Template-Type: ReDIF-Article 1.0 Author-Name: Surbhi Verma Author-X-Name-First: Surbhi Author-X-Name-Last: Verma Author-Name: Ashu Khanna Author-X-Name-First: Ashu Author-X-Name-Last: Khanna Title: Unravelling the mixed performance of socially responsible funds: a comprehensive literature review Abstract: In recent years, there has been a noticeable surge in the body of knowledge surrounding socially responsible investment (SRI), yet the findings in the literature have not provided conclusive evidence regarding the performance of SRI funds. Our objective is to provide researchers with a deep understanding of the intricate factors that contribute to the inconclusive results in the literature. Furthermore, we will present information on influential journals, trends in SRI, and the most cited countries in the field. To achieve the objective, we employ a comprehensive mixed review method approach, combining systematic and bibliometric analysis. The study encompasses scholarly articles recorded in Web of Science and Scopus from 1991 to 2023. Our analysis indicates that various factors such as age, size, location, risk-adjusted measures, and previous researchers' mistaken belief in the homogeneity of these funds influence the performance of SRI funds. The study is vital for offering a detailed examination of the extensive literature on SRI, equipping scholars with essential insights. Journal: Int. J. of Accounting and Finance Pages: 1-25 Issue: 1/2 Volume: 12 Year: 2024 Keywords: socially responsible mutual funds; ethical funds; financial performance of SRI; socially responsible investment; bibliometric analysis. File-URL: http://www.inderscience.com/link.php?id=143368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:12:y:2024:i:1/2:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Mahuya Basu Author-X-Name-First: Mahuya Author-X-Name-Last: Basu Title: Mediating effect of capital structure in determining firms' financial performances of Indian SMEs: a structural equation modelling approach Abstract: Small and medium scale enterprises (SMEs) constitute an important part of the Indian economy but their financial decision-making processes are substantially different from those of large corporations. In this context, the current study aims to identify the firm-specific factors that play a decisive role in determining the level of debt and financial performance of SME firms simultaneously, and to explore the mediating effect that leverage has in impacting the financial performance. The study uses a structural equation modelling approach with multiple indicators to estimate the determinants of leverage and return on equity, with leverage being treated as a mediating variable. It is found that the mediating effect of debt is significant but partial in determining the financial performances of the firms. The study also indicates that Indian SMEs are primarily risk averse and may prefer internal fund over external debt validating the 'pecking order' theory of capital structure. Journal: Int. J. of Accounting and Finance Pages: 26-46 Issue: 1/2 Volume: 12 Year: 2024 Keywords: capital structure determinants; structural equation method; mediating effect of debt; small and medium scale enterprises; SMEs. File-URL: http://www.inderscience.com/link.php?id=143369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:12:y:2024:i:1/2:p:26-46 Template-Type: ReDIF-Article 1.0 Author-Name: George O. Gamble Author-X-Name-First: George O. Author-X-Name-Last: Gamble Author-Name: Beu Lee Author-X-Name-First: Beu Author-X-Name-Last: Lee Author-Name: Thomas R. Noland Author-X-Name-First: Thomas R. Author-X-Name-Last: Noland Author-Name: Cynthia Tollerson Author-X-Name-First: Cynthia Author-X-Name-Last: Tollerson Title: The interplay of hybrid preferred and debt security innovation, macroeconomic variables and regulatory agencies from 1983-2016 Abstract: This study finds that when the downward trend in interest rates began, innovative hybrid bond issuances reached their highest level. In the mid-1980s, when interest rates and volatility were falling, the demand for interest-rate-linked hybrid securities increased, creating a demand for new interest-rate-linked hybrid securities. On average, hybrid securities issuances followed the same pattern as the Dow Jones Index. However, this correlation shifts after 2001 until 2006. Amid the stock market slide, investors found hybrid debt to be a safe investment. The FASB's regulatory impact is the greatest for those innovative securities that are, for the most part, only issued by non-regulated entities. Security innovation and regulation are closely related when securities are issued in highly regulated industries. The relationship between security innovation and regulation is loose for innovative securities designed for less regulated industries. Macroeconomic variables appear to impact issuances of innovative securities in less-regulated industries more than those designed for highly regulated industries. Journal: Int. J. of Accounting and Finance Pages: 71-109 Issue: 1/2 Volume: 12 Year: 2024 Keywords: hybrid securities; macroeconomic variables; regulatory agencies; innovative securities; hybrid debt; hybrid preferred stock; financial reporting; regulated industries; recession; FASB Standard 133; FASB Standard 155; financial engineering. File-URL: http://www.inderscience.com/link.php?id=143371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:12:y:2024:i:1/2:p:71-109 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastien Berujon Author-X-Name-First: Sebastien Author-X-Name-Last: Berujon Author-Name: Marcelo Lewin Author-X-Name-First: Marcelo Author-X-Name-Last: Lewin Author-Name: Carlos Heitor Campani Author-X-Name-First: Carlos Heitor Author-X-Name-Last: Campani Title: Asset allocation under regimes in European economies Abstract: The study investigates a dynamic asset allocation strategy in a regime-switching economy. We applied the analytical solution proposed by Campani et al. (2021), i.e., the CGL model, updating its optimisation procedure with a multi-start constrained estimation method. We identified four regimes with a portfolio formed from main European stock market indices. Then, we performed an accuracy assessment, which indicated that the model provided adequate closed-form solutions to maximise the investor's stochastic differential utility. Finally, we analysed the performance of the CGL model for different leverage levels and rebalancing policies, in an out-of-sample exercise. The results demonstrated that the CGL portfolios offer superior return-to-risk ratios than the benchmarks, and outperform their certainty equivalent returns with statistical significance. Journal: Int. J. of Accounting and Finance Pages: 47-70 Issue: 1/2 Volume: 12 Year: 2024 Keywords: regime switching models; dynamic asset allocation; portfolio strategies; analytical solutions; European stock market. File-URL: http://www.inderscience.com/link.php?id=143372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:12:y:2024:i:1/2:p:47-70 Template-Type: ReDIF-Article 1.0 Author-Name: Husam Aldamen Author-X-Name-First: Husam Author-X-Name-Last: Aldamen Author-Name: Janice Hollindale Author-X-Name-First: Janice Author-X-Name-Last: Hollindale Author-Name: Keith Duncan Author-X-Name-First: Keith Author-X-Name-Last: Duncan Author-Name: Mitchell Horrocks Author-X-Name-First: Mitchell Author-X-Name-Last: Horrocks Author-Name: Jennifer L. Ziegelmayer Author-X-Name-First: Jennifer L. Author-X-Name-Last: Ziegelmayer Title: Audit committee financial expertise: mitigation of real earnings management Abstract: The paper examines whether and in what contexts the education and experience dimensions of audit committee financial expertise lower the propensity for real earnings management. We separate financial expertise into financial education and financial experience components and test the impact of each on three real earnings management metrics for a sample of Australian firm-years. Financial expertise is negatively related to abnormal cash flows from operations (CFO) and abnormal production costs, suggesting audit committee financial expertise mitigates real earnings management activities. Abnormal discretionary expenses are higher for firms with greater financial expertise, consistent with downward earnings management or conservative reporting. Financial experience is negatively related to abnormal CFO and production but both experience and education are positively related to abnormal discretionary expenses. Our results are largely driven by the experience dimension of financial expertise and for profitable firm-years in less profitable periods of time. Profitable firms with financial expertise exhibit unusually low CFO and production costs but unusually high discretionary expenses, consistent with prudent financial management rather than upward earnings management. Journal: Int. J. of Accounting and Finance Pages: 110-130 Issue: 1/2 Volume: 12 Year: 2024 Keywords: audit committee; corporate governance; financial expertise; real earnings management; REM. File-URL: http://www.inderscience.com/link.php?id=143380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:intjaf:v:12:y:2024:i:1/2:p:110-130