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International Journal of Electronic Finance (3 papers in press)
Impact of Corporate Governance Practices on Financial Performance: Evidence from Non-Financial Sector of Pakistan by Habib-ur Rahman, Mahwish Rafique, Zahid Ali Akbar, Emmanuel S. Aidoo Abstract: This study aims to examine the impact of corporate governance practices on the financial performance of Pakistani firms. For this purpose, we use the panel data of 65 non-financial firms listed on the Pakistan Stock Exchange from 2010 to 2017. Electronic finance has significantly changed corporation activities. In this context, we relate the accounting and market measures of performance with corporate governance factors. Applying ordinary least squares and the fixed effects model, our results reveal that board size, institutional ownership, managerial ownership, ownership concentration, and size of the firm have a positive and significant impact on the return on assets (ROA). This empirical investigation further reveals that (1) the association between board independence, foreign ownership, and liquidity is positive but statistically insignificant, and (2) Chief Executive Officer (CEO) duality and leverage have a negative but statistically insignificantly impact on ROA. By taking Tobins Q as a dependent variable, we observe that board size, managerial ownership, and ownership concentration have a positive and statistically significant impact. Nonetheless, our results reveal that leverage and CEO duality have a negative but statistically insignificant impact on Tobins Q. Board independence, institutional ownership, foreign ownership, size, and liquidity have a positive but statistically insignificant impact on Tobins Q. Keywords: Corporate governance; financial performance; managerial ownership; institutional ownership; board size; ownership concentration; ROA; Tobin’s Q.
Have Pure-Play Internet Banks Caught up with Traditional and Hybrid Banks over the Past Decade? by Yu Zhang Abstract: Abstract: This paper investigates the performance of pure-play-Internet (PPI) banks compared to their traditional and hybrid counterparts over the past eighteen years. All eleven surviving PPI banks were hand screened and matched with 110 control banks randomly selected based on total assets from the FDIC website. Our pooled OLS regressions with robust errors show that PPI banks have lower profitability and are less cost efficient than their counterparts. This may be because PPI banks still need time to accumulate experience and scale effects. PPI banks also do not attract more deposits or invest more in securities than traditional and hybrid banks. However, they do have less risk in terms of bad loans than traditional and hybrid comparables. Keywords: Keywords: Pure-play Internet banks; financial performance.
Strategies and Development of Philippine Telecommunications Industry: Revisiting the Struggle, Liberalization, and Innovations by Candy Chiu, Jason Chiu, Han-Chiang Ho, Somkiat Mansumitrchai Abstract: The telecommunications industry plays a vital role in determining the competitiveness of a country in a global economy. Access to advanced communication technologies at reasonable prices is essential to the country's growth and economic development. However, in the Philippines, the government permitted the Philippine Long Distance Telephone Company (PLDT), a privately-owned company to dominate the market for sixty-five years. PLDT influences the political and regulatory process of the country which gives them the power to bring about changes in regulations that further enhance the profits it earns. This paper critically examines the historical perspective, the country's industrial policies, the establishment of regulatory authorities, and their consequences in the development of the country's infrastructure. If the goal of the government is to promote competition in the telecom market, they must create competition in the telecommunications industry in order to encourage efficiency and optimal allocation of resources. Keywords: telecommunications industry; Philippines; private monopoly; competition policies; liberalization; deregulations.