. We have gathered data from 145 MFIs operating in 19 Asian countries during 2012-2018. Data on economic freedom and MFIs' financial performance have been collected from Heritage Foundation and MIX market respectively. System GMM is employed for data analysis due to endogeneity issues in dynamic panel data. Findings substantiate crucial role of various dimensions of economic freedom in MFIs' financial performance (i.e., business freedom, property rights, investment freedom, financial freedom, and trade freedom). Findings recommend MFIs to consider contextual factors before starting operations in any country, e.g., MFIs may prefer to operate in countries having higher investment freedom, business freedom, and financial freedom.
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