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This study evaluates the relationship between firm performance and stock price while incorporating the uncertainty due to the COVID-19 pandemic as a control variable. A research model was developed separating two periods: before (2019) and during (2020) the COVID-19 pandemic. The sample consisted of all companies of LQ45 Index members. This study examined quarterly panel data and a total of 360 observations. Next, the analysis evaluates the impact of actual performance on share prices using Structural Equation Modeling, more precisely SmartPLS, as an analysis tool. The results show that the profitability, solvency, and activity ratios influence the stock price of LQ45 companies both before and during the COVID-19 pandemic, except the liquidity ratios. Meanwhile, the uncertainty has no influence on the stock price of LQ45 companies both before and during the COVID-19 pandemic. These findings imply that policymakers should respond to drivers of stock performance and regulate strategic decisions accordingly in order to mitigate their long-term impact. JEL: M40, M41.

Full economic independence of business structures places special requirements on the financial management quality. Its main task is to ensure self-sufficiency and self-financing as the basis for liquidity and market stability of the business. Taking into account the role of agro- industrial enterprises in the socio-economic development of the region and the specifics of the organization of their activities, coordination of the actions of the state, as the owner of the land, and its lessees in this process is of parti- cular importance. By leasing the most important resource, the goals of the state should be the following: preservation of soil fertility, its effec- tive use, compliance with the optimal structure of crop rotation, ensuring employment of eco- nomically active rural population, ensuring food security in the region, price stability for a socially significant range of food products, and ensuring socio-economic development in general. The article examines the activities of one of the leading agricultural organizations in the region. Its liquidity and market stability were determined, factors that had a negative impact on its activities as a whole were identified.

This study analyzes the effect of internal factors of bank performance on deposit flows, considering the changes in the stock market conditions in Ghana. A panel dataset covering 2007 to 2021 of 18 banks in Ghana is applied in a dynamic panel model for the analysis. The results show that the lagged deposit growth exerts an impressive influence of 0.68 percent on the future deposit flows of banks, thus positing a favorable implication for their trading momentum. Also, liquidity was found to have a negative relationship of –0.64 percent with deposit growth. This implies that the holding of excess liquidity diminishes investors’ confidence in a bank’s ability to generate more revenue to enhance the value of their funds, as high liquidity ratios reduce the bank’s capacity to grant more loans for profit. Furthermore, the analysis revealed a positive effect of 1.93 percent by expenditure on deposit growth, which suggests that depositors recognize a rise in operational costs as an indication of a bank’s potential for growth and rapid expansion. Moreover, the analysis found the existence of a negative effect of –0.88 percent by the stock market conditions on deposit growth, which implies that bullish market conditions reduce bank deposits. This verifies that the determinants of deposit flows adapt to the changes in market conditions. Policy strategies should include non-performance metrics such as an increase in the interest paid on customers’ deposits, product promotions, and targeted advertisements to sustain the inflow of depositors’ funds under changing market conditions.

The aim of the article is to analyze the liquidity of non-financial companies listed on the Warsaw Stock Exchange. The article addresses the liquidity of the examined group against the background of the entire market and its relationship with debt, profitability, growth and the risk of bankruptcy, including in the context of the COVID-19 pandemic. The article examines the assertion that COVID-19 influenced the practice of aggressive liquidity management in terms of indebtedness, profitability, value creation, and risk of bankruptcy. The research revealed that public companies behaved differently than the entire sector by pursuing an aggressive management policy and that the pandemic caused an even greater decrease in the static liquidity ratios while cash conversion cycle (CCC) increased. In addition, the decline in EPS growth and the increase in Z-Score during the pandemic could mean that enterprises focused on reducing the risk of bankruptcy rather than maximizing value during the pandemic shock. Before the pandemic, CCC influenced DER, and during the pandemic, static indicators began to play a more important role in the financial strategies of the surveyed companies. The research results add to liquidity theory and its impact on shaping financial strategy, especially during a financial crisis. In addition, an analysis of the impact of liquidity on earnings per share (EPS) growth and Z-Score was conducted. They represent the creation of value and the assessment of the risk of bankruptcy, making this paper particularly insightful. The results obtained provide valuable guidance to decision-makers managing liquidity and debt in corporate finance.

This study employs a linear regression model to investigate the relationship between ESG performance, liquidity, and firm performance of African-listed firms covering a period from 2013 to 2022. The results indicate that liquidity is a significant mediating factor influencing the association between ESG performance on firm performance. Furthermore, the outcome suggests that augmenting the ESG performance of listed companies enhances firm performance. Robustness tests also corroborate the postulation that firms with higher liquidity improve ESG performance and enhance overall firm performance. This study offers important insights to corporate governors, listed firms, and investors.

This study aims to analyze the effect of profitability (return on assets), liquidity (current ratio), company size and business risk on capital structure in companies listed in the Jakarta Islamic Index (JII) for the period 2015-2017. The samples in this study were 16 companies that met the research criteria through non probability sampling method - purposive sampling. The analysis method used in this research is multiple linear analysis method processed with eviews 9 software. The results of this study indicate that profitability and liquidity have a negative and significant effect on capital structure, while company size and business risk have a positive and significant effect on capital structure. [ABSTRACT FROM AUTHOR]

This study aims to analyze the effect of company size, profitability, liquidity and leverage on firm value in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2012-2015. This research was conducted by taking a sample of 7 pharmaceutical companies. Samples were taken from the financial statements for each year during 2012-2015. The method used is Multiple Linear Regression Analysis and data testing is carried out with SPSS (Statistical Product and Service Solution) 23 program. The test results show that the overall percentage of company size, profitability, liquidity and leverage on firm value is 74.6% while the rest is explained by other variables not included in this study. The results showed that company size has a positive and significant effect on firm value, profitability has a negative and weakly significant effect on firm value, liquidity has a negative and significant effect on firm value, leverage has a negative and significant effect on Company Value. Suggestions that can be given are that future research by adding a longer time span and using a larger and wider sample to obtain consistency in research results. [ABSTRACT FROM AUTHOR]

This study aims to determine and analyze the influence between Profitability, Liquidity, Company Size, and Sales Growth on Capital Structure in public companies in the property and real estate sub-sector on the Indonesia Stock Exchange for the period 2011-2015. In this study, four variables were taken that allegedly affect Capital Structure, namely Profitability, Liquidity, Company Size, and Sales Growth with multiple linear regression analysis equations using the Stepwise method, classical assumption testing consisting of normality tests, multicollinearity tests, heteroscedasticity tests and autocorrelation tests using the Statistical Product for Social Science (SPSS) program version 22.0 for windows and Microsoft Excel 2016. The sample of companies was taken as many as 33 companies from 49 populations of property and real estate sub-sector companies on the Indonesia Stock Exchange. The results of this study show that partially, Liquidity, and Company Size have a significant influence on Capital Structure. Meanwhile, in terms of model feasibility there is a significant influence between Liquidity, Company Size, and Sales Growth on Capital Structure. Should be able to pay more attention to the movement or change of Capital Structure based on the variables of Profitability, Liquidity, Company Size, and Sales Growth. Because these variables can affect the rise or fall of the Capital Structure in public companies, propert and real estate sub-sectors. [ABSTRACT FROM AUTHOR]

This study aimed to determine the effect of free cash flow, leverage, and liquidity on dividend policy and profitability as intervening variables in property companies and real estate. Companies were selected based on purposive sampling techniques to produce 50 samples from 10 companies. The data analysis technique used for testing the hypothesis was the path analysis test and the Sobel test. The research results showed that free cash flow, leverage and liquidity had no direct effect on dividend policy. Profitability had a mediate effect of free cash flow and liquidity on dividend policy while profitability was unable to mediate the relationship leverage on dividend policy. Companies can distribute dividends regardless of free cash flow, leverage and company liquidity. The results of the study indicated that there were no factors that are thought to have a direct influence on dividend policy that are proven to be significant, so it is suggested that further research include other factors that can influence dividend policy. [ABSTRACT FROM AUTHOR]

Copyright of Pacha: Revista de Estudios Contemporáneos del Sur Global is the property of PACHA REVISTA DE ESTUDIOS CONTEMPORANEOS DEL SUR GLOBAL 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 rise of cryptocurrencies as alternative financial investments, with potential safe-haven and hedging properties, highlights the need to examine their market efficiency. This study is the first to investigate the combined impact of liquidity and volatility features of cryptocurrencies on their price delays. Using a wide spectrum of cryptocurrencies, we investigate whether the COVID-19 outbreak has affected market efficiency by studying price delays to market information. We find that as liquidity increases and volatility decreases, cryptocurrencies demonstrate stronger market efficiency. Additionally, we show that price delay differences during the COVID-19 outbreak increase with higher levels of illiquidity, particularly for highly volatile quintiles. We suggest that perceived risks and high transaction costs in illiquid and highly volatile cryptocurrencies reduce active traders' willingness to engage in arbitrage trading, leading to increased market inefficiencies. Our findings are relevant to investors, aiding in improving their decision-making processes and enhancing their investment efficiency. Our paper also presents significant implications for policymakers, emphasizing the need for reforms aimed at enhancing the speed at which information is incorporated into cryptocurrency returns. These reforms would help mitigate market distortions and increase the sustainability of cryptocurrency markets. [ABSTRACT FROM AUTHOR]

We exploit a 2018 exchange‐mandated increase of the maximum order size in some—but, crucially, not all—US agricultural futures markets, to link exogenous constraints on order placement and execution, price volatility, and market liquidity. The old maximum size of 2500 contracts was binding: demand exists for placing and executing much larger orders. Limit‐order book depth at the best bid and ask increases dramatically after the exchange quadruples the maximum order size. Amid relatively stable volatility, bid‐ask spreads narrow, and the price impact of large trades falls. In sum, we find that market quality can improve after an increase in maximum order and trade size. [ABSTRACT FROM AUTHOR]

We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over‐the‐counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investors, who can more easily transact with multiple dealers. Overall, our findings highlight a novel channel through which firm‐specific information affects asset prices. [ABSTRACT FROM AUTHOR]

Conducting economic activities without attracting cash funds is not possible, as money plays a direct role in a variety of enterprise operations, whether it's paying rent, and salaries, providing the enterprise with fixed assets, purchasing raw materials, distributing dividends to shareholders, or paying for construction and installation work. The success of a business entity's activities and its ability to finance current operations while timely repaying debts to creditors and accumulating funds for further investment in production expansion depend on the balanced size of cash inflows and outflows. Therefore, the analysis of cash funds is an important component of economic analysis at every enterprise, aimed at finding ways to optimize based on evaluating the sufficiency of formation, effectiveness of application, as well as the balance of inbound and outbound cash flows. This article identifies the stages of analyzing the existing cash flows of a business entity and clarifies the information base used during its implementation. Relative liquidity indicators have gained the widest use among financial condition indicators. The article provides a characterization of liquidity indicators and summarizes scholars' views on determining their normative values. It is proven that the main difficulties arise during the interpretation of the analysis results, as there are no uniform standards even for liquidity ratios in economic literature, which leads to ambiguity in assessing the level of cash management success and their sufficiency to ensure the company's solvency. It is noted that achieving a balance between positive and negative cash flows is one of the main directions of optimizing cash flow. The article describes the composition of indicators characterizing the state and effectiveness of cash flow formation and the efficiency of cash fund utilization. It is emphasized that a reasoned and comprehensive economic analysis of cash funds creates conditions for rational cash management, as it helps to track key development trends of the enterprise, identify the main factors influencing it, and make further forecasts. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Riset Akuntansi dan Bisnis Airlangga (JRABA) is the property of Universitas Airlangga 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.)

We study the impact of tiered payments originating from client banks on the liquidity consumption (relative intraday liquidity use) of settlement banks. Estimates of a panel data model, employing wholesale payments in euro, show that a higher share of tiered payments reduces liquidity consumption by settlement banks. Metrics on timing, delay, and payment priorities suggest that settlement banks use more leeway in settling tiered payments from client banks compared to in-house payments. Payment timing as a proxy for external delay suggests that tiered payments help smooth liquidity positions. Payment delay within the system does not follow a clear dynamic over time, whereas banks consistently de-prioritize tiered payments. Thereby, settlement banks employ tiered arrangements to manage intraday liquidity more efficiently. To a certain extent, this hints at "free riding" or higher recycling of liquidity from client banks' payments. However, the results are also consistent with settlement banks' monitoring role or tiered payments potentially exhibiting different characteristics which may be attributable to contractual arrangements. [ABSTRACT FROM AUTHOR]

Purpose: The main objective of the article is to analyze and evaluate the financial situation of selected companies operating in the sugar industry and belonging to the WIG Food index for the years 2016-2022. The secondary objective is to verify the relationship (correlation) between financial liquidity and company profitability and to try to indicate the direction of this relationship if it occurs. Design/methodology/approach: The article uses a literature review, analysis of financial data from the financial reporting of companies using statistical methods. Four models of multidimensional discriminant analysis were applied (model D. Hadasik, model J. Gajdka and D. Stos, D. Wierzba and the 'Poznań' model). The analysis was extended to the calculation of three financial liquidity ratios and three profitability ratios of the company. Data from 2016- 2022 were analysed in order to illustrate how the situation of the selected companies developed in the period before and after the COVID-19 pandemic. Findings: All the analysed companies were in a good financial position during the analysed period. The most rigorous multivariate discriminant analysis models were those of J. Gajdka and D. Stos and D. Wierzba, which indicated deteriorating financial performance in selected years. Moreover, the analysed companies were characterised by high liquidity and profitability in 2016-2022. Only ZPC Otmuchów SA achieved negative values of profitability indicators in the analysed period, which was a result of negative net profit. Practical implications: A practical application of the presented research could be to draw the attention of companies operating in the food industry to methods of assessing their financial health using appropriate tools and to verify the relationship between liquidity and profitability in these companies. Originality/value: The article presents an analysis and evaluation of the financial condition of selected companies from the WIG Food index. Correlation analysis was used, and the reasons for the financial performance are indicated. [ABSTRACT FROM AUTHOR]

This study aims to analyze whether there are differences in the financial performance of the companies PT Mulia Boga Raya Tbk & PT Indofood Sukses Makmur Tbk during the 2021-2023 period based on liquidity ratios, solvency ratios, profitability ratios, and activity ratios. This type of research is quantitative descriptive with secondary data. The results of this research show that there are differences in the financial performance of PT Mulia Boga Raya Tbk & PT Indofood Sukses Makmur Tbk from 2021-2023. Where the liquidity ratio of PT Mulia Boga Raya Tbk from 2021-2023 is seen from the current ratio, quick ratio, and cash ratio as "Very Good" because it is above the industry average standard, meaning this company has a strong ability to pay off its short-term obligations. Meanwhile, PT Indofood Sukses Makmur Tbk is "Pretty Good" as seen from the current ratio, quick ratio and the cash ratio is "Very Good". The solvency ratio can be seen from the Debt to Asset Ratio and Debt to Equity Ratio of PT Indofood Sukses Makmur Tbk "Very Good" compared to PT Mulia Boga Raya Tbk "Not Good". In the profitability ratio, we look at the Net Profit Margin, return on assets, and Return on Equity of PT Mulia Boga Raya Tbk & PT Indofood Sukses Makmur Tbk "Not Good". In terms of activity ratios seen from Total Assets Turnover and Fixed Assets Turnover, both companies are said to be "Very Good" because they are above the set industry standards. [ABSTRACT FROM AUTHOR]

This study examines the relationship between liquidity, FinTech development, and credit risk in the Indonesian banking industry. Specifically, it investigates the impact of FinTech, particularly in peer-to-peer lending and payment systems, on credit risk in conjunction with liquidity. The analysis is conducted using panel data from 142 commercial banks in Indonesia over a 15-year period from 2004 to 2018. The results reveal that higher liquidity leads to a reduction in credit risk, whereas FinTech development is found to increase credit risk, particularly in small banks (BUKU 3 and BUKU 4) and private national banks. Notably, this study identifies that the impact of liquidity on credit risk is conditional on the level of FinTech development. Furthermore, the findings suggest that the effects of FinTech on credit risk are contingent on the bank's characteristics and the economic environment. These results have significant policy implications for designing an inclusive financial framework in the digital era, especially in managing the risks associated with FinTech development. [ABSTRACT FROM AUTHOR]

Efficient management of working capital in the realm of trade serves to bolster a company's liquidity by meticulously handling cash, receivables, and inventory. This approach emphasizes the optimization of sales, upkeep of inventory, and the implementation of judicious customer payment policies. Challenges inherent within the cash cycle can exert considerable influence on liquidity, compelling heightened borrowing practices that could potentially impact the overall performance of the company. The research delves into analyzing how different aspects of working capital and the level of liquidity impact the profit performance of a trading company. The empirical analysis is centered around the case study of PT XYY, spanning from 2016 to 2021. The research methodology entails examining monthly time series data and applying the vector error correction model (VECM) to comprehend the long-term relationships among the variables. Days of sales in outstanding (DSO), days of sales in inventory (DSI), days of payable outstanding (DPO), and cash conversion cycle (CCC). Liquidity is also measured by the current ratio and cash ratio with the sales growth control variable. The Principal aim of the study is to fathom how these elements collectively impact the company's profitability, gauged by return on assets (ROA). ROA assesses the company's capability to derive profit from its assets. The research findings indicate that DPO and current ratio notably positively influence ROA. DSO, cash ratio, and CCC significantly negatively impact ROA. Meanwhile, the DSI variable has no significant effect. The Implications of these findings underscore the importance of skillfully managing commitments to suppliers to uphold profitability. Companies can leverage these outcomes to fine-tune their operational policies, particularly concerning payment terms with suppliers within purchase agreementsas well as maintaining optimal cash availability in liquidity security. [ABSTRACT FROM AUTHOR]

This study aims to examine the linkage among liquidity, leverage, and firm value. The study employed panel data from listed banks on the Ghana Stock Exchange from 2010 to 2020 and a quantitative design to achieve the objectives of the study. The purposive sampling approach is used to source data from the Ghana Stock Exchange (GSE) and various entities' websites. With the aid of Granger causality, the study demonstrates a causal relationship between liquidity and firm value and a unidirectional causality between leverage and firm value. Further, the study showed that prudent leverage structures improve firm value by optimizing debt levels to improve shareholders' worth. The study recommended that firms need to sustainably manage their debts and liquidity to enhance their firm value because investing in viable projects with these resources of a firm will overall enhance firm value. In so doing, this will enhance the level of trust and confidence of diverse stakeholders such as clients, owners and potential investors, since shareholder's wealth emanates from the sustainable use of firm resources which in turn promotes firm value. [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.)

Liquidity refers to the ease of asset conversion into cash, playing a crucial role in investment decisions for achieving optimal returns. This study proposes a novel stock liquidity classification method using machine learning algorithms, trained, and tested on ten years of Brazilian stock market (B3) data. Achieving an accuracy of 99.2%, the classifier, when integrated with the mean-variance portfolio optimization model, reduces portfolio uncertainty by preventing an average of 11.5% of illiquid asset sales. [ABSTRACT FROM AUTHOR]

Purpose: The objective of this study is to examine IFRS 16 adoption and its impact on financial performance of listed manufacturing companies in Nigeria. Methodology: This paper empirically examines the relationship between IFRS 16 adoption and its impact on liquidity, leverage and profitability of Nigeria listed manufacturing companies between 2015 and 2022. The empirical methodology selected was panel data ordinary least square regression analysis. Results The results indicate that the adoption of IFRS 16 has significant impact on the profitability, leverage, and liquidity of the sampled manufacturing companies. Research limitations: The study relied on the annual reports of listed manufacturing companies in Nigeria between the period 2015-2022. During the Pre and post adoption of IFRS 16. Other sectors which have implemented IFRS 16 could not be covered neither could a survey be conducted to asess the inherent challenges of implementing IFRS 16 in Nigeria. Practical implications: Studies in developed countries have proven that the changeover from IAS 17 to IFRS 16 promises to promote business valuation and financial statements comparability and transparency. This study will provide research evidence to support this assertion from a develoing country’s persective. This study will enhance comliance with the standard by corporate management of organisations and promote its imlementation across other industry sectors not covered in this study. Originality: This research work contributes to the development of literature on the decision usefulness of financial statements with the adoption of IFRS 16 from an emerging economy perspective. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of profitability ratios, profitability ratios, and profitability ratios leverage and liquidity ratios to company value in coal mining companies listed on the Indonesia Stock Exchange for the period 2018-2022. The indicators used to measure profitability are Return on Assets (ROA), leverage using Debt to Equity Ratio (DER) and liquidity using Current Ratio (CR), while company value uses Tobin’s Q (Rasio Q). The type of research used is associative research with a quantitative approach. The population in this study were all coal mining companies listed on the Indonesia Stock Exchange with the sampling method, namely purposive sampling, Based on the criteria set, a total of 15 company samples were obtained. The data collection technique uses documentation techniques, while the data analysis method uses multiple linear regression analysis using the SPSS program. Based on the test and analysis of the research results, it shows that the profitability and leverage has a positive and significant effect on firm value, while liquidity has a positive and insignificant effect on firm value. [ABSTRACT FROM AUTHOR]

This is the first paper in the literature to focus on CMBX price formation with dual techniques of liquidity estimation. In this paper, we introduce a generalizable method using principal component analysis to estimate daily risk decompositions of default, interest rate, liquidity and excess liquidity from previously simulated reduced form monthly risk decompositions. Our method generates these measures for CMBX. To assess liquidity estimates, we compare our risk decomposition measures of liquidity to classical microstructure effective bid–ask spreads, daily. We find our measures to be significant in explaining effective bid–ask spreads over 12 years of daily history and in 20‐day forecasts. [ABSTRACT FROM AUTHOR]

We examine a theoretical model of liquidity with three assets—money, government bonds, and equity—that are used for transaction purposes. Money and bonds complement each other in the payment system. The liquidity of equity is derived as an equilibrium outcome. Liquidity cycles arise from the loss of confidence of the traders in the liquidity of the system. Both open market operations and credit easing play a beneficial role for different purposes. [ABSTRACT FROM AUTHOR]

A good banking system is very important for the economic strength of any country. Indian economy is also no exception to this and the Indian banking system has a huge stake in the country’s economic growth and development. To analyse the financial performance of a bank, the financial efficiency, liquidity position and credit performance are the main areas. The present study is an attempt to measure the financial performance Himachal Pradesh Gramin Bank. The secondary data has been used for the study and different ratios have been applied to evaluate the performance. Study found that HPGB has achieved success in channelizing the savings of rural people into productive purpose. The amount of advance has been significantly increased at a faster rate. The ratio of advances over deposits of bank significantly improving but bank did not utilize its deposits efficiently in the study period. Study concluded that profitability position, credit performance of the bank has been found poor and liquidity position remained almost constant during the study period. It is suggested that bank can mobilize its deposits to meet credit demand and may earn higher profit by increasing the ADR ratio although it indicates lower liquidity. It is advised that bank should make more efforts to improve its financial performance. [ABSTRACT FROM AUTHOR]

This paper investigates the dynamics and drivers of informational inefficiency in the Bitcoin futures market. To quantify the adaptive pattern of informational inefficiency, we leverage two groups of statistics which measure long memory and fractal dimension to construct a global-local market inefficiency index. Our findings validate the adaptive market hypothesis, and the global and local inefficiency exhibits different patterns and contributions. Regarding the driving factors of the time-varying inefficiency, our results suggest that trading activity of retailers (hedgers) increases (decreases) informational inefficiency. Compared to hedgers and retailers, the role played by speculators is more likely to be affected by the COVID-19 crisis. Extremely bullish and bearish investor sentiment has more significant impact on the local inefficiency. Arbitrage potential, funding liquidity, and the pandemic exert impacts on the global and local inefficiency differently. No significant evidence is found for market liquidity and policy uncertainty related to cryptocurrency. [ABSTRACT FROM AUTHOR]

Capital is considered the engine of economic growth and development in all economic growth theories and models. Therefore, providing direct financing and attracting enough capital to implement economic plans is one of the most critical concerns of economic decision-makers in every society. By understanding this issue, compilers of Iran's economic development programs have stated that one of the crucial goals in the country is to provide the necessary grounds for developing monetary and financial markets. Currently, there are many financing tools in the world, most of which cannot be used in Islamic societies due to their nature of usury. The data from 2001 to 2018 for selected countries were extracted from WDI, ICRG, and IIFM databases and analyzed through the econometric method. The results showed a positive and significant effect of Sukuk issuance on the economic growth of Islamic countries. In the end, implications were made to attract liquidity using this tool. In Iran, the role of Sukuk on economic growth has not been investigated, and the critical point is that in this research, the data related to economic risk and political risk have been used and simultaneously, along with other variables, its effect on economic growth has been evaluated and analyzed. [ABSTRACT FROM AUTHOR]

Purpose: Environmental sustainability is a critical issue for many countries, including Indonesia, whose economy is heavily reliant on natural resource extraction. Profitability, liquidity, capital structure, and environmental performance are investigated as potential factors of environmental disclosure in the Indonesian context. Design/methodology/approach: Data from a final sample of 235 observations of manufacturing industries were collected and analyzed using a partial least square-structural equation modeling (PLS-SEM). Findings: The findings reveal that profitability, liquidity, capital structure, and environmental performance all have a role in motivating corporations to disclose their environmental responsibilities. This is because environmental disclosure can be utilized to attract new potential investors. As a result, the higher the score for environmental performance, the greater the voluntary effect of environmental disclosure. Research limitations/implications: This research is not without limits. This study is exclusively focused on manufacturing enterprises located in Indonesia. Furthermore, this research just relies on a solitary proxy for measurement. Hence, future investigations could employ a larger number of sample firms from other nations or do comparative analysis across firms that implement sustainability reporting. Therefore, the conclusion could be relevant to countries that have implemented sustainability reporting. This relevance extends not just to emerging countries but also to wealthy countries. Subsequent investigations are anticipated to employ a greater amount of measurements of environmental performance and environmental disclosure so that the result is more robust and has more impact. Moreover, utilizing alternative statistical methods can help validate the results of this study and reinforce the relevant theories. Future studies could examine the mediating effects, as they were not examined in the present study. Practical implications: This research recommends that businesses should view environmental sustainability as a chance to make a positive impact on a more sustainable world for the "well-being of humans as well as the planet" while also improving their financial performance. Businesses that adopt socially and sustainably responsible business practices are likely to see improvements in their financial performance as well as increased credibility and confidence from important stakeholders. Social implications: Eco-friendly products desired by consumers can be achieved through the combined influence of financial and environmental performance. Originality/value: The incorporation of an unbiased evaluation carried out by an external organization, together with the transparent distribution of outcomes utilizing a five-color rating scheme (PROPER), provides significant contributions to the current corpus of knowledge. [ABSTRACT FROM AUTHOR]

Copyright of BES Journal: International Journal of Business & Economic Studies is the property of BES Journal - International Journal of Business & Economic Studies 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.)

We present a closed-form solution connecting the probability of informed trading ($PIN$ PIN) to the overlooked parameter that signaling private information is good or bad. Estimating $PIN$ PIN using illegal insider trading data, we find it sensitive to the certainty of positive private information in addition to the existed explanations, offering a new explanation for $PIN$ PIN 's limitations in prior literature. [ABSTRACT FROM AUTHOR]

Copyright of Knowledge: International Journal is the property of Institute for Knowledge Management 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 study aims to shed light on the issue of liquidity in Islamic banks in Algeria, by examining the possibility of adopting the sukuk (Islamic bonds) mechanism as a tool that contributes to liquidity management at the level of the Islamic banks. We study the case of AlSalam Bank-Algeria, which is considered as a successful Islamic bank in providing Islamic financial services. A set of results has been reached, the most important of which is that the adoption of the Islamic sukuk mechanism in Al Salam Bank - Algeria has been met with a number of obstacles that prevented the application of this mechanism. [ABSTRACT FROM AUTHOR]

This paper explores the double-edged sword effect of investor attention on market liquidity. Based on the analysis on 597 cryptocurrencies from 2014 to 2020, our findings show that static investor attention improves cryptocurrency market liquidity over the next three months by attracting more investors into the market and stimulating buy and sell transactions. By contrast, abnormal attention persistently and negatively affects the liquidity and leads to excessive net buying pressure in the market and a crowded buyers' market, resulting in a sharp deterioration of liquidity. Moreover, these effects intensify during low global economic policy uncertainty periods and for cryptocurrencies with small market capitalization and low idiosyncratic volatility. Overall, our results have important implications for investors, portfolio managers, and policymakers. [ABSTRACT FROM AUTHOR]

The research carried out aims to analyze the influence of profitability, liquidity, company size, dividend policy on stock returns. This study was carried out in the food and beverage subsector manufacturing industry listed on the Indonesia Stock Exchange for the period 2017 – 2022.The sample from the study carried out was selected through the use of purposive sampling using financial reports and annual reports published on the official IDX website. The analytical approach applied is multiple regression. In this study, 108 data were obtained.The resulting research shows that profitability, liquidity, company size, dividend policy have an overall impact on stock returns, with a resulting coefficient of determination (adjusted R2) of 0.134. The resulting research shows that not all independent variables have an influence on returned shares, but a partial influence of profitability on stock returns was found, a partial influence of liquidity on stock returns was found, there was no partial influence of company size on stock returns, while policy Partial dividends have no influence on stock returns. [ABSTRACT FROM AUTHOR]

This study aims to identify and analyze the factors influencing dividend policy using proxies such as liquidity, leverage, company size, and profitability on dividend policy in construction companies listed on the Indonesia Stock Exchange from 2016 to 2020. The population of this study consists of 20 companies categorized as those listed on the Indonesia Stock Exchange, companies that consecutively issue annual reports and distribute dividends from 2016 to 2020. Using purposive sampling method, the number of samples obtained is 9 companies. The data testing method used is multiple linear regression analysis. Based on the test results, liquidity, leverage, company size, and profitability collectively influence dividend policy. Partially, only liquidity and profitability have a positive effect on dividend policy, while leverage and company size do not significantly affect dividend policy in the construction sub-sector companies during the period 2016 to 2020. [ABSTRACT FROM AUTHOR]

This research aims to examine the influence of Liquidity, Company Size, Capital Structure, and Sales Growth on Company Financial Performance. The focus of this research is divided into Financial Performance as the dependent variable, while Liquidity, Company Size, Capital Structure, and Sales Growth are independent variables. The research methodology includes data analysis sourced from companies listed on the LQ-45 Indonesia Stock Exchange (IDX) during the period 2016 to 2020 with a sample size of 22 non-financial companies. The sample data are then analyzed using Multiple Linear Regression Test with the assistance of SPSS software version 27. The results of the research indicate that Liquidity, Company Size, Capital Structure, and Sales Growth simultaneously have a positive effect on Financial Performance. Then, partially, Liquidity and Sales Growth partially have a positive effect on Financial Performance. Meanwhile, Company Size and Capital Structure do not affect Financial Performance. This research underscores the need to pay attention to all aspects of financial reports, not just focusing on increasing sales or profits, but also liquidity levels and capital structure. In terms of investment, investors need to consider Liquidity, Company Size, Capital Structure, and Sales Growth aspects in assessing company financial performance. [ABSTRACT FROM AUTHOR]

Achieving good financial performance is a challenge for companies in an increasingly competitive business environment. One important aspect for investors is the capital structure, which influences a company's operations and profits and is crucial for achieving its goals. Capital structure is one of the factors considered in a company's financing, such as determining the chosen funding sources. Debt to Asset Ratio (DAR) is one of the methods used to measure capital structure, representing the ratio of debt to total assets. In the manufacturing sector, inventory management is vital, as it involves purchasing raw materials and converting them into finished goods. However, companies in this sector face challenges, especially during economic fluctuations such as currency depreciation, which affects the trade of consumer goods. Profitability plays a significant role in determining the capital structure, with higher profitability leading to more internal funding and reduced reliance on debt. This study aims to examine the influence of liquidity on capital structure the Indonesia Exchange. Statistical analysis includes descriptive statistics and multiple linear regression to test hypotheses, with Sobel test for testing mediation hypotheses. The findings contribute to understanding the complex relationships between liquidity, profitability, and capital structure in manufacturing companies, aiding investors and managers in making informed decisions. [ABSTRACT FROM AUTHOR]

The aim of this study is to verify the stability of the profitability–liquidity relationship over time, as well as to determine this relationship in terms of its level and structure. In this context, three main research questions were formulated. First, is the profitability–liquidity relationship stable in times of crisis? Second, what is the profitability of companies with high and low liquidity? Third, what is the liquidity of companies with high and low profitability? This study uses a self-organizing map (SOM), a data visualization technique that is a type of artificial neural network trained in an unsupervised manner. A dataset covering the period from 2019 to 2021, consisting of 300 Polish companies from the wholesale and retail sectors, was used. The main results of this study indicate that: (1) companies with a balanced profitability–liquidity relationship in the pre-crisis period (2019) maintained this relationship in the crisis (2020) and post-crisis periods (2021); (2) companies in the clusters with the relatively highest and lowest profitability have the relatively lowest and moderate liquidity both before and after the crisis period; (3) the majority of companies during non-crisis periods demonstrate that profitability is not reliant on liquidity, suggesting an absence of a clear relationship; (4) in the post-crisis period, companies with the relatively lowest operating cash flow margin (OCFM) exhibited the relatively highest net profit margin (NPM) and other profitability ratios, as opposed to the pre-crisis and crisis periods. This study fills the gap resulting from the incomplete—most of all static—understanding of the relationship between profitability and liquidity. Moreover, this study employs a self-organizing map (SOM) which has not been used in the literature regarding the research area undertaken. [ABSTRACT FROM AUTHOR]

In the present competitive scenario, profit plays a major role in the survival and growth of every business enterprise in all sectors. Companies operating in the life insurance sector also face profitability contention with their rivals, especially among the private players who have entered the Indian market in a large number after the liberalization of the economy. The profitability of companies is affected by multiple factors which include firm-specific factors as well as external factors. In a competitive scenario, insurers having proper management of the controllable factors, i.e., the firm-specific factors may show better performance than others. Thus, the present paper tries to analyse the association of firm specific variables with the performance of life insurance companies operating in India. The impact of underwriting risk, company size, liquidity, volume of equity capital and tangibility on the performance of Indian life insurers have been analysed. A total of six life insurers operating in the Indian market have been taken as samples and annual statements for ten financial years, i.e., from 2010- 11 to 2019-20 have been used. Apart from basic descriptives, Correlation and Multiple Regression analysis have been used as statistical tools in the study. The findings reveal a positive relationship between Underwriting risk, Liquidity and Size of the company with profitability while Tangibility and Equity Capital have a negative relationship with profitability. Except for tangibility, the significant influence of all the firm-specific factors on the profitability of insurers has been observed in the study. [ABSTRACT FROM AUTHOR]

This study examines the impact of macroeconomic indicators on the liquidity of the Indian stock market by using the Granger Causality, Vector Auto-Regressive Model, and Impulse Response Functions. Numerous macroeconomic indicators were analysed at monthly and quarterly frequencies for their effect on the liquidity of NIFTY 500 stocks measured across four facets, i.e. depth, breadth, immediacy, and tightness. The study reveals that the tightness facet of liquidity is primarily affected by the indicators and further concludes that higher foreign investment inflows and gold prices impair the aggregate liquidity. In contrast, a surge in money supply strengthens the stock market liquidity. [ABSTRACT FROM AUTHOR]

Purpose: Extensive macro- and micro-economics research has been conducted on China's tax reform, which replaced business tax with value-added tax (VAT). However, existing studies have not clarified the reform's impact on firm-level investment decisions. Hence, this study explored the effect of replacing business tax with VAT on firms' investment efficiency. Design/methodology/approach: The study used 2010–2018 data from China's A-share listed companies and a difference-in-differences (DID) model to explore the effect of the reform on firm-level investment decisions. Findings: The authors found that China's tax reform has improved investment efficiency in underinvested firms, increased liquidity and decreased the level of reliance on external financing. The tax reform had a greater effect on investment efficiency in firms with lower liquidity and higher external financing reliance. Its effect was also more significant among non-state-owned and small companies. Originality/value: This study fills the aforementioned research gap by exploring the effects of China's tax reform, thus providing a theoretical reference and a basis for policymaking. [ABSTRACT FROM AUTHOR]

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The aim of the article is to analyze the liquidity of non-financial companies listed on the Warsaw Stock Exchange. The article addresses the liquidity of the examined group against the background of the entire market and its relationship with debt, profitability, growth and the risk of bankruptcy, including in the context of the COVID-19 pandemic. The article examines the assertion that COVID-19 influenced the practice of aggressive liquidity management in terms of indebtedness, profitability, value creation, and risk of bankruptcy. The research revealed that public companies behaved differently than the entire sector by pursuing an aggressive management policy and that the pandemic caused an even greater decrease in the static liquidity ratios while cash conversion cycle (CCC) increased. In addition, the decline in EPS growth and the increase in Z-Score during the pandemic could mean that enterprises focused on reducing the risk of bankruptcy rather than maximizing value during the pandemic shock. Before the pandemic, CCC influenced DER, and during the pandemic, static indicators began to play a more important role in the financial strategies of the surveyed companies. The research results add to liquidity theory and its impact on shaping financial strategy, especially during a financial crisis. In addition, an analysis of the impact of liquidity on earnings per share (EPS) growth and Z-Score was conducted. They represent the creation of value and the assessment of the risk of bankruptcy, making this paper particularly insightful. The results obtained provide valuable guidance to decision-makers managing liquidity and debt in corporate finance. [ABSTRACT FROM AUTHOR]

Using data from the 2009–2020 Agricultural Resource Management Surveys, we compare the financial position and performance of African American farms to that of other U.S. farms. The results suggest that, relative to others, the average African American farm has lower total value of production, net cash farm income, government payments, assets, and debts. We obtained mixed results regarding financial performance, with African American farms having lower profitability, liquidity, and efficiency than others but higher solvency. To our knowledge, this study is the first to provide a contemporary overview of the status of African American farms using detailed, farm‐level financial data. [ABSTRACT FROM AUTHOR]

While the recent success of Africa's 'Lionesses' – successful female entrepreneurs – is internationally celebrated, less is known about how liquidity can fuel the success of the 'Lionesses' and other businesswomen. Using information from a panel of over 800 male- and female-owned businesses in Ghana (ISSER-IGC survey), we capture a measure of underfunding, in addition to data on supplier credit, equity and other finance sources. Our regressions reveal a female-to-male productivity gap of between − 11 and − 19 per cent, values similar to estimates for other African countries. However, when financial constraints are taken into account, the gender performance gap disappears. Accordingly, female business owners who indicate that funding is not a problem are associated with higher productivity than males, all things equal. In a finding new to the literature, our regressions reveal the importance of supplier credit for Africa's businesswomen. Plain English Summary: 300 African Businesswomen in Focus - Suppliers Key to Success. Suppliers to Africa's businesswomen (e.g. sellers of cloth for garment manufacture) who offer the possibility for delayed repayment, statistically boost the survival of female-owned businesses. Africa's'Lionesses' – exceptional businesswomen – are a comparative rarity, a reason we explore the reasons behind their success. Using data from over 800 Ghanaian businesses from 2011 to 2015, we examine the role of funding in explaining why the majority of businesswomen perform so poorly. Our findings highlight an unusual fact – suppliers to female-owned businesses (e.g. sellers of cloth for manufacture into garments) who offer their female customers the possibility to delay repayments are enormously beneficial in narrowing the gender gap. Targeting tax-cuts towards such suppliers would boost the emergence of future 'Lionesses'. [ABSTRACT FROM AUTHOR]

We study the problem of a seller (e.g. a bank) who is privately informed about the quality of her asset and wants to exploit gains from trade with uninformed buyers (e.g. investors) by issuing securities backed by her asset cash flows. In our setting, buyers post menus of contracts to screen the seller, but the seller cannot commit to trade with only one buyer, i.e. markets are non-exclusive. We show that non-exclusive markets behave very differently from exclusive ones: (1) separating contracts are never part of equilibrium; (2) mispricing of claims faced by the seller is always greater than in exclusive markets; (3) there is always a semi-pooling equilibrium where all sellers issue the same debt contract priced at average -valuation, and sellers of low -quality assets issue remaining cash flows at low -valuation; (4) market liquidity can be higher or lower than in exclusive markets, but (5) the average quality of originated assets is always lower. Our model's predictions are consistent with empirical evidence on the issuance and pricing of mortgage-backed securities, and we use the theory to evaluate recent reforms aimed at enhancing transparency and exclusivity in markets. [ABSTRACT FROM AUTHOR]

This research aims to obtain empirical evidence regarding the influence of liquidity as measured by the Current Ratio, institutional ownership, managerial ownership, and profitability as measured by Return on Assets on capital structure. Firms increase leverage to support growth or to offset poor performance. The population of this study is companies listed as consumers of the non-cyclical sector on the IDX in 2018-2022, with as many as 113 companies. The method used is quantitative with statistical analysis of panel data regression. Capital structure is the dependent variable, and profitability, liquidity, institutional ownership, and managerial ownership are independent variables. The method used is quantitative, with statistical analysis of panel data regression using the SPSS Analysis tool. Capital structure is a framework that describes how equity and debt are used to finance company operations to generate optimal returns for shareholders and maximise company returns by considering the level of risk. The results showed that the Probability (ROA) and Liquidity (CR) were partially significant to the Capital Structure. Institutional and managerial ownership have no significant effect on the Capital Structure. [ABSTRACT FROM AUTHOR]