Credit default prediction using a support vector machine and a probabilistic neural network
- Authors: Abedin, Mohammad , Guotai, Chi , Colombage, Sisira , Fahmida-E-Moula
- Date: 2018
- Type: Text , Journal article
- Relation: Journal of Credit Risk Vol. 14, no. 2 (2018), p. 1-27
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- Description: The design of consistent classifiers to forecast credit-granting choices is critical for many financial decision-making practices. Although a number of artificial and statistical techniques have been developed to predict customer insolvency, how to provide an inclusive appraisal of prediction models and recommend adequate classifiers is still an imperative and understudied area in credit default prediction (CDP) modeling. Previous evidence demonstrates that the ranking of classifiers varies for different criteria with measures under different circumstances. In this study, we address this methodological flaw by proposing the simultaneous application of support vector machine and probabilistic neural network (PNN)-based CDP algorithms, together with frequently used high-performance models. We fill the gap by introducing a set of multidimensional evaluation measures combined with some novel metrics that are helpful in discovering unseen features of the model’s performance. For effectiveness and feasibility purposes, six real-world credit data sets have been applied. Our empirical study shows that the PNN model is more robust than its rivals, and traditional performance evaluations are more or less consistent with their original counterparts. With these contributions, therefore, our investigations offer several advantages to practitioners of financial risk management.
Exporting in the Asian Century; The Dynamics of Success
- Authors: Amarasena, Anura , Colombage, Sisira
- Date: 2017
- Type: Text , Book
- Full Text: false
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Working capital management practices in India : Survey evidence
- Authors: Baker, Kent , Kumar, Satish , Colombage, Sisira , Singh, Harsh
- Date: 2017
- Type: Text , Journal article
- Relation: Managerial Finance Vol. 43, no. 3 (2017), p. 331-353
- Full Text: false
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- Description: Purpose: The purpose of this paper is to investigate the working capital management (WCM) practices adopted by Indian firms listed on the National Stock Exchange (NSE). Design/methodology/approach: Using a questionnaire, the authors gather data from 110 financial managers and use various statistical techniques to test for statistical significance. Findings: The evidence shows that the majority (54.5 percent) of sample firms follow a moderate approach in financing their activities, which involves a trade-off between liquidity and profitability. Respondents tend to use an informal approach for WCM and consider receivables management as the most important component of WCM. In terms of WCM monitoring and financial measures, respondents mainly consider the cash conversion cycle and net working capital. Indian firms tend to use centralized cash management and rely heavily on material requirement planning (MRP) and enterprise resource planning (ERP) for proper inventory management. Research limitations/implications: Tests involving firm size, foreign sales, and average age do not differ significantly between the NSE-listed firms and the sample firms. This evidence lessens concerns of non-response bias and the ability to generalize the findings to Indian firms. Originality/value: By updating and extending previous research on WCM, this study fills a gap in the literature by providing insights into practices adopted by Indian firms in managing WCM and its components. © 2017, © Emerald Publishing Limited.
Block shareholder identity and firm performance in New Zealand
- Authors: Boone, Nicholas , Colombage, Sisira , Gunasekarage, Abeyratna
- Date: 2011
- Type: Text , Journal article
- Relation: Pacific Accounting Review Vol. 23, no. 2 (2011 2011), p. 185-210
- Full Text: false
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- Description: Purpose – The purpose of this study is to examine whether the influence of block ownership on firm performance depends on the identity of the largest investor. Design/methodology/approach – The authors analyse the data for New Zealand companies for the period from 2002 to 2007 and develop multiple regression models which test the influence of block ownership on firm performance subject to the identity of the investor. A two-stage least square approach is employed to test the effect of possible reverse causality between block ownership and firm performance on the relationship found in multiple regression models. Findings – The authors find that the concentrated ownership has a positive, albeit decreasing, association with firm performance. This relationship is conditioned on the identity of the largest investor. Those companies whose block investors were financial institutions performed better than their peers. The superior influence of financial investors on corporate performance did not disappear even when the endogeneity of this relationship was accounted for. Originality/value – The main contribution of this paper is the finding of a differential influence of various identities of block investors on firm performance. It questions the role that some domestic block investors play in the governance of New Zealand companies and the reason why the financial system has allowed corporate entities to be the main shareholders of the majority of firms when they underperform relative to their peers.
Asymmetry of information and the finance-growth nexus : Evidence from emerging markets
- Authors: Colombage, Sisira , Halabi, Abdel
- Date: 2008
- Type: Text , Conference paper
- Full Text: false
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Asymmetry of information and the finance-growth nexus in emerging markets: empirical evidence using panel VECM analysis
- Authors: Colombage, Sisira , Halabi, Abdel
- Date: 2012
- Type: Text , Journal article
- Relation: Journal of Developing Areas Vol. 46, no. 1 (2012), p. 133-146
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- Description: This paper tests both the short and long term relationship between the real GDP, the equity amounts outstanding, the corporate bond amounts outstanding and bank credit to the private sector for five emerging markets. In particular, the finance-growth nexus is analysed with data collected from China, Indonesia, the Philippines, South Korea and Thailand between 1994 and 2009 using panel VECM analysis. The cointegration technique is then used to examine the long run behavior based on the assumption that all the variables involved have the same degree of integration and the error correction model (ECM) and the Wald test are employed to determine the direction of causality. The empirical results suggest the existence of a stable relationship in the direction from economic growth to financial market development that is consistent with the information asymmetry arguments for emerging markets. The findings have implications for financial and economic policy makers and enable these stakeholders to determine which sectors should be encouraged to achieve overall economic growth and development. The results are also useful to investors as they show the level of the intensity of information asymmetry on which these relationships might vary in both the short and long run.
Stock market and tax revenue as determinants of economic growth : Panel data evidence from developing Asia
- Authors: Colombage, Sisira , Maslyuk, Svetlana , Taha, Roshaiza
- Date: 2015
- Type: Text , Journal article
- Relation: The Journal of Developing Areas Vol. 49, no. 4 (2015), p. 89-107
- Full Text: false
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- Description: Traditional growth literature advocated the role of fiscal policy in establishing economic growth (Mckinnon, 1973; Schumpeter, 1911; Shaw, 1973; Solow, 1956; Zagler and Durnecker, 2003), but it did not consider the role of the stock market and the financial intermediation as the potential determinants of growth. Among those few economic theories explaining the stock market and taxation as joint determinants of the economic growth are the Levine’s (1991) endogenous growth models (EGM), which suggests that economic growth is strongly influenced by the stock market and tax policy, and the Laffer - Khaldun curve, which demonstrates that reduced tax rates on investment income would stimulate economic growth which in turn generate more tax revenue and possibly even compensate for tax incentives given on investment. We investigate ten Developing Asia nations over the period 1990 to 2008. To study differences among the countries, the study sub-divides Developing Asia into East Asia Pacific (China, Thailand, Malaysia, Indonesia, Taiwan, Philippines) and South Asia (Bangladesh, India, Pakistan, Sri Lanka). Our motivation to choose these particular countries has been influenced by the rapid expansion of the stock markets and the rise in economic growth over the entire sample period. We employ panel unit root tests, Pedroni cointegration tests and panel Granger causality tests to estimate both short and long run causal relationships between stock market, tax revenue and economic growth. Data used included logged values of GDP to proxy economic growth, total tax revenue and stock market capitalization taken as a percentage of GDP to proxy tax revenue and stock market respectively. Findings provide evidence in support of Laffer-Khaldun curve and the Levine’s (1991) EGM: stock market and tax revenue do have an impact on economic growth even though the impact might be somewhat small or in some cases even negative. This can be due to country- specific characteristics that make a successful transition from stock market and tax revenue to economic growth more difficult (i.e., corruption, difficulties in obtaining credit at the personal level, inflation). In the short run results demonstrate the existence of causal linkages (varying directions) for the countries in East Asia Pacific and South Asia. In the long run, for all the examined sub-samples the direction of relationship runs from i) economic growth and tax revenue to stock market; and ii) economic growth and stock market to tax revenue. For policy implementation, these results indicate that in order to promote economic growth, governments of ten Developing Asia should improve the channels between the stock market, taxation policy and economic growth by developing stock market liquidity and by identifying growth-oriented tax reform strategies.
Target's organisational form and returns to Australian bidders in cross‐border acquisitions
- Authors: Colombage, Sisira , Gunasekarage, Abeyratna , Shams, Syed
- Date: 2014
- Type: Text , Journal article
- Relation: Accounting & Finance Vol. 54, no. 4 (2014), p. 1063-1091
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- Description: We present large sample evidence on return performances of ustralian acquirers who bid for public and private targets in cross‐border acquisitions. While placing a particular emphasis on the method of payment and the shareholder protection offered by the target country, we analyse the impact of various bid, firm and foreign‐acquisition‐specific characteristics on bidding firms' abnormal returns. We find that ustralian investors perceive cross‐border acquisitions as value‐creating exercises regardless of the organisational form of the target acquired. However, bidders for private targets earn higher return when the method of payment is stock and the targets are located in high investor protection countries. We further find that the abnormal returns are conditional to the relative size of the target, bid frequency, target country destination and the preacquisition financial performance of bidding firms.
Impact of credit quality on credit spread of green bonds : A global evidence
- Authors: Colombage, Sisira , Nanayakkara, Kariyawasam
- Date: 2020
- Type: Text , Journal article
- Relation: Review of Development Finance Vol. 10, no. 1 (2020), p. 31-42
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- Description: This study investigates the effect of credit quality on the credit spread of green bonds (GB). GB issues in 2016 and 2017 are considered for the study along with comparable conventional bonds (CB). The sample is categorised into two panels, investment-grade and non-investment-grade, to examine the effect of credit quality on the credit spread of GBs. Analysing a large sample of daily data, the study concludes that GBs are issued at a premium in the market only if the particular bond issue is an investment-grade one. This study uses hybrid method in panel regression analysis to reach the aforesaid conclusion. © 2020, AfricaGrowth Institute. All rights reserved.
COVID-19 effects on public finance and SDG priorities in developing countries : comparative evidence from Bangladesh and Sri Lanka
- Authors: Colombage, Sisira , Barua, Suborna , Nanayakkara, Madurika , Colombage, Udari
- Date: 2023
- Type: Text , Journal article
- Relation: European Journal of Development Research Vol. 35, no. 1 (2023), p. 85-111
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- Description: The COVID-19 pandemic, an unprecedented global health crisis, rapidly transferred into a global economic and social crisis. The pandemic has threatened the world’s commitment to achieve Sustainable Development Goals (SDGs) by 2030 as governments in developing countries have shifted their priorities from attaining SDGs, to providing urgent financial needs to save lives and prevent recession in hopes for a rapid economic recovery. The rerouting of public funding priorities has undermined the progress and achievement of SDGs. We employed a mixed-method and carried out a comparative study using pre- and post-public financial data of two developing countries in South Asia; Bangladesh and Sri Lanka. A threefold analysis was conducted to investigate the evolution of the COVID-19 pandemic in two countries, the impact of the pandemic on external and internal public finance and the effect of the pandemic in shifting the policy priorities from SDGs to economic survival. This study found that both countries are highly vulnerable to the COVID-19 pandemic and are suffering from the lack of financing from external sources through the private sector as well as an increasing foreign debt. There is mounting pressure on the fiscal balance in both countries. © 2022, The Author(s).
Effects of regulator's announcements, information asymmetry and ownership changes on private equity placements : Evidence from China
- Authors: Fonseka, Mohan , Colombage, Sisira , Tian, Gao-Liang
- Date: 2014
- Type: Text , Journal article
- Relation: Journal of International Financial Markets, Institutions & Money Vol. 29, no. (2014), p. 126-149
- Full Text: false
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- Description: •Wealth effect of Chinese PE announcements can be seen on application, approval, and completion.•No significant price response on announcements of withdrawal or rejection of applications.•Market discount, proceeds from private placements, and private-institutional buying systematically influence market reaction.•Influence of announcement effect differs across changes in ownership of investor categories.•Results are consistent with the information and ownership structure hypotheses. In response to the China Securities Regulatory Commission's regulation of private equity placements (PEP) in 2006, this study investigates the impact of the announcements of PEP applications, withdrawals, rejections, approvals, and completions on the returns of the firms that issue private equity (PE) and the factors that influence market reactions to these announcements. The results show that issuing firms experience stock price responses only to the announcements of PE applications, approvals, and completions. The announcement effect is positively related to the market discount, proceeds from private placements, and private institutional buying and ownership changes; and negatively related to government or government institutional buying and changes in the ownership of management buyers.
Political connections, ownership structure and private-equity placement decision : evidence from Chinese listed firms
- Authors: Fonseka, Mohan , Yang, Xing , Tian, Gao-Liang , Colombage, Sisira
- Date: 2015
- Type: Text , Journal article
- Relation: Applied Economics Vol. 47, no. 52 (2015), p. 5648-5666
- Full Text: false
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- Description: In contrast with many other countries, Chinese listed firms must obtain approval to make private-equity placements (PEPs) from the Chinese Security Regulatory Commission (CSRC), a state bureau that regulates capital market financing. We analyse the role of political connection (PC) and ownership structures when accessing private equity (PE) market, while investigating the mechanisms through which political ties operate within the regulatory process of PEPs. The findings suggest that PCs do not contribute to the firm's decision to apply for PEPs, but firms with state-ownership demonstrate a higher propensity to apply for PEPs. PC and state-ownership appear to help firms to obtain approval from the CSRC, and these firms are treated more favourably than their rivals without such connections. Politically connected firms spend less time in managing bureaucracy, but PC and state-ownership negatively affect proceeds from the PE market in China. Firms with politically connected directors with professional business backgrounds tend to spend less time managing the CSRC, and these professionals positively affect proceeds from the PE market in China. This study provides important insights for policy-makers, investors, PE issuing firms and security market regulators.
Financial distress and COVID-19 : evidence from working individuals in India
- Authors: Goyal, Kirti , Kumar, Satish , Rao, Purnima , Colombage, Sisira , Sharma, Ankit
- Date: 2021
- Type: Text , Journal article
- Relation: Qualitative Research in Financial Markets Vol. 13, no. 4 (2021), p. 503-528
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- Description: Purpose: This study aims to explore the impact of the containment measures during COVID-19 on individuals’ finances, financial resilience during such distress and identifying the most financially vulnerable among them. Tracing such impact during the pandemic has been challenging due to a lack of representative data. This paper addresses this gap in the present study. Design/methodology/approach: A survey has been conducted using a structured questionnaire containing various items that portray the impact on income, spending, saving, investment, borrowing, insurance and retirement. The sample consists of 699 respondents and purposive and snowball sampling has been used for data collection. The results are presented and analyzed using infographics and frequency distributions. This study conducts an analysis of variance and Chi-square tests for significance. Findings: This paper finds a fall in income and limited ability to cope with the current economic conditions. The survey highlights inadequate savings and insurance, weak retirement planning, outstanding loans and under-diversified investments inhibiting financial resilience even among the higher-income group. Particularly, lower-income strata, women and not much educated are most financially vulnerable. Further, no substantial financial benefits have been received from the government and people rely on their usual income sources. Originality/value: To the best of the authors’ knowledge, this is the first study that measures the pandemic’s impact on personal finances, especially in connection with a developing economy like India. Policy interventions are critical to the millions for whom financial literacy is required now more than ever. © 2021, Emerald Publishing Limited.
The psychological antecedents of personal financial management behavior : a meta-analysis
- Authors: Goyal, Kirti , Kumar, Satish , Xiao, Jing , Colombage, Sisira
- Date: 2022
- Type: Text , Journal article
- Relation: International Journal of Bank Marketing Vol. 40, no. 7 (2022), p. 1413-1451
- Full Text: false
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- Description: Purpose: The intent of this study is to aggregate, in a measurable form, the results of previous studies on the association between personal financial management behavior (PFMB) and six psychological factors, which are financial attitude, financial self-efficacy, self-control, materialism, internal locus of control (LOC), and external LOC. Design/methodology/approach: A stack of 32 research documents that investigated 52 relationships between various psychological variables and PFMB was analyzed using the meta-analysis technique. Along with the overall meta-analysis, a comprehensive subgroup analysis was also undertaken counseled to determine whether the results contrast on account of the age group of the sample and the economy of the country to which the sample belongs. Findings: The overall meta-analysis findings do not support the association between PFMB and the various explanatory variables except for the significant positive association with self-control. In contrast, a subgroup study revealed that self-control (positively) and materialism (negatively) were found to be significantly associated with PFMB among adults. The association between internal LOC and PFMB is significant and positive among the young. Interestingly, self-control appeared to be significantly and positively associated with PFMB in developed countries. In developing countries, financial attitude, financial self-efficacy and internal LOC are significantly and positively associated with PFMB. Originality/value: Distinct from other review papers, this meta-analysis quantitatively cumulates and reconciles the conflicting findings on the linkage between psychological predictors and PFMB. To the best of the authors' knowledge, this is the first meta-analysis on the topic. © 2022, Emerald Publishing Limited.
Portfolio construction by using different risk models : a comparison among diverse economic scenarios
- Authors: Hunjra, Ahmed , Alawi, Suha , Colombage, Sisira , Sahito, Uroosa , Hanif, Mahnoor
- Date: 2020
- Type: Text , Journal article
- Relation: Risks Vol. 8, no. 4 (2020), p. 1-23
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- Description: We aim to construct portfolios by employing different risk models and compare their performance in order to understand their appropriateness for effective portfolio management for investors. Mean variance (MV), semi variance (SV), mean absolute deviation (MaD) and conditional value at risk (CVaR) are considered as risk measures. The price data were extracted from the Pakistan stock exchange, Bombay stock exchange and Dhaka stock exchange under diverse economic conditions such as crisis, recovery and growth. We take the average of GDP of the selected period of each country as a cut-off point to make three economic scenarios. We use 40 stocks from the Pakistan stock exchange, 92 stocks from the Bombay stock exchange and 30 stocks from the Dhaka stock exchange. We compute optimal weights using global minimum variance portfolio (GMVP) for all stocks to construct optimal portfolios and analyze the data by using MV, SV, MaD and CVaR models for each subperiod. We find that CVaR (95%) gives better results in each scenario for all three countries and performance of portfolios is inconsistent in different scenarios. © 2020 by the authors. Licensee MDPI, Basel, Switzerland.
Opportunities and barriers for FinTech in SAARC and ASEAN Countries
- Authors: Imam, Tasadduq , McInnes, Angelique , Colombage, Sisira , Grose, Robert
- Date: 2022
- Type: Text , Journal article
- Relation: Journal of risk and financial management Vol. 15, no. 2 (2022), p. 77
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- Description: This article assesses the opportunities and challenges for different categories of FinTechs in the SAARC and ASEAN regions. We consider the global financial inclusion data released by the World Bank and map the responses to gain insights into the opportunities and challenges for FinTechs in the respective regions. We develop a new index, termed the FinTech Opportunity Index (FOI), to conceptualise the opportunities and barriers based on individual savings, borrowings, purchasing behaviour, and payment preferences. We note that FinTech services have potential opportunities for expansion in the ASEAN regions but less so in the SAARC regions. The need for different types of FinTech services varies between regions. Services such as crowdfunding, neobanks, and InsurTech have potential in the ASEAN regions, especially with the positive attitude towards entrepreneurship and asset investments. In the SAARC regions, InsurTechs linked to health care has potential along with LendTechs and neobanks. We further note that males, and the young are more likely adopters of FinTechs in both regions. The analysis suggests the need for innovative promotions and education to motivate the more sceptical, especially women and the elderly population, to adopt FinTech services.
Does blockchain technology drive sustainability? An exploratory review
- Authors: Jayawardhana, Jayawardhana , Colombage, Sisira
- Date: 2020
- Type: Text , Book chapter
- Relation: Developments in Corporate Governance and Responsibility p. 17-42
- Full Text: false
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- Description: Blockchain technology is an extension of distributed ledger technology and it is used in cryptocurrencies. Many studies describe blockchain technology and cryptocurrency is an application of it in a very broad sense. Blockchain technology has several applications. Some of these applications could have direct or indirect relevance to either or both pillars of sustainability advocated by Crowther, Seifi, and Wond (2019). Extending to cryptocurrencies like bitcoin, one possible connection to sustainability may be the reduction of the use of paper for printing currency notes, which can save forests. Furthermore, the growing cryptocurrency market attracted the investors to focus on the price fluctuations but making them forget about the terrifying carbon problem associated with cryptocurrencies. However, this possibility has not been demonstrated anywhere so far. The issue examined here is how blockchain technology can be used for solving sustainability problems. We initiate a qualitative study of the blockchain technology/cryptocurrency and sustainability using the twin pillars of sustainability: (1) responsibility, (2) governance. An exploratory review linking blockchain technology/cryptocurrency and sustainability and its two pillars revealed many actual and trial applications by corporates as CSR initiatives and other novel programs by various agencies in various countries. In governance, corporates use the CSR route to address sustainability issues. However, no definition is an available linking cryptocurrency, blockchain technology, and sustainability and we developed a definition to fill the gap. This paper stresses that the sustainability perspective has not been used to develop the cryptocurrency definition, but rather technological and legal perspectives have employed. © 2020 Emerald Publishing Limited.
Capital structure of SMEs : a systematic literature review and bibliometric analysis
- Authors: Kumar, Satish , Sureka, Riya , Colombage, Sisira
- Date: 2020
- Type: Text , Journal article
- Relation: Management Review Quarterly Vol. 70, no. 4 (2020), p. 535-565
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- Description: Capital structure is the outcome of market conditions, financial decisions taken by the firm, and credit rationing of fund providers. Research on the capital structure of small and medium enterprises (SMEs) has gained momentum in recent years. The present study aims to identify key contributors, key areas, current dynamics, and suggests future research directions in the field of the capital structure of SMEs. This paper adopts a systematic literature review methodology along with bibliometric, network, and content analysis on a sample of 262 studies taken from the Web of Science database to examine the research activities that have taken place on this topic. Most influential papers are identified based on citations and PageRank, along with the most influential authors. The co-citation network is developed to see the intellectual structure of this research area. Applying bibliometric tools, four research clusters have been identified and content analysis performed on the papers identified in the clusters. It is found that the major research focus in this area is around theory testing—mainly, pecking order theory, trade-off theory, and agency theory. Determinants of capital structure, trade credit, corporate governance, and bankruptcy are also the prominent research topics in this field. Also, this study has identified the research gaps and has proposed five actionable research directions for the future. © 2019, Springer Nature Switzerland AG.
Research on capital structure determinants : A review and future directions
- Authors: Kumar, Satish , Colombage, Sisira , Rao, Purnima
- Date: 2017
- Type: Text , Journal article , Review
- Relation: International Journal of Managerial Finance Vol. 13, no. 2 (2017), p. 106-132
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- Description: Purpose: The purpose of this paper is to study the status of studies on capital structure determinants in the past 40 years. This paper highlights the major gaps in the literature on determinants of capital structure and also aims to raise specific questions for future research. Design/methodology/approach: The prominence of research is assessed by studying the year of publication and region, level of economic development, firm size, data collection methods, data analysis techniques and theoretical models of capital structure from the selected papers. The review is based on 167 papers published from 1972 to 2013 in various peer-reviewed journals. The relationship of determinants of capital structure is analyzed with the help of meta-analysis. Findings: Major findings show an increase of interest in research on determinants of capital structure of the firms located in emerging markets. However, it is observed that these regions are still under-examined which provides more scope for research both empirical and survey-based studies. Majority of research studies are conducted on large-sized firms by using secondary data and regression-based models for the analysis, whereas studies on small-sized firms are very meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various industries is yet to be examined. The review highlights the major determinants of capital structure and their relationship with leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well as statistically. Originality/value: The paper covers a considerable period of time (1972-2013). Among very few review papers on capital structure research, to the best of authors’ knowledge; this is the first review to identify what is missing in the literature on the determinants of capital structure while offering recommendations for future studies. It also synthesize the findings of empirical studies on determinants of capital structure statistically. © 2017, © Emerald Publishing Limited.
Does compliance with Green Bond Principles bring any benefit to make G20’s ‘Green economy plan’ a reality?
- Authors: Nanayakkara, Kariyawasam , Colombage, Sisira
- Date: 2021
- Type: Text , Journal article
- Relation: Accounting and Finance Vol. 61, no. 3 (2021), p. 4257-4285
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- Description: We examine the impact and degree of compliance with Green Bond Principles (GBPs) on investor demand for Green Bonds (GBs) in G20 countries by employing cross-sectional regression to analyse data over the period 2007–2016. After controlling for common bond-specific and macroeconomic variables, we find a significant positive impact of higher compliance with principles on investor demand, as measured by bid-ask spread and yield spread. We show that GBs issued by government institutions are able to minimise the adverse effects of low compliance with GBPs and the investor demand for fixed-coupon GBs is higher than float-coupon GBs. © 2020 Accounting and Finance Association of Australia and New Zealand