This study aims to explore whether capital structure (CS) has a contingent role in the relationship between corporate governance (CG) quality and firm performance. The empirical findings indicate that CG quality had a positive and significant effect on the performance of Jordanian non-financial firms listed on the Amman Stock Exchange (ASE) from 2014 to 2019. Additionally, the moderate effect of the CS reinforces this relationship. These results are robust to alternative econometric specifications and variable definitions. This study utilizes certain firm-specific characteristics to represent the CS to assess its role as a moderating variable in the relationship between CG quality and firm performance. This study makes a contribution to the literature by showing that CS can strengthen the relationship between CG quality and firm performance. The results have important managerial implications for the practice of CG in developing countries. Firms in developing countries can enhance performance by implementing and abiding by good governance practices. Moreover, firms in developing countries should adopt effective financial strategies regarding CS to enhance the relationship between CG quality and firm performance. Finally, potential investors should consider the debt level in the CS of non-financial firms in Jordan when making investment decisions.

/pdf/the-relationship-between-corporate-governance-quality-and-2wwzd63l.pdf

The Relationship between Corporate Governance Quality and Firm Performance: The Moderating Role of Capital Structure

As a result of the spread of the coronavirus (COVID-19), thousands of small companies around the world have been severely disrupted. Many business professionals, particularly entrepreneurs, suffer from the unprecedented magnitude of the lockdown of social activities, which is combined with limits on individual mobility. This study investigates the resilience of entrepreneurs—which is characterized by hardiness, resourcefulness, and optimism—as well as the relationship between resilience and creative performance. Additionally, the mediating role of institutional orientation is investigated in order to highlight how contextual factors influence this relationship. Using a quantitative study approach and structural equation modeling data analysis technique, 390 entrepreneurs were investigated, and the analyzed data demonstrate that entrepreneurs’ ability to persevere in the face of adversity is strongly related to their ability to innovate, with institutional orientation serving as a partial mediating variable. Implications and future research opportunities are also explored in the paper.

/pdf/amid-covid-19-pandemic-entrepreneurial-resilience-and-26oq88se.pdf

Amid COVID-19 Pandemic, Entrepreneurial Resilience and Creative Performance with the Mediating Role of Institutional Orientation: A Quantitative Investigation Using Structural Equation Modeling

Stock price crashes have occurred frequently in the Chinese security market during the last three decades. They have not only caused substantial economic losses to market investors but also seriously threatened the stability and financial safety of the security market. To protect against the price crash risk of individual stocks, a prediction and explanation approach has been proposed by combining eXtreme Gradient Boosting (XGBoost), the Non-dominated Sorting Genetic Algorithm II (NSGA-II), and SHapley Additive exPlanations (SHAP). We assume that financial indicators can be adopted for stock crash risk prediction, and they are utilized as prediction variables. In the proposed method, XGBoost is used to classify the stock crash and non-crash samples, while NSGA-II is employed to optimize the hyperparameters of XGBoost. To obtain the essential features for stock crash prediction, the importance of each financial indicator is calculated, and the outputs of the prediction model are explained by SHAP. Compared with the results of benchmarks using traditional machine learning methods, we found that the proposed method performed best in terms of both prediction accuracy and efficiency. Especially for the small market capitalization samples, the accuracy of classifying all samples reached 78.41%, and the accuracy of identifying the crash samples was up to 81.31%. In summary, the performance of the proposed method demonstrates that it could be employed as a valuable reference for market regulators engaged in the Chinese security market.

/pdf/stock-price-crash-warning-in-the-chinese-security-market-2k3xhh2i.pdf

Stock Price Crash Warning in the Chinese Security Market Using a Machine Learning-Based Method and Financial Indicators

In the present economic context, one of the most important topics of discussion is that regarding sustainable development. According to the agenda developed by the United Nations, one of the most important objectives for the present decade is represented by the list of the Sustainable Development Goals. The Sustainable Development Goals can be divided into five pillars: people, planet, prosperity, partnership and peace. One of the first stipulated goals of the UN agenda is the eradication of poverty and famine. We consider that a significant influence on the eradication of poverty is represented by the development of technology. In this paper, the authors aim to establish a connection between the rate of technological development and the poverty headcount rate. To measure the digital development of the analyzed countries, we decided to compose an index of digital development by taking into account indicators made available by the International Telecommunication Union and the poverty headcount ratio, as was calculated by the World Bank database. This empirical study is of interest for the implications that it has in shaping governmental policies regarding easing the access to digital technology. The method used to quantify the influence of digital development on poverty was the panel data GMM vector autoregressive model for a dataset composed of 35 countries for the period between 2005 and 2018. The results indicate that an increase in digital development will lead to a reduction in the poverty headcount rate. These results imply that by increasing access to technology, countries could help reduce their level of poverty. In this paper, we will also analyze the way in which adopting digital development leads to better economic performance when faced with the COVID-19 pandemic. The results of the present study are of great interest to the scientific community and the public due to the implications of digital development in the field of economics and the combined effect of this phenomenon and the COVID-19 pandemic. We thus conclude that by encouraging digital development and through adopting new technologies, the government can lead to the eradication of poverty. This seems counterintuitive due to the fact that investment in shelter and primary goods can be seen as one of the primary ways of developing the economy. We conclude that better and more consistent results regarding the reduction of poverty can be obtained by increasing the digital development of a country.

https://www.mdpi.com/2071-1050/14/17/10667/pdf?version=1661762410

Digitalization as a Factor in Reducing Poverty and Its Implications in the Context of the COVID-19 Pandemic

Working capital management (WCM) is a key factor in the success of manufacturing companies when credit is restricted, as is the case in the current climate caused by the COVID-19 crisis. The main purpose of this paper is to investigate the relationship between working capital management, earnings quality, sales growth, and shareholders’ wealth of listed manufacturing firms in Oman. The study used balanced panel data of 31 manufacturing firms listed on the Muscat Stock Exchange (MSE) from 2004 to 2019. The study reveals that days in working capital, cash conversion cycle, payable deferred period, sales growth, and earnings quality positively affects shareholder’s wealth proxied by the return on assets, whereas, days in working capital have a negative effect on return on assets. Similarly, working capital management was found to have no influence on the earnings per share (EPS). It was also documented that sales growth and earnings quality positively impacted EPS. The study concluded that improving sales growth and earnings quality would result in shareholders’ wealth creation. The results are helpful to manufacturing companies to improve their business performance and social welfare through a direct and indirect chain of raising investments, pay, and production scales. This study adds knowledge to the body of literature on working capital management, earnings quality, and sales growth in the areas of methodology, the impact of WCM components on manufacturing firms’ shareholder value, and socioeconomic evidence from Oman.

/pdf/working-capital-management-and-shareholders-wealth-creation-1u6l2yki.pdf

Working Capital Management and Shareholder’s Wealth Creation: Evidence from Manufacturing Companies Listed in Oman

One of the basic functions of establishing corporate governance (CG) in companies is improving performance and increasing value for shareholders. Expanding the company’s value will ultimately increase the shareholders’ wealth. Therefore, it is natural for shareholders to seek to improve their performance and increase the company’s value. If CG mechanisms cannot perform this function in companies, they do not have the necessary efficiency and effectiveness and, therefore, cannot improve the efficiency of companies. This article investigated the connection between the power of major shareholders and the modality of CG of companies listed on the Iranian capital market before and after the COVID-19 pandemic. The statistical sample of the research included 120 companies listed on the Tehran Stock Exchange for the selected period from 2011 to 2021. The results showed that the concentration of ownership is harmful to adopting corporate governance (GCG) practices. In particular, the high level of voter ownership concentration weakens the corporate governance system (CGS). The results of this study, which was conducted using panel analysis, revealed that the concentration of ownership impairs the quality of CGS, and major shareholders cannot challenge the power of the main shareholder; it alsonegatively affected the quality of business boards, both during and before the COVID-19 pandemic. The competitiveness and voting rights of the major shareholders negatively affected the quality of board composition before and after the COVID-19 pandemic. The concentration of voter ownership also negatively affected the quality of CGS, both during and before COVID-19, and the competitiveness and voting rights of major shareholders before COVID-19. This concentration positively affected the quality of CGS after the COVID-19 pandemic.

/pdf/an-investigation-of-the-link-between-major-shareholders-2wlmrw0d.pdf

An Investigation of the Link between Major Shareholders’ Behavior and Corporate Governance Performance before and after the COVID-19 Pandemic: A Case Study of the Companies Listed on the Iranian Stock Market

Project risk is an uncertain situation or event that, if it occurs, may have a negative or positive effect on one or more project objectives, such as scope, schedule, cost, and quality. Major industrial projects are increasingly facing complexity and uncertainty. The scope of this paper is related to petrochemical projects, in which risks directly affect the approved time, cost, and quality of the project. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and it is not easy to determine who is responsible for them. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and for which it is not easy to determine responsibility. Therefore, predicting, identifying, analyzing, and determining of the optimal allocation of risk responsibility between contracting parties is one of the most important steps before the start of the project. Suppose it is not correctly allocated among project stakeholders, then, in that case, risk responsibility imposes costs on the project that must be paid by the owner, contractor, and partnership, causing, in general, many problems for project management. Therefore, this paper presents a model to calculate the optimal ratio of risk allocation between the project parties in the concluding contract stage, using the UTA-STAR technique to obtain the owner and contractor utility function to create as much of a win-win relationship between them as possible.

/pdf/risk-allocation-optimization-between-owner-and-contractor-in-15rz6v10.pdf

Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

Information and Communication Technology (ICT) plays a vital role in sharing information and greater participation in exchanges and trading of investors' shares. Because the use of information and communication technology in financial markets reduces marketing costs, it has a significant role. Therefore, the primary purpose of this research article is to investigate the impact of ICT on capital market uncertainty in Iran. In this study, the GARCH model has been used to estimate the capital market uncertainty index. The results of ARDL model estimation using quarterly data in the period 2011: 1 to 2020: 4 in the short and long term showed the effect of the ratio of online transactions to the total volume of transactions as an ICT indicator on capital market uncertainty in the short term. Long-term are different. In the short run, increasing the ratio of online transactions to the total volume of transactions has increased capital market uncertainty. It has reduced capital market uncertainty in the long run. Other model results showed that inflation, economic growth, and exchange rate significantly affect the performance uncertainty of the total stock exchange index as an indicator of capital market uncertainty. And it takes about 7.5 seasons on average to completely offset the imbalance in capital market uncertainty. 

Investigating the effects of Information and Communication Technology (ICT)
on capital market uncertainty by considering its impact on the textile
industry: a case study for Iran

Exploring governance, ownership and auditor impact on company risk: A comparative analysis before and after COVID-19

Designing a Financial Stress Index Based on the GHARCH-DCC Approach and Machine Learning Models

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Papers

An Investigation of the Link between Major Shareholders’ Behavior and Corporate Governance Performance before and after the COVID-19 Pandemic: A Case Study of the Companies Listed on the Iranian Stock Market

Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

Investigating the effects of Information and Communication Technology (ICT) on capital market uncertainty by considering its impact on the textile industry: a case study for Iran

Exploring governance, ownership and auditor impact on company risk: A comparative analysis before and after COVID-19

Designing a Financial Stress Index Based on the GHARCH-DCC Approach and Machine Learning Models