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Risk Analysis for Corporate Finance II
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Risk Analysis for Corporate Finance II

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Risk".

Deadline for manuscript submissions: closed (31 July 2023) | Viewed by 9297

Special Issue Editor

Prof. Dr. Alexandra Horobet

E-Mail Website
Guest Editor
Department of International Business and Economics, Faculty of International Business and Economics, Bucharest University of Economic Studies, 6 Piata Romana, Bucharest 1, Romania
Interests: currency risk management; corporate finance; international investments; risk analysis for corporate investment projects; international financial markets; risk analysis for international portfolios; international financial management; dynamic analysis of corporate performance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue is a continuation of a previous successful Special Issue series.

This Special Issue addresses the complexity of risk assessment and mitigation for corporate finance decisions (capital budgeting, capital structure, dividend distribution, strategic investments and projects, etc.) when considering financial market volatility and the challenges of strategic resilience.

Risk analysis is essential in producing the best possible results for corporations, and its importance is even higher for industries where risk incidence and potential impact are high. Consequently, corporations that adopt risk assessment as an optimization tool and implement novel risk analysis models are better prepared to cope with financial crises, heightened market volatility, operational uncertainty or strategic choices. At the same time, new computational approaches proposed by data scientists have opened the way towards improved risk measurement methods and practices. We welcome theoretical and empirical research papers that explore risk integration into corporate finance decisions and provide insight into the relevance of risk interdependencies for corporate risk modeling. Of particular interest are papers on the application of machine learning algorithms and techniques for risk analysis and corporate decision-making processes that incorporate volatility in financial markets and relevant approaches that support business resilience. Additionally, we encourage the submission of contributions that highlight systematic approaches and remarkable corporate practices of risk assessment and mitigation.

Prof. Dr. Alexandra Horobet
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • risk analysis
  • risk interdependencies
  • machine learning techniques
  • risk integration
  • corporate risk modeling
  • corporate risk assessment
  • financial market volatility
  • business resilience
  • multivariate data analysis
  • financial modelling

Published Papers (4 papers)

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Research

20 pages, 644 KiB  
Article
A Study of the Abnormal Dividend Decisions of New Zealand Firms during COVID-19
by Mei Qiu and Xiao-Ming Li
J. Risk Financial Manag. 2023, 16(10), 418; https://doi.org/10.3390/jrfm16100418 - 22 Sep 2023
Viewed by 1001
Abstract
We investigated the stock return risk associated with the various types of dividend decisions announced by New Zealand firms during the COVID-19 pandemic in 2020. The sample includes a group of firms that initially announced cash dividends but a number of days later [...] Read more.
We investigated the stock return risk associated with the various types of dividend decisions announced by New Zealand firms during the COVID-19 pandemic in 2020. The sample includes a group of firms that initially announced cash dividends but a number of days later made announcements cancelling their payments. Using multinomial logistic regression analysis, we found that higher pre-pandemic payout policy significantly increased the likelihood of a cancellation, an omission or an increase decision. Higher growth and higher profitability reduced the probability of an omission and a reduction decision, respectively. Moreover, higher stock return volatility increased the likelihood of an omission, a reduction or an increase decision. Further event study analysis revealed that investors reacted more feverishly to the announcements of cancellation decisions than any other types of dividend decisions. Moreover, we report strong evidence of negative abnormal returns around the cancellation announcements followed by positive post-announcement price reversals, a pattern that is not observed for the omission announcements. This paper contributes to the literature by studying a cancellation sample and reveals, for the first time, significant shareholder risk associated with cancellation decisions, which was not observed for omission decisions. We alert managers to carefully weigh the costs and benefits of breaking a promise of dividend payout. Full article
(This article belongs to the Special Issue Risk Analysis for Corporate Finance II)
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14 pages, 276 KiB  
Article
The Effect of Employee Involvement in Strategic Change on the Performance of Insurance Companies in Zimbabwe
by Bibi Zaheenah Chummun and Lizanani Nleya
J. Risk Financial Manag. 2023, 16(9), 409; https://doi.org/10.3390/jrfm16090409 - 13 Sep 2023
Viewed by 1281
Abstract
Due to rapid technological advancements and intense competition, organizations must find new ways to do business. As a result, changes in an organization’s structures, systems, and strategies are now a pre-requisite to survive the competition. Involving employees in strategic change programmes will harness [...] Read more.
Due to rapid technological advancements and intense competition, organizations must find new ways to do business. As a result, changes in an organization’s structures, systems, and strategies are now a pre-requisite to survive the competition. Involving employees in strategic change programmes will harness ideas that enhance competitive advantage and organizational performance. The purpose of this study is to inform industry executives, especially in insurance companies, that employees are crucial resources that must be valued for their contribution to the survival of the organization. A total of 115 respondents were surveyed using a 5-point Likert scale questionnaire in a quantitative research approach. This study employed the multiple regression method to test the effect of five employee involvement constructs on organizational performance using IBM SPSS V28 software. All five constructs, that is, participation in decision-making, teamwork, communication, creativity, and innovation, significantly affected the performance of insurance companies in Zimbabwe. This study’s findings will convince top managerial leaders of the insurance industry to acknowledge and appreciate the importance of involving employees in strategic change programmes. Furthermore, industry regulatory authorities can promote policies and practices that involve employees in decision-making. Full article
(This article belongs to the Special Issue Risk Analysis for Corporate Finance II)
14 pages, 2660 KiB  
Article
Credit Risk Determinants in Selected Ethiopian Commercial Banks: A Panel Data Analysis
by Seid Muhammed, Goshu Desalegn, Maria Fekete-Farkas and Emese Bruder
J. Risk Financial Manag. 2023, 16(9), 406; https://doi.org/10.3390/jrfm16090406 - 11 Sep 2023
Cited by 2 | Viewed by 4301
Abstract
The study aims to investigate the factors that contribute to credit risk in Ethiopian commercial banks, considering both macroeconomic and bank-specific factors. The research utilized multiple regression models, a quantitative research approach, and explanatory research designs. A purposive sample technique was used to [...] Read more.
The study aims to investigate the factors that contribute to credit risk in Ethiopian commercial banks, considering both macroeconomic and bank-specific factors. The research utilized multiple regression models, a quantitative research approach, and explanatory research designs. A purposive sample technique was used to select 10 commercial banks for the study, and secondary data from audited financial reports were analyzed. The findings of the study reveal a significant positive relationship between credit risk and several variables, including bank size, profitability, efficiency, capital adequacy, and inflation. Conversely, there is an inverse relationship between credit risk and both loan growth and currency rates. Surprisingly, the study found that neither GDP nor interest rates have a significant impact on credit risk. Based on these findings, the study provides recommendations for Ethiopian commercial banks. It suggests maintaining adequate levels of capital, avoiding business in sectors influenced by inflationary pressures, carefully evaluating non-interest income, and adjusting lending policies as necessary. Furthermore, the study advises periodically examining the relationships between GDP growth, interest rates, and credit risk. It also emphasizes the importance of adapting credit risk management practices to changing market conditions and staying vigilant toward emerging trends. Full article
(This article belongs to the Special Issue Risk Analysis for Corporate Finance II)
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22 pages, 598 KiB  
Article
Evaluate the Causal Relations among the Criteria in Successful CSR Practices
by Chia-Chi Sun and Shu-Ni Yen
J. Risk Financial Manag. 2022, 15(11), 529; https://doi.org/10.3390/jrfm15110529 - 14 Nov 2022
Viewed by 2103
Abstract
With the growing awareness of Corporate Social Responsibility (CSR), increasingly more companies are becoming aware that business cannot be limited to just maximizing stakeholders’ profit. An enterprise should include social responsibility to protect the environment and develop people’s talents. Maintaining business competitive power [...] Read more.
With the growing awareness of Corporate Social Responsibility (CSR), increasingly more companies are becoming aware that business cannot be limited to just maximizing stakeholders’ profit. An enterprise should include social responsibility to protect the environment and develop people’s talents. Maintaining business competitive power and sustainability while bringing contributions to society has become the new corporate performance target. In Taiwan, the hi-tech industry is an important economics index. Although some hi-tech companies have executed CSR, many of them have not. The reason is mainly due to not knowing how to begin executing CSR or they do not know the proper strategy. This study used the hi-tech industry as the sample for a Decision-Making Trial and Evaluation Laboratory (DEMATEL) to analyze the CSR key factors and strategy. The result confirms that business leaders should start from the “Environment” and focus on “building a green supply chain”, “protecting stakeholders’ rights and interests” and “building enterprise CSR culture” as the strategy to execute CSR. Full article
(This article belongs to the Special Issue Risk Analysis for Corporate Finance II)
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