Forthcoming articles


International Journal of Financial Services Management


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International Journal of Financial Services Management (8 papers in press)


Regular Issues


  • An approach for learning risk management: Confucianism system and risk theory   Order a copy of this article
    by Desheng (Dash) Wu 
    Abstract: This paper presents a Confucian three-stage learning risk management process: self-cultivation, familyregulation, and state-harmonisation in Great Learning system ideas. Learning processes are mapped into these three stages. Self-cultivation serves as the root focusing on foundation knowledge learning. The levels of family-regulation and state-harmonisation provide applications for risk-oriented practical problem-solving. System thinking is used to further explain how a great deal of risk theories are embedded in the three-stage Confucian system of ideas.
    Keywords: Confucianism; system; risk.

  • Performance evaluation of equity mutual funds using data envelopment analysis   Order a copy of this article
    by Geetika Sharma, Vipul Sharma 
    Abstract: This study has employed the BCC model of non-parametric technique DEA to assess the relative performance of a sample of 33 open-ended equity (diversified /large cap) funds selected to represent the mutual fund industry of India for a five-year period 2008-09 to 2012-13. Specifically, it has carried out a non-parametric analysis of the relationship between output measure proxied by raw returns and a series of input variables, including standard deviation, beta and expense ratio.
    Keywords: mutual funds; data envelopment analysis; performance evaluation.

  • Price discovery of one security traded in several markets around the world   Order a copy of this article
    by Stoyu Ivanov, Artem Meshcheryakov 
    Abstract: In this paper, we analyse the price discovery for SPDR Gold Trust, which is traded on five different markets across the world: US, Mexico, Hong Kong, Japan, and Singapore. We find that all prices in the five markets are identical until 23 January 2013, when the Hong Kong prices start deviating from the rest of the group. On 1 July 1 2013, Mexico joins Hong Kong and starts differing from the rest. We hypothesise that until 23 January 2013, price discovery occurs in the US and the rest of the markets become price takers. We find that even after 23 January 2013 the US gold market of the SPDR Gold Trust ETF still dominates other markets with more than 90% of the price discovery when using the Hasbrouck information share methodology.
    Keywords: exchange traded funds; ETF; price discovery gold ETF; GLD.

  • Factors affecting environmental performance: evidence from the banking sector in Bangladesh   Order a copy of this article
    by Mohammad Dulal Miah, Syed Mahbubur Rahman, Marjan Haque 
    Abstract: Analysis of environmental impacts of the production of goods or services helps to assess the environmental performance of any activity. This paper aims at determining the factors that influence the environmental performance of banks in Bangladesh. A banks environmental performance score (EnPS) is calculated based on the Global Reporting Initiative (GRI) Sustainability Guidelines, 2002. All the necessary data are collected from the content analysis of the audited annual reports of 31 scheduled commercial banks for the financial year ending December 2012. Applying the multiple regression technique this study finds that a banks credit rating score is positively related to its EnPS, whereas the premium in share price and the banks longevity in service are negatively associated with its EnPS. Contrary to the common perception that a large and highly profitable bank would be environmentally more concerned, the result shows no such association between these variables. Policymakers, therefore, may urge large and highly profitable banks to lead environmental initiatives towards a green banking revolution in Bangladesh.
    Keywords: environmental performance; commercial banks; Bangladesh; corporate social responsibility; green banking; profitability.

  • Does capital structure matters? Reflections on capital structure irrelevance theory (Modigliani-Miller theorem, MM 1958)   Order a copy of this article
    by Noura Al Kahtani, Mohamed Al Eraij 
    Abstract: Since 1950s, the corporate financing has been an arena for ongoing debates that focus on Modigliani and Millers pioneering theorems of 1958-63. The main purpose of this paper is to present a critical reflection on the debate around corporates' capital structure irrelevance that was triggered by the Modigliani and Miller theorem in 1958, while taking into consideration the literature theoretical and empirical findings and the recent global financial crisis (i.e. debt crisis). The paper will also briefly discuss and review alternative theories of capital structure, such as the traditional view, the trade-off theory, and the pecking order theory, in light of reality and perfect capital market hypothesis. The major portion of this paper will be devoted to discussing capital structure irrelevance theory (MM 1958) and competitive alternative theories of capital structure; however, as it would lead too far to discuss them all here, our discussion will focus mainly on 1) the traditional view, 2) the trade-off theory, and 3) the pecking order theory. This paper will start first by defining the concept of capital structure, then discuss the assumptions of perfect capital markets under which 'the Modigliani and Millers irrelevance theory' was originally conceptualised. It will finally reflect on the findings of theoretical literature and empirical studies before proceeding with the papers conclusion.
    Keywords: capital structure irrelevance theory; Modigliani and Miller theorem; traditional view; trade-off theory; pecking order theory; leverage; gearing; debt; global financial crisis; debt crisis.

  • Corporate governance practices of banks in developed countries after the financial crisis of 2008   Order a copy of this article
    by Nesrine Ayadi 
    Abstract: This paper suggests a classification of 30 banks of four member countries of the eurozone, according to their governance practices, through a principal component analysis. The governance convergence mechanisms of the banks in 2009 are analysed on the basis of a consistent measurement with this approach. Bringing banks together according to the directors' compensation seems more appropriate to identify the similarities in the behaviour. This will lead us to classify banks into three categories: the first consists of the banks that award a very high incentive pay to their CEO, the second group provides a high compensation to the CEO, and the third category gives a relatively low compensation to their CEO.
    Keywords: board of directors; CEO compensation; banks.

  • Management of working capital - the Achilles heel of small and medium enterprises. The case of Greece   Order a copy of this article
    by Alina Hyz, Petros Kalantonis, Dimitris Stavroulakis 
    Abstract: The main purpose of this paper is an empirical investigation of the relationship between working capital management and firms' performance in small and medium enterprises in Greece during the crisis period. We used a dataset of 459 small and medium enterprises split up over eight sectors of economic activities according to the European NACE classification scheme. The research covers the period of 2008-2012, which gives the five-year period of observation of financial results of selected companies. The efficiency of working capital management was measured by accounts receivables turnover, inventories turnover, accounts payables turnover and cash conversion cycle. Return on assets was used as the profitability variable. The study is based on correlation and regression analysis to analyse data. The results indicate that all working capital components significantly affect Greek SMEs profitability.
    Keywords: SME; working capital; profitability; Greece.

  • The impact of Sukuk financing on economic growth: the case of GCC countries   Order a copy of this article
    by Abdelghani Echchabi, Hassanuddeen Abd. Aziz, Umar Idriss 
    Abstract: Islamic finance has been imposing itself for many decades as a viable alternative/complementary system to the long existing conventional financial system. However, recent research has claimed that Islamic finance as it is currently practiced does not promote economic growth. Hence, the objective of this study is to empirically examine the potential effect of Islamic finance in the specific form of Sukuk issuance on the economic growth represented by three proxies, namely, Gross Domestic Product (GDP), Gross Capital Formation (GDP) and trade activities. The data were collected from the Islamic Finance Information Services (IFIS) and the World Bank databases, and were subsequently analysed through Toda and Yamamoto Granger Non Causality test. Accordingly, the findings indicated that the Sukuk issuance had no influence on economic growth for GCC countries. This finding has significant implications that are discussed in detail in the final section.
    Keywords: Islamic finance; Sukuk; economic growth; financial development; GCC countries.