International Journal of Revenue Management (6 papers in press)

Regular Issues

• Magnificent Seven companies: analysis of revenue trends during COVID pandemic  
  by Zinovy Radovilsky, Harshini Jawahar 
  Abstract: This research focuses on analysing revenue trends of the Magnificent Seven (M7) companies during the COVID pandemic (2020-2023). Using time series ensemble models, we forecasted quarterly revenues and applied counterfactual analysis to evaluate revenue trends during the pandemic. We determined that the majority of the M7 companies were able to sustain and increase their revenues versus estimated ensemble forecasts during the pandemic years of 2020-2023. We also concluded that for a short-term period, e.g., within the first pandemic year of 2020, some of the M7 companies had experienced revenue losses that were potentially associated with the adverse effects of the pandemic. However, for the subsequent COVID years of 2021-2023, revenue trends for all M7 companies were not adversely affected by the pandemic. This research also provided specific directions on how to develop a new or improve existing methodology for analysing revenues of any organization during the pandemic.
  Keywords: analysis of revenue trends; Magnificent Seven companies; COVID pandemic; time series ensemble models; counterfactual analysis.
  DOI: 10.1504/IJRM.2025.10071943
   
  
• Exploring the moderating role of CEO overconfidence in the CSR-financial performance nexus: a quantile analysis in the banking sector  
  by Afef Jarraya, Mouna Abbes Boujelbène 
  Abstract: The present study investigates to what extent CEO overconfidence could moderate the CSR and financial performance binding relationship, concerning a sample of American and European banks, regarding the period spanning from 2013 to 2021. Using simultaneous quantile regression analysis, the empirical results indicate that engaging in socially responsible activities might negatively impact banking financial performance at high financial performance levels. Moreover, CEO overconfidence appeared to positively affect financial performance at all quantile levels. Additionally, CEO overconfidence was liable to exert a rather significant influence on the CSR of banks displaying FP scores approaching the highest performance levels. The findings also highlighted that overconfidence positively moderates the CSR effect on banking financial performance at all quantile levels. This research provides practical implications and insights for managers and policymakers seeking to improve banks' financial performance through highlighting the joint effect of strong commitment to CSR practices and CEO overconfidence.
  Keywords: corporate social responsibility; CSR; behavioural finance; overconfidence; performance; sustainability; COVID-19 pandemic.
  DOI: 10.1504/IJRM.2025.10069963
   
  
• Do top ranked ESG score countries provide diversification opportunities with global markets?  
  by Sudhi Sharma, Neeraj Aswal, Reepu, Parul Bhatia, Shristi Jain, Vaibhav Aggarwal, Shashank Sharma 
  Abstract: The paper attempts to find diversification opportunities with Nordic countries with high environmental, social, and governance (ESG) scores and world and emerging indices. The study also identifies the resilient diversification opportunities in these countries during the pandemic. The study utilises daily-adjusted closing prices of the selected indices from March 11, 2018, to March 11, 2021, divided into pre-COVID and post-COVID windows. The time-varying connectedness-wavelet coherence model and network analysis capture the time-varying volatilities and analyse the interconnectedness between the indices. The results found that MSCI Emerging markets diversification opportunities are least impacted by the outbreak of the pandemic and thus, show more resilient diversification in comparison with MSCI World Index. It has been found that Iceland and Switzerland are the two indices that provide diversification with benchmark indices and captured diversification. Finally, Switzerland is providing resilient diversification opportunities with both benchmark indexes.
  Keywords: environmental, social, and governance; ESG scores; sustainable development; economic growth; COVID-19; time-varying connectedness; UN SDG8.
  DOI: 10.1504/IJRM.2025.10069687
   
  
• Comparative study on classifying overinvestment by machine learning  
  by Tam Phan Huy 
  Abstract: This research delves into the prevalent issue of overinvestment in Vietnamese firms, employing a range of machine learning algorithms to classify such behaviour. The study utilises data from Vietnam's stock exchanges, applying a wide array of machine learning algorithms - ranging from Logistic Regression to complex deep learning architectures - to identify the most effective tool in classifying overinvestment. The findings from this study reveal that certain machine learning algorithms, particularly ensemble methods like AdaBoost, XGBoost, LightGBM, and CatBoost, demonstrate exceptional proficiency in classifying overinvestment scenarios among Vietnamese firms. These models outperform traditional statistical approaches by effectively capturing the complex, non-linear dynamics that characterise overinvestment behaviour. Notably, the research uncovers that AdaBoost and XGBoost are particularly adept in this context, offering high accuracy and robustness in detecting overinvestment patterns. The research concludes that these machine-learning tools are crucial for understanding and mitigating overinvestment risks, providing a significant analytical resource for Vietnam's financial sector. The study recommends further adoption of machine learning in corporate financial analysis to enhance decision-making and market stability.
  Keywords: overinvestment; machine learning; Vietnam markets.
  DOI: 10.1504/IJRM.2025.10070675
   
  
• Factors affecting the use of cost management system information and financial performance in Vietnam manufacturers  
  by Vo Tan Liem, Nguyen Ngoc Hien 
  Abstract: The current research established and analysed the influence of the top managers' characteristics (only consider the CEO) on using information from the cost management system (CMS) to make strategic decisions, which is based on upper echelon theory (UET). Additionally, the current research takes into account the moderating influence of environmental dynamism in some relationships. Survey participants are CEOs in medium and large manufacturing enterprises operating in Vietnam. All relationships are statistically significant (except the impact of aging on financial performance). These results suggest that, under environmental dynamism, a good fit between the characteristics of CEOs and the CMS contributes to improving the financial performance of Vietnamese manufacturing enterprises. This result will assist top managers in enhancing the financial performance of the Vietnam manufacturers through the design of an effective cost management system. When realising the significant benefits that a cost management system brings, top managers will provide more support to cost management system designers, thereby enhancing the competitiveness of manufacturing enterprises in Vietnam.
  Keywords: age; managerial risk-taking propensity; cost management system; CMS; financial performance; environmental dynamism; Vietnam; upper echelon theory; UET.
  DOI: 10.1504/IJRM.2025.10071058
   
  
• Governance quality and stock market returns: a comparative study of developed, emerging and frontier markets  
  by Fouzia Alloul, El Mehdi Ferrouhi 
  Abstract: A nation's ability to effectively execute regulations that protect investors and enhance stock market performance is directly correlated with its level of governance. The objective of this study is two-fold: 1) to empirically examine the short-term and long-term effects of governance quality, measured by indicators such as control of corruption (CCOR), government effectiveness (GEFF), political stability and absence of violence/terrorism (PSAV), regulatory quality (RQUA), rule of law (RLAW), and voice and accountability (VACC), on stock returns (SR) in developed, emerging, and frontier markets; 2) to analyse whether this relationship differs as a result of the market development level. Using a PMG/panel ARDL technique, the results suggest that there is a statistically significant long-term relationship between governance quality indicators and stock market returns in developed, emerging, and frontier markets, except for PSAV in emerging markets. Additionally, frontier markets are more sensitive to these effects than both developed and emerging markets. However, no such relationship was found in the short-term.
  Keywords: governance quality; governance indicators; stock returns; PMG/panel ARDL; developed markets; emerging markets; frontier markets.
  DOI: 10.1504/IJRM.2025.10071736