Journal of Risk and Financial Management, Volume 19, Issue 2

Stock market efficiency plays a vital role in financial economics, as it reflects how quickly and accurately asset prices incorporate available information. This study investigates stock market efficiency and banking sector stability in the MENA regi...

We examine the effect of directors’ overseas experience on foreign investors’ holdings using a large panel of Chinese listed firms from 2009 to 2022. We find that firms with a higher proportion of overseas-experienced directors exhibit si...

This study investigates how the internal characteristics of audit firms influence the audit quality of financial statements (audit quality) and, in turn, affect Client’s Engagement Intention in the Vietnamese context. Research data were collect...

This study investigates the factors associated with niyyah (worshipful intention) of Islamic bankers toward issuing green sukuk (G-sukuk) investment instruments. In particular, it analyses how bankers’ empathy, moral and ethical responsibilitie...

This study empirically examines the relationship between digital banking and financial inclusion in Fiji, a small island developing state with geographically dispersed populations and limited access to traditional banking infrastructure. Using annual...

This study examines the determinants of profitability for 21 Bulgarian commercial banks over the period from the first quarter of 2007 to the first quarter of 2025, using financial statement data. Bank profitability is measured by return on assets (R...

This article proposes a structured framework for financial statement fraud in five dimensions, nature of fraud, execution, participation, organizational impact, and environment, which are broken down into variables and subvariables to describe and an...

This bibliometric study provides a comprehensive mapping of the scientific landscape on education financing in Europe, highlighting its main trends, conceptual foundations, and influential contributions. Based on 168 publications indexed in the Web o...

Form ADV regulatory disclosures made by mutual fund management firms indicate that nearly one-third of investment advisers to mutual funds offer pension consulting services to defined contribution plans, creating inherent conflicts of interest that a...

In recent years, the integration of Environmental, Social, and Governance (ESG) factors into corporate strategies has become crucial, particularly in the European financial sector. This study analyzes the impact of ESG practices on financial performa...

Credit scoring is the industry-standard methodology for quantifying the creditworthiness and default risk of individual loan applicants. However, assessing the risk at the portfolio level—across different branches or regions—requires more...

This study examines the interactive link between global oil, conventional and the Environmental, Social, and Governance (ESG) stock returns, focusing on their complex structure, nonlinearity, and the duration of uncertainty. We use Quantile-on-Quanti...

This study introduces an innovative approach for quantifying the technostress phenomenon, drawing on textual narratives from the firm’s annual report. Based on a dataset covering the Standard and Poor’s 500 (S&P 500) index firms, we a...

This study investigates, with a particular focus on understanding how digital change shapes firm performance in an emerging economy context, first, the impact of digital disruptive innovation, conceptualized as an external condition characterized by...

This paper examines the European Central Bank’s institutional capacity and readiness to introduce a digital euro in the context of accelerating digitalization, geopolitical uncertainty, and growing competition in the global monetary system. Rat...

This study investigates whether green innovation (GI) enhances stock liquidity by mitigating information asymmetry. Using a hand-collected panel of 4752 unique U.S. publicly listed firms from 2010 to 2024, we employ OLS regressions to show that GI is...

We evaluated the contributions of ten intrinsic and extrinsic factors readily available from website data to individual home sale prices for three major U.S. cities using a P-spline generalized additive model (GAM). We identified the relative signifi...

This study empirically examines the joint effects of innovation strategy intensity and gender diversity in boardrooms on firms’ environmental, social, and governance (ESG) performance. Drawing on the Resource-Based View and Upper Echelons Theor...

We test price efficiency, which shows the fairness of trading for retail investors using the runs tests and variance ratio tests. We reject the hypothesis that Bitcoin prices are price efficient on most markets, but efficient on the Bitstamp BTC/USD....

In an increasingly volatile global financial environment, strong institutions and sound governance are essential for safeguarding banking stability and mitigating systemic risks in emerging economies. Across the 11 emerging economies examined, weakne...

The importance of financial inclusion for economic development is well acknowledged in literature. Despite this, a large percentage of the rural population still remains outside the formal financial system. This study examines factors associated with...

This study proposes a two-stage structural model integrating financial literacy, education, attitudes, behavior, financial advice, and financial stress as predictors of financial capabilities. It examines the relationship between financial capabiliti...

Estimating bilateral interbank exposures is essential for assessing systemic risk and contagion in global banking systems. We propose a reconstruction framework that extends the maximum-entropy approach to a multi-country setting by integrating domes...

This study investigates whether equity markets in a hydrocarbon-based emerging economy react to corporate participation in large-scale renewable-energy investments. Focusing on Saudi Arabia’s National Renewable Energy Program (NREP) during 2017...

The global financial system is undergoing a period of increasing fragmentation as payment and settlement infrastructures become politicised and alternative systems emerge. Platforms such as SWIFT and Euroclear remain central to cross-border finance,...

The study examines the compliance of South African JSE-listed companies with the King IV Report principles on corporate governance and their contribution to Sustainable Development Goals (SDGs). To achieve this, integrated reports were downloaded fro...

This study examines how banks navigate the dual strategic imperatives of securing market power and optimizing multidimensional operational efficiency—technical, scale, and allocative efficiency—within emerging and transitional banking sys...

Quantitative asset allocation remains a critical challenge in modern finance, particularly due to the inherent uncertainty of expected returns (μ) and the sensitivity of portfolio outcomes to the stability of portfolio weights. This study conducts...

With an emphasis on the moderating effect of digitalization, this study links the relationship between corporate valuation in Southeast Asia and environmental, social, and governance (ESG) frameworks. Although the importance of ESG practices for long...

This paper compares higher-order co-moment functionals (co-skewness and co-kurtosis) with conditional tail-risk measures, namely Co-Expected Shortfall (CoES) and Co-Value at Risk (CoVaR), within a unified coherence-based framework. On the theoretical...

This study examines how ESG performance translates into firm value in an Indonesia setting characterized by high information asymmetry, strong political–business linkages, and weak ESG assurance adoption. Using panel data from non-financial fir...

This paper presents a hybrid framework for multi-stock trading that combines the decision-making ability of Deep Q-Networks (DQN) with the allocation precision of portfolio optimization models. Realistic markets are noisy and non-stationary, and comp...

This paper develops a new direction of study oil-shocks with two competing hypotheses: (i) the Energy-exposure hypothesis, which posits that clean stocks with less direct reliance on fossil fuel should be less sensitive to oil shocks; and (ii) the Se...

Social cohesion and inclusive growth constitute the central pillars of the European Commission’s policy agenda. Meanwhile, the recurrence of energy crises exacerbates the living standards and raises the structural inequalities across European h...

This study examines the relationship between managerial sentiment and default risk in China. Using a dataset of managerial sentiment derived from textual emotional tone analysis of corporate reports, and a sample of 13,137 firm-year observations from...

We examine how family ownership shapes overall corporate transparency by analyzing both firm-level and market-level transparency. Drawing on data from Korean-listed companies between 2001 and 2007, we construct separate indices measuring voluntary di...

This study examines the pricing dynamics of Non-Fungible Tokens (NFTs) in the secondary market using advanced machine-learning techniques. We construct a large dataset of Ethereum-based NFT transactions initially comprising over 500,000 raw blockchai...

This article provides a systematic review of the theoretical foundations underlying tax behavior in family firms. Drawing on 69 empirical studies indexed in Scopus and Web of Science, the review identifies three core limitations: the insufficient con...

This study examines how business activity responds to local taxation, specifically property tax and local sales tax, in Nevada. Using county-level data for the period 1999–2014, we assess the impact of these taxes on various business activity i...

This study empirically examines how artificial intelligence (AI) adoption and innovation shape product market dynamics and financial performance in multinational enterprises (MNEs) using a global firm sample over 1980–2023. We construct an unba...

Changing risk dynamics and the demand for more personalized, technology-driven services have spurred innovation in insurance through Insurtech, reshaping how insurance is supplied, purchased, and managed. This paper systematically reviews the impact...

This study examines the pricing efficiency of the Mint Gold Certificate (ALTINS1) traded on Borsa Istanbul and its relationship with the underlying asset (gram gold), focusing on the structural break identified in the data. Analyses conducted using M...

The presence of the Indonesia Carbon Exchange (ICE) puts pressure on management to carry out its active role in reducing the potential of climate change through business strategies such as disclosure and improving carbon performance. This study seeks...

Sovereign wealth funds enhance the international movement of capital and often facilitate economic development in domestic and host countries. However, the lack of transparency and accountability of SWFs varies, and state ownership gives rise to susp...

This study investigates volatility spillovers from the stock markets of the United States, Germany, China, and Japan to the UK stock market using daily data from major benchmark indices (FTSE 100, S&P 500, DAX, Shanghai Composite, and Nikkei 225)...

Corporate fraud remains a persistent problem that highlights the need for improved internal control and governance. Research on corporate governance (CG) and forensic accounting (FA) has been largely performed as separate studies. Little has been don...

We propose two narratives to analyze monthly returns for the S&P 500 Index. The first narrative emphasizes variables that represent the macroeconomy: Fed Funds Effective Rate, Real M2, 10-Year T-Note minus 2-Year T-Note, Shiller Housing Index, in...

Financial regulation assumes that parent firms reliably support distressed subsidiaries during crises. We test this assumption with evidence from the 2007–2009 financial crisis and find that parent support was selective rather than reliable. Us...

This study examines the evolving role of board heterogeneity, including gender diversity, board attributes, and governance practices, in shaping corporate risk outcomes. In mature governance settings, corporate risk management emerges from the intera...

This paper aims to investigate the impact of ethnic diversity among employees and managers on firm performance, focusing on return on assets and return on equity. The analysis is conducted on a sample of 391 U.S. companies over a five-year period, 20...