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Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers' margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four‐fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid‐ask spreads suggest that liquidity explains one‐fifth of the variance in daily stock returns during the crash. [ABSTRACT FROM AUTHOR]

Liquidity is critical for a healthy and thriving blockchain ecosystem, enabling value exchange between participants. However, achieving unified liquidity across heterogeneous blockchain platforms remains challenging due to disparities in architecture, virtual machines, and asset management logic. These disparities force assets to be wrapped into other formats to ensure compatibility with underlying systems, thus fragmenting liquidity into multiple pools. This paper proposes LiquiSpell, a novel protocol that aims to unify liquidity across multiple parachains within the Polkadot ecosystem. By leveraging the cross-chain message passing (XCMP), LiquiSpell introduces the concept of a universal transaction that can be constructed to be compatible with any parachain, regardless of its underlying architecture or asset management pallet. This approach overcomes the obstacles posed by the diverse nature of parachains, enabling seamless asset sharing and enhancing cross-chain interoperability. The proposed solution mitigates liquidity fragmentation within the Polkadot ecosystem. It presents a framework that can be extended to other multichain environments outside Polkadot. Ultimately, LiquiSpell aims to foster a thriving ecosystem by facilitating the introduction of new assets and increasing overall liquidity, thereby driving innovation and adoption within the decentralized finance (DeFi) landscape. [ABSTRACT FROM AUTHOR]

Investment fund managers have been trying to provide more attractiveness for investors by earning higher yields and generating liquidity. The investment rate of return of a mutual fund is obtained from the difference between the issuance and redemption of Net Asset Values (NAVs) per investment unit. However, the Exchange Traded Funds'(ETFs') yield should be calculated differently, and investors must consider the changes in market prices (Not only the NAVs), which are not usually announced through the Ads, so they disregard the investors. Investment fund managers believe that the attractiveness of the rate of return, even to a small extent, leads to over-welcoming of the investors and a faster growth of the funds' size. According to the information available in recent years, investors have shown more interest in fixed-income investment funds, and the growth of ETFs has been significant compared to the growth of total funds, so it can be assumed that investors are more interested in ETFs. Thus, in this research, we will identify factors affecting the development of ETFs, especially fixed-income ones. To fulfill our purpose, we examined all active fixed-income investment funds that are traded in the Tehran Stock Exchange and the Iran Farabourse from March 2021 to September 2023, including 25 ETFs. We analyzed our panel data through ordinary least squares. Analyzing the effective rate of returns of 25 Fixed Income ETFs, which have been active from March 2021 to September 2023, our results showed that ETFs development is significantly related to the fund size, daily price volatility, and liquidity. Despite our expectations, rate of return, fund age, and price adjustment do not have a significant effect on the development of investment funds. The result showed that a higher rate of return did not have a significant effect on the attractiveness and acceptance of investors, but the liquidity of investment units positively affects the development of fixed-income ETFs. We also found that the daily volatility of the final price inversely impacted the fund's size. This is consistent with investors' low risk-taking spirit in fixedincome funds and emphasizes their preference to avoid liquidity risk and price volatility risk. [ABSTRACT FROM AUTHOR]

Purpose: This study analyzes how political-economic events have affected the Brazilian capital market over 13 years by evaluating the abnormal returns of the five most liquid stocks (Top-5). Originality/value: This research proceeds from previous studies by analyzing various political-economic events that impacted, to some extent, the prices of companies listed on the Brazilian Stock Exchange over 13 years. Considering both favorable and opposing evidence to the efficient market hypothesis (EMH), this study provides an original and robust test to evaluate market efficiency, considering various events and companies. Design/methodology/approach: We used the event study methodology to measure the impact of each event on stock prices by using the day before and after the event analyzed. We performed capital asset pricing model (CAPM) estimations with 110 observations before the event to assess abnormal returns. To assess the research hypotheses, we used the average abnormal return test around the event (Window – 1.1). Findings: We found that the five major companies in the Brazilian stock market were efficient in the EMH semi-strong form test despite 13 years of extreme events. Their returns did not change significantly after the events, differentiating themselves from studies that question market efficiency. Therefore, market participants should not expect abnormal returns in similar events. [ABSTRACT FROM AUTHOR]

Copyright of Stable Economy Journal is the property of University of Sistan & Baluchestan and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Market freezes are an interesting and theoretically challenging phenomenon —they are observed empirically, but cannot occur in standard models. This paper develops a formal theory of recurrent freezes emphasizing liquidity and self‐fulfilling prophecies. While it is well understood how to get hot and cold spells, where prices and quantities fluctuate, we get asset market freezes and thaws where trade completely stops and starts. The simplest specification gets this using negative asset returns. Other specifications use information frictions or fixed costs. We also consider credit freezes, analyze the extent to which the decentralized nature of trade matters, and discuss policy implications. [ABSTRACT FROM AUTHOR]

Payables finance, also known as reverse factoring or supply chain finance, is a form of trade finance offered by a bank that provides a supplier with the option to receive a buyer's payables early while allowing the buyer to extend its payment due date. There has been an increasing adoption of payables finance by various industries in recent years. In "Optimal Cash Management with Payables Finance," X. Yan, L. Chen, and X. Ding characterize the supplier's optimal cash policy under the payables finance arrangement with a buyer and a bank. The authors show that it is the supplier's future cash flow uncertainty, together with the supplier's risk averseness, that drives the cash liquidity value of payables finance. Numerical results of applying the analysis to data sets obtained from a major U.S. chemical company suggest that adopting payables finance can generate considerable value for the company and its suppliers. Payables finance, also known as reverse factoring or supply chain finance, is a form of trade finance arrangement that provides a supplier with the option to receive a buyer's payables early while allowing the buyer to extend its payment due date. The recent adoption of the blockchain technology has the potential to make payables finance more efficient and secure. In this paper, we study the supplier's optimal cash policy under such a "frictionless" payables finance arrangement. Our work extends the classic cash flow management literature in four fronts: (1) we introduce the salient features of payables finance into the cash flow problem; (2) we allow cash flows to be temporally correlated; (3) we adopt a general risk-aversion utility framework for the problem; and (4) we consider a more realistic integrated cash balance model, that is, all interest gains and costs are allowed to accrue together with the cash balance in a single sum. We find the optimal cash policy possesses the "non-borrow-up-to" and "non-invest-down-to" features that differ from the classic (L, U) policy known in the literature. We further quantify the value of payables finance to the supplier and determine the equilibrium payment term extension for the buyer. We show that it is the cash liquidity enabled by payables finance to hedge against cash flow uncertainty that generates value to the supplier. To tackle the computational challenge of the problem, we derive easy-to-compute heuristic policies and system bounds. Numerical studies show that heuristic policies achieve near-optimal performance. Finally, we present results from applying our model to data sets obtained from a major U.S. chemical company. Supplemental Material: The computer code and data that supports the findings of this study are available within this article's supplemental material at https://doi.org/10.1287/opre.2022.0196. [ABSTRACT FROM AUTHOR]

We study the used car market to understand how public enforcement that intends to increase information reliability affects disclosure, pricing, and liquidity. In 1986, federal rules mandated the creation of odometer records, and states enforced the law in a staggered fashion. We find that used car asking-price sensitivity to mileage increases by 32.6%, and mileage disclosure in classified ads increases by 23.4%. The findings suggest that strengthened law enforcement increases odometer credibility and enhances market participants' use of that information. We also show significant improvement in market outcomes: a 9.7% increase in asking price and a 13.4% increase in transaction speed, as reflected in the reduction in repeated ads. The price effect arises irrespective of whether ads contain mileage disclosure, whereas the liquidity effect arises mainly through disclosure. Our study shows public enforcement can benefit the market by improving information credibility. This paper was accepted by Suraj Srinivasan, accounting. Funding: The authors are grateful for financial support from the Olin Business School, Washington University in St. Louis. Supplemental Material: The data and online appendix are available at https://doi.org/10.1287/mnsc.2021.03758 [ABSTRACT FROM AUTHOR]

In recent years, one of the challenges facing governments has always been the issue of financing the budget deficit. Since 1395, the sale of bonds has started to compensate for the budget deficit and these government bonds have also been sold to banks. The purpose of this study is to investigate the effect of selling government bonds to compensate the budget deficit on liquidity The data used in this research is seasonal and for the period 1372:Q2-1400:Q1 and the estimations were done using the system of simultaneous equations and in the framework of recursive models and by the ordinary least squares method .The results indicate that, According to the first equation, the sale of bonds to banks has a positive relationship with the government's debt to banks, in fact, the sale of bonds to banks has increased the government's debt to banks. In the second equation, it was found that the government's debt to the banks has a positive relationship with the banks' debt to the central bank, Therefore, it can be said that the sale of bonds to banks has increased the debt of banks to the central bank. Also based on liquidity equation, The positive relationship between government debt to banks and liquidity and the positive relationship between bank debt to the central bank and liquidity has been proven, Therefore, it can be said that the sale of bonds to banks has led to an increase in liquidity.Keywords: deficit financing, sale of bonds to the bank, liquidity, System of simultaneous equations and Recursive Models .

We investigate the effect of COVID-19 pandemic on firm performance using the quarterly financial data of firms from 89 countries and show that the pandemic has a detrimental impact on firm performance. The firms that held more long-term debt and account receivables on their balance sheet before the pandemic were relatively more affected amid the pandemic. The cash buffers can make firms more resilient to the COVID-19 crisis. The quality of a country's governance plays a vital role in mitigating the adverse impact of the pandemic on firm performance.

A developed and vibrant corporate bond market provides an important means of financial resources to corporate, in addition to bank financing. It brings transparency and prudence into financial system and helps in minimizing risks in financial system through diversification. The main objective of this study is to find out the various issues and hurdles faced by retail investors and come out with appropriate suggestions in this regard. A modest attempt has also been made to understand the present status of the Indian corporate bond market in reference to retail investors participation. The study reveals that, in spite of sincere efforts of policymakers, the participation of retail investors in Indian corporate bond market are negligible. It has also been observed that the important issues of retail investors are related to safety of principal, returns, liquidity and tax benefits. It is expected that the suggestions made in this paper, if implemented, will definitely helpful in attracting retail investors to Indian corporate bond market.

Small finance banks (SFBs) are a special category of banks incepted by the Reserve Bank of India in 2015 to cater to the financial needs of the underserved population of the country with the aim of financial inclusion. They serve the priority sector and the unorganised sector of the country. This article analyses and evaluates the performance of these banks on the basis of various financial parameters such as capital adequacy, asset management, management quality, earning quality and liquidity derived from the CAMEL framework. Following a robust evaluation methodology, namely data envelopment analysis (DEA), a sample of all the SFBs operating in India to date is taken. As per the composite rating of CAMEL, results show that the majority of SFBs exhibit satisfactory performance. Utkarsh SFB Limited is ranked at the first position and is followed by Fincare SFB Limited on the second position. Jana SFB Limited stands at the last position amongst all the banks, preceded by ESAF SFB Limited. The results of DEA show average inefficiency among SFBs. The calculated efficiency scores of SFBs highlight that Capital SFB, Fincare SFB, Jana SFB, Shivalik SFB and Utkarsh SFB are the most efficient banks, with a technical efficiency score of 1. ESAF SFB has the lowest efficiency score. Scale inefficiency is the major reason for inefficiency. The study provides valuable insights to the authorities, managers and investors about the performance of these banks and gives them a future vision of the sustenance of these banks. [ABSTRACT FROM AUTHOR]

This study aims to examine and provide empirical evidence on the influence of liquidity, leverage, and firm size on tax aggressiveness. The population in this study consists of mining companies listed on the Indonesia Stock Exchange from 2020 to 2022. The sampling method used in this study is purposive sampling. Data collection methods include literature review and documentation. Descriptive statistical analysis and Structural Equation Modeling (SEM) based on components or variances, known as Partial Least Square (PLS), are used as methods to analyze the data. The software used in this study is SmartPLS. The results of this study indicate that liquidity does not affect tax aggressiveness, leverage does not affect tax aggressiveness, and firm size has a negative and significant effect on tax aggressiveness.

Purpose : This study aims to determine the financial performance of PT. Sentra Food Indonesia Tbk. Methodology : This type of research is qualitative research using secondary data in the form of financial statements (balance sheet and income statement) at the company PT. Sentra Food Indonesia Tbk for 2017-2021 which is listed on the IDX. The measuring instruments used are the Liquidity Ratio (current ratio and cash ratio) while the Profitability Ratio (ROE and ROA). Research Findings : The results of the Liquidity Ratio research measured using Current Ratio and Cash Ratio are said to be not good. Where the company's Current Ratio does not reach the industry standard of 200% because the average is 73.84. Meanwhile, the company's Cash Ratio is not in good condition because the Cash Ratio does not reach the industry standard of 50% because the average is 3.17 in 5 years, namely from 2017-2021. While the Profitability Ratio measured using Return On Equity and Return On Assets is said to be not good. This is because Return On Equity does not reach the industry standard of 40% because the average is 17.36. Meanwhile, Return On Assets is not in good condition because it does not reach the industry standard of 30% because the average is 6.66 in 5 years, namely from 2017-2021. Tujuan Penelitian : Penelitian ini bertujuan untuk mengetahui kinerja keuangan PT. Sentra Food Indonesia Tbk. Metodologi : Jenis penelitian ini merupakan penelitian kualitatif dengan menggunakan data sekunder berupa laporan keuangan (neraca dan laporan laba rugi) pada perusahaan PT. Sentra Food Indonesia Tbk tahun 2017-2021 yang terdafar di BEI. Alat ukur yang digunakan adalah Rasio Likuiditas (current ratio dan cash ratio) sedangkan Rasio Profitabilitas (ROE dan ROA). Temuan Penelitian : Hasil penelitian Rasio Likuiditas yang diukur dengan menggunakan Current Ratio dan Cash Ratio dikatakan tidak baik. Di mana Current Ratio perusahaan tidak mencapai standar industri yaitu 200% karena rata-ratanya sebesar 73,84. Sedangkan Cash Ratio perusahaan dalam keadaan tidak baik karena Cash Ratio tidak mencapai standar industri yaitu 50% karena rata-ratanya sebesar 3,17 dalam 5 tahun yaitu dari tahun 2017-2021. Sedangkan Rasio Profitabilitas yang diukur dengan menggunakan Return On Equity dan Return On Aset dikatakan tidak baik. Hal ini disebabkan karena Return On Equity tidak mencapai standar industri yaitu 40% karena rata-ratanya sebesar 17,36. Sedangkan Return On Aset dalam keadaan tidak baik karena tidak mencapai standar industri yaitu 30% karena rata-ratanya sebesar 6,66 dalam 5 tahun yaitu dari tahun 2017-2021.

Abstract This paper aims to investigate the impact of influential ESG factors on risk, focusing on debt risk and liquidity risk. The influence on a sample of companies listed on the New York Stock Exchange belonging to the NYSE index is analyzed over a 10-year period, 2012–2021. The quantitative framework covers a multitude of indicators regarding debt, liquidity, corporate governance, the environment, CEO characteristics, performance, and other variables, and the research methodology uses the method of least squares to highlight their impact, using regression models with fixed and random effects, both linear and nonlinear. By estimating regression models, the empirical results confirm the hypotheses found in the existing knowledge stage that debt risk and liquidity risk are significantly influenced by asset profitability, the CEO duality significantly influences debt, while CEO gender diversity has a negative influence on corporate risk, specifically debt and liquidity risk. Additionally, it is shown that the emergence of COVID-19 brings significant changes to company autonomy and their financial performance, the COVID-19 pandemic has negatively influenced corporate risk through restrictions, economic uncertainty, and the amplification of risks. These research results are crucial for practitioners by the necessity of integrating ESG criteria into the risk assessment process and decision-making. Furthermore, concerning policy decision-makers, they help promote sustainability and a responsible approach. Therefore, ESG factors can impact companies' financial performance and influence how they are perceived by investors. By understanding and correctly evaluating these ESG factors, one can identify and manage risks more efficiently, achieve better long-term returns, make appropriate decisions, and promote sustainability in the business environment.

The company is in a liquid state when the company is able to pay short-term debt. This study aims to determine the manufacturing sector companies listed on Bursa efek Indonesia with the effect of cash turnover, accounts receivable turnover and inventory turnover on liquidity. This research method uses quantitative methods with a sampling model of 5 years of financial statements and a population of manufacturing sector companies listed on Indonesian Stock Exchange. The analysis used is the classic assumption test, the coefficient of determination test, the multiple regression test, the t test and the F test. the results of the analysis show that cash turnover on liquidity is significantly negative, accounts receivable turnover on liquidity is not significant, inventory turnover on liquidity is not significant. While the results of cash turnover, receivables turnover and inventory turnover on liquidity are partially significant. Based on these results, only cash turnover is significant to liquidity, there is an opposite relationship due to negative results. So if cash turnover increases, liquidity decreases and vice versa.

One of the industries that is impacted by macroeconomic factors is the transportation sector. A corporation's high company value is undoubtedly reflected in its good performance. In addition, the company's size affects its managerial capabilities and ability to provide services. Using company size as a moderating variable, the research aims to ascertain and examine the impact of financial performance on company value. Descriptive statistics, multiple regression analysis, classical hypothesis testing, and moderate regression analysis (MRA) are the analytical techniques employed in this study. Nine businesses in the transportation sector were chosen for this study sample using the purposive sampling technique. Research data was taken from the 2018–2022 annual financial reports of transportation sector companies listed on the IDX. The research results show that financial performance as measured by profitability (ROA) and liquidity (CR) simultaneously has a positive effect on company value. Meanwhile, partially profitability (ROA) has a significant positive effect on company value. Liquidity (CR) has a significant negative effect on company value. Company size is able to moderate both partially and simultaneously the influence of profitability and liquidity on company value.

In modern times, economic security stands as one of the primary strategic objectives for any state. However, achieving economic security is unattainable without the stable operation of enterprises. Amidst a constantly evolving external environment, the economic security of enterprises becomes a prerequisite for their survival. To this end, evaluating the financial indicators of enterprises and identifying areas for improvement are imperative. The state of an enterprise’s financial indicators is traditionally regarded as the primary factor ensuring its economic security, as these indicators reflect the ultimate outcome of its operations. To analyze the financial indicators of an enterprise effectively, it is essential to establish evaluation criteria and parameters. The significance of accurately defining criteria for evaluating the financial indicators of a company primarily stems from the necessity to ensure its security and formulate and execute effective management decisions. Relevance of the topic. Today, enterprises operate amidst various uncertainties such as crises, pandemics, inflationary processes, and price fluctuations observed worldwide. In such conditions, enterprises are compelled to operate efficiently, compete for market influence and income, accurately assess and enhance financial indicators, and identify, analyze, and neutralize negative effects that may threaten economic security. Conversely, enterprises should promptly analyze their financial indicators to develop a set of measures aimed at bolstering their competitive positions and enhancing the efficiency of their operations. These aspects underscore the relevance of the article’s topic. The purpose of the article is to study financial indicators, their evaluation, determination of resources for increasing profit and profitability, and the impact of those indicators on the financial activity of enterprises and economic security. Evaluating the financial indicators of enterprises aims to determine the indicators for analyzing their current financial situation and identifying areas and actions required to enhance these indicators. Additionally, it involves exploring methods to influence the economic security system of enterprises through the improvement of financial indicators. Achieving these objectives necessitates accurate assessment, forecasting, and management decisions to enhance the financial situation of the enterprise. Research methods. The article was written using theoretical-methodical approaches, systematic approach, comparative analysis, factor analysis, graphic analysis and economic-statistical methods. Scientific innovation. It is justified that evaluating the financial condition of an enterprise and assessing its economic security complement and depend on each other, being inseparably linked. Economic security can only be fully ensured in conditions of continuous financial development. It has been established that when evaluating the financial condition of the enterprise, all its economic indicators should be monitored, enabling the enterprise to swiftly and effectively adapt to changing environmental conditions. Given these considerations, the importance of closely examining, enhancing, and bolstering the financial stability of an enterprise’s financial indicators in ensuring economic security has been justified. Additionally, the authors have proposed the primary directions for improving the financial indicators of an enterprise.

This study aims to ascertain the impact of capital structure, liquidity, and profitability on firm value, with firm size serving as a moderating variable. The study population is comprised of healthcare companies that are listed on the Indonesia Stock Exchange during the period between 2020 to 2022. The research design employed in this study was that of causal research. The sampling technique employed was that of purposive sampling. This method resulted in the acquisition of 14 companies meeting the specified criteria from a total of 19 companies observed over a three-year period. The total sample size was 42 samples. The statistical analysis employed in this research is multiple linear regression, coupled with moderated regression analysis (MRA). The results show that profitability affects firm value, while capital structure and liquidity have no effect on firm value. Firm size also cannot moderate capital structure, liquidity and profitability on firm value. The implication is that companies can increase their value by focusing on increasing profitability. This can be achieved through good financial management, efficient cash flow management, and maintaining healthy debt levels.

In the current conditions of international turbulence, it remains particularly important to find new approaches to analysing risks for enterprises to ensure their quality future functioning. In this regard, the study aimed to propose one such approach, which would allow for assessment of the provision of economic security for companies. The study used a systematic approach and forecasting method to analyse financial statements, applying a process approach that includes evaluating the market position, external factors, and company reputation. This comprehensive assessment helped to identify risks and find mitigation methods. Financial risks identified in the company’s statements were categorised into market, credit, and liquidity risks. This approach was applied to Manas International Airport Joint-Stock Company from 2017 to 2023. The systematic approach assessed the company’s stable market position, positively impacting financial stability. Studying external factors, such as economic conditions and regulatory changes, helped evaluate potential risks. The forecasting method assessed financial indicators like profitability, sales, and assets, revealing positive trends: increased profitability, higher sales volumes and assets, and reduced debt load. These trends indicate financial stability and effective control of risks, even in crises. Liquidity analysis showed sufficient liquid assets to cover short-term obligations, emphasising financial stability. Thus, the company effectively manages financial risks. The results obtained in the framework of the study can be applied for further assessment of the economic well-being of enterprises in Kyrgyzstan, both by government representatives and independent representatives

This study seeks to empirically examine the influence of capital structure, liquidity, firm value, firm size, and external factors on profitability within companies operating in the property and real estate sector listed on the Indonesia Stock Exchange, utilizing sample data from 2018 to 2022. Through purposive sampling, 10 companies were selected as research subjects, employing panel data regression analysis. The findings indicate that liquidity and company size have a negative and significant impact on profitability. Conversely, inflation exerts a positive and significant influence on profitability. However, neither capital structure nor firm value significantly affect profitability. These results contribute to understanding the factors influencing the profitability of property and real estate sector companies within the Indonesian capital market context.

Islamic Financial Institutions were established as an application of Muslims' understanding of several principles in Islamic economic law and are developing every year. Takaful contributed 2 percent of total sharia financial assets in 2021; however, in 2019–2020, the development of takaful assets decreased compared to the previous year due to the COVID-19 pandemic. There are several factors that influence profit instability in takaful industry. This study will examine the factors that influence the level of profit in takaful in Indonesia and Malaysia throughout 2017–2022, acquired a sample of 11 firms and obtained secondary data for this study from the official websites of Bank Negara Malaysia (BNM) and the Financial Services Authority (OJK). Utilizing methods for quantitative research, specifically a purposive sampling approach and panel data regression modeling. The research results show that the variables premium, return on investment, risk-based capital, and claims expenses have a major favorable impact on takaful profitability, while liquidity has a major negative impact on the same. Simultaneously, the premium variables, investment returns, risk-based capital, liquidity, and claims costs simultaneously influence the profitability of takaful.

Abstract International portfolio management is influenced by the existence of “frictions”, factors or events that interfere with trade, which are linked in financial literature to market-specific factors, such as available information, restrictions, investor protection, or market liquidity. Given the wide variety of factors that can be included in these categories, scientific studies typically focus on a reduced number of indicators at a time in order to offer an in depth analysis of their impact. We offer a consolidated view of the perspectives observed in financial literature by proposing a novel index for market frictions that includes all these four components and rank fifteen post-communist East European capital markets based on their index values. We then constructed various scenarios by assuming different levels of importance for the criteria used in index construction. By employing grey clustering analysis, we cluster these capital markets into three categories—strongly recommended, recommended with some reserve, and not recommended—based on the importance given by the decision maker to these factors. The results show that some of the studied markets are in the same cluster, irrespective of the chosen scenario. The only market always included in the “strongly recommended” category is Hungary, indicating that it is a good investment option for international participants. Bulgaria and Slovakia are always regarded as “recommended with reserve” markets, whereas the Republic of Moldova is part of the “not recommended” category. The other markets show a degree of variability that can be explained by different investor perspectives. This study contributes to the existing literature by combining the advantages of grey clustering and portfolio analysis. Investors can use this approach during the decision-making process related to their investments.

The research objective was to determine the relationship between the liquidity and profitability variables of the companies listed on the Lima Stock Exchange during the years 2020 and 2021, to demonstrate the prevalence of the problems of said variables in the various sectors as an effect of the covid 19 pandemic. The research was carried out with the deductive process, with a retrospective cross-sectional non-experimental design, applying a documentary analysis sheet to collect the required data from the audited financial statements of the companies under study. The results revealed that a high percentage (more than 30%) of the companies studied either had liquidity less than 1 or greater than 2 and negative profitability. It was demonstrated that the liquidity problem is directly and significantly related to the profitability problem in the evaluated ratios.

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper aims to investigate the impact of influential ESG factors on risk, focusing on debt risk and liquidity risk. The influence on a sample of companies listed on the New York Stock Exchange belonging to the NYSE index is analyzed over a 10-year period, 2012–2021. The quantitative framework covers a multitude of indicators regarding debt, liquidity, corporate governance, the environment, CEO characteristics, performance, and other variables, and the research methodology uses the method of least squares to highlight their impact, using regression models with fixed and random effects, both linear and nonlinear. By estimating regression models, the empirical results confirm the hypotheses found in the existing knowledge stage that debt risk and liquidity risk are significantly influenced by asset profitability, the CEO duality significantly influences debt, while CEO gender diversity has a negative influence on corporate risk, specifically debt and liquidity risk. Additionally, it is shown that the emergence of COVID-19 brings significant changes to company autonomy and their financial performance, the COVID-19 pandemic has negatively influenced corporate risk through restrictions, economic uncertainty, and the amplification of risks. These research results are crucial for practitioners by the necessity of integrating ESG criteria into the risk assessment process and decision-making. Furthermore, concerning policy decision-makers, they help promote sustainability and a responsible approach. Therefore, ESG factors can impact companies' financial performance and influence how they are perceived by investors. By understanding and correctly evaluating these ESG factors, one can identify and manage risks more efficiently, achieve better long-term returns, make appropriate decisions, and promote sustainability in the business environment. [ABSTRACT FROM AUTHOR]

This study examines how board gender diversity affects listed non-financial European companies' financial performance. Data from the Refinitiv Eikon Platform—LSEG and World Bank databases was used to complete the analysis. The total sample included 4257 companies for the period 2011–2023. This study examined board gender diversity and its interaction with liquidity while controlling for board characteristics such as board size, independence, and board meetings. Controlling for firm characteristics (firm size and leverage) and macroeconomic variables like inflation and GDP. This study estimated the connection using panel regression. Due to Hausman test significance, fixed effect estimation was used. The findings demonstrated a notable and favorable influence of board features, such as gender diversity, board independence, and board size, on European nonfinancial companies. Additionally, liquidity positively affects firm performance. Furthermore, the findings indicated that leverage had a significant negative impact on profitability. Finally, both the size and GDP have a significant beneficial impact on profitability. Our findings indicate that an increased representation of women on the board of directors is associated with greater independence among board members and a higher number of board members being hired. This, in turn, has a positive impact on profitability due to the extensive experience shared among board members. Additionally, this leads to improved governance, enabling better control over decisions and a greater focus on the long-term investment strategy of the company. Our results are robust, as are similar results reported by the GMM regression. [ABSTRACT FROM AUTHOR]

This study analyses the variables that influence investment in a sample of small, labour-intensive companies in a sector that is highly dependent on external demand and the world economy. The aim is to test the three traditional theories of investment (neoclassical theory, free cash flow theory and agency theory), as well as consider the existence of other variables endogenous and exogenous to the company, in order to obtain a model that is appropriate to the reality of the companies in the sample, which consists of 3859 companies in the Portuguese textile sector, for the period from 2010 to 2022. Although there are many studies on the subject, the sample of companies used is different from the others, presenting a unique perspective for understanding investment dynamics in this type of company. The methodology used involves estimating panel data models using the GMM method. The results show that there is a statistically significant and negative relationship between liquidity and asset turnover and investment, so the free cash flow and neoclassical theories, respectively, are partially verified. The agency theory is not confirmed. Other variables are significant in explaining investment: the debt structure is statistically negative, while the size of the company, the GDP and the interest rate are statistically positive. Return on assets proved not to be statistically significant in explaining investment. To summarise, the study highlights the need for financial strategies adapted to the unique characteristics of small businesses. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between a country's political governance and financial market dynamics, with a specific focus on non-U.S. stocks listed on the NYSE. Utilizing an ordinary least squares (OLS) regression model with heteroscedasticity-robust (Huber–White) estimators, we analyze the impact of political governance on stock liquidity and information asymmetry. Our analysis shows that stocks from democracies demonstrate improved liquidity and decreased information asymmetry, contrasting with stocks from autocracies that exhibit the opposite trend. Furthermore, shifts in political regimes dynamically impact stock liquidity and information transparency. These findings offer essential insights for investors, policymakers, and regulators, contributing to informed decision making and the formulation of policies that promote market health and transparency. Additionally, these findings underscore the importance of promoting political stability and transparent governance to foster healthy and efficient financial markets. [ABSTRACT FROM AUTHOR]

In recent years, due to the existence of severe sanctions and obstacles governing the sale of oil, it has led to an increase in the exchange rate, and on the other hand, the decrease in foreign exchange resources has led to a decrease in the government’s income, and the limitation of the income due to the financial policies of the government has made it difficult to meet the expenses of the government does not give and as a result the budget deficit has caused many problems in the economic system of the government. The government’s budget deficit leads to borrowing from the central bank or banks, and ultimately to the growth of the monetary-liquidity base, inflation and a decrease in the value of the national currency against foreign currencies. In this article, the effects of optimal monetary policy on these variables are investigated and the existing research gap is closed. Based on this, the main goal of this research is to investigate the effect of optimal monetary policy on controlling inflation and exchange rate. The current research method is practical. The period of the current research was 1357 to 1398. To estimate the model, the self-regression econometric model with distributed interruptions or ARDL was used in Microfit 5 software space. With the increase in money supply and the lack of proportional and symmetrical increase in the production of goods, the tendency to import goods increases, and in this case, pressure is put on the current price of the exchange rate and the causes of its increase are provided. Optimal monetary policies have a positive and significant effect on controlling inflation and exchange rate. Optimal monetary policies have a positive and significant effect on controlling the exchange rate. As a result, according to the results of the model, the liquidity situation and income inequality have worsened during the period under review, and as a result, the monetary policy in the country was not effectiv [ABSTRACT FROM AUTHOR]

Substantial transaction costs are incurred in exchange-traded fund (ETF) trading each year. This article examines a vector autoregressive (VAR) model's performance and other trading schedules to time trades in a large sample of 1350 ETFs over the 2011–2017 period. We reject the notion of a one-size-fits-all trading schedule that maximizes spread savings for all ETF traders. ETF traders who want to split their orders could save 7.40% of ETF spread costs, whereas trading at the market closing time would be optimal for ETF traders without motives to split trades. The spread savings for ETF traders are diverse across ETF sectors and depend on the spread volatility. JEL Classification: G11, G23 [ABSTRACT FROM AUTHOR]

In modern times, economic security stands as one of the primary strategic objectives for any state. However, achieving economic security is unattainable without the stable operation of enterprises. Amidst a constantly evolving external environment, the economic security of enterprises becomes a prerequisite for their survival. To this end, evaluating the financial indicators of enterprises and identifying areas for improvement are imperative. The state of an enterprise’s financial indicators is traditionally regarded as the primary factor ensuring its economic security, as these indicators reflect the ultimate outcome of its operations. To analyze the financial indicators of an enterprise effectively, it is essential to establish evaluation criteria and parameters. The significance of accurately defining criteria for evaluating the financial indicators of a company primarily stems from the necessity to ensure its security and formulate and execute effective management decisions. Relevance of the topic. Today, enterprises operate amidst various uncertainties such as crises, pandemics, inflationary processes, and price fluctuations observed worldwide. In such conditions, enterprises are compelled to operate efficiently, compete for market influence and income, accurately assess and enhance financial indicators, and identify, analyze, and neutralize negative effects that may threaten economic security. Conversely, enterprises should promptly analyze their financial indicators to develop a set of measures aimed at bolstering their competitive positions and enhancing the efficiency of their operations. These aspects underscore the relevance of the article’s topic. The purpose of the article is to study financial indicators, their evaluation, determination of resources for increasing profit and profitability, and the impact of those indicators on the financial activity of enterprises and economic security. Evaluating the financial indicators of enterprises aims to determine the indicators for analyzing their current financial situation and identifying areas and actions required to enhance these indicators. Additionally, it involves exploring methods to influence the economic security system of enterprises through the improvement of financial indicators. Achieving these objectives necessitates accurate assessment, forecasting, and management decisions to enhance the financial situation of the enterprise. Research methods. The article was written using theoretical-methodical approaches, systematic approach, comparative analysis, factor analysis, graphic analysis and economic-statistical methods. Scientific innovation. It is justified that evaluating the financial condition of an enterprise and assessing its economic security complement and depend on each other, being inseparably linked. Economic security can only be fully ensured in conditions of continuous financial development. It has been established that when evaluating the financial condition of the enterprise, all its economic indicators should be monitored, enabling the enterprise to swiftly and effectively adapt to changing environmental conditions. Given these considerations, the importance of closely examining, enhancing, and bolstering the financial stability of an enterprise’s financial indicators in ensuring economic security has been justified. Additionally, the authors have proposed the primary directions for improving the financial indicators of an enterprise. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Sociales (13159518) is the property of Revista de Ciencias Sociales de la Universidad del Zulia Venezuela and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The research objective was to determine the relationship between the liquidity and profitability variables of the companies listed on the Lima Stock Exchange during the years 2020 and 2021, to demonstrate the prevalence of the problems of said variables in the various sectors as an effect of the covid 19 pandemic. The research was carried out with the deductive process, with a retrospective cross-sectional non-experimental design, applying a documentary analysis sheet to collect the required data from the audited financial statements of the companies under study. The results revealed that a high percentage (more than 30%) of the companies studied either had liquidity less than 1 or greater than 2 and negative profitability. It was demonstrated that the liquidity problem is directly and significantly related to the profitability problem in the evaluated ratios. [ABSTRACT FROM AUTHOR]

developed and vibrant corporate bond market provides an important means of financial resources to corporate, in addition to bank financing. It brings transparency and prudence into financial system and helps in minimizing risks in financial system through diversification. The main objective of this study is to find out the various issues and hurdles faced by retail investors and come out with appropriate suggestions in this regard. A modest attempt has also been made to understand the present status of the Indian corporate bond market in reference to retail investors participation. The study reveals that, in spite of sincere efforts of policymakers, the participation of retail investors in Indian corporate bond market are negligible. It has also been observed that the important issues of retail investors are related to safety of principal, returns, liquidity and tax benefits. It is expected that the suggestions made in this paper, if implemented, will definitely helpful in attracting retail investors to Indian corporate bond market. [ABSTRACT FROM AUTHOR]

Copyright of Al-Academy is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Against the backdrop of COVID-19, we study how the interactions of mutual funds and dealers introduce fragility to the municipal bond market and induce lasting market impacts. During the crisis, trading surges, whereas dealers' liquidity provision plunges for mutual-fund-held bonds, leading to greater price depressions in these bonds. Importantly, the crisis reshapes the market's perceptions of mutual fund fragility risks, with the aftermath-yield spreads widening significantly more for bonds with greater mutual fund exposures. Such postcrisis pricing effects reflect dealers' continued reluctance to provide liquidity for mutual fund–held bonds, and they are stronger for bonds whose mutual fund holders are more susceptible to investor runs. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4912. [ABSTRACT FROM AUTHOR]

International portfolio management is influenced by the existence of "frictions", factors or events that interfere with trade, which are linked in financial literature to market-specific factors, such as available information, restrictions, investor protection, or market liquidity. Given the wide variety of factors that can be included in these categories, scientific studies typically focus on a reduced number of indicators at a time in order to offer an in depth analysis of their impact. We offer a consolidated view of the perspectives observed in financial literature by proposing a novel index for market frictions that includes all these four components and rank fifteen post-communist East European capital markets based on their index values. We then constructed various scenarios by assuming different levels of importance for the criteria used in index construction. By employing grey clustering analysis, we cluster these capital markets into three categories—strongly recommended, recommended with some reserve, and not recommended—based on the importance given by the decision maker to these factors. The results show that some of the studied markets are in the same cluster, irrespective of the chosen scenario. The only market always included in the "strongly recommended" category is Hungary, indicating that it is a good investment option for international participants. Bulgaria and Slovakia are always regarded as "recommended with reserve" markets, whereas the Republic of Moldova is part of the "not recommended" category. The other markets show a degree of variability that can be explained by different investor perspectives. This study contributes to the existing literature by combining the advantages of grey clustering and portfolio analysis. Investors can use this approach during the decision-making process related to their investments. [ABSTRACT FROM AUTHOR]

The main purpose of this research was to assess how the profitability and liquidity of the company "Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada" were impacted by COVID-19 between the periods 2018 and 2022. This study is classified as basic and explanatory in nature, and it is non-experimental. For data collection, the documentation technique and observation were used, and the company's Balance Sheet and Income Statement were analyzed. The results indicate that, based on the analysis of profitability through Return on Assets (ROA), in 2019, it showed a negative value (-0.21). In contrast, in 2020, it recorded a value of 78.02. On the other hand, the analysis of Return on Equity (ROE) revealed a value of -0.14 in 2019, while in 2020, a significant value was recorded in the ratios (65.01). Regarding the liquidity of the mining company, the Current Ratio in 2019 was 15.46, and in 2020, it was 0.78. Furthermore, the Quick Ratio values were 15.46 in 2019 and 0.78 in 2020. Conclusions: the mining company experienced a significant decline in liquidity; however, it managed to maintain strong economic and financial profitability. Although a company may be profitable, the lack of liquidity represents a significant risk. [ABSTRACT FROM AUTHOR]

This research aims to explore the fiscal and public finance viability on climate physical risk externalities cost for building social-economic-environmental sustainability. It analyzes climate physical risk impact on the real business cycle to change the macroeconomic output functions, its regressive cyclic impact alters tax revenue income and public expenditure function; This research also analyzes that the climate physical risk escalates social-economic inequality and change fiscal-financial policy functions, illustrates how the climate damage cost and adaptation cost distorts fiscal-finance cyclical and structural equilibrium function. This research uses binary and multinomial logistic regression analysis, dynamic stochastic general equilibrium method (DSGE) and Bayesian estimation model. Based on the climate disaster compensation scenarios, damage cost and adaptation cost, analyzing the increased public expenditure and reduced revenue income, demonstrates how climate physical risk externalities generate binary regression to financial fiscal equilibrium, trigger structural and cyclical public budgetary deficit and fiscal cliff. This research explores counterfactual balancing measures to compensate the fiscal deficit from climate physical risk: effectively allocating resources and conducting the financial fiscal intervention, building greening fiscal financial system for creating climate fiscal space. [ABSTRACT FROM AUTHOR]

Liquidity is an important characteristic of financial markets, affecting portfolio decisions and priced risk. During periods of market turmoil, such as occurs during financial crisis, investors have an elevated need for cash and so understanding how liquidity differs during those periods is important. We examine how stock market liquidity was impacted by two crises with distinct origins, the global financial crisis (GFC) and the COVID‐pandemic. Our sample includes the S&P/ASX200 constituents for the period January 2005–December 2020. We find that the Australian stock market is less liquid during both crisis periods; spreads are wider, depth is lower, and price impact is larger (stock prices move a lot in response to small amounts of volume). Although the magnitude of the liquidity change is greater at the onset of COVID, the duration of the impact is longer during the GFC, resulting in a larger average effect. While trading volume declines during the GFC, it increases during COVID. Our results are robust to alternate liquidity proxies, methodologies and crisis period identification, and generally applicable across stock sectors. [ABSTRACT FROM AUTHOR]

Liquidity is critical for a healthy and thriving blockchain ecosystem, enabling value exchange between participants. However, achieving unified liquidity across heterogeneous blockchain platforms remains challenging due to disparities in architecture, virtual machines, and asset management logic. These disparities force assets to be wrapped into other formats to ensure compatibility with underlying systems, thus fragmenting liquidity into multiple pools. This paper proposes LiquiSpell, a novel protocol that aims to unify liquidity across multiple parachains within the Polkadot ecosystem. By leveraging the cross-chain message passing (XCMP), LiquiSpell introduces the concept of a universal transaction that can be constructed to be compatible with any parachain, regardless of its underlying architecture or asset management pallet. This approach overcomes the obstacles posed by the diverse nature of parachains, enabling seamless asset sharing and enhancing cross-chain interoperability. The proposed solution mitigates liquidity fragmentation within the Polkadot ecosystem. It presents a framework that can be extended to other multichain environments outside Polkadot. Ultimately, LiquiSpell aims to foster a thriving ecosystem by facilitating the introduction of new assets and increasing overall liquidity, thereby driving innovation and adoption within the decentralized finance (DeFi) landscape.

This research aims to analyze the effect of profitability and liquidity on firm value with firm size as a moderating variable. The population of this research is 60 companies listed on the LQ45 index for the 2019-2022 period. The sample for this research was 27 companies that had been selected using a purposive sampling technique, then multiplied by 4 according to the research period so that there were 108 units of observation data. The analysis technique used in this research is Moderated Regression Analysis (MRA) using tools in the form of the SPSS application. Based on the results of data processing from this research, it can be concluded that profitability contributes to firm value. Liquidity also contributes to firm value. Meanwhile, firm size can moderate the influence of profitability and liquidity on firm value.

Purpose: An increase in company value reflects the achievement of better overall financial performance, which is the hope of company owners and attractive to investors. This research aims to analyze the influence of profitability, liquidity and activity on company value with capital structure as an intervening variable in metal and mineral sub-sector manufacturing companies, which are listed on the Indonesia Stock Exchange for the period 2018 to 2023. Design/methodology/approach: This research uses a quantitative approach for 7 companies from 20 manufacturing companies in the metal and mineral sub-sector, which are listed on the Indonesia Stock Exchange. The data was processed using the SEM-PLS technique. The research data is secondary data, the company's financial reports on the official website www.idx.co.id and the company website. The variables used are Profitability (X1), Liquidity (X2), Activity (X3), Capital Structure (Z) and Company Value (Y). Findings: The research results show that profitability directly has a positive and significant influence on company value, liquidity is directly positive and not significant on company value. The activity ratio directly has a negative and insignificant effect on company value. Profitability has a negative and insignificant effect on capital structure. Liquidity has a negative and significant effect on capital structure. Activity Ratios have a positive and significant effect on capital structure. Capital structure has a positive but not significant influence on company value. Profitability and liquidity on company value through capital structure are negative and insignificant. The activity ratio's effect on firm value through capital structure is positive and not significant. The findings of this research indicate the importance of profitability in a strategy to increase company value with liquidity, activity and capital structure as supporting factors that must be managed carefully and carefully. Research limitations/implications: This research is limited to metal and mineral sub-sector manufacturing companies listed on the Indonesian Stock Exchange for the period 2018 to 2023. For generalization so that further research can be carried out on other sub-sector manufacturing companies. Practical implications: The results of this research can be used as a reference for increasing company value as a reflection of achieving better overall financial performance in manufacturing companies in the metal and mineral sub-sector.. Originality/value: The research results explain that among the variables are profitability, liquidity, activity ratio and capital structure can be optimally applied to increase company value in the metal and mineral industry.. Paper type: This paper can be categorized as research paper

Purpose: This research aims to find out the impact of the financial ratio of liquidity, profitability, solvency and capital structure on the value of the company with the policy of dividend as an intervening variable on the healthcare subsector companies listed on the Indonesian stock exchange period 2017-2019. This is a causality study that seeks cause-effect relationships between three variables: an exogenous (free or independent) variable that affects, an endogenic variable (binding or dependent) that is affected, and an intervening variable which affects the relationship between the two indirectly and not directly observable. Design/methodology/approach: This researcher uses inferential quantitative methods. The research used financial reports on healthcare subsector companies listed on the Indonesian Stock Exchange in 2019, 2020, 2021, 2022 and 2023 by accessing the website www.idx.co.id, the corporate site on the research object, and sites that support the enrichment of research material. Sampling techniques used purposive sampling and produced a sample of 36 healthcare subsector companies. The source of data used in this study is annual secondary data. Data analysis using SmartPLS 3.2.9. Finding: The results of the analysis showed that liquidity had a positive and significant influence on the value of the company. Results of analysis indicated that profitability had a negative and no significant impact on the company's value. The result of analysis revealed that the profitability has a negative influence and did not have a significant effect on the corporate value. There is no direct and nonsignificant influence between profitability on the company's value and the policy of dividends as the intervening variable is not proved to be mediated. The analysis results there is a positive and significant direct influence on the value of the company with the dividend policy as the intervenient variable was proven to be Mediated. There is a direct and significant positive influence among the capital structure on the corporate value with the dividend policy of the intervened variable as the mediated variable. Paper type: Research paper

The objective of this study is to examine the impact of liquidity, financial leverage, and company size on financial performance, with the moderation of holistic owner engagement in LQ45 enterprises. The study utilizes secondary data obtained from LQ45 firms that are publicly traded on the Indonesia Stock Exchange from 2020 to 2023. The data were subjected to panel data regression analysis. The findings suggest that liquidity, financial leverage, business size, and holistic owner participation all have an impact on financial success. In addition, the level of owner engagement has a moderating effect on the impact of liquidity, financial leverage, and firm size on financial performance. This study suggests that adopting a comprehensive approach to owner involvement can be an effective strategy for enhancing the financial performance of companies that are listed on the Indonesia Stock Exchange. Previous empirical research has yet to examine the impact of comprehensive owner engagement as a moderator on enhancing financial success. According to the findings, a successful approach to enhancing financial performance is to have comprehensive owner engagement in the organization.