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3Subjects such as public finance, corporate finance, banking theory, risk management and management accounting are all largely based on the neoclassical approach. Most recent appointed professors have started their work with ideas based on a neoclassical fundament and its methodological preferences. Neoclassical economic thinking is not bad in itself. It has brought much good, even. However, now the downside of neoclassical theory has occurred. Failing financial markets have plunged the global economy into crisis. It is, therefore, high time for a debate on economic concepts as taught in universities and business schools. Are students really trained to think critically about economic theory and the consequences when economic theories are put into practice?
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This paper introduces and examines a novel realized volatility forecasting model that makes use of Long Short-Term Memory (LSTM) neural networks and the risk metric financial turbulence (FT). The proposed model is compared to five alternative models, of which two incorporate LSTM neural networks and the remaining three include GARCH(1,1), EGARCH(1,1), and HAR models. The results of this paper demonstrate that the proposed model yields statistically significantly more accurate and robust forecasts than all other studied models when applied to stocks with middle-to-high volatility. Yet, considering low-volatility stocks, it can only be confidently affirmed that the proposed model yields statistically significantly more robust forecasts relative to all other models considered.
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This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.
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We summarize what we assess as the past year's most important findings within climate change research: limits to adaptation, vulnerability hotspots, new threats coming from the climate–health nexus, climate (im)mobility and security, sustainable practices for land use and finance, losses and damages, inclusive societal climate decisions and ways to overcome structural barriers to accelerate mitigation and limit global warming to below 2°C.
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Vast empirical evidence underscores that exporting firms are more productive than non-exporters. As governments accordingly pursue export-promoting policies we are interested in the firmness of these conclusions with respect to African small and medium sized enterprises (SMEs) and the influence of the destination of export trade. Using a micro-panel dataset from five African countries we confirm the self-selection. We apply propensity scores to match exporters and use a difference-in-difference methodology to test if African SMEs experience productivity gains because of export participation. Results indicate that African firms significantly learn-by-exporting. Manufacturers obtain significant performance improvements due to internationalization although this effect is moderated by export destination. Firms that export outside Africa become more capital intensive and at the same time hire more workers. In contrast we find evidence that exporters within the African region significantly downsize in capital intensity. Results regarding skill-bias of internationally active firms are mixed, where exporters within the region expand in size and hire more relatively unskilled workers.
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This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
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Financial constraints and risk taking are two well-established determinants of firm performance, however, no research analyzes how these variables are connected in the context of a high risk environment. Using data from microfinance clients in Tanzania, we derive a novel financial constraints measure and incorporate a psychometric risk taking scale. Results confirm the importance of access to finance and risk attitudes for business development. Also, we provide preliminary evidence for an interaction between financial constraints and risk taking. Financial constraints “throw sand in the wheels” and protect risk taking entrepreneurs from the negative impact of risk taking on microenterprise performance.
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Preprint submitted to Information Processing & Management Tags are a convenient way to label resources on the web. An interesting question is whether one can determine the semantic meaning of tags in the absence of some predefined formal structure like a thesaurus. Many authors have used the usage data for tags to find their emergent semantics. Here, we argue that the semantics of tags can be captured by comparing the contexts in which tags appear. We give an approach to operationalizing this idea by defining what we call paradigmatic similarity: computing co-occurrence distributions of tags with tags in the same context, and comparing tags using information theoretic similarity measures of these distributions, mostly the Jensen-Shannon divergence. In experiments with three different tagged data collections we study its behavior and compare it to other distance measures. For some tasks, like terminology mapping or clustering, the paradigmatic similarity seems to give better results than similarity measures based on the co-occurrence of the documents or other resources that the tags are associated to. We argue that paradigmatic similarity, is superior to other distance measures, if agreement on topics (as opposed to style, register or language etc.), is the most important criterion, and the main differences between the tagged elements in the data set correspond to different topics
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One of the most difficult choices that organizations face is the choice to spend resources today to reduce the probability or negative impact of events that may happen tomorrow. In hindsight, it seems to be a waste to spend organizational resources on reducing the risk of low probability events that up to now never did materialize. Intuitively it appears much more prudent for an organization to spend resources on events that have a higher frequency of occurrence and for which it is easier to assess that resources have been well spent. But what if the consequences of the low probability events are catastrophic and threaten business continuity? Should the leadership of an organization be gambling on a catastrophic low probability event not to occur?
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The purpose of this study was to explore innovativeness and entrepreneurial tendencies among different national cultures. A survey instrument was administered on a sample of 731 business students from several countries in Asian, Baltic, USA, Nordic and Middle, South and East European countries. Respondents completed the questionnaire which focused on innovativeness and proactiveness as well as
entrepreneurial risk-taking, growth and intention to start a business. Results indicated various statistically significant differences between cultures. The paper highlights country specific strategies for enhancing entrepreneurship.
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